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This study examines the effect of (1) financial literacy on student financial vulnerability and (2) digital payment technology on student financial vulnerability. This research approach uses a quantitative approach. The method used is the survey method. The population in this study were accounting students of Yogyakarta State University (UNY) batch 2017 - 2023, and the sampling method used convenience sampling. The research sample was obtained from 86 students from the 2017-2023 class and divided into proportions. Hypothesis testing using multiple linear regression analysis. The results of this study indicate that (1) financial literacy does not affect financial vulnerability; (2) digital payment technology has a significant positive effect on financial vulnerability.

This paper investigates whether indicators on the ease of doing business explain variation of financial system vulnerability amongst eight biggest European economics between 1999 and 2014. Using mixed-effects estimation method for sectoral observations nested within countries, the results suggest that easy access to get credit is associated with increased financial vulnerability, as measured by decreased excess return in equity market. The significance of political stability, regulatory quality, and rule of law also marks the role of institutional environment towards vulnerability by facilitating the openness towards new business. Finally, a high degree of openness is not always good especially if they are combined with better institutional environment. This confirms the importance of the level of openness, as well as its channels, in determining the extent of vulnerability.