Extending Technology Continuance Theory to Mobile Stock Investment Applications: Evidence from Low-Income and Low Financial Literacy Users

The rapid growth of financial technology has significantly expanded retail investor participation through mobile stock investment applications. While these platforms lower traditional barriers to financial markets, their sustained use among individuals with limited financial literacy remains uncertain. This study aims to examine the determinants of continuance usage of mobile stock investment applications among low-income and low–financial literacy users. Drawing on the Theory of Planned Behavior (TPB) and integrating the construct of Quality of Information from the Information Systems Success Model, this research investigates how informational and psychosocial factors influence users’ behavioral intention and continuance usage. A quantitative survey was conducted among active mobile stock investment application users in Central Java, Indonesia. A total of 180 valid responses were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that Perceived Behavioral Control significantly influences Intention to Use, while Quality of Information and Perceived Behavioral Control have significant direct effects on Continuance Usage. However, Attitude, Subjective Norms, and Intention to Use do not demonstrate significant effects in the proposed model. These findings suggest that users’ perceived capability and the availability of clear and reliable financial information play a critical role in sustaining engagement with mobile investment platforms. This study contributes to the literature by extending the TPB framework in the context of fintech continuance behavior and provides insights for designing more inclusive digital investment services.