The digitalisation of the financial system and the rapid growth of new financial technologies are
contributing not only to the change of the financial system, but also to the change of the way people make
financial decisions. The development of financial technologies has led to the emergence of new financial
services and products, such as P2P lending. With the growth P2P lending market, the scientific literature
pays more and more attention to the analysis of investment intentions through P2P lending platforms and the
assessment of the factors affecting the intention to invest (Dja’akum, 2019; Fiorentino et al., 2020; Khan et
al., 2021Yang ir Lee, 2016; Poeteri, et al., 2021). It should be noted that, although the interest of researchers
in this field is growing, the research in the European context is not sufficient, which reveals the relevance of
this study. Thus, the aim of the present study is to assess the factors that affect the intention to invest through
P2P lending platforms in Lithuania.
A theoretical review of the scientific literature revealed that previous empirical studies have categorised the
factors of the intention to invest through peer-to-peer lending platforms into individual and platform factors.
Individual factors are understood as risk appetite, perceived risk, financial literacy, while platform factors are
understood as perceived ease of use, perceived usefulness, trust. Attitude toward behaviour can be seen as
both an individual and a platform factor. Other factors, such as relative advantage, compatibility, complexity,
perceived behaviour control are also distinguished in the scientific literature, but are not considered in the
analysis of the intention to invest through peer-to-peer lending platforms.
Research data was collected through an online survey. The survey questionnaire was distributed online
between February and April 2022. The survey sample consisted of 211 respondents. The conceptual research
model was developed using a Modified Technological Acceptance (TAM) model, which was performed using
the Structural Equation Modelling (SEM) method.
The SEM analysis revealed that the intention to invest through P2P lending platforms was indirectly influenced by the trust of the P2P lending platform, perceived risk and risk appetite factors. The indirect impact
was through attitude toward P2P lending platforms factor, which had a strong and significant positive impact
on the intention to invest through P2P lending platforms. The effect of perceived usefulness and perceived
ease of use on Lithuanian investors‘ attitudes towards P2P lending platforms was not statistically significant,
and therefore no statistically significant effect of these factors on the intention to invest through P2P lending
platforms was found.