The effect of income and financial literacy on personal financial behavior: Testing the mediated effect of financial self-efficacy
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Abstract
This study aims to determine whether financial literacy and income significantly impact a personal financial behaviour, either directly or through the intermediary factor of financial self-efficacy. Employing Analysis of Moment Structure (AMOS), this study analyses the correlations between independent and dependent variables while considering mediation variables. The data was gathered through a questionnaire distributed to 216 active students chosen via purposive sampling. This research adopts a quantitative approach, utilising primary data from respondent questionnaires and secondary data from the internet and previous academic literature. The findings demonstrate that income and financial literacy positively and directly influence a person's economic behaviour. Furthermore, it has been observed that the relationship between the impact of income and financial literacy on a personal financial behaviour and financial self-efficacy is partially mediated.
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How to Cite
Wulansari, D. M., Heriyadi, H., Wendy, W., Giriati, G., & Syahbandi, S. (2023). The effect of income and financial literacy on personal financial behavior: Testing the mediated effect of financial self-efficacy. Enrichment : Journal of Management, 13(5), 2864-2874. https://doi.org/10.35335/enrichment.v13i5.1692
References
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Lone, U. M., & Bhat, S. A. (2022). Impact of financial literacy on financial well-being: a mediational role of financial self-efficacy. Journal of Financial Services Marketing. https://doi.org/10.1057/s41264-022-00183-8
Malini, H., & Yulindisti, E. (2022). The Influence of Financial and Non-Financial Company Factors on the Stock Prices of Indonesian Banking Sector Firms. Prosiding Seminar Nasional Seminar Akademik Tahunan Ilmu Ekonomi Dan Studi Pembangunan, 5.
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Novianti, S. (2019). Pengaruh Locus Of Control, Financial Knowledge, Income Terhadap Financial Management Behavior. Jurnal Akuntansi Kompetif, 2(1).
Otoritas Jasa Keuangan. (2023). Peluang dan Tantangan Fintech P2P Lending di Era UU P2SK. Https://Ojk.Go.Id/Ojk-Institute/Id/Capacitybuilding/Upcoming/3824/Peluang-Dan-Tantangan-Fintech-P2p-Lending-Di-Era-Uu-P2sk.
Pahlevi, R. W., & Nashrullah, L. (2020). Pendidikan Keuangan Keluarga, Kesadaran Keuangan dan Tingkat Personal Finance. AFRE Accounting and Financial, 3(2), 172–179.
Putri, I. R., & Tasman, A. (2019). Pengaruh Financial Literacy dan Income terhadap Personal Financial Management Behavior pada Generasi Millennial Kota Padang. Jurnal Kajian Manajemen Dan Wirausaha, 1(1).
Rachman, C., & Rochmawati. (2021). Dampak financial literacy, financial attitude, financial self efficacy, social economic status, locus of control pada perilaku manajemen keuangan. JEBM, 17(3), 417–429.
Ramadani, A. G., Tubastuvi, N., Fitriati, A., & Widhiandono, H. (2023). Millennials’ Investment Decision in Capital Market Investment with Financial Behavior as An Intervening Variable. Riset Akuntansi Dan Keuangan Indonesia, 7(3). https://doi.org/10.23917/reaksi.v7i3.21650
Rini Astuti. (2021). Personal Financial Management Behavior of Surabaya College Students. Journal of Applied Management and Business (JAMB), 1(2). https://doi.org/10.37802/jamb.v1i2.145
Rohmanto, F., & Susanti, A. (2021). Influence of Financial Literacy, Hedonist Lifestyle, and Personal Financial Attitutes Towards Student Financial Behavior. ECOBISMA, 8(1).
Rosita, R., Jasman, J., & Asriany, A. (2023). Pengaruh Literasi Keuagan dan Financial Technologi Terhadap Minat Mahasiswa Dalam Berinvestasi. Reslaj: Religion Education Social Laa Roiba Journal, 5(4). https://doi.org/10.47467/reslaj.v5i4.3407
Sampoerno, A. E. (2021). Pengaruh Financial Literacy, Income, Hedonism Lifestyle, Self-Control, dan Risk Tolerance terhadap Financial Management Behavior pada Generasi Milenial. Jurnal Ilmu Manajemen, 9(3).
Sari, I. W., Susyanti, J., & Salim, M. A. (2020). Pengaruh Financial Literacy, Financial Attitude Dan Pendapatan Terhadap Perilaku Pengelolaan Keuangan Pada Pelaku Umkm Fashion di Kota Batu. E – Jurnal Riset Manajemen.
Sari, N. R., & Listiadi, A. (2021). Pengaruh Literasi Keuangan, Pendidikan Keuangan di Keluarga, Uang Saku terhadap Perilaku Pengelolaan Keuangan dengan Financial Self-Efficacy sebagai Variabel Intervening. Jurnal Pendidikan Akuntansi (JPAK), 9(1).
Surya, N., & Evelyn. (2023). Pengaruh Literasi Keuangan dan Financial Self-Efficacy terhadap Risky Credit Behaviour dalam Penggunaan PayLater. Jurnal Manajemen Dan Keuangan, 12(1).
Syarif, A., & Putri, A. (2022). The Influence of Financial Attitude, Financial Knowledge, and Personal Income on Personal Financial Management Behavior. ADPEBI Publications, 1(1), 145–154.
Tristiarto, Y., & Wahyudi. (2022). Analisis Literasi Keuangan dan Inklusi Keuangan Financial Technology Terhadap Personal Finance Usaha Kecil dan Menengah Di Kabupaten Lebak Banten. IKRAITH-EKONOMIKA, 5.
Veronika, A., & Purba, Y. S. (2022). The Socio-Economic Influence of Parents, Financial Behavior in The Family and Self- Control on Personal Financial Management of Management Study Program Students at Stmb Multi Smart Medan. Management Studies and Entrepreneurship Journal, 3(6).
Wendy. (2021). Efek Interaksi Literasi Keuangan Dalam Keputusan Investasi: Pengujian Bias-bias Psikologi. Jurnal Ekonomi Bisnis Dan Kewirausahaan (JEBIK), 10(1), 36–54.
Wening, P. M., & Nurkin, A. (2022). Pengaruh Literasi Keuangan, Locus of Control Dan Kepribadian Terhadap Perilaku Keuangan Melalui Financial Self-Efficacy Sebagai Variabel Intervening. Business and Accounting Education Journal, 3(3), 330–346.
Arifa, J. S. N., & Setiyani, R. (2020). Pengaruh Pendidikan Keuangan di Keluarga, Pendapatan, dan Literasi Keuangan terhadap Financial Management Behavior Melalui Financial Self-Efficacy Sebagai Variabel Mediasi. Economic Education Analysis Journal, 9(2), 552–568.
Atikah, A., & Kurniawan, R. R. (2020). Pengaruh Literasi Keuangan, Locus of Control, dan Financial Self Efficacy Terhadap Perilaku Manajemen Keuangan (Studi Pada PT. Panarub Industry Tangerang). Jurnal Manajemen Bisnis, 10(2), 284–297.
Bojuwon, M., Olaleye, B. R., & Ojebode, A. A. (2023). Financial Inclusion and Financial Condition: The Mediating Effect of Financial Self-efficacy and Financial Literacy. Vision. https://doi.org/10.1177/09722629231166200
Brilianti, T. R., & Lutfi. (2019). Pengaruh pengetahuan keuangan, pengalaman keuangan, dan pendapatan terhadap perilaku keuangan keluarga. Journal of Business and Banking, 9(2), 197–213.
Chandra, W., & Pamungkas, A. S. (2023). The Influence of Attitude Toward Money, Locus of Control, Financial Self-Efficacy and Self-Control on Financial Management Behavior. International Journal of Application on Economics and Business, 1(1). https://doi.org/10.24912/ijaeb.v1i1.578-587
Dangol, J., & Maharjan, S. (2018). Parental and Peer Influence on the Saving Behavior of the Youth. International Research Journal of Management Science, 3. https://doi.org/10.3126/irjms.v3i0.28035
Dayanti, F. K., Susyanti, J., & Broto, M. K. A. (2020). Pengaruh Literasi Keuangan, Pengetahuan Keuangan Dan Sikap Keuangan Terhadap Perilaku Manajemen Keuangan Pada Pelaku Usaha UMKM Fashion Di Kabupaten Malang. E – Jurnal Riset Manajemen.
Dewi, I. A. K., & Rochmawati. (2020). Pengaruh Money Attitude terhadap Perilaku Pengelolaan Keuangan Pribadi: Pengetah. Jurnal Pendidikan Ilmu Sosial, 30(2).
Dewi, L. G. K. (2020). Pengaruh Faktor Sosial Ekonomi Dan Materialism pada Personal Financial Behavior melalui Financial Literacy Mahasiswa Akuntansi. E-Jurnal Akuntansi, 50(6).
Dewi, N. M. V. C., & Darma, G. S. (2021). Menakar Literasi Keuangan dan Pendapatan Terhadap Perilaku Manajemen Keuangan Bagi Dokter Gigi Dengan Gaya Hidup Sebagai Mediasi. Jurnal Manajemen Bisnis, 18(4).
Fadila, N., & Purnamawati. (2023). Perilaku Manajemen Keuangan Pelaku UMKM Dearah Wisata Pesisir Madura: Pendapatan, Literasi Keuangan, & Efikasi Keuangan. Akuntabilitas: Jurnal Ilmu-Ilmu Ekonomi, 15(1), 48–60.
Firli, A., & Dalilah, A. (2021). Influence of financial literacy, financial attitude, and parental income on personal financial management behaviour: A case study on the millennial generation in Indonesia. International Journal of Trade and Global Markets, 14(2). https://doi.org/10.1504/IJTGM.2021.114066
Gahagho, Y. D., Rotinsulu, T. O., & Mandeij, D. (2021). The Influence of Financial Literation on Financial Attitudes and Revenue Resources on Financial Management Behavior of Students of The Faculty of Economics and Business UNSRAT With Intention as Intervening Variables. Jurnal EMBA, 9, 543–555.
Hendry, Alvin, Sutiono, R., Permana, E. M., & Jordan, C. L. (2022). Pengaruh Pendapatan, Sikap Keuangan, dan Literasi Keuangan terhadap Perlilaku Keuangan dengan Locus of Control sebagai variabel moderator (Studi Kasus pada Mahasiswa Pascasarjana Fakultas Ekonomi Universitas Prima Indonesia). Management Studies and Entrepreneurship Journal, 3(3).
Hidayah, A. (2022). Membongkar Sisi Gelap FINTECH Peer-to-peer Lending (Pinjaman Online) pada Mahasiswa di Yogyakarta. Journal of Humanity Studies, 1(1), 1–17.
Kartawinata, B. R., Fakhri, M., Pradana, M., Hanifan, N. F., & Akbar, A. (2021). The Role of Financial Self-Efficacy: Mediating Effects Of Financial Literacy & Financial Inclusion Of Students In West Java, Indonesia. Journal of Management Information and Decision Sciences, 24(Special Issue 2).
Khodijah, I., Afriani, R. I., Yuliah, & Octavitri, Y. (2021). Pengaruh Literasi Keuangan dan Sikap Keuangan terhadap Perilaku Pengelolaan Keuangan Keluarga di masa Pandemi Covid-19 dengan Self Efficacy sebagai variabel Intervening. National Conference on Applied Business, Education, & Technology (NCABET), 10.46306/ncabet.v1i1.
Lone, U. M., & Bhat, S. A. (2022). Impact of financial literacy on financial well-being: a mediational role of financial self-efficacy. Journal of Financial Services Marketing. https://doi.org/10.1057/s41264-022-00183-8
Malini, H., & Yulindisti, E. (2022). The Influence of Financial and Non-Financial Company Factors on the Stock Prices of Indonesian Banking Sector Firms. Prosiding Seminar Nasional Seminar Akademik Tahunan Ilmu Ekonomi Dan Studi Pembangunan, 5.
Manurung, E. T., & Manurung, E. M. (2019). MANAGING INCOME CREATIVELY BY YOUNG ENTREPRENEURS IN BANDUNG. International Review of Management and Marketing, 9(2). https://doi.org/10.32479/irmm.7669
Novianti, S. (2019). Pengaruh Locus Of Control, Financial Knowledge, Income Terhadap Financial Management Behavior. Jurnal Akuntansi Kompetif, 2(1).
Otoritas Jasa Keuangan. (2023). Peluang dan Tantangan Fintech P2P Lending di Era UU P2SK. Https://Ojk.Go.Id/Ojk-Institute/Id/Capacitybuilding/Upcoming/3824/Peluang-Dan-Tantangan-Fintech-P2p-Lending-Di-Era-Uu-P2sk.
Pahlevi, R. W., & Nashrullah, L. (2020). Pendidikan Keuangan Keluarga, Kesadaran Keuangan dan Tingkat Personal Finance. AFRE Accounting and Financial, 3(2), 172–179.
Putri, I. R., & Tasman, A. (2019). Pengaruh Financial Literacy dan Income terhadap Personal Financial Management Behavior pada Generasi Millennial Kota Padang. Jurnal Kajian Manajemen Dan Wirausaha, 1(1).
Rachman, C., & Rochmawati. (2021). Dampak financial literacy, financial attitude, financial self efficacy, social economic status, locus of control pada perilaku manajemen keuangan. JEBM, 17(3), 417–429.
Ramadani, A. G., Tubastuvi, N., Fitriati, A., & Widhiandono, H. (2023). Millennials’ Investment Decision in Capital Market Investment with Financial Behavior as An Intervening Variable. Riset Akuntansi Dan Keuangan Indonesia, 7(3). https://doi.org/10.23917/reaksi.v7i3.21650
Rini Astuti. (2021). Personal Financial Management Behavior of Surabaya College Students. Journal of Applied Management and Business (JAMB), 1(2). https://doi.org/10.37802/jamb.v1i2.145
Rohmanto, F., & Susanti, A. (2021). Influence of Financial Literacy, Hedonist Lifestyle, and Personal Financial Attitutes Towards Student Financial Behavior. ECOBISMA, 8(1).
Rosita, R., Jasman, J., & Asriany, A. (2023). Pengaruh Literasi Keuagan dan Financial Technologi Terhadap Minat Mahasiswa Dalam Berinvestasi. Reslaj: Religion Education Social Laa Roiba Journal, 5(4). https://doi.org/10.47467/reslaj.v5i4.3407
Sampoerno, A. E. (2021). Pengaruh Financial Literacy, Income, Hedonism Lifestyle, Self-Control, dan Risk Tolerance terhadap Financial Management Behavior pada Generasi Milenial. Jurnal Ilmu Manajemen, 9(3).
Sari, I. W., Susyanti, J., & Salim, M. A. (2020). Pengaruh Financial Literacy, Financial Attitude Dan Pendapatan Terhadap Perilaku Pengelolaan Keuangan Pada Pelaku Umkm Fashion di Kota Batu. E – Jurnal Riset Manajemen.
Sari, N. R., & Listiadi, A. (2021). Pengaruh Literasi Keuangan, Pendidikan Keuangan di Keluarga, Uang Saku terhadap Perilaku Pengelolaan Keuangan dengan Financial Self-Efficacy sebagai Variabel Intervening. Jurnal Pendidikan Akuntansi (JPAK), 9(1).
Surya, N., & Evelyn. (2023). Pengaruh Literasi Keuangan dan Financial Self-Efficacy terhadap Risky Credit Behaviour dalam Penggunaan PayLater. Jurnal Manajemen Dan Keuangan, 12(1).
Syarif, A., & Putri, A. (2022). The Influence of Financial Attitude, Financial Knowledge, and Personal Income on Personal Financial Management Behavior. ADPEBI Publications, 1(1), 145–154.
Tristiarto, Y., & Wahyudi. (2022). Analisis Literasi Keuangan dan Inklusi Keuangan Financial Technology Terhadap Personal Finance Usaha Kecil dan Menengah Di Kabupaten Lebak Banten. IKRAITH-EKONOMIKA, 5.
Veronika, A., & Purba, Y. S. (2022). The Socio-Economic Influence of Parents, Financial Behavior in The Family and Self- Control on Personal Financial Management of Management Study Program Students at Stmb Multi Smart Medan. Management Studies and Entrepreneurship Journal, 3(6).
Wendy. (2021). Efek Interaksi Literasi Keuangan Dalam Keputusan Investasi: Pengujian Bias-bias Psikologi. Jurnal Ekonomi Bisnis Dan Kewirausahaan (JEBIK), 10(1), 36–54.
Wening, P. M., & Nurkin, A. (2022). Pengaruh Literasi Keuangan, Locus of Control Dan Kepribadian Terhadap Perilaku Keuangan Melalui Financial Self-Efficacy Sebagai Variabel Intervening. Business and Accounting Education Journal, 3(3), 330–346.