Financial Literacy, Attitude, Internal Control Locus, and Money-Associated Behavior of Undergraduate Students

−Financial literacy becomes the guideline for its users to perform financially well. As educated users, undergraduate business students are expected to behave well in managing their money. Furthermore, to test this tendency, this study employs the financial attitude and internal control locus as additional determinants. This research also takes 150 students in the management department of business faculty at Maranatha Christian University as a population. Considering some batches utilized, this study employs stratified random sampling to take the samples. Besides, this study uses a survey method to obtain their response related to demographic and academic features, covariance-based structural equation model, and the related statistic: the probability of critical ratio to analyze the data and examine the first, second, and third hypotheses. After testing them, this investigation concludes that the more financially literate the students are, the more they behave financially. With a better financial attitude and internal control locus, the students can manage their money well.


INTRODUCTION
The 2022 national survey of financial literacy in Indonesia demonstrates this national literacy index achieved 49.68%, which increased from 38.03% in 2021 (Financial Service Authority, 2022). Based on the rule set by Chen and Volpe, cited by Lie et al. (2022), this literacy index is low despite a positive change because it is still below 60%. This situation means Indonesians do not yet understand the features of financial products and services. Furthermore, to increase the future literacy level in Indonesia, senior high school students receive related training through service to the community, delivered by higher education lecturers (Aravik & Tohir, 2022;Pranoto, Fauzi, Kustini, Maduningtias, & Yuangga, 2020;Putra, Silfiana, Khoiriyah, & Sacipto, 2020;Sitorus & Sadjiarto, 2022;Sumardi & Habibi, 2022;Zusryn, Rofi'i, & Gani, 2021).
Ideally, this financial behavior should be affected by internal locus control. This situation is confirmed by Bapat (2020)

Basic Research Framework
This study examines the effect of financial literacy, attitude, and internal control locus on money-associated behavior. Then, to achieve this intention, this study uses statistical tools to examine the hypotheses. The hypotheses intended are as follows. H1: Financial literacy positively affects money-associated behavior H2: Financial attitude positively affects money-associated behavior H3: Internal control locus positively affects money-associated behavior Based on this information, this study can be categorized as quantitative, as Sugiyono (2019). Furthermore, Sugiyono (2019) explains that the model is needed to illustrate the cause-and-effect relationship. The first figure presents the associated model in shape, where three arrows symbolize causality. The rectangle is used to draw the observed variable: financial literacy. Meanwhile, the oval illustrates the unobserved variable: financial attitude, internal control locus, and money-associated behavior.

Variable Measurement
The variables in this research consist of two types. The first is dependent: the money-associated behavior (MAB), and the second is independent: the financial literacy, attitude, and internal control locus. Additionally, three items in Aydin and Akben Selcuk (2019) measure money-associated behavior and financial attitude, respectively. Meanwhile, three indicators in Bapat (2020) quantify internal control locus. More precisely, these items are obtainable in the first table.  a. My purchasing power will be the same for the subsequent two years. b. My purchasing power will be less for the subsequent two years. c. My purchasing power will be more for the subsequent two years. Numeracy FL3 If you borrow $100 from the bank today, which payment will be cheaper: $108 or $100 with a 5% interest rate?

Compound interest
FL4 If you place money in the bank for two years with a 15% yearly interest rate without withdrawal. Please, select one correct answer based on the time value of money concept.
a. The bank will add more money in the second year than in the first. b. The bank will add less money in the second year than in the first. c. The bank will add the same money in both years. FL5 If you open the deposit account with $100 as the initial amount and the bank sets a 10% yearly interest rate, how much will you get in this account if you do not take money after five years?
a. Bigger than $150 b. Lower than $150 c. The same as $150

Population and samples
The population in this study is the dynamic undergraduate management students from batch 2016 to batch 2021 in the business faculty at Maranatha Christian University, Bandung. Based on information from the related department, their size for batches 2018, 2019, 2020, and 2021 is 20, 28, 51, 100, 147, and 151, respectively. The students in these batches are expected to take basic and advanced financial management courses in the third and fourth semesters. Hence, the total (TP) is 497 persons. Furthermore, to obtain a representative sample size (SS), this research applies the Slovin formula in the first equation with a 5% fault boundary (FB) cited from Firdaus (2021) Because of this circumstance, this study considers them as the strata; therefore, stratified random sampling is used as the technique. After the allocation, as the third table exhibits, the sample size for 2016, 2017, 2018, 2019, 2020, and 2021 is 9, 12, 23, 45, 66, and 67, separately (see the third table).

Method to obtain the data
This study applies the survey to obtain the response and information from the dynamic students as samples. Through this survey, this research distributes the questionnaire based on the five-point Likert scale between one and five to express disagreement and agreement on items, as described by Sugiyono (2019). (1.33%). By mentioning the final cumulative grade point average, the students in the group between 3.51 and 4.00 is the biggest (51.33%). It is followed by the group between 3.01 and 3.5 (30%) in the second position, 2.51 and 3 (14%) in the third position. Finally, 2.00-2.50 (4.67%) is the group in the tiniest place.

The correct answer of students to financial literacy questions
The fifth table, based on data tabulation results from Microsoft Excel, presents the proper response of the students when the questions were given. There is 97.33%, 88%, 86%, 82.67%, and 71.33% of 150 students who appropriately solve diversification, inflation, and numeracy problems, as well as two compound interest issues. The ability to solve these issues is due to their dominant grade point average between 3.01 and 4.00 (81.33%).

Validity and reliability testing result
Because of the items to measure money-associated behavior in the first table, the response examination of the validity and reliability is essential. Furthermore, to determine a valid answer, this study uses the loading factor (LF) and average variance extracted (AVE), as Hair Jr. et al. (2019) describe. The validity is achieved if the LF and AVE are  (Hair Jr. et al., 2019). This validity is attained if the square root of AVE exceeds the correlation between the other two constructs (Baharum et al., 2023). The seventh table, generated from the IBM SPSS AMOS 19 output, provides this information. In this table, the square root of AVE of MAB, FA, and ICL is 0.732, 0.761, and 0.850 (see the bold ones). Meanwhile, the correlation between MAB and FA is 0.440, MAB and ICL is 0.293, and FA and ICL is 0.338. Discriminant validity is achieved because the square root values are higher than correlations.

The estimation of the research model
The ninth table, generated from the output of IBM SPSS AMOS 19, displays the estimation result of the covariancebased structural equation model with the probability of critical ratio for the effect of financial literacy (FL) on moneyassociated behavior (MAB) of 0.004, financial attitude (FA) on MAB of 0.000, and internal control locus (ICL) on MAB of 0.032. Hypotheses one, two, and three are acceptable because these values are under a 5% significance level with a positive unstandardized coefficient of 0.194, 0.232, and 0.152.

Discussion
By accepting the first hypothesis, financial literacy positively influences money-associated behavior. It means the more well-educated the individuals, the more influential their ability to organize money. This situation happens because the students are equipped with financial management courses. Although their contents are more towards how the company manages the fund, the philosophies to answer the financial literacy problems are given in time value of money substance. Hence, with this positive tendency, this study supports Mudzingiri et al. (2018), with 191 university students in South Africa as their samples, Pusparani and Krisnawati (2019), with 400 junior high school students in Bandung as their participants, and Zaki et al. (2020), with 152 Malaysian undergraduate students as their respondents. Likewise, this study aligns with Kamel and Sahid (2021), using 399 university students in Malaysia as the sample, and Khawar and Sarwar (2021), utilizing 330 employees working at banks in Pakistan as their analysis unit. This study also confirms Santoso and Sari (2021), Mutlu and Özer (2022), and Syaliha et al. (2022), documenting a positive propensity of this literacy on financial behavior based on the perception of 89 post-graduate students in Semarang, 1,347 individual investors in Turkey, and 50 accounting students at Yapis University in Indonesia, one to one. Finally, Bhakti et al. (2023), utilizing 100 residents in Denpasar, confirm this positive inclination too.
Receiving the second hypothesis means financial attitude positively influences money-associated behavior: the better the financial attitude, the more influential the ability to organize money. This study shows that financial attitude is reflected by the saving inclination of money to anticipate and prepare for the future. If money from the parents is still available, the students do not spend it all. Therefore, having a positive relationship between financial attitude and behavior in this study confirms Yong et al. (2018) based on the viewpoint of 1,915 working adults in Malaysia, Aydin and Akben Selcuk (2019) investigating 1,443 students from 14 campuses in Turkey, and Pusparani and Krisnawati (2019), surveying 400 junior high school students in Bandung, Indonesia. Besides, this study supports Bapat (2020), who researched 584 young working adults aged 18 to 35 in India; Çoşkun and Dalziel (2020) after researching 396 university students in Turkey, and Khoirunnissa and Johan (2020) once studying 113 Indonesian senior high school students in Bogor, taking a concentration of natural and social sciences. Additionally, this study aligns with Zaki et al. (2020), Santoso and Sari (2021), and Adriani (2021), Radianto et al. (2021) after surveying the perception of 152 Malaysian undergraduate students, 89 post-graduate management students at Semarang University, 168 students majoring international business management at Ciputra Universitas in Surabaya, and 159 accounting students in Surabaya, singly. This positive tendency of financial attitudes on financial behavior in this study is supported by Tsuroyya and Nuryana (2021), Kamel and Sahid (2021), Meylandariska and Tasman (2022), Noh (2022), Sukma et al. (2022) based on the perspective of 186 students in the economic education department at Semarang State University, and 339 undergraduate students at public universities in Malaysia, 190 students becoming Generation Z in Padang State University, Indonesia, 193 undergraduate and graduate students at a Midwestern university in the United States, 300 students in vocational and undergraduate departments in Jakarta State University, respectively. Finally, Sheda (2023), employing 80 small and medium entrepreneurs utilizing online platforms in Surakarta, and Nugroho et al. (2023), using 100 employees at Hanchen Industrial Indonesia, Inc., Semarang, Indonesia, follow this positive propensity too.
Accepting the third hypothesis indicates a positive effect of the internal control locus on money-associated behavior: the higher the internal control locus (ILC), the more influential the ability to organize money. As educated and rational people, students with high ILC believe everything happens because of their effort and hard work, not depending on fortune factors. Hence, having a positive association between ILC and financial behavior in this study affirms Bapat (2020) using the viewpoint of 584 young working adults from 18 to 35 years old in India, Radianto et al. (2021) employing the perception of 159 accounting students from Surabaya. Equally, this research evidence confirms Santoso and Sari (2021) and Mutlu & Özer (2022) based on the perception of 89 post-graduate management students at Semarang University and 1,347 individual investors in Turkey, singly. Also, this study aligns with Sukma et al. (2022) and Syaliha et al. (2022), checking the responses of 300 students in vocational and undergraduate departments at Jakarta State University and 50 accounting students at Yapis University in Indonesia. Lastly, Bhakti et al. (2023), utilizing 100 residents in Denpasar, and Sheda (2023), with 80 actors of small and medium companies as the virtual platform users in Surakarta, track this positive tendency too.

CONCLUSION
Ideally, every student in the management department in higher education institutions should have responsible financial behavior. Moreover, to investigate its reasons, this research appears by utilizing financial literacy, economic attitude, and internal control locus as the determinants and undergraduate students in the same department at Maranatha Christian University as the samples. After surveying their perspective from and statistically examining one hundred and fifty responses, this study concludes that financial behavior is positively affected by this literacy and attitude and internal control locus. Despite showing a meaningful relationship as predicted in three hypotheses, this study still has