Financial Literacy, Attitude, Internal Control Locus, and Money-Associated Behavior of Undergraduate Students
- Oktavianus Marbun Maranatha Christian University, Bandung, Indonesia
-
Bram Hadianto
*
Maranatha Christian University, Bandung,
Indonesia
- Ana Mariana Maranatha Christian University, Bandung, Indonesia (*) Corresponding Author
Abstract
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.
Downloads
References
Adriani, J. (2021). Factors affecting financial behaviors: A study of the students with venture creation. International Journal of Review Management Business and Entrepreneurship, 1(2), 191–204. https://doi.org/10.37715/rmbe.v1i2.2427
Anggari, A. N., & Dewanti, P. W. (2021). The effect of external and internal locus of control, financial attitude, pocket money, and lifestyle on the use of e-money. Nominal: Barometer Riset Akuntansi & Manajemen, 10(2), 253–270. https://doi.org/10.21831/nominal.v10i2.41429
Aravik, H., & Tohir, A. (2022). Improving financial literacy comprehension of students of the vocational high school of Muhammadiyah 1 in Palembang. Aksi Kepada Masyarakat, 3(1), 29–36. https://doi.org/10.36908/akm.v3i1.429
Aydin, A. E., & Akben Selcuk, E. (2019). An investigation of financial literacy, money ethics, and time preferences among college students: A structural equation model. International Journal of Bank Marketing, 37(3), 880–900. https://doi.org/10.1108/IJBM-05-2018-0120
Baharum, H., Ismail, A., Awang, Z., McKenna, L., Ibrahim, R., Mohamed, Z., & Hassan, N. H. (2023). Validating an instrument for measuring newly graduated nurses’ adaptation. International Journal of Environmental Research and Public Health, 20, 2860. https://doi.org/10.3390/ijerph20042860
Bapat, D. (2020). Antecedents to responsible financial management behavior among young adults: The moderating role of financial risk tolerance. International Journal of Bank Marketing, 38(5), 1177–1194. https://doi.org/10.1108/IJBM-10-2019-0356
Bhakti, I. G. K. K. W., Gunadi, I. G. N. B., & Suarjana, I. W. (2023). The impact of financial literacy, self-efficacy, and locus of control on financial management behavior of the society in Denpasar. Values, 4(1), 131–138. Retrieved from https://e-journal.unmas.ac.id/index.php/value/article/view/6200
Çoşkun, A., & Dalziel, N. (2020). Mediation effect of financial attitude on financial knowledge and financial behavior: The case of university students. International Journal of Research in Business and Social Science, 9(2), 1–8. https://doi.org/10.20525/ijrbs.v9i2.647
Financial Service Authority. (2022). Press conference: Financial literacy and inclusion indexes of society elevate. Retrieved from https://www.ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Documents/Pages/Indeks-Literasi-dan-Inklusi-Keuangan-Masyarakat-Meningkat/SP - INDEKS LITERASI DAN INKLUSI KEUANGAN MASYARAKAT MENINGKAT.pdf
Firdaus, F. (2021). Quantitative Research Methodology. Bengkalis: CV. DOTPLUS Publisher.
Firdausi, M. R. A., & Kasri, R. A. (2022). Islamic financial literacy amongst Muslim students in Indonesia: A multidimensional approach. Al-Muzara’Ah, 10(Special Issue), 77–94. https://doi.org/10.29244/jam.specialissue2022.77-94
Hair Jr., J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2019). Multivariate Data Analysis (8th ed.). Andover, the United Kingdom: Cengage Learning, EMEA.
Kamel, A. M., & Sahid, S. (2021). Financial literacy and financial behavior of university students in Malaysia. Turkish Online Journal of Qualitative Inquiry, 12(9), 1208–1220. Retrieved from https://www.tojqi.net/index.php/journal/article/view/5863
Khawar, S., & Sarwar, A. (2021). Financial literacy and financial behavior with the mediating effect of family financial socialization in the financial institutions of Lahore, Pakistan. Future Business Journal, 7.27, 1–11. https://doi.org/10.1186/s43093-021-00064-x
Khoirunnisaa, J., & Johan, I. R. (2020). The effects of financial literacy and self-control towards financial behavior among high school students in Bogor. Journal of Consumer Sciences, 5(2), 73–86. https://doi.org/10.29244/jcs.5.2.73-86
Klapper, L., & Lusardi, A. (2020). Financial literacy and financial resilience: Evidence from around the world. Financial Management, 49(3), 589–614. https://doi.org/10.1111/fima.12283
Lie, S., Astuti, D., & Malelak, M. I. (2022). The effect of financial literacy and demographics on the saving behavior of the millennial generation. International Journal of Financial and Investment Studies, 3(2), 110–118. https://doi.org/10.9744/ijfis.3.2.110-118
Meylandariska, M., & Tasman, A. (2022). The internal locus of control and financial management behavior. Operation Management and Information System Studies, 2(4), 275–284. Retrieved from https://jkmosi.ppj.unp.ac.id/index.php/omiss/article/view/86
Mudzingiri, C., Mwamba, J. W. M., & Keyser, J. N. (2018). Financial behavior, confidence, risk preferences and financial literacy of university students. Cogent Economics and Finance, 6(1), 1512366. https://doi.org/10.1080/23322039.2018.1512366
Mutlu, Ü., & Özer, G. (2022). The moderator effect of financial literacy on the relationship between locus of control and financial behavior. Kybernetes, 51(3), 1114–1126. https://doi.org/10.1108/K-01-2021-0062
Noh, M. (2022). Effect of parental financial teaching on college students’ financial attitude and behavior: The mediating role of self-esteem. Journal of Business Research, 143, 298–304. https://doi.org/10.1016/j.jbusres.2022.01.054
Nugroho, M., Astuti, F. Y., & Sari, N. (2023). The role of financial literacy, locus of control, and financial self-efficacy on financial management behavior. Journal Economic Insights, 2(1), 169–181. Retrieved from https://jei.uniss.ac.id/index.php/v1n1/article/view/59
Pranoto, P., Fauzi, R. D., Kustini, E., Maduningtias, L., & Yuangga, K. D. (2020). Financial literacy for the vocational high school students of Sasmita Jaya. BAKTIMAS: Jurnal Pengabdian Pada Masyarakat, 2(2), 119–122. https://doi.org/10.32672/btm.v2i2.2137
Pusparani, A., & Krisnawati, A. (2019). Analysis of the effect of financial literacy and financial attitude on the financial behavior of junior high school students in Bandung. Jurnal Mitra Manajemen, 3(1), 72–83. https://doi.org/10.52160/ejmm.v3i1.181
Putra, L., Silfiana, I., Khoiriyah, A., & Sacipto, R. (2020). The financial literacy application in managing the money of students. Jurnal Karya Abdi Masyarakat, 4(1), 132–135. https://doi.org/10.22437/jkam.v4i1.9830
Radianto, W. E. D., Kristama, B. Y., & Salim, I. R. (2021). Exploring the relationship between locus of control and financial behavior of accounting students from the social construction theory approach. Academic Journal of Interdisciplinary Studies, 10(2), 118–128. https://doi.org/10.36941/ajis-2021-0043
Rai, K., Dua, S., & Yadav, M. (2019). Association of financial attitude, financial behavior, and financial knowledge towards financial literacy: A structural equation modeling approach. FIIB Business Review, 8(1), 51–60. https://doi.org/10.1177/2319714519826651
Reswari, A. D., Sudarto, S., & Widiastuti, E. (2018). The influence of financial literacy towards financial behavior. Journal of Research in Management, 1(2), 11–17. Retrieved from https://www.researchgate.net/publication/329361092
Santoso, A., & Sari, E. P. (2021). The role of financial literacy as one of the influences on financial behavior. Jurnal Manajemen, XXV(3), 415–430. https://doi.org/10.24912/jm.v25i3.758
Setiana, S., & Hadianto, B. (2022). Financial knowledge, internal control locus, and personal money-related behavior: A survey on undergraduate accounting students. Integrated Journal of Business and Economics, 6(2), 172–184. https://doi.org/10.33019/ijbe.v6i2.360
Sheda, G. A. (2023). The influence of financial knowledge, financial attitude, and internal locus of control on the financial management behavior of the micro, small, and medium businesspersons in Surakarta. Jurnal Maneksi, 12(1), 204–211. https://doi.org/10.31959/jm.v12i1.1323
Sitorus, D. S., & Sadjiarto, A. (2022). SIKU interactive media: The development of learning media to improve student financial literacy. Jurnal Kependidikan, 8(2), 386–396. https://doi.org/10.33394/jk.v8i2.4770
Sugiyono, S. (2019). The Quantitative, Qualitative, and R&D-based Research Methods. Bandung: Alfabeta.
Sukma, A. P., Hamidah, H., & Kurnianti, D. (2022). The effect of financial attitude, financial knowledge, and income on financial management behavior with the locus of control as an intervening variable. Jurnal Bisnis, Manajemen, & Keuangan, 3(2), 1–12. Retrieved from http://pub.unj.ac.id/index.php/jbmk/article/view/679
Sumardi, S., & Habibi, P. (2022). Pelatihan Literasi Keuangan untuk Gen Z di SMK. El-Mujtama: Jurnal Pengabdian Masyarakat, 3(1), 83–92. https://doi.org/10.47467/elmujtama.v3i1.2253
Syaliha, A., Sutieman, E., Pasolo, M. R., & Pattiasina, V. (2022). The effect of financial literacy, lifestyle, financial attitude, and locus of control on financial management behavior. Public Policy, 3(1), 52–71. https://doi.org/10.51135/publicpolicy.v3.i1.p52-71
Tsuroyya, K., & Nuryana, I. (2021). The influence of attitudes, internal locus, and financial socialization agents on financial management behavior. Economic Education Analysis Journal, 10(1), 188–201. https://doi.org/10.15294/eeaj.v10i1.44670
Waty, N. Q., Triwahyuningtyas, N., & Warman, E. (2021). Financial behavioral analysis of the students during the Covid-19 pandemic. KORELASI - Prosiding Konferensi Riset Nasional Ekonomi, Manajemen, & Akuntansi, 2(1), 477–495. Retrieved from https://conference.upnvj.ac.id/index.php/korelasi/article/view/1109
Yong, C.-C., Yew, S.-Y., & Wee, C.-K. (2018). Financial knowledge, attitude and behavior of young working adults in Malaysia. Institutions and Economies, 10(4), 21–48. Retrieved from https://ijie.um.edu.my/index.php/ijie/article/view/13444/8426
Zaki, U. R. A., Rosli, M. H., Yahya, N. F., & Halim, H. (2020). The relationship of financial literacy and financial attitude towards financial behavior: An empirical finding. International Journal of Business and Economy, 2(4), 13–24. Retrieved from https://myjms.mohe.gov.my/index.php/ijbec/article/view/11403
Zusryn, A. S., Rofi’i, M., & Gani, A. N. (2021). Islamic financial literacy program in Generation Z Islamic senior high school students. Abdimas: Jurnal Pengabdian Masyarakat Universitas Merdeka Malang, 6(4), 541–551. https://doi.org/10.26905/abdimas.v6i4.5365
Bila bermanfaat silahkan share artikel ini
Berikan Komentar Anda terhadap artikel Financial Literacy, Attitude, Internal Control Locus, and Money-Associated Behavior of Undergraduate Students
Pages: 1199-1206
Copyright (c) 2023 Oktavianus Marbun, Bram Hadianto, Ana Mariana
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under Creative Commons Attribution 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (Refer to The Effect of Open Access).
