Antecedent Factors of Financial Management Behavior: An Empirical Research Based on Education


Bad financial attitudes, such as wasting of money, are really difficulties to remove from Indonesian culture. The issue of financial management behavior has attractive agendas for educators, business and government agencies. The purpose of this study is to examine the effect of financial attitude, financial knowledge and personal income on financial management behavior. The research data were obtained from 94 students of Bachelor, Masters and Doctoral programs at various universities in Special Region of Yogyakarta and Central of Java with convenience sampling method. The quality of data generated by this research instrument was assessed using validity and reliability tests. Hypotheses were tested using multiple regression analysis to determine the effect of independent variables on financial management behavior. The results showed that financial attitude, financial knowledge and personal income have a significant effect on financial management behavior.



Keywords: financial attitude, financial knowledge, personal income, financial management behavior.

[1] Albeerdy, M. I., & Gharleghi, B. (2015). Determinants of the financial literacy among college students in Malaysia. International Journal of Business Administration, 6(3), 15.

[2] Amanah, E., Rahadian, D., & Iradianty, A. (2016). Pengaruh Financial Knowledge, Financial Attitude Dan External Locus Of Control Terhadap Personal Financial Management Behavior Pada Mahasiswa S1 Universitas Telkom. eProceedings of Management, 3(2).

[3] Arifin, A. Z. (2017). The Influence of Financial Knowledge, Control and Income on Individual Financial Behavior. European Research Studies, 20(3A), 635.

[4] Darwanis, N., & Abdullah, S. (2014). Pengaruh tingkat pendidikan, pelatihan dan pemahaman akuntansi terhadap ketepatan waktu penyampaian laporan keuangan SKPK pada Pemda Aceh Timur. Jurnal Administrasi Akuntansi: Program Pascasarjana Unsyiah, 3(3), 59-68.

[5] Fernandes, D., Lynch Jr, J. G., & Netemeyer, R. G. (2014). Financial literacy, financial education, and downstream financial behaviors. Management Science, 60(8), 1861- 1883.

[6] Fiksenbaum, L., Marjanovic, Z., & Greenglass, E. (2017). Financial threat and individuals’ willingness to change financial behavior. Review of Behavioral Finance, 9(2), 128-147.

[7] Furnham, A. (1984). Many sides of the coin: The psychology of money usage. Personality and individual Differences, 5(5), 501-509.

[8] Herdjiono, I., & Damanik, L. A. (2016). Pengaruh Financial Attitude, Financial Knowledge, Parental Income Terhadap Financial Management Behavior. Jurnal Manajemen Teori dan Terapan| Journal of Theory and Applied Management, 9(3), 226- 241.

[9] Hilgert, M. A., Hogarth, J. M., & Beverly, S. G. (2003). Household financial management: The connection between knowledge and behavior. Fed. Res. Bull., 89, 309.

[10] Humaira, I., & Sagoro, E. M. (2018). Pengaruh pengetahuan keuangan, sikap keuangan, dan kepribadian terhadap perilaku manajemen keuangan pada pelaku UMKM sentra kerajinan batik KABUPATEN BANTUL. Nominal, Barometer Riset Akuntansi dan Manajemen, 7(1).

[11] Ida, I. D. A., & Dwinta, C. Y. (2010). Pengaruh Locus Of Control, financial knowledge, income terhadap financial management behavior. Jurnal Bisnis dan Akuntansi, 12(3), 131-144.

[12] Lee, N. R., & Miller, M. (2012). Influencing positive financial behaviors: the social marketing solution. Journal of Social Marketing, 2(1), 70-86.

[13] Lianto, R., & Megawati Elizabeth, S. (2018). Analisis pengaruh financial attitude, financial knowledge, income terhadap financial behavior (Studi KasusKecamatan Ilir Timur I). e-journal, STIE MDP, 1, 1-10.

[14] Lim, V. K. G., & Teo, T. S. H. (1997). Sex, money and financial hardship: An empirical study of attitudes towards money among undergraduates in Singapore. journal of Economic Psychology, 18(4), 369-386.

[15] Listiani, K. (2017). Pengaruh financial knowledge, locus of control dan financial attitude terhadap financial management behavior pada mahasiswa. STIE PERBANAS SURABAYA.

[16] Marsh, B. A. (2006). Examining the personal finance attitudes, behaviors, and knowledge levels of first-year and senior students at Baptist universities in the state of Texas. Bowling Green State University.

[17] Peng, T.-C. M., Bartholomae, S., Fox, J. J., & Cravener, G. (2007). The impact of personal finance education delivered in high school and college courses. Journal of family and economic issues, 28(2), 265-284.

[18] Perry, V. G., & Morris, M. D. (2005). Who is in control? The role of self†perception, knowledge, and income in explaining consumer financial behavior. Journal of Consumer Affairs, 39(2), 299-313.

[19] Shim, S., Barber, B. L., Card, N. A., Xiao, J. J., & Serido, J. (2010). Financial socialization of first-year college students: The roles of parents, work, and education. Journal of youth and adolescence, 39(12), 1457-1470.

[20] Vyvyan, V., Blue, L., & Brimble, M. (2014). Factors that influence financial capability and effectiveness: Exploring financial counsellors’ perspectives. Australasian Accounting Business & Finance Journal, 8(4), 3.

[21] Xiao, J. J., & O’Neill, B. (2016). Consumer financial education and financial capability. International Journal of Consumer Studies, 40(6), 712-721.

[22] Xiao, J. J., & Porto, N. (2017). Financial education and financial satisfaction: Financial literacy, behavior, and capability as mediators. International Journal of Bank Marketing, 35(5), 805-817.

[23] Zaimah, R., Sarmila, M. S., Lyndon, N., Azima, A. M., Selvadurai, S., Saad, S., et al. (2013). Financial behaviors of female teachers in Malaysia. Asian Social Science, 9(8), 34.