Locus of Control Mediates The Impact of Financial Knowledge, Attitudes, and Experience on Financial Behavior

Rahmat Agus Santoso, Elok Vilantika, Djoko Soelistya, Yaoping Liu

Abstract


Research aims: This study aims to examine the effect of financial knowledge, attitudes, and experience on financial behavior, with locus of control serving as a mediating factor.
Design/Methodology/Approach: This study employs a deductive research design with a causal-associative approach, targeting traditional market traders in the Gresik Regency area. A total of 100 respondents were sampled. The main data were collected through a questionnaire and analyzed using Partial Least Squares (PLS).
Research findings: The study findings reveal that financial knowledge, attitudes, and experience positively influence locus of control. However, financial knowledge has a negative effect on financial behavior, while financial attitudes, experience, and locus of control have a positive effect. Notably, locus of control successfully mediates the positive relationship between financial knowledge, attitudes, experience, and financial behavior.
Theoretical Contribution/Originality: This research uniquely expands the financial literacy model by incorporating the variable of financial experience.
Practitioners/Policy Implications: The study findings are expected to serve as a reference model for the development and mentorship of small and medium enterprises in the Gresik district.
Practitioners/Policy Implications: The findings are anticipated to serve as a reference model for the development and mentorship of Small and Medium Enterprises in the Gresik district.


Keywords


Financial Knowledge; Financial Attitudes; Financial Experience; Financial Behavior; Locus of Control

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References


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DOI: https://doi.org/10.18196/mb.v15i2.23506

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