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

References


Adiputra, I. G., & Patricia, E. (2020). The Effect of Financial Attitude, Financial Knowledge, and Income on Financial Management Behavior. Tarumanagara International Conference on the Applications of Social Sciences and Humanities (TICASH 2019), 439, 107–112. https://doi.org/10.52970/grfm.v1i1.59

Adiputra, I. G., Suprastha, N., & Tania, L. (2021). The Influence Of Financial Knowledge, Financial Attitude Dan Locus Of Control On Financial Behavior Of E-Wallet Users In Jakarta. The Journal of Contemporary Issues in Business and Government, 27(1), 3318–3332.

Agustina, N. R., & Mardiana. (2020a). The Effect of Financial Knowledge and Financial Attitude on Financial Management Behavior Mediated with Locus of Control. Management and Economics Journal, 4(3), 273–284.

Agustina, N. R., & Mardiana, M. (2020b). Management and Economics Journal The Effect of Financial Knowledge and Financial Attitude on Financial Management Behavior Mediated with Locus of Control. MEC-J (Management and Economics Journal), 4(3), 273–284. https://doi.org/10.18860/mec-j.v4i3.5300

Ayu Wardani, L., & Fitrayati, D. (2022). Pengaruh literasi keuangan dan sikap keuangan terhadap perilaku pengelolaan keuangan dengan locus of control sebagai variabel intervening. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 4(12), 5827–5836.

Banthia, D., & Dey, S. K. (2022). Impact of Financial Knowledge, Financial Attitude and Financial Behaviour on Financial Literacy: Structural Equitation Modeling Approach. Universal Journal of Accounting and Finance, 10(1), 327–337. https://doi.org/10.13189/UJAF.2022.100133

Baptista, S. M. J., & Dewi, A. S. (2021). The Influence of Financial Attitude, Financial Literacy, and Locus of Control on Financial Management Behavior. International Journal of Social Science and Business, 5(1), 93–98.

Brilianti, T. R., & Lutfi, L. (2020). Pengaruh pengetahuan keuangan, pengalaman keuangan, dan pendapatan terhadap perilaku keuangan keluarga. Perbanas Journal of Business and Banking, 9(2).

Gustina, Yenida, & Novadilastri. (2022). The Influence of Financial Knowledge, Financial Skills, and Financial Attitudes on the Financial Behavior of MSME Entrepreneurs in West Sumatra. Journal of Economics, Finance and Management Studies, 5(2), 3455–3462. https://doi.org/10.47191/jefms/v5-i12-02

Hernikawati, D. (2022). Dampak pandemi Covid-19 terhadap usaha mikro, kecil, dan menengah (UMKM) di kota Palembang. Majalah Semi Ilmiah Populer Komunikasi Massa, 3(1), 9–17.

Hirdinis, M., & Lestari, E. (2021). Can Financial Knowledge, Attitude And Experience Drive Investors’ Financial Behavior? IOSR Journal of Economics and Finance, 12(6), 18–31. https://doi.org/10.9790/5933-1206011831

Immamah, K. D., & Handayani, A. (2022). Pengaruh Pengetahuan Keuangan, Pengalaman Keuangan, Dan Pengendalian Diri Terhadap Perilaku Keuangan (Studi pada Pedagang Pasar Sekaran). Master: Jurnal Manajemen Dan Bisnis Terapan, 2(1), 43–52.

Kadoya, Y., & Rahim Khan, M. S. (2020). Financial literacy in Japan: New evidence using financial knowledge, behavior, and attitude. Sustainability (Switzerland), 12(9). https://doi.org/10.3390/su12093683

Lukesi, E., Rahadjeng, E. R., & Satiti, N. R. (2021). Effect of Financial Attitudes, Financial Knowledge, Locus of Control, and Financial Self-Efficacy to Financial Management Behavior in Millennial Generation. Jurnal Manajemen Bisnis Dan Kewirausahaan, 1(01), 56–63.

Maris, S., Baptista, J., & Dewi, A. S. (2021). The Influence of Financial Attitude, Financial Literacy, and Locus of Control on Financial Management Behavior. International Journal of Social Science and Business, 5(1), 93–98.

Naufalia, V., Wilandari, A., Windasari, V., & Helmy, M. S. (2022). Pengaruh Financial Socialization dan Financial Experience terhadap Financial Management Behavior. Jurnal Perspektif, 20(2), 142–149. https://doi.org/10.31294/jp.v17i2

Pradana, R. F., Saragih, F. D., & Nugroho, B. Y. (2021). The Influence of Financial Knowledge, Financial Attitude, and Financial Behavior on Professional Millennial’s Financial Investment Choice. Proceedings of the 1st Paris Van Java International Seminar on Health, Economics, Social Science and Humanities (PVJ-ISHESSH 2020), 535, 20–25. https://doi.org/10.2991/assehr.k.210304.005

Pradiningtyas, T. E., & Lukiastuti, F. (2019). Pengaruh Pengetahuan Keuangan dan Sikap Keuangan terhadap Locus of Control dan Perilaku Pengelolaan Keuangan Mahasiswa Ekonomi. Jurnal Minds: Manajemen Ide Dan Inspirasi, 6(1), 96. https://doi.org/10.24252/minds.v6i1.9274

Purwidianti, W., & Tubastuvi, N. (2019). The Effect of Financial Literacy and Financial Experience on SME Financial Behavior in Indonesia. Jurnal Dinamika Manajemen, 10(1), 40–45. https://doi.org/10.15294/jdm.v10i1.16937

Puspita, G., & Isnalita, I. (2019). Financial Literacy: Pengetahuan, Kepercayaan Diri dan Perilaku Keuangan Mahasiswa Akuntansi. Owner: Riset Dan Jurnal Akuntansi, 3(2), 117–128.

Rosita, R. (2020). Pengaruh Pandemi Covid-19 Terhadap Umkm Di Indonesia. Jurnal Lentera Bisnis, 9(2), 109–120. https://doi.org/10.34127/jrlab.v9i2.380

Sari, E. Y. N., & Anam, A. K. (2021). Sikap Keuangan, Kontrol Perilaku, Efikasi Diri dan Perilaku Keuangan. Organum: Jurnal Saintifik Manajemen Dan Akuntansi, 4(1), 28–39. https://doi.org/10.35138/organu

Silitonga, L. R., Lakoni, I., & Puspita, V. (2023). Pengaruh Financial Knowledge Dan Financial Attitude Terhadap Perilaku Keuangan Melalui Mediasi Locus Of Control Pada Mahasiswa Di Kota Bengkulu. E-Bisnis: Jurnal Ilmiah Ekonomi Dan Bisnis, 16(2), 395–405. https://doi.org/10.51903/e-bisnis.v16i2

Sinaga, A. T., Fachrudin, K. A., & Irawati, N. (2021). The Impact of Income and Financial Knowledge on Personal Financial Management Behavior in Millennials Shipping Companies in Medan with Locus of Control as an Intervening Variable. Proceedings of the 2nd Economics and Business International Conference-EBIC, 649–657. https://doi.org/10.52403/ijrr.20230115

Siswanti, I., & Halida, A. M. (2020). Financial knowledge, financial attitude, and financial management behavior: Self–control as mediating. The International Journal of Accounting and Business Society, 28(01), 105–131.

Suka, L. T. R. B. G., Fachrudin, K. A., & Silalahi, A. S. (2022). The Influence of Financial Attitude and Financial Socialization Agent on Financial Behavior with Financial Self Efficacy as Moderating Variables (Study on Students Who are Boarding in the City of Medan). International Journal of Research and Review, 9(1), 588–595. https://doi.org/10.52403/ijrr.20220168

Sukma, A. P., Hamidah, & Kurnianti, D. (2022). Pengaruh Financial Attitude, Financial Knowledge, dan Income terhadap Financial Management Behavior dengan Locus of Control sebagai Variabel Intervening. Jurnal Bisnis, Manajemen, Dan Keuangan, 3(2), 374–390.

Wadan, N. A., Kusufa, R. A. B., & Sakdiyah, S. H. (2022). Dampak Pandemi Covid-19 Terhadap Pendapatan Masyarakat. Jurnal Sosial Dan Sains, 2(3), 457–462.

Wasita, P. A. A., Artaningrum, R. G., &, & Clarissa, S. V. (2022). Pengaruh Literasi Keuangan Dan Sikap Keuangan Terhadap Perilaku Keuangan Dengan Self-Efficacy Sebagai Variabel Mediasi. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 13(01), 310–320.

Widyakto, A., Liyana, Z. W., & Rinawati, T. (2022). The influence of financial literacy, financial attitudes, and lifestyle on financial behavior. Diponegoro International Journal of Business, 5(1), 33–46. https://doi.org/10.14710/dijb.5.1.2022.33-46

Yahaya, R., Zainol, Z., Abidin, J. H. O. @ Z., & Ismail, R. (2019). The Effect of Financial Knowledge and Financial Attitudes on Financial Behavior among University Students. International Journal of Academic Research in Business and Social Sciences, 9(8). https://doi.org/10.6007/ijarbss/v9-i8/6205

Yusufina, J. R., Sisilia, K., & Setyorini, R. (2022). Pengaruh Pengetahuan Keuangan, Sikap Keuangan, dan Kepribadian terhadap Perilaku Manajemen Keuangan pada Pelaku UMKM Kabupaten Bandung. YUME : Journal of Management, 5(2), 429–440. https://doi.org/10.37531/yume.vxix.763




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

Refbacks

  • There are currently no refbacks.


Copyright (c) 2024 Rahmat Agus Santoso, Elok Vilantika, Djoko Soelistya, Yaoping Liu

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.


Office: 

Ruang Jurnal Manajemen Bisnis, 
Gedung Ki Bagus Hadikusuma (E4) Lantai 2, Kampus Terpadu Universitas Muhammadiyah Yogyakarta,
Jalan Brawijaya (Lingkar Selatan), Tamantirto, Kasihan, Bantul, Daerah Istimewa Yogyakarta, Indonesia, 55183
Website: journal.umy.ac.id/index.php/mb - E-mail: mabis@umy.ac.id
Phone: +62 274 387 656 (ext: 118)

Jurnal Manajemen Bisnis is licensed under Creative Commons Attribution-ShareAlike 4.0 International (CC BY-SA 4.0)