https://jiae.ub.ac.id/
146
THE FINANCIAL BEHAVIOR OF YOUNG GENERATION IN INDONESIA
1Irma Kurniasari, 2Sumiati, 3Kusuma Ratnawati
1,2,3Management Department, Faculty of Economics and Business, Universitas Brawijaya, Indonesia Corresponding author:
Abstract Purpose
The aim of this study was to improve financial literacy and behavior among students through interventions. The study deepened understanding of self-efficacy's role in university students' financial behavior.
Design/Methodology/Approach
In quantitative research, researchers employ SEM, specifically PLS, to examine self-efficacy and financial behavior in university students. The study has 100 student respondents and uses SEM-PLS for complex analysis, aiming to offer empirical evidence for hypotheses.
Findings
Results show a positive link between variables. Higher self-efficacy relates to improved financial behavior. Confident individuals budget, save, and make wise financial choices. This underscores the need to enhance self-efficacy in interventions for better student financial behavior. Overall, findings emphasize self-efficacy's pivotal role in shaping financial behavior.
Research Limitations/Implications
This study offers empirical evidence of a positive link between self-efficacy and financial behavior, broadening understanding. It highlights psychological factors in financial behavior and extends self-efficacy's role in financial management literature. Financial education programs should enhance self-efficacy for better financial management, benefiting students' overall well-being.
Originality/Value
This research merges self-efficacy and financial behavior concepts, showcasing the link between psychological factors and financial actions. Combining these constructs provides a holistic view of how self-beliefs impact financial choices and behaviors.
Keywords: Self-efficacy, financial management behavior, quantitative research
ARTICLEHISTORY
Received : June 17, 2022 Published : August 31, 2023 HOWTOCITE
Kurniasari, I., Sumiati, & Ratnawati, K. (2023). The Financial Behavior of Young Generation in Indonesia.
Journal of Indonesian Applied Economics, 11(2), 146- 155.
DOI: doi.org/10.21776/ub.jiae.2023.011.02.3
147 1. INTRODUCTION
People in young age often face challenges to manage their own finances. This obstacle is experienced due to improper financial management, causing negative effects in the short term and long term. Financial problems that arise include financial stress, financial instability. Good financial management at college age is a strong factor in establishing financial independence. Students who cannot manage finances well will be trapped in financial problems, the resulting long-term financial problems can cause high levels of financial stress. Individuals may feel worried, anxious and insecure about their financial problems, which can have a negative impact on financial well-being. Financial well-being refers to the subjective perception or belief in one's ability to maintain a desired standard of living both in the present and in the future. This includes an individual's sense of financial security, stability, and confidence in fulfilling their goals and financial obligations. (Lusardi
& Mitchell, 2014). Long-term financial health refers to a stable, sustainable and healthy financial condition over a long period of time.
The younger generation often faces financial challenges due to a lack of skills in managing money wisely. At the age of 20-30 years, they begin to be involved in making important financial decisions, such as education, spending, investing and saving. These decisions have a long term impact on their finances. Research conducted by Thi et al., (2015) shows that the spending of the younger generation is often devoted to lifestyle, such as buying cosmetics, clothes, cinema tickets, and food. These findings align with a survey conducted by the Oversea-Chinese Banking Corporation (OCBC) in 2022, which shows that spending by the younger generation is often impulsive and lacks emergency funds. This challenge indicates the need to improve the financial skills of the younger generation. It is important for them to develop a better understanding of financial management, including budgeting, debt management, investing and emergency fund needs. By having a strong understanding and skills in this regard, young people can avoid impulsive spending, build stable savings, and manage their finances more effectively.
Financial management is increasingly complex, so a person needs to have strong confidence in managing finances. Financial management does not only involve technical aspects, but also emotional and psychological aspects. Uncertainty, anxiety, and financial stress can affect one's financial decision making. High self-efficacy helps individuals better deal with and overcome these negative influences, so that they can make more rational and wise financial decisions. Self-efficacy is an individual's belief in his ability to achieve the desired results through the right actions. This means that individuals believe in their ability to overcome challenges, overcome obstacles, and achieve desired goals in a particular field (Kong & Yasmin, 2022). The higher a person's level of self-efficacy in managing finances, the more likely they will apply the financial skills taught by their parents. Along with that, their financial behavior will be better. A high level of self-efficacy enables individuals to make wiser financial decisions.They feel confident in their ability to evaluate financial information, make appropriate plans, and take steps consistent with their financial goals.
Good financial management behavior in students is very important because the college period is an important period in the formation of habits and mindsets related to finance.
Students who are able to manage their finances well have a greater chance of achieving financial stability, avoiding excessive debt problems, and building a strong financial foundation for the future. The practice of financial management behavior is reflected in various actions, such as saving outside of the pension fund, investing in risky assets, having savings for retirement, and managing credit wisely. Through these practices, individuals can better manage their finances, prepare for their future, and reduce financial risk.(Tang &
Baker, 2016). In addition to the practices previously mentioned, financial management behavior also includes making decisions to start or end the financial process and use
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financial products. It reflects an individual's ability to deal with risk and uncertainty in their financial decisions, such as starting a new investment, discontinuing an investment that is not profitable, or using financial products that are appropriate to their financial goals. This courage plays an important role in achieving long-term financial goals and optimizing an individual's financial well-being.(Jorgensen et al., 2017). Financial skills will help students manage income, overcome financial challenges, and make wise decisions about investments and expenses. Thus, positive financial management behavior at the age of students can provide long-term benefits for their financial life in the future. They can learn to set realistic budgets, control spending, prioritize needs, and save regularly. In addition, students can also learn about wise debt management, plan smart investments, and prepare for a better financial future.
This study aims to investigate the effect of self-efficacy on financial management behavior in college students using the Structural Equation Modeling (SEM) method with the Partial Least Squares (PLS) analysis tool. PLS is a statistical technique used to analyze the relationship between latent variables in a conceptual model. This research will involve 100 students who are randomly selected as respondents. This study uses a scale that has been tested for reliability, so that the results of the study are expected to provide a deeper understanding of the relationship between self-efficacy and financial management behavior in college students. These findings are expected to be the basis for the development of programs and interventions aimed at increasing self-efficacy and promoting better financial management among college students. As such, this research has the potential to have a positive impact in increasing financial literacy and helping students develop the skills necessary for more effective financial management.
2. LITERATURE REVIEW 2.1.Self-Efficacy
Self-efficacy is an individual's belief in their ability to achieve a level of performance that can influence events in their life. their abilities, their motivation to achieve goals, and how they behave in facing tasks and challenges(Bandura & others, 1977). Someone with a high level of self-efficacy tends to be more motivated in taking actions to achieve their goals. Conversely, if someone has low self-efficacy, they may be less motivated and tend to avoid or give up in the face of challenging tasks.
According to the Neymotin 2010, individuals with high levels of self-efficacy tend to have a tendency to view negative information as challenges that can be overcome rather than obstacles that cannot be overcome. They are able to process this information in a more rational and realistic way, and have confidence that they have the ability to solve problems and reach the desired solutions. Research on women conducted by Sanders &
Weaver, (2015) found that High self-efficacy can provide encouragement and motivation for women to face financial challenges, such as managing a budget, saving, investing, or dealing with debt. Women with strong financial self-efficacy tend to be more proactive in managing their finances, making wise decisions, and achieving the desired financial stability. Financial self-efficacy reflects an individual's belief in their knowledge and understanding of financial concepts, including managing budgets, investing, saving, and debt management (Ramalho & Forte, 2019). Individuals with high financial self-efficacy believe that they have adequate knowledge to make good financial decisions, and are able to understand and apply financial principles appropriately.
High self-efficacy has a positive impact on one's financial management.
Individuals with high self-efficacy tend to have strong self-confidence in their ability to manage finances well. These positive impacts include wiser decision making, better
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financial planning, more effective management of financial stress, and higher motivation to increase financial literacy. Research conducted by Faique et al., (2017) on the young generation in Malaysia found that the self-efficacy of young adults in Malaysia has an indirect effect on their financial management behavior through the mediation of financial attitudes. The results of the study show that high self-efficacy is associated with positive financial attitudes. Individuals with high self-efficacy tend to have better attitudes towards financial management, such as being more careful in managing expenses, being more proactive in financial planning, and being more aware of the importance of saving and investing. The research by Xiao et al., (2014) show that individuals who have high levels of financial self-efficacy tend to have higher perceptions of financial independence.Perceived independence includes an individual's belief in their ability to manage their own finances, make sound financial decisions, and face financial challenges with confidence. Tang & Baker, (2016) shows the importance of psychological factors, such as self-efficacy in shaping financial management behavior among young people in the United States. High self-efficacy can provide strong internal motivation to adopt and responsible in financial management practices.
Research conducted by (Mewse et al., 2010 revealed that debtors with high levels of self-efficacy tend to be more able to settle their debt obligations. This shows that good self-efficacy plays a role in more effective credit management. In addition, research conducted by Dulebohn & Murray (2007) examines the role of self-efficacy in retirement investment behavior. The results of this study support the hypothesis that individuals with high investment self-efficacy tend to have a positive attitude towards retirement investment as an opportunity, while individuals with low self-efficacy tend to see investment responsibility as a threat (Dulebohn & Murray 2007).
Based on research conducted by Lown et al. (2015), self-efficacy includes several things, namely being confident in maintaining expenses, having financial goals, being confident in using credit cards properly, having confidence in managing finances, and being confident in managing retirement funds. This research indicates that self-efficacy in a financial context involves individuals' beliefs regarding their abilities in various aspects of financial management. In addition, research conducted by Mindra et al.
(2017) also stated that self-efficacy includes several things, such as confidence in managing finances, confidence in managing expenses, the ability to save at the bank, the ability to borrow money at the bank, and the ability to access financial services.
These findings indicate that financial self-efficacy involves individuals' beliefs regarding their ability to manage money, as well as their ability to access and use various financial services. The studies show that self-efficacy plays an important role in financial management behavior. Individuals who have high levels of self-efficacy tend to have better financial management behaviors, including prudent credit management, good savings, and wiser financial decision-making.
2.2.Financial Management Behavior
Financial behavior is an individuals way to manage financial assets to full fill their daily needs. Financial management behavior includes individual actions in managing their financial assets to make ends meet. In this context, financial management techniques such as cash management, savings management and credit management become important factors (Deenanath et al., 2019; Falahati et al., 2012). Individuals with financial responsibility are able to apply cash management, savings management, and credit (Zhao & Zhang, 2020). Individuals who manage good credit will make sure to pay bills on time, use credit limits wisely, and make appropriate down payments when obtaining financing (Liu & Zhang, 2021; Norvilitis & MacLean, 2010).
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According to Ingale, (2022) ,financial management behavior includes various types of financial decisions made by individuals which include aspects of saving, debt, paying taxes, planning retirement funds and financial well-being. The family environment has an impact on students' financial behavior related to the ability to manage cash flow, credit management, and the ability to manage expenses and budgeting (Noh, 2022).
Implementation of financial management behavior refers to making decisions related to finance.
Positive financial management behavior practices include preparing budgets, managing short and long term finances, and owning emergency funds (Ali et al., 2015).
This opinion is in line with Hilgert, Hogarth, and Beverly (2006) who divided financial management behavior into four basic sub-factors; cash management, credit management, savings and investments. There are three dimensions of financial behavior according to the World Bank (2013) including money management, financial planning, choosing financial products. The money management dimension means the ability to meet needs and maintain control over one's income and expenses, the financial planning dimension includes the ability to anticipate certain and uncertain events that have an impact on finances in the short and long term, for the dimension of choosing a financial product means choosing financial products through careful consideration and evaluation of the products purchased.
Financial management behavior of each individual is influenced by certain indicators as stated by previous researchers. Research conducted by Xiao et al., (2009) shows that Financial Management Behavior consists of three main components. First, expense management, which involves managing and monitoring expenditures to match existing income. Second, balance control, which includes monitoring and managing account balances so that they remain balanced and do not experience financial problems. Third, savings, which involve saving activities for short-term and long-term goals in order to create financial stability and plan for the future. Research conducted by Tang & Baker, (2016) explains that financial management behavior is an activity carried out by individuals repeatedly and becomes a habit. This behavior includes making decisions related to finance, both consciously and unconsciously. With good financial management behavior, individuals can achieve the desired financial goals. In addition, by practicing effective financial management, individuals can build wealth gradually through investment and savings, thus creating long-term financial security.
Financial management behaviors also help individuals deal with unexpected or emergency financial expenses.
3. RESEARCH METHODS
This research is an explanatory research with a quantitative approach. Explanatory research aims to provide explanations for the relationships between variables and to understand the cause-and-effect relationships among them (Sekaran et al., 2016). The purpose of this research is to test, explain, and prove the theory in a knowledge. In this study, researchers used a quantitative approach that allows researchers to describe and present data in the form of numbers or numerical measures. The research method used in this study was data collection through online and offline surveys which were given to active undergraduate students at the Faculty of Economics and Business, Universitas Brawijaya. By using a quantitative approach, this study focuses on statistical analysis to test hypotheses and identify causal relationships between the variables studied.
Data analysis in this study used PLS (Partial Least Square), namely SEM using a component or variant basis. PLS (Partial Least Squares) is a statistical analysis method that is often used in research to analyze the relationship between latent variables (constructs that
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cannot be measured directly) in SEM (Structural Equation Modeling). PLS is a SEM method that uses a component-based or component-based approach to build SEM models, in which the data used will be projected into the lower dimensional subspace (components or factors) that are most significant in explaining relationships. between variables (Ghozali and Latan, 2015).
4. FINDINGS 4.1.Result
Tabel 1. Outer Loading
Variable Indicator Item Loading Factor Average Cut Off Keterangan
Self-Efficacy
Self-efficacy in budget management
SEA1 0,624
0,660
0,6 Valid
SEA3 0,686 0,6 Valid
SEA4 0,670 0,6 Valid
Self-efficacy in
Investment SEI1 0,770
0,743
0,6 Valid
SEI2 0,798 0,6 Valid
SEI3 0,704 0,6 Valid
SEI4 0,701 0,6 Valid
Self-efficacy on
saving SES1 0,742
0,707
0,6 Valid
SES2 0,692 0,6 Valid
SES3 0,710 0,6 Valid
SES4 0,683 0,6 Valid
Financial Management
Behavior
Expenditure
Management MP2 0,736
0,744
0,6 Valid
MP3 0,788 0,6 Valid
MP4 0,740 0,6 Valid
MP5 0,713 0,6 Valid
saving SV2 0,656
0,699 0,6 Valid
SV5 0,741 0,6 Valid
Source: Primary Data Processed, 2023
In data analysis, the value of self-efficacy in investing (SEI) is 0.743 indicating that self-efficacy in investing is the most dominant indicator in describing this variable.
This shows that the level of individual confidence in managing investments greatly influences the behavior of financial management as a whole. The higher the level of self-efficacy in investing, the more likely the individual is to have good financial management behavior. Furthermore, for the expenditure management variable (MP), a high value of 0.744 indicates that expenditure management is the main reflection of the financial management behavior variable. That is, the ability of individuals to manage and control their spending has a significant influence on financial management behavior as a whole.
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Table 2. Variable test results
Hypothesis Variables Path Coefficient
Standard Deviation (STDEV)
T Statistics (|O/STDEV|)
P
Values Interpretation
H3
Self-Efficacy ->
Financial Management Behavior
0,704 0,052 13,582 0,000 Significant
Source: Primary Data Processed, 2023
The results of the data analysis show that there is a positive and significant influence between self-efficacy and financial management behavior in the sample students. The path coefficient of the effect of self-efficacy on financial management behavior is 0.704 indicating a positive relationship between the two variables. This indicates that the higher a person's level of self-efficacy towards financial management, the better his financial management behavior.
4.2.Discussion
Based on the results obtained through statistical tests, it can be interpreted that there is a positive and significant relationship between self-efficacy and financial management behavior in the sample of students studied. The path-influence coefficient of 0.704 indicates that any increase in self-efficacy tends to be associated with an increase in financial management behavior. The result of the t-statistic analysis is 13.582 and the p-value is 0.000 or <0.05 indicating that the path coefficient of the influence is significantly different from zero. These findings support the research hypothesis which states that self-efficacy has a positive effect on financial management behavior. In this context, the level of individual belief in their ability to manage finances plays an important ro.
These findings have important implications for the development of financial education and intervention programs aimed at university students. The results of this study consistently support the findings of previous studies which state that self-efficacy has a positive impact on financial management. The findings of previous research conducted on the younger generation in Malaysia also show that self-efficacy has an indirect effect on financial management behavior through the mediation of financial attitudes.Research conducted by Faique et al. (2017) showed that self-efficacy in young adults in Malaysia influences their financial management behavior through the mediation of financial attitudes. This shows that high self-efficacy can increase positive attitudes towards finance, which in turn encourages better financial management behavior. Moreover, the findings supported by Shim et al. (2010) showed that financial self-efficacy in young adults is positively related to perceptions of financial independence. This shows that individuals who have a high level of self-efficacy tend to have self-confidence in managing their finances independently. Thus, the results of this study strengthen our understanding of the importance of self-efficacy in financial management and monitoring that self-efficacy can have a positive impact in helping individuals manage their finances better. The implication is that increasing self-efficacy can be an effective strategy in improving financial management behavior and achieving better financial goals.
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The findings from this study have important implications for the development of financial education and intervention programs aimed at college students. The results of this study support previous research showing that self-efficacy can have a positive impact on finances and help individuals manage their finances. A high level of self- efficacy in managing finances plays an important role in shaping positive financial management behavior. Individuals who have strong beliefs about their abilities and skills in managing finances will tend to be more active in planning budgets, managing expenses, saving, and making wise financial decisions. High self-efficacy in the financial context also has a positive impact on individual motivation to make wise decisions in managing finances. When someone believes they have the necessary abilities and skills, they will feel more motivated to face financial challenges and take appropriate action.These results underscore the importance of building self-efficacy in a financial context. Education and training that focus on increasing individual self- efficacy in managing finances can be an effective strategy for increasing sound financial management behavior and helping individuals achieve their financial goals.
Appropriate actions that arise from high self-confidence in a financial context strengthen individuals to believe that they can overcome obstacles and difficulties that may arise in managing their personal finances. Students with this ability can develop effective strategies for dealing with complex financial situations, including saving regularly, avoiding unnecessary debt, or making smart investments. With high self- efficacy, individuals feel more confident in making financial decisions that impact their financial future. They feel capable of identifying and evaluating available options, weighing the risks and benefits, and taking appropriate steps to achieve their long-term financial goals.
5. CONCLUSION(S)
The findings of this study indicate that individuals who have high levels of self- efficacy tend to have better financial management behaviors. These findings indicate that the higher the individual's level of self-efficacy in managing finances, the more likely they will exhibit positive and responsible financial management behavior. Individuals who believe in their ability to manage finances well are more likely to make wise financial decisions, control spending, save regularly, and manage debt well. This conclusion provides a better understanding of the importance of self-efficacy in financial management for college students. These findings also provide practical implications, where approaches and interventions that lead to increased self-efficacy can help students develop better financial management behaviors.
As an effort to face financial challenges in the future, having strong self-efficacy can be a valuable asset for students to make smart financial decisions and manage their finances well. Therefore, it is important to pay attention to and strengthen the self-efficacy factor in an effort to improve student financial management behavior. Further research, it is important to look at other variables that can affect the relationship between self-efficacy and financial management behavior. In addition, expanding the sample of respondents and considering additional contextual factors can provide deeper insights into these relationships
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