The Influence of Financial Literacy, Financial Attitude and Locus of Control on Financial Management Behavior: A Case Study on
Jakarta State University Students Class of 2019
Nadya Meyliana Hadi1*, Siska Amelia Putri1, Indira Putri1
1 Faculty of Economics, State University of Jakarta, DKI Jakarta, Indonesia
*Corresponding Author: nadyameylianahadi_1706619061@mhs.unj.ac.id Accepted: 15 February 2023 | Published: 1 March 2023
DOI:https://doi.org/10.55057/ijaref.2023.5.1.10
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Abstract: The Influence of Financial Literacy, Financial Attitude, and Locus of Control on Financial Management Behavior. Universitas Negeri Jakarta 2022. The purpose of this study is to examine and analyze the influence of Financial Literacy on the Financial Management Behavior of State University Students of Jakarta in 2019, Financial Attitude on Student Financial Management Behavior. Jakarta State University in 2019, and Locus of Control on Financial Management Behavior of Jakarta State University Students in 2019. The technique of sampling that used in this study was non-probability sampling through purposive sampling.
This study uses primary data sources, namely questionnaires collected from 79 Jakarta State University students in 2019. The data analysis technique used in this study uses a computer program, namely the Statistical Program for Social Science (SPSS) which consists of validity and reliability tests. This study obtained the following results: (a) Financial Literacy significantly had a positive influence on the Financial Management Behavior of Jakarta State University Students in 2019; (b) Financial Attitude had no influence on the Financial Management Behavior of Jakarta State University Students in 2019; (c) Locus of Control has a significant favorable influence on the Financial Management Behavior of Jakarta State University Students in 2019; and (d) Financial Literacy, Financial Attitude, and Locus of Control significantly have a positive influence on the Financial Management Behavior of Jakarta State University Students in 2019.
Keywords: Financial Literacy, Financial Attitude, Locus of Control, Financial Management Behavior.
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1. Introduction
The financial management practice of the younger generation has become the center of attention in recent years from various organizations, such as government agencies, community organizations, universities, universities, and others (Mien & Thao, 2015). The international research institute Kadance conducted a study in 2015 stating that 28 percent of the population in Indonesia has an unhealthy lifestyle compared to their total income (Sulilawati, 2016). This has also resulted in the younger generation, including students living and growing up in a debt culture with an expensive lifestyle and easy credit (Dugas, 2001). The student period is transitioning from being regulated by parents to being independent in managing personal finances. The younger generation they are not only faced with increasing complexity in financial products, services, and markets but, in the future, must be independent of financial
risks from their parents (Lusardi & Mitchell, 2007). In managing public finances, especially for students, it is necessary to have direct or mandatory knowledge about finance that leads to financial behavior to be responsible for their finances (Almaidah, 2018). Students' financial problems are pretty complex because most students do not have income, and the reserve funds are also limited to be used every month, making them confused in determining financial policies. In terms of managing finances for students, it is not an easy thing to do because there will be difficulties that must be faced, for example, a growing consumptive attitude. Another problem is the delay in monthly remittances or monthly payments that run out prematurely due to unexpected needs or errors in financial management (no budgeting). Students also have a habit of buying things that are not needed, and this habit is due to the luxurious association among students. It is not because you do not know about finance.
Indonesia's population of 24 percent is young people with a low level of Financial Literacy in Indonesia according to research conducted by the Financial Services Authority (Keuangan, 2018), as evidenced by the level of Indonesian Financial Literacy and inclusion of 29.66 percent, which can be interpreted as 29.6 percent of the public. Understand the financial services and products used. Meanwhile, compared to several countries, Malaysia has reached 78 percent, Thailand 78 percent, and 96 percent for Singapore. Indonesia is one of the emerging market countries, which in 2014 had a GDP per capita (PPP) of USD 10098.66, this GDP per capita in Indonesia is equivalent to 57% of the average GDP per capita in the world with the 131st position. According to the Financial Services Authority (OJK), Indonesians have abandoned their saving habits and are becoming more consumptive. So this is about the decrease impact in Marginal Prosperity to Save (MPS) in the late three years and the increase in Marginal Prosperity to Consume (MPC). This Demographic Bonus in Indonesia, which should be a vital force in the country's economy, is the percentage of Indonesia's population in three age and gender groups.
Table 1: Table of Indonesian Population
Presentase gabungan total
populasi (0%) Pria (Absolut) Wanita (Absolut)
0 - 14 years old 27.3 34,165,213 32,978,841
15 - 64 years old 66.5 82,104,636 81,263,055
Above 65 years old 6.1 6,654,695 8,446,603
Source: Global Youth Survey (2014) and Data Process by Researcher (2022)
According to the Global Youth Survey, 43% of young people worldwide do internet research before buying, while 40% rely on recommendations from friends and family and 17% on media advertisements. The younger generation in Indonesia usually spends money on transportation, meals, socializing, clothes, and telephone bills (Bisnis.news.viva.co.id). It is also known that young people rarely use basic money management techniques, including budgeting, daily savings planning, long-term needs planning, Etc. (Birari & Patil, 2014). There will be a destructive impact if someone has an attitude that does not want to know financial concepts, for example, concepts related to bank interest or interest from debt. Then in the future, it will result in more outstanding debt to be borne, and you can even get stuck with online loans or moneylenders. Financial Literacy has an essential role in individual financial behavior.
Financial Literacy is defined as the financial insight that has the goal of obtaining wealth. Good financial behavior, ownership of savings, as well as bank loans are influenced by high literacy rates (Herawati & Candiasa, 2018). Understanding Financial Literacy is critical, especially for the millennial generation, who are known to be consumptive and do not manage finances well (Qurataa'yun & Keisnawati, 2019).
A person's behavior in managing finances is a person's who have an ability to save daily and manage their finances. Finances mangement could be planning, budgeting, checking, managing, controlling, and disbursing of money. The emergence of Financial Management Behavior is from the great desire of a person to fulfill his life's work through income and a person's responsibility in managing his finances (Kholilah & Iramani, 2013). In addition, (Listen, 2017) states that financial behavior is fundamental to one's that able to manage their daily finances effectively based on budgeting, planning, controlling, planning, storing, and auditing. So, financial management is essential for students to avoid financial problems and have a sense of responsibility for independent decision-making. Several variables can affect financial management, for example, Financial Literacy (Sari, 2021) Financial Attitude ( Asaff, Suryati, & Rahmayani, 2019) and Locus of Control (Harianto & Isbanah, 2021). Many previous studies have looked at the variables that affect Financial Management Behavior. According to Stella & Juhar's research, Financial Attitude and Financial Literacy variables affect Financial Management Behavior. Financial Literacy and Locus of Control have an impact on Financial Management Behavior, according to research by Novita Sari (2021). (Laili & Asandimitra, 2018) According to research by (Rizkiawati & Asandimitra, 2018), Locus of Control affects Financial Management Behavior. Financial Attitude and Financial Literacy have an impact on Financial Management Behavior, according to research by (Ameliawati & Setiyani, 2018).
Three independent variables—Financial Literacy, Financial Attitude, and Locus of Control—
were used for this study.
The first variable, Financial Literacy, according to Hudson and Bush (Widayanti & Marwanti, 2017), is a person's ability to understand financial conditions and concepts to change that knowledge into behavior. In addition, Financial Literacy is also used as a basis for decision- making so that it helps improve the economy in the future. The higher the level of understanding about finance, the better the responsibility and decision-making in financial management (Ida & Dwinta, 2010). Students who have insight into the basic principles of overall finance can wisely make decisions. It can be seen from the skills of students to manage finances independently and investments well (Sari, 2021).
The second variable studied is Financial Attitude. According to Nobriyani & Haryono (2019), Financial Attitude is an individual's way of managing finances and making decisions related to financial management. The better one's Financial Attitude, the better the mindset one applies in financial management and the wiser. In other words, someone who can manage finances with one's intention to do or not do something is based on his ability to manage his money by allocating his income for short-term and long-term needs (Kholilah & Iramani, 2013). In the research of (Pramed & Asandimitra , 2021), (Asih & Khafid, 2020), ( Asaff, Suryati, &
Rahmayani, 2019), Besri (2018), and Dewi (2017), Financial Attitude affects Financial Management Behavior. However, the research of (Rizkiawati & Asandimitra, 2018), (Amanah, Rahadian, & Aldila, 2016) , (Harianto & Isbanah, 2021) and (Biya & Asandimitra, 2020) do not affect Financial Management Behavior because they have different perspectives on their finances.
Locus of Control, which measures how much a person's life is under his control, is the third factor studied for its impact on Financial Management Behavior (Laili & Asandimitra, 2018).
A healthy Financial Attitude impacts good personal self-discipline; people need this Locus of Control to manage their resources. According to research on the subject, financial security and well-being are expected to be positively affected by self-control. When people have high self- control, they are more secure and confident in their present and future circumstances and have fewer financial problems (Purwidianti, 2018). Locus of Control affects Financial Management
Behavior (Mery & Pamungkas, 2019), (Ersha, etc, 2016), (Tifani & Fitrim, 2019), but does not affect research (Ervan & Nadia, 2020), (Vicky & Nadia, 2021). A Locus of Control is not a reason for someone to implement good financial behavior, but this is due to a lack of self- control and confidence in one's financial management abilities.
Therefore, this study wants to examine what can affect Financial Management Behavior. The study used Jakarta State University students' class 2019 as a research subject. This study aims to examine the extent to which financial knowledge and attitudes are related to the financial behavior of Jakarta State University students. This research was conducted to analyze the Financial Management Behavior owned by students of the State University of Jakarta batch 2019 as seen from the Financial Literacy, Financial Attitude, and Locus of Control students.
Therefore, this research is "The Influence of Financial Literacy, Financial Attitude, and Locus of Control on Financial Management Behavior in Jakarta State University Students Class of 2019".
2. Literature Review
2.1 Financial Literacy
Financial Management is the study about person behavior. The behavior’s is about to manager their finances like planning, budgeting, checking, managing, controlling, disbursing, and storing all of financial daily fund. This Financial Management Behavior significantly impacts a person's desire to fulfill their needs following their income level (Kholilah & Iramani, 2013).
Financial Management Behavior is related to how a person can manages existing funds with full responsibility for managing money and other assets properly. How to be responsible for controlling financial assets and using funds productively, well, and wisely (Ida & Dwinta, 2020).
2.2 Financial Attitude
Financial Literacy is an activity that aims to increase customer insight, trust, and expertise. As a result, there will be wiser financial management capabilities (Financial Services Authority, 2019). Meanwhile, according to Vitt et al., 2000 Financial Literacy is a person's ability to read, analyze, manage, and communicate personal financial conditions that affect welfare. (Dewi &
Haryana, 2020)state that Financial Literacy is a person's ability to make decisions and compile news regularly on individual financial use and management. Financial Literacy indicators are knowledge about finance in general and understanding the importance of saving and investing (Azizah, 2020).
2.3 Locus of Control
According to Rajna et al. (2011), Financial Attitude is state of mind, judgment, or a person's income towards finances that is applied to his attitude. Meanwhile, according to Durham (1984), a person's Financial Attitude is seen from six concepts, namely:
i. Obsession : individual thought patterns based on the perception of money towards the future in wise money management.
ii. Power : How a person the money to solve problems and control others.
iii. Effort : Someone who feels he deserves money from his work.
iv. Inadequacy : Someone who always feels inadequate in terms of finances.
v. Retention : Someone who does not use the money to the fullest.
vi. Security : The perspective of someone who thinks money is better kept alone than deposited in a bank or invested.
2.4 Financial Management Behavior
A social learning theorist, Julian Rotter, suggested the concept of Locus of Control in 1966:
beliefs, expectations, or attitudes about the relationship between a person's behavior and its consequences. (Robbins & Judge, 2008) stated that a Locus of Control is a person's response to a cause or effect of something, whether it succeeds or fails. Meanwhile, in the research of (Ida & Dwinta, 2010), Locus of Control is a person's perspective in responding to a specific event. Larsen and Buss (2002) show beliefs in individuals about events that occur in their lives as a concept of Locus of Control. Locus of Control describes how far a person's view is on the relationship between the actions taken (action) and the consequences/results (outcomes). Locus of a Control can also be interpreted as a person's perception of the causes of success or failure in carrying out work. In addition, Locus of Control is how someone interprets the cause of an event (portalhr.com).
According to (Rotter & Julian, 1966), the Locus of Control is divided into two dimensions:
internal Locus of Control and external Locus of Control. Individuals with internal Locus of Control consider what they get in life comes from skills, abilities, and efforts. Meanwhile, Locus of Control considers external forces such fate, destiny, luck, and people in power as the determinants of life.
2.5 Conceptual Framework
Figure 1: Framework
Variable
H1: The Influence of Financial Literacy on Financial Management Behavior in Jakarta State University Students Class of 2019
H2: The Influence of Financial Attitude on Financial Management Behavior in Jakarta State University Students Class of 2019
H3: TheaInfluenceaofaLocusaofaControlaonaFinancialaManagementaBehavior in Jakarta State University Students Class of 2019
Financial Literacy
Financial Attitude
Locus of Control
aFinancial aManagement aBehavior
3. Discussion and Conclusion
The type of research applied in this research is explanatory research using a quantitative approach in the form of primary data. This research was conducted on students of the State University of Jakarta class in 2019 and was carried out in March 2022. The data collection method used in this study isa questionnaire using likert scale, and the data analysis method used in this study uses linear regression analysis multiple. In this study, the instrument used was a questionnaire. The availability of respondents to answer each question is helpful for researchers in preparing this study. Researchers use this questionnaire as an indicator based on previous research that has been tested. Data from the questionnaire results were processed using the SPSSa (Statistical Program for Social Science (SPSS) program to test the proposed hypothesis. The following are the results of the questionnaire data that have been processed, as follows:
3.1 Instrument Test 3.1.1 Validity Test
Table 2: Validity Test
Variable Instrument R count R table Information
X1
1 .0,44. 0,22. .Valid
2 .0,576 0,22. .Valid
3 .0,471 0,22. .Valid
4 .0,249 0,22. .Valid
5 .0,419 0,22. .Valid
6 .0,28 0,22. .Valid
7 .0,48 0,22. .Valid
8 .0,537 0,22. .Valid
9 .0,519 0,22. .Valid
10 .0,659 0,22. .Valid
11 .0,364 0,22. .Valid
12 .0,365 0,22. .Valid
X2
1 .0,282 0,22. .Valid
2 .0,696 0,22. .Valid
3 .0,678 0,22. .Valid
4 .0,541 0,22. .Valid
5 .0,461 0,22. .Valid
6 .0,472 0,22. .Valid
X3
1 .0,486 0,22. .Valid
2 .0,733 0,22. .Valid
3 .0,741 0,22. .Valid
4 .0,782 0,22. .Valid
5 .0,692 0,22. .Valid
6 .0,291 0,22. .Valid
7 .0,711 0,22. .Valid
8 .0,619 0,22. .Valid
9 .0,543 0,22. .Valid
1 .0,689 0,22. .Valid
2 .0,725 0,22. .Valid
Y
3 .0,475 0,22. Valid
4 .0,455 0,22. Valid
5 .0,610 0,22. Valid
6 .0,497 0,22. Valid
7 .0,620 0,22. Valid
8 .0,560 0,22. Valid
9 .0,808 0,22. Valid
10 .0,747 0,22. Valid
11 .0,652 0,22. Valid
12 .0,377 0,22. Valid
13 .0,408 0,22. Valid
14 .0,608 0,22. Valid
Source: data processed by researchers, 2022.
A validity test is used to measure the validity or validity of a questionnaire. The validity test in this study used the SPSS 20 program. The basis for making this test decision was to compare the value of r count > r table (0.22) with a significance of 0.05. From the results of the analysis that has been carried out, the results of the r count of X1, X2, X3, and Y > r table, it can be concluded that the data used is valid.
3.1.2 Reliability Test
The reliability test was used to measure the consistency of each research variable. In this study, to test reliability using Cronbach's Alpha > 0.06, it can be said that reliability.
Table 3: Reliability Test
Variable Instrumen Cronbach’s Alpha Keterangan
X1. .Financial Literacy 0,625 Reliable
X2. .Financial Attitude 0,226 Reliable
X3. .Locus of Control 0,805 Reliable
Y. .Financial Management Behavior 0,853 Reliable
Source: data processed by researchers, 2022.
3.1.3 Classic assumption test
Table 4: Classic assumption test
.One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual.
N. 79
NormalParametersa,b Mean .0000000.
Std. Deviation 6.21409157
Most Extreme Differences
Absolute .054
Positive .040
Negative .-.054
Test Statistic ..054
Asymp. Sig. (2-tailed) ..200c,d
a. Test.distribution.is.Normal.
b. Calculated.from.data.
c. Lilliefors.Significance.Correction.
d. This.is.a.lower.bound.of.the.true.significance.
Source: data processed by researchers, 2022.
Based on the table above, it can be seen that the normality test results obtained the Asymp.Sig value of 0.200> 0.05. So it can be concluded that the data is normally distributed.
3.1.4 Multicollinearity Test
Table 5: Multicollinearity Test
Coefficientsa Model
Unstandardized.Co efficients
Standardized.
Coefficients
ta Sig.
CollinearityaStatistics
Ba Std.
Errora aBeta Tolerance VIFa
1
(Constant) -.701 11.683 -.060 .952
FinancialLiteracy .496 .135 .341 3.679 .000 .955 1.047
FinancialAttitude .181 .408 .041 .444 .658 .949 1.054
LocusOfControl .731 .154 .446 4.747 .000 .929 1.076
a. Dependent Variable: FinancialManagementBehavior Source: data processed by researchers, 2022.
The results in the table above show that all the independent variables used in the study are free from the symptoms of multicollinearity. It is proven by the Tolerance X1 value of 0.955 > 0.10, the VIFavalue 1.1047 < 10, the X2 toleranceavalue 0.949 > 0.10, the VIFavalue 1.054 < 10, and the X3 toleranceavalue 0.929 > 0.10, the VIFavalue 1.076 < 10.
3.1.5 Heteroscedasticity Test
Figure 2: Heteroscedasticity Test
The characteristics of the absence of heteroscedasticity symptoms:
i. The scattering data points above and below ora round the number 0.
ii. The dots don't collect just above or below.
iii. The spread of data points must not form wavy pattern that widens, then narrows, and widens again.
iv. The spread of data points is not patterned.
The results in the table above show that the significance value of the Financial Literacy variable is 0.484 > 0.05, the Financial Attitude variable is 0.061 > 0.05, and the Locus of Control is 0.597 > 0.05. So, it can be concluded that the four independent variables above are free from heteroscedasticity symptoms.
3.2 Multiple Linear Regression Analysis
Table 6: Multiple Linear Regression Analysis
aCoefficientsa
Model UnstandardizedaCoefficients StandardizedaCoefficients
t Sig. CollinearityaStatistics
B Std. Errora aBeta Tolerance VIFa
1
(Constant) -.701 11.683 -.060 .952
FinancialLiteracy .496 .135 .341 3.679 .000 .955 1.047
FinancialAttitude .181 .408 .041 .444 .658 .949 1.054
LocusOfControl .731 .154 .446 4.747 .000 .929 1.076
a. Dependent Variable: Financial Management Behavior
Source: data processed by researchers, 2022.
Y = -0,701 + 0,496X1 + 0,181X2 + 0,731X3 + e
Hypothesis Testing H1, H2, and H3 with t-test:
a) st Hypothesis Testing (H1)
sig for the effect of X1aon Y isa0.000 <0.05 and the t value is 3.679 > 2.72, so it can be concluded that H1 is accepted, whichameansathereaisaanaeffectaofaX1aonaY.
b) st Hypothesis Testing (H2)
sig for the effect of X2aonaYais 0.658 > 0.05 and the t value is 0.444 < 2.72, so it can be concluded that H2 is not accepted, which means that there is no effect of X2 on Y.
c) st Hypothesis Testing (H3)
sig for the effect of X3 on Y is 0.000 <0.05 and the t value is 4.747 > 2.72, so it can be concluded that H3 is accepted which means that there is an effect of X3 on Y.
3.3 Test Hypotheses 3.3.1 TEST F
Table 7: TEST F
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1 Regression 1891.579 3 630.526 15.701 .000b
Residual 3011.965 75 40.160
Total 4903.544 78
a. Dependent Variable: FinancialManagementBehavior
b. Predictors: (Constant), LocusOfControl, FinancialLiteracy, FinancialAttitude
Source: data processed by researchers, 2022.
Based on the results in the table above, the calculated F is 0.000 < 0.05, then the results obtained are variables X1, X2, and X3 simultaneously have a significant effect on variable Y.
3.4 Coefficient of Determination (R2)
Table 8: Coefficient Of Determination (R2)
ModelaSummary
Model R R Square Adjusted R Square Std. The error of the Estimate
1 .621a .386 .361 6.337
a. Predictors: (Constant), LocusOfControl, FinancialLiteracy, FinancialAttitude b. Dependent Variable: FinancialManagementBehavior
Source: data processed by researchers, 2022.
Based on the output above, it is known that the R square value is 0.386. This implies that the effect of the variables X1, X2, and X3asimultaneously on the Y variable is 38.6%.
This study measured the factors influencing Financial Management Behavior in the 2019 State University of Jakarta students. This study also examines the effect of Financial Literacy (X), Financial Attitude (X2), Locus of Control (X3) on Financial Management Behavior (Y). In this study, there are three statistically accepted hypotheses and one statistically rejected hypothesis.
Based on the results and discussion of this research, the following conclusions can be drawn:
i. Financial Literacy has been proven to have a positive and significant influence on the Financial Management Behavior of students at the 2019 Jakarta State University.
ii. Financial Attitude has been proven to have no positive and significant influence on the Financial Management Behavior of students at the 2019 Jakarta State University.
iii. Locus of Control has been proven to have a positive and significant influence on the Financial Management Behavior of students at the 2019 Jakarta State University.
This research has been carried out optimally and following scientific procedures, but it is possible that this research still has limitations, including:
i. In this study, the number of samples was small due to time constraints. In addition, this research is limited to one particular area, namely the 2019 Jakarta State University Students.
ii. The variables that affect Financial Management Behavior in this study are only Financial Literacy and Locus of Control.
Based on the limitations of the study, the recommendations for further research are as follows:
i. The number of samples set for future research should be more. In addition, it is necessary to expand the scope of research, for example, the scope of the district/city, province, or nation.
ii. For further research, it is expected to add or replace other variables, such as lifestyle, income, internal or external Locus of Control, and others.
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