Determinants of Personal Financial Management Behavior in MSME Actors in North Semarang District 23 12
DOI:
https://doi.org/10.26623/ebsj.v10i2.15398Keywords:
Financial Literacy, Financial Attitude, Financial Knowledge, Locus of Control, Personal Financial Management BehaviorAbstract
This study aims to analyze the influence of financial literacy, financial attitude, and financial knowledge on personal financial management behavior (PFMB), as well as examine the mediating role of locus of control among MSME actors in North Semarang District. This research employs a quantitative approach with 96 respondents selected through a purposive sampling technique. The analytical method used is Partial Least Squares Structural Equation Modeling (PLS-SEM) with the assistance of SmartPLS 4.0. The results indicate that financial literacy, financial attitude, and financial knowledge have a positive and significant effect on PFMB. In addition, locus of control significantly mediates the relationship between financial literacy and PFMB, financial attitude and PFMB, as well as financial knowledge and PFMB. These findings suggest that individuals' belief in their ability to control financial decisions strengthens the influence of financial literacy, financial attitude, and financial knowledge on financial management behavior. Overall, this study highlights the importance of enhancing financial literacy, financial attitude, financial knowledge, and locus of control in supporting better financial management behavior among MSME actors
References
A. Siroj, R., Afgani, W., Fatimah, Septaria, D., Zahira, G., & Salsabila. (2024). Quantitative Research Methods of Scientific Approaches for Data Analysis. Journal of Education and Teaching Review, 7(3), 11279–11289.
Amaliyah, E., Dewi, E., Prabasari Bonita, & Rohmawati, L. (2023). The Role of Financial Literacy and Grit in Good Financial Behavior. JBMP (Journal of Business, Management and Banking), 9(2), 150–171. https://doi.org/10.21070/jbmp.v9i2.1731
Amanah, E., Rahadian, D., & Iradianty, A. (2016). The Influence of Financial Knowledge, Financial Attitude, and External Locus of Control on Personal Financial Management Behavior in Telkom University Undergraduate Students. EProceedings of Management, 3(2).
Azizah, A., & Digdowiseiso, K. (2023). The Influence Of Financial Attitude, Financial Knowledge, And Locus Of Control On Financial Management Behavior In Employee Class S1 Student In Management Study Program Faculty Of Economics And Business National University. Journal of Economics, 12(2), 1–8. http://ejournal.seaninstitute.or.id/index.php/Ekonomi
Botha, F., & Dahmann, S. C. (2024). Locus of control, self-control, and health outcomes. SSM - Population Health, 25(July 2023), 101566. https://doi.org/10.1016/j.ssmph.2023.101566
Budiasni, N. W. N., & Ayuni, N. M. S. (2022). The Role of Locus of Control as a Mediation of Financial Literacy and Financial Inclusion on The Financial Performance of MSMEs. Journal of Finance and Banking, 26(2), 317–334. https://doi.org/10.26905/jkdp.v26i2.6846
Budiono, E. (2020). Analysis of Financial Knowledge, Financial Attitude, Income, Locus of Control, Financial Management Behavior of the People of Kediri City. Journal of Management Science (JIM), Vol.8(1), 284–295.
Cahyaningrum, B., & Fikri, M. A. (2021). The Role of Locus of Control Mediators on the Influence of Financial Knowledge and Financial Attitude on Financial Management Behavior. Journal of Management Science, 9(4), 1500–1515. https://doi.org/10.26740/jim.v9n4.p1500-1515
Campbell, S., Greenwood, M., Prior, S., Shearer, T., Walkem, K., Young, S., Bywaters, D., & Walker, K. (2020). Purposive sampling: complex or simple? Research case examples. Journal of Research in Nursing, 25(8), 652–661. https://doi.org/10.1177/1744987120927206
Canatay, A., Emegwa, T., Lybolt, L. M., & Loch, K. D. (2022). Reliability assessment in SEM models with composites and factors: A modern perspective. Data Analysis Perspectives Journal, 3(1), 1–6.
Chinedu, O. R., & Nwizuzu, C. B. (2021). Relationship between Locus of Control and Academic Achievement of Secondary School Students in Abia State. Journal of Analytical Sciences, Methods and Instrumentation, 11(02), 15–22. https://doi.org/10.4236/jasmi.2021.112002
Czech, K., Ochnio, L., Wielechowski, M., & Zabolotnyy, S. (2024). Financial Literacy: Identification of the Challenges, Needs, and Difficulties among Adults Living in Rural Areas. Agriculture (Switzerland), 14(10), 1–17. https://doi.org/10.3390/agriculture14101705
Damayanti, D., Tubasuvi, N., Purwidianti, W., & Aryoko, Y. P. (2023). Financial Management Behavior: The Influence of Financial Knowledge, Financial Attitude, and Financial Literacy Mediated by Locus of Control Dika. Indonesian Journal of Business Analytics, 3(6), 2331–2350. https://doi.org/https://doi.org/10.55927/ijba.v3i6.6907
Dejardin, M., Raposo, M. L., Ferreira, J. J., Fernandes, C. I., Veiga, P. M., & Farinha, L. (2023). The impact of dynamic capabilities on SME performance during COVID-19. Review of Managerial Science, 17(5), 1703–1729. https://doi.org/10.1007/s11846-022-00569-x
Firmansyah, I., & Indrawati, N. K. (2024). The Influence of Financial Knowledge and Financial Attitude on Financial Management Behavior. Journal of Risk Management and Finance, 3(1), 192–203. https://doi.org/https://doi.org/10.21776/jmrk.2024.03.2.08.
Gondo, I. (2024). Accounting Study Program, Pignatelli Triputra University. pp. 8(02), 1–13.
Hair, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Evaluation of the Structural Model. 115–138. https://doi.org/10.1007/978-3-030-80519-7_6
Haryanto, & Limbong, M. J. (2024). The Effect Of Financial Literacy And Education Level On Family Welfare (Case Study in Kelawi Village, Bakauheni District, South Lampung Regency). Diponegoro Journal of Accounting, 13, 1–15.
Herry, H., & Dewi, V. I. (2024). The influence of financial knowledge and financial attitudes on financial management behavior. INOBIS: Journal of Indonesian Business and Management Innovation, 7(2), 208–221. https://doi.org/10.31842/jurnalinobis.v7i2.318
Hidayati, A. R., & Nugroho, D. S. (2023). Effect of Financial Literacy and Fintech Payment of Financial Management Behavior with Internal Locus of Control as Moderator. Journal of Business Management and Economic Development, 1(02), 221–229. https://doi.org/10.59653/jbmed.v1i02.124
Hidayati, N. Y., & Destiana, R. (2023). The Influence of Attitude, Subjective Norms, Perceived Behavioral Control, and Financial Literacy on Investment Intention. Return : Study of Management, Economics and Business, 2(7), 718–728. https://doi.org/10.57096/return.v2i7.137
Humaira, I., & Sagoro, E. M. (2018). The Influence of Financial Knowledge, Financial Attitude, and Personality Towards Financial Management Behavior on Small Medium Enterprises At Batik Craft of Bantul Regency. Journal of Nominal, 7(1), 96–110.
Jenita, N. K. S., Astiti, N. P. Y., & Adhika, I. N. R. (2023). The Influence of Job Description, Work System and Job Training on Employee Work Productivity at the Gianyar Regency Social Service. Gold Journal, 4(1), 81–93. https://e-journal.unmas.ac.id/index.php/emas/article/view/6109
Mebis, N. P. Y. A., Wibawa, I. B. A. S., & Gama, A. W. S. (2023). Exploring the Impact of Financial Attitudes, Financial Knowledge, and Personality on Financial Management Behavior Among Small and Medium Enterprises (SMES). Journal of Mebis (Management and Business), 8(2), 133–140. https://doi.org/10.33005/mebis.v8i2.483
Mishra, P., Pandey, C. M., Singh, U., Gupta, A., Sahu, C., & Keshri, A. (2019). Descriptive Statistics and Normality Tests for Statistical Data Abstract. Annals of Cardiac Anaesthesia, 22(1), 67–72. https://doi.org/10.4103/aca.ACA_157_18
Muntafiah, M., & Assyarofi, M. R. (2024). Locus of Control Mediation: Effect of financial Knowledge and financial Attitude on Financial Management Behavior. EKOMA : Journal of Economics, Management, Accounting, 4(1), 22–34. https://doi.org/10.56799/ekoma.v4i1.5424
Mustika, Yusuf, N., & Taruh, V. (2022). The Influence of Financial Literacy, Financial Attitudes and Academic Ability on the Financial Management Behavior of Accounting Students, Faculty of Economics, Gorontalo State University. Journal of Accounting Students, 1(1), 82–96. https://doi.org/10.1515/9783110564921-019
Mwamwenda, T. S., & Kariuki, P. W. (2020). University of Nairobi Students Academic Performance in the Context of Locus of Control. PONTE International Scientific Researches Journal, 76(10), 1229–1237. https://doi.org/10.21506/j.ponte.2020.10.18
Nisa, F. K., & Haryono, N. A. (2022). The Influence Of Financial Knowledge, Financial Attitude, Financial Self Efficacy, Income, Locus Of Control, And Lifestyle On The Financial Management Behavior Of Generation Z. Journal of Management Science, 10(1), 82–97.
Octari, T. E., Suryadi, B., & Sawitri, D. R. (2020). The Role of Self-Concept and Health Locus of Control on Quality of Life Among Individuals with Diabetes. Journal of Psychology, 19(1), 80–94. https://doi.org/10.14710/jp.19.1.80-94
Pricilla, A., Yusuf, M., & Handarini, D. (2024). The Effect of Financial Literacy and Financial Attitude on Financial Management Behavior with Locus of Control Mediation. Journal of Accounting, Taxation and Auditing, 5(1), 209–226. https://doi.org/10.21009/japa.0501.14
Putri, R. S., Tubastuvi, N., Rahmawati, I. Y., & Endratno, H. (2023). The Effect of Financial Literacy, Financial Knowledge, Financial Attitudes and Personality on Financial Management Behavior in MSME. BASKARA: Journal of Business and Entrepreneurship, 5(2), 136–151. https://doi.org/10.54268/baskara.v5i2.15292
Ramdani, Y., Ariffianti, I., & Desthania Prathama, B. (2024). The Influence of Financial Knowledge, Financial Behavior and Financial Attitude on Personal Financial Management in MSMEs. 3(1), 215–226.
Ridwan, N. H., & Primadanar, R. S. (2023). The Influence Of Financial Literacy On Financial Management Behavior In Indonesian Parahikma Institute Students. International Conference on Digital Advance Tourism, Management and Technology, 1(1), 444–456. https://doi.org/10.56910/ictmt.v1i1.88
Sampoerno, A. E., & Asandimitra, N. (2021). The Effect Of Financial Literacy, Income, Hedonism Lifestyle, Self-Control, And Risk Tolerance On Financial Management Behavior In Millennials. Journal of Management Science, 9, 1002–1014.
Santoso, R. A., Vilantika, E., Soelistya, D., & Liu, Y. (2024). Locus of Control Mediates The Impact of Financial Knowledge, Attitudes, and Experience on Financial Behavior. Journal of Business Management, 15(2), 406–418. https://doi.org/10.18196/mb.v15i2.23506
Saragih, F. (2023). The Influence of Background Factors on the Formation of Entrepreneurial Intentions: Theory of Planned Behavior. Journal of Business and Entrepreneurship, 19(3), 173–183. https://doi.org/10.31940/jbk.v19i3.173-183
Setiawan, H., & Laulita, N. B. (2024). Analysis Implications of Financial Literacy, Socialization, Experience, Attitude, and Locus of Control on Financial Behavior of University Students. Journal of Aksipreneur: Management, Cooperatives, and Entrepreneurship, 13(2), 595–606. https://doi.org/10.30588/jmp.v13i2.1385
Setyaningsih, R., & As'ari, H. (2024). The Influence of Financial Knowledge, Financial Attitudes and Investment on MSME Financial Management in Bugisan Village, Prambanan District, Klaten Regency. Scientific Journal of Management, Economics, & Accounting (MEA), 8(2), 463–478. https://doi.org/10.31955/mea.v8i2.4008
Shafiee, S., Zhang, L. L., & Rasmussen, K. M. (2023). Improving Financial Literacy and Supporting Financial Decisions: Developing a Personalized Configurator. Journal of the Knowledge Economy, 14256–14285. https://doi.org/10.1007/s13132-023-01651-9
Sukma, A. P., Hamidah, & Kurnianti, D. (2022). The Influence of Financial Attitude, Financial Knowledge, and Income on Financial Management Behavior with Locus of Control as an Intervening Variable. Journal of Business, Management, and Finance, 3(2), 374–390.
Triana, L., & Abraham, I. (2022). Factors Affecting Student Financial Literacy. Ilomata International Journal of Tax and Accounting, 3(4), 421–434. https://doi.org/10.52728/ijtc.v3i4.591
Utamy, I. G. A. N., & Candradewi, M. R. (2024). The Influence of Financial Literacy, Locus of Control and Financial Attitudes on Financial Management Behavior: A Study of Sukla Satyagraha Certified Culinary Micro, Small and Medium Enterprises in Gianyar Regency. Eurasia: Economics & Business, 1(January), 1–23.
Widi Asih, S., & Khafid, M. (2020). The Influence of Financial Knowledge, Financial Attitude and Income on Personal Financial Management Behavior through Locus Of Control as an Intervening Variable. Economic Education Analysis Journal, 9(3), 748–767. https://doi.org/10.15294/eeaj.v9i1.42349
Widyakto, A., Ziyana Wahyu Liana, A., & Rinawati1, T. (2024). The influence of financial literacy, financial attitudes, and lifestyle on financial behavior. Business Focus: Management and Accounting Review, 23(2), 224–233. https://doi.org/https://doi.org/10.14710/dijb.5.1.2022.33-46
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Ghea Farida, Adhi Widyakto, Ayu Nurafni Octavia, Parastika Anggi Dwinaya, Sugeng Rianto
This work is licensed under a Creative Commons Attribution 4.0 International License.
The journal holds the copyright for each article published with work licensed simultaneously under a Creative Commons Attribution 4.0 International License, which allows others to share the work with an acknowledgment of the authorship and early publication of the work in this journal.
