Determinants of Personal Financial Management in Generation Z: Financial Literacy as a Moderator
Abstract
The management of personal finances among youth has become increasingly important due to changes in contemporary lifestyles. This study thoroughly examines the influences of a hedonism lifestyle, frugal living, and family financial education on personal financial management, with financial literacy serving as a moderating variable among Generation Z students at public universities in Malang City. Through the application of a quantitative methodology, data were amassed via the distribution of questionnaires to the collegiate populace. The data scrutiny was executed employing Structural Equation Modeling (SEM) via SmartPLS version 4 on a sample of 135 participants. The results indicate that a hedonism lifestyle exerts a negative yet statistically insignificant influence on personal financial management, whereas frugal living and family financial education demonstrate a significant positive impact. Financial literacy fails to function as an effective moderator in the relationships between hedonism lifestyle, frugal living, and family financial education concerning personal financial management. These findings highlight the imperative for the formulation of more comprehensive financial education programs aimed at empowering students to enhance their financial management proficiencies.
References
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Pulungan, A. H., Abdurrahman, D. A., Canara, B., & Ramadhan, R. (2024). The Impact of Parental Financial Teaching on University Students’ Financial Attitudes: The Mediating Role of Self-Control. Jurnal Pendidikan Bisnis Dan Manajemen, 10(1), 43–57. https://doi.org/10.17977/um003v10i12024p043
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Salsabilla, S. I., Tubastuvi, N., Purnadi, P., & Innayah, M. N. (2022). Factors Affecting Personal Financial Management. Jurnal Manajemen Bisnis, 13(1), 168–184. https://doi.org/10.18196/mb.v13i1.13489
Sulhan, M., & Putri, V. E. (2023). Pengaruh Love of Money, Fomo & Pengendalian Diri Terhadap Personal Financial Planning Generasi Z Ddngan Literasi Keuangan Sebagai Variabel Moderasi. Proceedings of the International Conference of Islamic Economics and Business (ICONIES), 9(1).
Wahyuni, S. F., Radiman, R., & Nanda, A. A. (2023). The Effect of Love of Money, Peer Group and Financial Literacy on Personal Financial Management in Management Study Program Students, Faculty of Economics and Business, Universitas Muhammadiyah Sumatera Utara. Journal of International Conference Proceedings, 6(3), 231–244. https://doi.org/10.32535/jicp.v6i3.2564
Yana, N., & Setyawan, I. R. (2023). Do Hedonism Lifestyle and Financial Literacy Affect to Student’s Personal Financial Management? International Journal of Application on Economics and Business (IJAEB), 1(2), 2987–1972. https://doi.org/10.24912/ijaeb.v1.i2.880-888
Zahra, F., & Wulandari, P. (2022). Disfungsi Peran Keluarga Bagi Generasi Z. Journal of Development and Social Change, 5(2), 15–26. https://jurnal.uns.ac.id/jodasc
Agustina, R., Laili, C. N., & Pertiwi, D. A. (2022). The Influencing Factors of Financial Satisfaction by Moderating Financial Literacy. JournalEconomicResource. https://doi.org/10.33096/jer.v%vi%i.988
Aqsya, A. M., Mas’ud, M., & Sylvia. (2023). Financial Knowledge, Spiritual Intelligence, and Hedonism Lifestyle of Department Store Employees in Managing Personal Finance. Entrepreneurship and Small Business Research, 2(1), 42–51. https://doi.org/10.55980/esber.v2i1.92
Arifa, N. S. J., & Setiyani, R. (2020). Pengaruh Pendidikan Keuangan di Keluarga, Pendapatan, dan Literasi Keuangan terhadap Financial Management Behavior Melalui Financial Self-Efficacy Sebagai Variabel Mediasi. Economic Education Analysis Journal, 9(2). https://doi.org/10.15294/eeaj.v9i2.39431
Azhima, Z. A., & Pinem, D. (2024). Analysis of Financial Literacy, Financial Technology, and Lifestyle on Financial Behavior of Generation Z in Pulo Village. Formosa Journal of Sustainable Research, 3(1), 79–98. https://doi.org/10.55927/fjsr.v3i1.7729
Bakar, M. Z. A., & Bakar, S. A. (2020). Prudent financial management practices among Malaysian youth: The moderating roles of financial education. Journal of Asian Finance, Economics and Business, 7(6), 525–535. https://doi.org/10.13106/JAFEB.2020.VOL7.NO6.525
Duryadi. (2021). Metode Penelitian Ilmiah. Yayasan Prima Agus Teknik .
Fajriyah, I. L., & Listiadi, A. (2021). Pengaruh uang saku dan pendidikan keuangan keluarga terhadap penge lolaan keuangan pribadi melalui literasi keuangan sebagai intervening. Inovasi, 17(1), 61–72. http://journal.feb.unmul.ac.id/index.php/INOVASI
Fitriyah, Hermawan, A., & Suharsono, N. (2023). The Impact Of Financial Literacy, Financial Attitudes And Financial Behaviour On MSMEs Growth. International Journal of Science. http://ijstm.inarah.co.id1560
Franita, R. (2023). Strategies Frugal living to Support Individual Financial Planning (Vol. 2). http://jurnal.uinsu.ac.id/index.php/ISCIS/index
Hartantri, R., Setyadi, B., & Gunarto, M. (2024). Analysis of the Effect of Frugal Living on Employee Financial Management in Achieving Financial Freedom. International Journal of Finance Research, 5(1), 103–113. https://doi.org/10.47747/ijfr.v5i1.1700
Herlina, R. E. (2018). Pandangan Islam terhadap Gaya Hidup Hedonisme pada Generasi Z. Jurnal Ilmiah Pendidikan Agama Islam, 5(1). http://riset.unisma.ac.id/index.php/ja/issue/view/696http://u.lipi.go.id/1548306171http://riset.unisma.ac.id/index.php/fai/index
Inayati, I. N. D., Jamilah, I., & Sujianto, E. A. (2024). Penerapan Konsep Frugal Living dalam Perencanaan Keuangan Pribadi. INNOVATIVE: Journal Of Social Science Research, 4(1), 2264–2278.
Kamila, A. G., Azib, & Setiyawan, S. (2016). Prosiding Manajemen Pengaruh Lingkungan Keluarga dan Financial Literacy terhadap Financial Management Behavior pada Mahasiswa. Prosiding Manajemen.
Khalisharani, H., Sabri, M. F., Johan, I. R., Burhan, N. A. S., & Yusof, A. N. M. (2022). The Influence of Parental Financial Socialisation and Financial Literacy on University Student’s Financial Behaviour. International Journal of Economics and Management, 16(3), 351–364. https://doi.org/10.47836/ijeam.16.3.06
Mahyarni. (2013). Theory of Reasoned Action dan Theory of Planned Behavior (Sebuah Kajian Historis tentang Perilaku). Jurnal El-Riyasah, 4(1), 13–23.
Manik, M., & Dalimunthe, B. M. (2019). Literasi Keuangan dan Pengaruhnya Terhadap Hedonisme Mahasiswa. Jurnal Pendidikan Ekonomi UM Metro, 7(2), 66–76.
Markonah, M., Mediteraniai, H. E., & Cahaya, Y. F. (2023). Factors that influence Personal Financial Management at the Islamic Economics Student Institute Perbanas Jakarta. GATR Journal of Finance and Banking Review, 8(3), 125–132. https://doi.org/10.35609/jfbr.2023.8.3(2)
Mashud, Mediaty, & Pontoh, G. T. (2021). The Effect of Financial Literature, Lifestyle and Income of Parents on Student Financial Management Behavior. Journal of International Conference Proceedings, 4(3), 256–264. https://doi.org/10.32535/jicp.v4i3.1315
Muhson, A. (2022). Analisis Statistik dengan SmartPLS ii Analisis Statistik dengan SmartPLS: Path Analysis, Confirmatory Factor Analysis, & Structural Equation Modeling.
Narimo, S., Sicily, Harsono, Jatmika, S., & Purbonuswanto, W. (2022). The Influence of Financial Literacy, Family Environment and Pocket Money on Student Financial Management. Proceedings of the 7th Progressive and Fun Education International Conference (PROFUNEDU 2022), 161–175. https://doi.org/10.2991/978-2-494069-71-8_18
Nurrachman, A. (2021, July). Menilik Mahalnya Biaya Kuliah di Perguruan Tinggi Negeri. Kompas Pedia. https://kompaspedia.kompas.id/baca/paparan-topik/menilik-mahalnya-biaya-kuliah-di-perguruan-tinggi-negeri
Pahlevi, W. R., & Nashrullah, L. (2021). Pendidikan Keuangan Keluarga, Kesadaran Keuangan dan Tingkat Personal Finance. AFRE (Accounting and Financial Review), 3(2), 165–171. https://doi.org/10.26905/afr.v3i2.5451
Prazadhea, A. A., & Firiyah. (2023). The Influence of Financial Literacy, Ease of Use and Usefulness on The Use of Shopee Paylater in Malang City Students. 7(2), 723–743.
Pulungan, A. H., Abdurrahman, D. A., Canara, B., & Ramadhan, R. (2024). The Impact of Parental Financial Teaching on University Students’ Financial Attitudes: The Mediating Role of Self-Control. Jurnal Pendidikan Bisnis Dan Manajemen, 10(1), 43–57. https://doi.org/10.17977/um003v10i12024p043
Ramadhani, K., Putri, L. P., & Sari, C. D. K. (2023). Pengaruh Literasi Keuangan, Locus Of Control, dan Gaya Hidup terhadap Pengelolaan Keuangan Pribadi pada Generasi Z di Kabupaten Banyumas. Bisnis Dan Industri (EBI), 05(02), 67–76. http://jurnal.cic.ac.id/67|
Salsabilla, S. I., Tubastuvi, N., Purnadi, P., & Innayah, M. N. (2022). Factors Affecting Personal Financial Management. Jurnal Manajemen Bisnis, 13(1), 168–184. https://doi.org/10.18196/mb.v13i1.13489
Sulhan, M., & Putri, V. E. (2023). Pengaruh Love of Money, Fomo & Pengendalian Diri Terhadap Personal Financial Planning Generasi Z Ddngan Literasi Keuangan Sebagai Variabel Moderasi. Proceedings of the International Conference of Islamic Economics and Business (ICONIES), 9(1).
Wahyuni, S. F., Radiman, R., & Nanda, A. A. (2023). The Effect of Love of Money, Peer Group and Financial Literacy on Personal Financial Management in Management Study Program Students, Faculty of Economics and Business, Universitas Muhammadiyah Sumatera Utara. Journal of International Conference Proceedings, 6(3), 231–244. https://doi.org/10.32535/jicp.v6i3.2564
Yana, N., & Setyawan, I. R. (2023). Do Hedonism Lifestyle and Financial Literacy Affect to Student’s Personal Financial Management? International Journal of Application on Economics and Business (IJAEB), 1(2), 2987–1972. https://doi.org/10.24912/ijaeb.v1.i2.880-888
Zahra, F., & Wulandari, P. (2022). Disfungsi Peran Keluarga Bagi Generasi Z. Journal of Development and Social Change, 5(2), 15–26. https://jurnal.uns.ac.id/jodasc
Published
2024-12-13
How to Cite
ARIANTI, Novi; FITRIYAH, Fitriyah.
Determinants of Personal Financial Management in Generation Z: Financial Literacy as a Moderator.
JMK (Jurnal Manajemen dan Kewirausahaan), [S.l.], v. 9, n. 3, p. 308-323, dec. 2024.
ISSN 2656-0771.
Available at: <https://ejournal.uniska-kediri.ac.id/index.php/ManajemenKewirausahaan/article/view/6263>. Date accessed: 21 dec. 2024.
doi: https://doi.org/10.32503/jmk.v9i3.6263.
Section
Artikel Ilmiah
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
