“Financial literacy and financial attitude on financial management behavior: An examination of the mediating role of the behavioral intention of students at private universities in Indonesia”

Financial management behavior is an implementation action of planning and managing a person’s financial resources, both in consumption and investment activities, which can show a person’s characteristics in financial management based on the risks that arise so that each needs good control. This study aims to determine the impact of financial literacy and financial attitude on financial management behavior, mediated by the behavioral intentions of university students. The participants in this study are undergraduate students currently enrolled at prestigious private universities in Medan (North Sumatra, Indonesia). This study’s population and sample consisted of students from the Faculty of Economics and Business at Private Universities in North Sumatra, Indonesia. Purposive and snowball sampling were used with data collection techniques, namely online questionnaires. The Likert scale measures indicators in responses to statements and questions. There were 150 respondents for this study’s data collection. The findings of the study indicate that financial literacy influences financial management behavior and behavioral intentions (p < 0.05). Financial attitude affects financial management behavior (p < 0.05), financial attitude does not affect behavioral intentions (p > 0.05), and behavioral intention affects Financial Management Behavior (p < 0.05). Behavioral intentions do not mediate the effect of financial literacy on Financial Management Behavior (p > 0.05), and the effect of financial attitudes on Financial Management Behavior is not mediated by behavioral intentions (p > 0.05).

Financial literacy and financial attitude on financial management behavior: An examination of the mediating role of the behavioral intention of students at private universities in Indonesia

INTRODUCTION
The populace of Indonesia must learn how to optimize money for productive activities completely. Communities must comprehensively understand the financial services industry, encompassing banking, insurance, capital markets, pension funds, financing institutions, and mortgages. Every community must comprehend the financial services industry to increase financial literacy and how people can use or benefit from available financial products and services.
Managing finances is a fact that every human being must face in their everyday lives; a person must manage finances efficiently to balance income and spending, make ends meet, and avoid becoming entan-gled in financial issues. Therefore, the inclusion of financial intelligence is vital in contemporary society, particularly in the present day. Financial intelligence refers to an individual's ability to effectively handle and allocate their financial resources, with the overarching objective of attaining financial well-being as the ultimate aim. Everyone, especially students, must implement financial management because students are a component of civilization with a sizeable population. They will significantly impact the economy because soon, students will enter the workforce and become financially independent.
Financial education is used as a strategy to resolve the problem of the public's need for more knowledge regarding financial management. Nonetheless, its implementation in Indonesia remains a significant challenge. Financial education is a comprehensive and ongoing process that empowers individuals to cultivate enduring financial strategies to achieve prosperity. Apart from that, to support financial education, the government has carried out efforts to produce and launch financial literacy books to provide knowledge to the public and students who occupy the school level. For students, financial literacy is very influential in managing finances. The higher the financial management knowledge and skills of students, the more prudent their financial decisions will be.

LITERATURE REVIEW AND HYPOTHESES
The theory of planned behavior is a modified version of the notion of reasoned action. Based on the concept of reasoned action, the likelihood of engaging in a particular behavior is determined by two essential factors: subjective norms and attitude. This idea is supported by empirical evidence in the scientific literature (Albarracín et al., 2001). Then Ajzen (2005) provides an additional cause, namely behavior control. Therefore, the theory was changed to a theory of planned behavior (Lin et al., 2018). This theory explains that individuals will behave due to the intention to do so. This theory is aimed at specific and universal individual behavior.  (Adriani, 2021). In its broadest sense, financial literacy refers to the practice of social relations relating to information, language, and culture, including how a person communicates in society (Remund, 2010).  (Johnson & Kornelsen, 2021). Financial attitudes refer to the psychological inclinations exhibited when assessing suggested financial management strategies, which may be accompanied by varying levels of agreement or dissatisfaction (Owusu, 2021). According to Mien and Thao (2015), individual finances affect how much the individual spends and the attitude toward saving, hoarding, and spending money. Finance is a monetary measure of one's thoughts, opinions, and judgments about the world in which one lives (Johnson & Kornelsen, 2021). Ameliawati and Setiyani (2018) found an association between one's financial attitude and the severity of one's financial issues. According to the previous definitions, a financial attitude is an attitude toward finance that may be seen in how people behave and make financial decisions.
The intention is one of the stages of the ethical decision-making process (Stöckli & Dorn, 2021). A behavioral intention is an individual's motivation or planning that leads to specific financial attitudes, such as saving behaviors (Farrell et al., 2016). He also stated that an aim might be defined as a specific conduct that must be carried out regardless of the barriers, such as money and time. The intention is a component within the individual that refers to the desire to perform a behavior, while the behavior is the actual action of the desire to behave (Pomery et al., 2009). The intention is closely related to motivation, a person's conscious or subliminal urge to take action with a particular goal in mind. Good intentions inspire a desire to do good (Cook & Artino, 2016).
Financial literacy and money management always go hand in hand. The better the person manages his finances, the better his financial literacy will be. One application of the concept of financial management is personal finance management. Financial security requires effective financial management, which includes planning, administration, and control responsibilities. Planning activities include actions to plan how the income received will be allocated (Ameliawati & Setiyani, 2018). Management is an activity that regulates/manages funds efficiently, whereas control is an activity that evaluates if financial management is following what was planned/budgeted (Pollitt, 2001).
This study aims to determine the impact of financial literacy and financial attitude on financial management behavior, mediated by the behavioral intentions of university students. This study can identify areas where more robust variables contribute to improving financial management behavior by better understanding the interactions between these variables. The following are the theories that can be put out in light of the literature review and Figure 1: Asahan, and Universitas Simalungun. Purposive and snowball sampling were used with data collection techniques, namely online questionnaires. The criteria used in determining the sample were private university students in North Sumatra, Indonesia, who had received financial management courses. The Likert scale measures indicators in statements and questions asked to respondents. The number of respondent data collected was 165, with details of 15 respondents who did not pass the category of having received financial management courses. Hence, the data that could be used was 150 respondents.

RESULTS
The composite or construct reliability measurement is typically conducted using Cronbach's alpha and DG rho statistics, commonly employed in Principal Component Analysis (PCA The average variance extracted quantifies the extent to which the variance in a set of items is attributable to the measured constructs instead of measurement mistakes. When the average variance extracted value surpasses 0.5. It indicates that the concept possesses favorable convergent validity. This finding indicates that latent variables can account for over 50% of the variability observed in the indicators.  This test aims to evaluate the discriminant validity of the reflective measurement model through cross-loading analysis and by comparing the Average Variance Extracted (AVE) value with the square of the correlation between constructs. The assessment of cross-loading involves examining the association between indicators and their constructs, as well as the constructs of other blocks. The discriminant validity of a high-quality construct is characterized by its capacity to explain a more significant proportion of the indicator variable's variability compared to its ability to explain the variability in indicators of other constructs. The subsequent values represent the extent to which each indicator demonstrates discriminant validity.  This assessment aims to ascertain the path coefficient of the structural model. This study aims to conduct a statistical analysis to determine the significance of observed correlations and evaluate the validity of the offered hypotheses. The current study classifies hypothesis testing into two discrete categories, namely, direct effects and indirect effects.

DISCUSSION
The study's findings demonstrate a statistically significant association between financial literacy and financial management behavior, as evidenced by the p-value of 0.000, which falls below the conventional significance threshold of 0.05. Consequently, the level of financial literacy has a The study's findings indicate a statistically significant association between Financial Literacy and Behavioral Intention, as evidenced by the P-value of 0.000, below the conventional significance level of 0.05. Therefore, financial literacy has significant effects on behavioral intentions. This implies that a person's financial knowledge and behavioral intentions are inversely proportional. In other words, financial literacy has a direct influence on behavioral intentions. Financial literacy, commonly known as financial management knowledge, is a widely observed economic behavior nurtured and implemented throughout society for a prolonged duration. Acquiring financial literacy is vital for individuals of all backgrounds to mitigate potential financial challenges, and its significance is progressively escalating with time (Lusardi, 2019).  (2021) concluded that financial attitudes influence financial management behavior. However, research results from van Deventer (2020) discovered a statistically non-significant association between individuals' attitudes toward personal finance.
The research results show that the effect of the variable Financial Attitudes on Behavioral Intention has a P-value of 0.363 > 0.05, so it can be stated that the influence between Financial Attitudes on Behavioral intention is insignificant. This means financial attitude does not directly affect a person's behavioral intention. If someone has an intention, this attitude is only sometimes implemented The statistical analysis reveals that the P-value for the indirect influence of financial attitude on Financial Management Behavior through behavioral intentions is 0.677, above the commonly accepted significance level of 0.05. Therefore, the behavioral intention has no moderating effect on the effect of financial perspectives on financial management behavior. This indicates that attitudes can indirectly influence financial management behavior via the intention variable, which serves as a mediator. In the presence of intent, an individual's attitude can be implemented as behavior. Therefore, if a person has an excellent financial attitude, he will also exhibit outstanding financial management behavior. In determining financial attitudes, one can see how a person views money and spends for daily requirements or other economic conduct (such as how much money should be set aside to save or invest). Their attitudes can influence individuals' financial conduct in their daily lives. These attitudes have the potential to impact long-term saving goals as well as future financial capacities. The intention is one of the ethical stages of the ethical decision-making process. Attitude can affect the intention to behave. At the same time, the intention to behave influences behavior. The results of this investigation differ from those of Mardianah and Iramani (2021) and Widiastuti et al. (2023) who concluded that financial attitudes impact financial management behavior through behavioral intention.
One primary constraint of this study is utilizing a non-probability convenience sampling technique for participant selection. It is essential to exercise caution when interpreting the data obtained from convenience sampling. Furthermore, longitudinal studies have the potential to provide more precise and reliable findings when compared to the single cross-sectional methodology employed in the present investigation. It is recommended that future research endeavors encompass many ethnic groups to enhance the sample size and improve the representativeness of the findings concerning the broader population.

CONCLUSIONS
The study has outlined the purpose of exploring the impact of financial literacy and financial attitudes on Financial Management Behavior mediated by behavioral intention in private university students in Medan (North Sumatra, Indonesia The findings of this study have the potential to assist financial institutions, including banks and investment management firms, in effectively identifying and catering to this specific market niche by providing accurate product information. Moreover, this study's findings will provide valuable insights for future multidisciplinary research investigations. Furthermore, this study highlights several domains within the field of behavioral finance that would benefit from targeted training initiatives. An imperative responsibility that lies ahead for finance professionals is the development, implementation, and evaluation of financial training programs with a focus on their efficacy. The development of more effective programs to address shortcomings can be facilitated by the identification and comprehensive understanding of the significance and limitations associated with Generation Z's financial behavior and attitudes in Indonesia.

ACKNOWLEDGMENTS
This study is supported by all levels of management at Universitas Muhammadiyah Sumatera Utara for funding Fundamental research in 2022 and thanks also to the ranks of the Institute of Research and Community Service (LPPM) Universitas Muhammadiyah Sumatera Utara.