Locus of control as a mediating variable for the factors influencing consumptive behavior among students

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The consumptive behavior of students tends to be excessive. Therefore, this study aims to test the impact of financial literacy, peer group, social media usage, and locus of control on students’ consumption behavior. The population consists of 41,061 active S-1 students of Universitas Negeri Semarang, Jawa Tengah, Indonesia. 5% of 398 samples had an error rate using the Slovin formula. Primary data were collected through surveys employing a 5-point Likert scale. The questionnaire constructed in Google Forms was distributed using WhatsApp group. The data collected were then subjected to validity and reliability tests. Thus, the response variable was consumptive behavior; three predictor variables were financial literacy, peer group, and social media usage; and the mediating variable was locus of control. The results show that financial literacy affects consumptive behavior negatively, with a coefficient of –0.109 and a significance value of 0.041. Peer groups, social media usage, and locus of control had a positive and significant effect on consumptive behavior directly. The coefficients were 0.039, 0.518, and 0.218, with significance values of 0.031, 0.000, and 0.000. Financial literacy and peer groups have a positive and significant effect on the locus of control with coefficients of 0.0638 and 0.251 and significance values of 0.000. In addition, locus of control has been proven as a mediator in the influence of financial literacy and peer groups on consumptive behavior.

Acknowledgment
We acknowledge the Faculty of Economics, Universitas Negeri Semarang, for publication funding.

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    • Figure 1. Conceptual framework
    • Table 1. Variables and indicators
    • Table 2. Characteristics of pocket money and designation of students
    • Table 3. Descriptive statistics
    • Table 4. Model summary of the first equation
    • Table 5. Coefficients of the first equation
    • Table 6. Model summary of the second equation
    • Table 7. Coefficient of the second equation
    • Table 8. Results of Sobel test
    • Table 9. Hypotheses testing
    • Conceptualization
      Widiyanto Widiyanto, Putri Lindiyatmi, Arief Yulianto
    • Formal Analysis
      Widiyanto Widiyanto, Putri Lindiyatmi, Arief Yulianto
    • Funding acquisition
      Widiyanto Widiyanto
    • Investigation
      Widiyanto Widiyanto, Putri Lindiyatmi, Arief Yulianto
    • Methodology
      Widiyanto Widiyanto, Putri Lindiyatmi, Arief Yulianto
    • Software
      Widiyanto Widiyanto, Putri Lindiyatmi
    • Supervision
      Widiyanto Widiyanto, Arief Yulianto
    • Validation
      Widiyanto Widiyanto, Arief Yulianto
    • Writing – original draft
      Widiyanto Widiyanto, Putri Lindiyatmi
    • Writing – review & editing
      Widiyanto Widiyanto, Putri Lindiyatmi, Arief Yulianto
    • Data curation
      Putri Lindiyatmi
    • Project administration
      Putri Lindiyatmi
    • Resources
      Putri Lindiyatmi
    • Visualization
      Putri Lindiyatmi