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


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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).

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.

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    • Figure 1. Research framework
    • Table 1. Composite reliability
    • Table 2. Average variance extracted
    • Table 3. Discriminant validity
    • Table 4. R-square
    • Table 5. Direct and indirect effects
    • Conceptualization
      Sri Fitri Wahyuni
    • Data curation
      Sri Fitri Wahyuni, Radiman, Muhammad Shareza Hafiz
    • Investigation
      Sri Fitri Wahyuni, Radiman, Muhammad Shareza Hafiz, Jufrizen
    • Methodology
      Sri Fitri Wahyuni, Jufrizen
    • Project administration
      Sri Fitri Wahyuni, Radiman
    • Supervision
      Sri Fitri Wahyuni, Radiman, Jufrizen
    • Visualization
      Sri Fitri Wahyuni, Radiman, Jufrizen
    • Writing – original draft
      Sri Fitri Wahyuni, Muhammad Shareza Hafiz
    • Writing – review & editing
      Sri Fitri Wahyuni, Radiman, Jufrizen
    • Formal Analysis
      Muhammad Shareza Hafiz, Jufrizen
    • Validation
      Muhammad Shareza Hafiz