DETERMINANTS OF STUDENT FINANCIAL MANAGEMENT BEHAVIOR: A MODERATED MEDIATION MODEL
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Jun 18, 2025
Keywords:
Social comparison orientation, spiritual intelligence, financial self-efficacy, financial socialization, financial management behavior
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Abstract
This study aims to analyze and provide empirical evidence related to the influence of social comparison orientation and spiritual intelligence on financial management behavior with financial self-efficacy as a mediating variable and financial socialization as a moderation variable. This study uses a quantitative approach with primary data sources. There were 251 students of the Accounting Education Study Program as respondents. The data of this study was analyzed using SEM-PLS. The results show that social comparison orientation does not directly affect financial management behavior. In contrast, spiritual intelligence, financial self-efficacy, and financial socialization influence financial management behavior. Financial self-efficacy mediates the influence of social comparison orientation and spiritual intelligence on financial management behavior. However, financial socialization does not moderate the relationship. The results of this study provide implications for policy formulation in encouraging better and sustainable financial management.
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Nurhayati, U. S., & Aeni, I. N. (2025). DETERMINANTS OF STUDENT FINANCIAL MANAGEMENT BEHAVIOR: A MODERATED MEDIATION MODEL. Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 8(1), 127-150. https://doi.org/10.29303/akurasi.v8i1.685
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Astuti, M. D., & Soleha, E. (2023). Pengaruh literasi keuangan, inklusi keuangan dan locus of control terhadap pengelolaan keuangan UMKM di Kecamatan Bojongmangu. Jurnal Ekonomi Pendidikan Dan Kewirausahaan, 11(1), 51–64. https://doi.org/10.26740/jepk.v11n1.p51-64
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Çera, G., Khan, K. A., Mlouk, A., & Brabenec, T. (2021). Improving financial capability: The mediating role of financial behaviour. Economic Research-Ekonomska Istrazivanja, 34(1), 1265–1282. https://doi.org/https://doi.org/10.1080/1331677X.2020.1820362
Chin, W. W. (1998). The partial least squares approach to structural equation modeling. In G. A. Marcoulides (Ed.), Modern Methods for Business Research (pp. 295–336). Lawrence Erlbaum Associates.
Dare, S. E., van Dijk, W. W., van Dijk, E., van Dillen, L. F., Gallucci, M., & Simonse, O. (2023). How executive functioning and financial self-efficacy predict subjective financial well-being via positive financial behaviors. Journal of Family and Economic Issues, 44, 232–248. https://doi.org/https://doi.org/10.1007/s10834-022-09845-0
Dewanti, V. P., & Asandimitra, N. (2021). Pengaruh financial socialization, financial knowledge, financial experience terhadap financial management behavior dengan locus of control sebagai variabel mediasi pada pengguna paylater. Jurnal Ilmu Manajemen, 9(3), 863–875. https://doi.org/https://doi.org/10.26740/jim.v9n3.p863-875
Dewi, I. G. A. R. P. (2022). Financial management behavior dengan financial self-efficacy sebagai variabel mediasi. WACANA EKONOMI (Jurnal Ekonomi, Bisnis Dan Akuntansi), 21(2), 185–197. https://doi.org/10.22225/we.21.2.2022.185-197
Durahim, N. S. binti A. R., Taha, N. binti M., Hussain, M. A. M. bin, Azman, N. A. A. binti, & Zuki, N. H. binti M. (2023). Exploring the relationship between emotional intelligence, spiritual intelligence, and counseling self-efficacy among counseling students at private universities in Klang Valley, Malaysia. International Journal of Academic Research in Business and Social Sciences, 13(4), 1801–1818. https://doi.org/http://doi.org/10.6007/IJARBSS/v13-i4/16790
Festinger, L. (1954). A theory of social comparison processes. Human Relations, 7(1954), 117–140.
Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39–50. https://doi.org/https://doi.org/10.1177/002224378101800
Ghafoor, K. A., & Akhtar, M. (2024). Parents’ financial socialization or socioeconomic characteristics: Which has more influence on Gen-Z’s financial well-being? Humanities and Social Sciences Communications, 11(522), 1–16. https://doi.org/https://doi.org/10.1057/s41599-024-03007-3
Ghozali, I. (2014). Structural Equation Modeling Metode Alternatif dengan Partial Least Square (PLS) (4th ed.). Universitas Diponegoro Semarang.
Gibbons, F. X., & Buunk, B. P. (1999). Individual differences in social comparison: Development of a scale of social comparison orientation. Journal of Personality and Social Psychology, 76(1), 129–142. https://doi.org/https://doi.org/10.1037//0022-3514.76.1.129
Glatz, T., Daneback, K., Alsarve, J., & Sorbring, E. (2023). Parents’ feelings, distress, and self-efficacy in response to social comparisons on social media. Journal of Child and Family Studies, 32, 2453–2464. https://doi.org/https://doi.org/10.1007/s10826-023-02611-2
Goyal, K., Kumar, S., & Hoffmann, A. (2023). The direct and indirect effects of financial socialization and psychological characteristics on young professionals’ personal financial management behavior. International Journal of Bank Marketing, 41(7), 1550–1584. https://doi.org/https://doi.org/10.1108/IJBM-09-2022-0419
Hair, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R. Springer.
Hariani, L. S., & Andayani, E. (2019). Manajemen keuangan pribadi: literasi ekonomi, literasi keuangan, dan kecerdasan spiritual. Jurnal Ekonomi Modernisasi, 15(3), 162–170. https://doi.org/https://doi.org/10.21067/jem.v15i3.4411
Haryanto, S. (2024). Konstruksi gagasan Zohar dan Marshall tentang kecerdasan spiritual. Psikofusi: Jurnal Psikologi Integratif, 6(1), 25–32.
Hu, Y., Zhou, M., Shao, Y., Wei, J., Li, Z., Xu, S., Maguire, P., & Wang, D. (2021). The effects of social comparison and depressive mood on adolescent social decision-making. BMC Psychiatry, 21(3), 1–15. https://doi.org/10.1186/s12888-020-02928-y
Kartini, T., & Mashudi, U. (2022). Literasi keuangan (finnacial literacy) mahsiswa indekos calon pendidik ekonomi FKIP Universitas Jember, PROMOSI: Jurnal Pendidikan Ekonomi, 10(2), 154–164. https://doi.org/http://dx.doi.org/10.24127/pro.v10i2.6722
Kaur, R., & Singh, M. (2024). The dynamics of family financial socialization : Impact on financial self-efficacy and financial behavior. NMIMS Management Review, 32(2), 106–117. https://doi.org/https://doi.org/10.1177/09711023241282195
Kim, J., Falconier, M. K., & Conway, C. A. (2023). Relationships among emotion regulation, financial self-efficacy, and financial management behaviors of couples. Journal of Family and Economic Issues, 44, 342–355. https://doi.org/https://doi.org/10.1007/s10834-022-09827-2
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