The Role of Locus of Control in Mediating the Influence of Financial Literacy, Financial Attitudes, and Lifestyle on the Personal Financial Management Behavior of Generation Z in Banda Aceh City

Husnun Nisak; Said Musnadi; A. Sakir

doi:10.18535/ijsrm/v13i10.em05

Abstract

This study seeks to examine how Locus of Control (LoC) acts as a mediator in the impact of financial literacy, financial attitudes, and lifestyle on personal financial management behavior among Generation Z in Banda Aceh City. Generation Z, a demographic group that significantly influences social and economic development, often struggles with managing personal finances, especially due to uncontrolled spending habits. Using a quantitative method and PLS, this research investigates the relationships between financial literacy, financial attitudes, lifestyle, and LoC within the context of personal financial management. The findings are expected to shed light on the mediating role of LoC in the connection between financial literacy, financial attitudes, lifestyle, and financial management behavior. Additionally, the study aims to emphasize the importance of financial literacy education for Generation Z and show how enhancing attitudes and adopting a responsible lifestyle can improve personal financial management in the future. Based on the results, it is advised that government bodies and educational institutions prioritize developing financial literacy programs that incorporate the fostering of positive character traits and habits related to personal financial management for Generation Z.

Keywords

Locus of ControlFinancial LiteracyFinancial AttitudesLifestyleManagement BehaviorPersonal Finance

References

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Widiawati, M. (2020). Pengaruh Literasi Keuangan, LoC, Financial Self-Efficacy, Dan Love of Money Terhadap Manajemen Keuangan Pribadi. Prisma (Platform Riset Mahasiswa Akuntansi), 1(1), 97–108. https://doi.org/https://ojs.stiesa.ac.id/index.php/prisma/article/view/371Google Scholar ↗

[refR-1] Anggraini, P. S., & Cholid, I. (2022). Pengaruh Literasi Keuangan,Tingkat Pendidikan, Pendapatan, Perencanaan Keuangan Dan Gaya Hidup Terhadap Pengelolaan Keuangan Pada Pengrajin Tempe Di Kecamatan Plaju. Publikasi Riset Mahasiswa Manajemen, 3(2), 178–187. https://doi.org/https://doi.org/10.35957/prmm.v3i2.2322DOI ↗Google Scholar ↗

[refR-2] Cahyaningrum, B., & Fikri, M. A. (2021). Peran Pemediasi LoC Pada Pengaruh Financial Knowledge Dan Financial Attitude Terhadap Financial Management Behavior. Jurnal Ilmu Manajemen, 9(4), 1500–1515. https://doi.org/10.26740/jim.v9n4.p1500-1515DOI ↗Google Scholar ↗

[refR-3] Chen, H., & Volpe, R. P. (1998). An analysis of personal financial literacy among college students. Financial Services Review, 7(2), 107–128. https://doi.org/https://doi.org/10.1016/S1057-0810(99)80006-7DOI ↗Google Scholar ↗

[refR-4] Erlangga, H. (2023). Analysis of The Role of Personal Financial Management Knowledge and Self-Efficacy on Student Entrepreneurial Intentions. Jurnal Ekonomi, 12(1), 1785–1791.Google Scholar ↗

[refR-5] Hair, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). An Introduction to Structural Equation Modeling : Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R. https://doi.org/10.1007/978-3-030-80519-7_5DOI ↗Google Scholar ↗

[refR-6] Hair, J. F., Hult, G. T. M., Ringle, C., & Sarstedt, M. (2016). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) (2nd ed.). Sage Publications, Inc.Google Scholar ↗

[refR-7] Hidayah, A. N., & Iramani, R. (2023). Pengaruh Literasi Keuangan, Gaya Hidup, Dan Sikap Keuangan Terhadap Perilaku Pengelolaan Keuangan Pada Generasi Milenial Dengan Pengendalian Diri Sebagai Variabel Mediasi. Management Studies and Entrepreneurship Journal, 4(5), 4800–4810. https://doi.org/https://doi.org/10.37385/msej.v4i5.1712DOI ↗Google Scholar ↗

[refR-8] Joo, S.-H., & Grable, J. (2004). An Exploratory Framework of the Determinants of Financial Satisfaction. Journal of Family and Economic, 25(1), 25–50. https://doi.org/10.1023/B:JEEI.0000016722.37994.9fDOI ↗Google Scholar ↗

[refR-9] Kartini, T. K., & Mashudi, U. (2022). Literasi Keuangan (Financial Literacy) Mahasiswa 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.v10i2.6722DOI ↗Google Scholar ↗

[refR-10] Khoirunnisa, I. R., & Rochmawati. (2021). Pengaruh Literasi Keuangan, Sikap Keuangan, dan Pendidikan Keuangan Keluarga Terhadap Manajemen Keuangan Pribadi dengan LoC Sebagai Variabel Intervening. Jurnal Pendidikan Akuntansi, 9(2), 210–219. https://doi.org/10.26740/jpak.v9n2.p210-219DOI ↗Google Scholar ↗

[refR-11] Kholilah, N. Al, & Iramani, R. (2013). Studi Financial Management Behavior Pada Masyarakat Surabaya. The Journal of Business & Banking, 3(1), 69–80. https://doi.org/https://doi.org/10.14414/jbb.v3i1.255DOI ↗Google Scholar ↗

[refR-12] Leon, S. (2018). Service mobile apps: a millennial generation perspective. Industrial Management & Data Systems, 118(9), 1837–1860. https://doi.org/https://doi.org/10.1108/IMDS-10-2017-0479DOI ↗Google Scholar ↗

[refR-13] Mitchell, O., & Lusardi, A. (2011). Financial Literacy and Retirement Planning in the United States. Journal of Pension Economics and Finance, 10(4), 509–525. https://doi.org/10.2139/ssrn.1810550DOI ↗Google Scholar ↗

[refR-14] Mowen, J. C., & Minor, M. (2017). Consumer Behavior (Ed. 5). Prentice Hall; Subsequent edition.Google Scholar ↗

[refR-15] Putri, N. A., & Lestari, D. (2019). Pengaruh Gaya Hidup Dan Literasi Keuangan Terhadap Pengelolaan Keuangan Tenaga Kerja Muda Di Jakarta. AKURASI: Jurnal Riset Akuntansi Dan Keuangan, 1(1), 31–42. https://doi.org/https://doi.org/10.36407/akurasi.v1i1.61DOI ↗Google Scholar ↗

[refR-16] Putri, T. P., & Susanti. (2018). Pengaruh Kontrol Diri, Literasi Keuangan Dan Inklusi Keuangan Terhadap Perilaku Menabung Mahasiswa Pendidikan Akuntansi Fakultas Ekonomi Universitas Negeri Surabaya. Jurnal Pendidikan Akuntansi, 6(3), 323–330.Google Scholar ↗

[refR-17] Rahmawati, A., Adeliyah, N. D., & Anwar, C. (2024). Analisa Perhitungan Pada Biaya Produksi dengan Metode Harga Pokok Pesanan di UMKM Iffa Cookies Sidoarjo. Anggaran: Jurnal Publikasi Ekonomi Dan Akuntansi, 2(2), 405–416. https://doi.org/https://doi.org/10.61132/anggaran.v2i2.673DOI ↗Google Scholar ↗

[refR-18] Rohmanto, F., & Susanti, A. (2021). Pengaruh Literasi Keuangan, Lifestyle Hedonis, Dan Sikap Keuangan Pribadi Terhadap Perilaku Keuangan Mahasiswa. ECOBISMA: Journal of Economics, Business and Management, 8(1), 40–48. https://doi.org/https://doi.org/10.36987/ecobi.v8i1.2057DOI ↗Google Scholar ↗

[refR-19] Rotter, J. B. (1966). Generalized expectancies for internal versus external control of reinforcement. Psychological Monographs: General and Applied, 80(1), 1–28. https://doi.org/https://doi.org/10.1037/h0092976DOI ↗Google Scholar ↗

[refR-20] Rudy, Sunardi, N., & Kartono. (2020). Pengetahuan Keuangan dan Love Of Money pengaruhnya terhadap Pengelolaan Keuangan Pribadi dan dampaknya terhadap Kesejahteraan Masyarakat Desa Cihambulu, Kec. Pabuaran Kab. Subang. Jurnal SEKURITAS, 4(1), 43–56. https://doi.org/10.32493/skt.v4i1.6335DOI ↗Google Scholar ↗

[refR-21] Setiadi, N. J. (2019). Perilaku Konsumen: Perspektif Kontemporer Pada Motif, Tujuan Dan Keinginan Konsumen. Prenada Media.Google Scholar ↗

[refR-22] Setyawan, W., & Wulandari, S. (2020). Perilaku Manajemen Keuangan Mahasiswa Kelas Karyawan Di Cikarang. Jurnal Ilmu Manajemen Dan Bisnis, 11(1), 47–59. https://doi.org/https://doi.org/10.17509/jimb.v11i1.20509DOI ↗Google Scholar ↗

[refR-23] Turnip, M., & Krisnandi, H. (2023). LoC Mediates Financial Attitudes, Knowledge, and Income effects on Millenial Financial Management Behavior in DKI Jakarta. Jurnal Manajemen Dan Kewirausahaan, 11(2), 153–161. https://doi.org/https://doi.org/10.26905/jmdk.v11i2.9624DOI ↗Google Scholar ↗

[refR-24] Virani, H. Z., Fauziah, F., & Jamal, S. W. (2025). Pengaruh Literasi Keuangan dan Sikap Keuangan terhadap Perilaku Keuangan pada Mahasiswa. MAMEN Jurnal Manajemen, 4(3), 589–600. https://doi.org/10.55123/mamen.v4i3.6011DOI ↗Google Scholar ↗

[refR-25] Wardani, L. A., & Fitrayati, D. (2022). Pengaruh literasi keuangan dan sikap keuangan terhadap perilaku pengelolaan keuangan dengan LoC sebagai variabel intervening. Fair Value : Jurnal Ilmiah Akuntansi Dan Keuangan, 4(12), 5827–5836.Google Scholar ↗

[refR-26] Widiawati, M. (2020). Pengaruh Literasi Keuangan, LoC, Financial Self-Efficacy, Dan Love of Money Terhadap Manajemen Keuangan Pribadi. Prisma (Platform Riset Mahasiswa Akuntansi), 1(1), 97–108. https://doi.org/https://ojs.stiesa.ac.id/index.php/prisma/article/view/371Google Scholar ↗