Determinan Kesejahteraan Keuangan: Peran Mediasi Perencanaan Keuangan
Abstract
Financial well-being is a problem for society in Indonesia today as reflected in the increasing poverty rate in 2021. The study intends to explore the determinants of financial well-being which include internal locus of control, financial experience, financial planning, and demographic factors of marital status. This study aims to determine the role of financial planning in mediating the effect of financial experience on financial management and to what extent marital status moderates the mediated relationship. The research sample is 160 families living in the cities of Surabaya, Sidoarjo and Gresik. Hypothesis testing was carried out using partial least squares structural equation modeling (PLS-SEM). The results of the study prove that locus of internal control, financial experience, financial planning, and marital status significantly increase financial well-being. The research findings also prove that financial planning mediates the effect of financial experience on financial well-being. Research implies the importance of someone to carry out financial planning earlier, be more able to control themselves, and increase experience related to financial products in order to improve financial well-being.
Keywords: Financial Well-Being; Financial Planning; Internal Locus of Control; Financial Experience; Marital Status
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References
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Nizam, I. & Tie, S. C. (2015). Determinants of financial well-being for generation Y in Malaysia. International Journal of Accounting, Business and Management, 3(3), 36-52.
Ponchio, M. C., Cordeiro, R. A., & Gonçalves, V. N. (2019). Personal factors as antecedents of perceived financial well-being: evidence from Brazil. The International Journal of Bank Marketing, 37(4), 1004-1024.
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Sabri, M. F., Cook, C. C., & Gudmunson, C. G. (2012). Financial well-being of Malaysian college students. Asian Education and Development Studies, 1(2), 153-170.
Sabri, M. F. & Zakaria, N. F. (2015). The Influence of Financial Literacy, Money Attitude, Financial Strain and Financial Capability on Young Employees' Financial Well-being. Pertanika Journal of Social Sciences & Humanities, 23(4), 827–848.
Sehrawat, K., Vij, M., & Talan, G. (2021). Understanding the path toward financial well-being: Evidence from India. Frontiers in Psychology, 12, 638408.
Shang, C., Moss, A. C., & Chen, A. (2022). The expectancy-value theory: A meta-analysis of its application in physical education. Journal of sport and health science, S2095-2546 (2022) 00018-00017.
Strömbäck, C., Lind, T., Skagerlund, K., Västfjäll, D., & Tinghög, G. (2017). Does self-control predict financial behavior and financial well-being? Journal of Behavioral and Experimental Finance, 14, 30-38.
Tukachinsky, R. & Sangalang, A. (2016). The effect of relational and interactive aspects of parasocial experiences on attitudes and message resistance. Communication Reports, 29(3), 175-188.
Wulandari, F. A. & Sutjiati, R. (2014). Pengaruh tingkat kesadaran masyarakat dalam perencanaan keuangan keluarga terhadap kesejahteraan. Jurnal Siasat Bisnis, 18(1), 21-31.
Xiao, J. J. & O'Neill, B. (2018). Propensity to plan, financial capability, and financial satisfaction. International Journal of Consumer Studies, 42(5), 501-512.
Zemtsov, A. A. & Osipova, T. Y. (2016). Financial wellbeing as a type of human wellbeing: theoretical review. The European Proceedings of Social & Behavioural Sciences EpSBS, 7, 385-392.
Agrawal, S. & Singh, S. (2022). Predictors of subjective career success amongst women employees: moderating role of perceived organizational support and marital status. Gender in Management: An International Journal, 37(3), 344-359.
Ali, A., Rahman, M. S. A., & Bakar, A. (2015). Financial satisfaction and the influence of financial literacy in Malaysia. Social Indicators Research, 120, 137-156.
Ameliawati, M. & Setiyani, R. (2018). The influence of financial attitude, financial socialization, and financial experience to financial management behavior with financial literacy as the mediation variable. KnE Social Sciences, 811–832-811–832.
Archuleta, K. L., Dale, A., & Spann, S. M. (2013). College students and financial distress: exploring debt, financial satisfaction, and financial anxiety. Journal of Financial Counseling and Planning, 24(2), 50-62.
Arkorful, H. & Hilton, S. K. (2022). Locus of control and entrepreneurial intention: a study in a developing economy. Journal of Economic and Administrative Sciences, 38(2), 333-344.
Asante, E. A. & Affum-Osei, E. (2019). Entrepreneurship as a career choice: The impact of locus of control on aspiring entrepreneurs' opportunity recognition. Journal of Business Research, 98, 227-235.
Aulia, N., Yuliati, L. N., & Muflikhati, I. (2019). Kesejahteraan Keuangan Keluarga Usia Pensiun: Literasi Keuangan, Perencanaan Keuangan Hari Tua, dan Kepemilikan Aset. Jurnal Ilmu Keluarga & Konsumen, 12(1), 38-51.
Boon, T. H., Yee, H. S., & Ting, H. W. (2011). Financial literacy and personal financial planning in Klang Valley, Malaysia. International Journal of Economics and Management, 5(1), 149-168.
BPS. (2021). Profil Kemiskinan di Indonesia September 2021. Jakarta (ID): Badan Pusat Statistik.
Brüggen, E. C., Hogreve, J., Holmlund, M., Kabadayi, S., & Löfgren, M. (2017). Financial well-being: A conceptualization and research agenda. Journal of Business Research, 79, 228-237.
Burcher, S. A., Serido, J., Danes, S., Rudi, J., & Shim, S. (2021). Using the expectancy-value theory to understand emerging adult’s financial behavior and financial well-being. Emerging Adulthood, 9(1), 66-75.
Chan, S., Omar, S., & Yong, W. (2018). Financial well-being among Malaysian manufacturing employees. Management Science Letters, 8(6), 691-698.
Eccles, J. S. & Wigfield, A. (1995). In the mind of the actor: The structure of adolescents' achievement task values and expectancy-related beliefs. Personality and social psychology bulletin, 21(3), 215-225.
Eccles, J. S. & Wigfield, A. (2020). From expectancy-value theory to situated expectancy-value theory: A developmental, social cognitive, and sociocultural perspective on motivation. Contemporary educational psychology, 61, 101859.
Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E., & Tatham, R. L. (2019). Multivariate data analysis (8 ed.): Cengange Learning.
Hair Jr, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2021). A primer on partial least squares structural equation modeling (PLS-SEM): Sage publications.
Hidayah, A. P. N., Purbawangsa, I. B. A., & Abundanti, N. (2021). Pengaruh Literasi Keuangan, Perencanaan Keuangan Dan Pendapatan Terhadap Kesejahteraan Keuangan Guru Perempuan Di Kota Denpasar. E-Jurnal Manajemen Universitas Udayana, 10(7), 672-693.
Iramani, R. & Lutfi, L. (2021). An integrated model of financial well-being: The role of financial behavior. Accounting, 7(3), 691-700.
Luis, L. & Nuryasman, M. (2020). Pengaruh Pengendalian Diri, Literasi Serta Perilaku Keuangan Terhadap Kesejahteraan Keuangan. Jurnal Manajerial Dan Kewirausahaan, 2(4), 994-1004.
Lusardi, A. & Tufano, P. (2015). Debt literacy, financial experiences, and overindebtedness. Journal of Pension Economics & Finance, 14(4), 332-368.
Mahendru, M., Sharma, G. D., & Hawkins, M. (2022). Toward a new conceptualization of financial well‐being. Journal of Public Affairs, 22(2), e2505.
Mokhtar, N. & Husniyah, A. (2017). Determinants of financial well-being among public employees in Putrajaya, Malaysia. Pertanika Journal of Social Sciences and Humanities, 25(3), 1241-1260.
Muir, K., Hamilton, M., Noone, J., Marjolin, A., Salignac, F., Saunders, P., & Australia, F. L. (2017). Exploring financial wellbeing in the Australian context. Report for financial literacy Australia. Centre for Social Impact & Social Policy Research Centre, University of New South Wales, Sydney.
Mutlu, Ü. & Özer, G. (2021). The moderator effect of financial literacy on the relationship between locus of control and financial behavior. Kybernetes, 51(3), 1114-1126.
Nanda, A. P. & Banerjee, R. (2021). Consumer’s subjective financial well‐being: A systematic review and research agenda. International Journal of Consumer Studies, 45(4), 750-776.
Nizam, I. & Tie, S. C. (2015). Determinants of financial well-being for generation Y in Malaysia. International Journal of Accounting, Business and Management, 3(3), 36-52.
Ponchio, M. C., Cordeiro, R. A., & Gonçalves, V. N. (2019). Personal factors as antecedents of perceived financial well-being: evidence from Brazil. The International Journal of Bank Marketing, 37(4), 1004-1024.
Prawitz, A. D. & Cohart, J. (2016). Financial management competency, financial resources, locus of control, and financial wellness. Journal of Financial Counseling and Planning, 27(2), 142-157.
Sabri, M. F., Cook, C. C., & Gudmunson, C. G. (2012). Financial well-being of Malaysian college students. Asian Education and Development Studies, 1(2), 153-170.
Sabri, M. F. & Zakaria, N. F. (2015). The Influence of Financial Literacy, Money Attitude, Financial Strain and Financial Capability on Young Employees' Financial Well-being. Pertanika Journal of Social Sciences & Humanities, 23(4), 827–848.
Sehrawat, K., Vij, M., & Talan, G. (2021). Understanding the path toward financial well-being: Evidence from India. Frontiers in Psychology, 12, 638408.
Shang, C., Moss, A. C., & Chen, A. (2022). The expectancy-value theory: A meta-analysis of its application in physical education. Journal of sport and health science, S2095-2546 (2022) 00018-00017.
Strömbäck, C., Lind, T., Skagerlund, K., Västfjäll, D., & Tinghög, G. (2017). Does self-control predict financial behavior and financial well-being? Journal of Behavioral and Experimental Finance, 14, 30-38.
Tukachinsky, R. & Sangalang, A. (2016). The effect of relational and interactive aspects of parasocial experiences on attitudes and message resistance. Communication Reports, 29(3), 175-188.
Wulandari, F. A. & Sutjiati, R. (2014). Pengaruh tingkat kesadaran masyarakat dalam perencanaan keuangan keluarga terhadap kesejahteraan. Jurnal Siasat Bisnis, 18(1), 21-31.
Xiao, J. J. & O'Neill, B. (2018). Propensity to plan, financial capability, and financial satisfaction. International Journal of Consumer Studies, 42(5), 501-512.
Zemtsov, A. A. & Osipova, T. Y. (2016). Financial wellbeing as a type of human wellbeing: theoretical review. The European Proceedings of Social & Behavioural Sciences EpSBS, 7, 385-392.
Published
2023-02-26
How to Cite
SURYADIE, Farach Aliyyah Putri; LUTFI, Lutfi.
Determinan Kesejahteraan Keuangan: Peran Mediasi Perencanaan Keuangan.
E-Jurnal Akuntansi, [S.l.], v. 33, n. 2, p. 284-301, feb. 2023.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/96572>. Date accessed: 05 nov. 2024.
doi: https://doi.org/10.24843/EJA.2023.v33.i02.p01.
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