The Effect of Financial Knowledge, Financial Attitude, and Internal Locus of Control on Students' Responsible Financial Management Behavior in Yogyakarta with Financial Risk Tolerance as a Moderating Variable
Keywords:
Financial Knowledge, Financial Attitude, Internal Locus of Control, Financial Risk Tolerance, Responsible Financial Management Behavior
Abstract
The rapid development of financial technology, accompanied by increasingly consumptive lifestyles among university students, has heightened the risk of irresponsible financial management behavior. This study aims to examine the determinants of responsible financial management behavior among university students in Yogyakarta, focusing on financial knowledge, financial attitude, and internal locus of control, with financial risk tolerance as a moderating variable. A quantitative approach was employed using purposive sampling, involving 230 students aged 18–25 years. Data were analyzed using Structural Equation Modeling based on Partial Least Squares (PLS-SEM). The results indicate that financial knowledge, financial attitude, and internal locus of control have positive and significant effects on responsible financial management behavior, suggesting that students with higher financial knowledge, positive financial attitudes, and stronger internal control are more likely to manage their finances responsibly. Furthermore, financial risk tolerance significantly moderates and strengthens the relationship between financial attitude and responsible financial management behavior, but does not moderate the relationships involving financial knowledge and internal locus of control. These findings underscore the importance of enhancing financial knowledge, fostering positive financial attitudes, and strengthening internal locus of control to promote responsible financial behavior among university students.
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References
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Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T
Amponsah, E. B., Ntim, L. A., & Mensah, M. A. (2025). Influence of Financial Risk Tolerance on Investment Decision-making: A Conceptual Analysis and Future Research Agenda. International Journal of Applied Research in Business and Management, 6(1). https://doi.org/10.51137/wrp.ijarbm.2025.eaia.45677
Anggraini, V., Sriyunianti, F., & Yentifa, A. (2021). Pengaruh Financial Literacy, Financial Attitude dan Locus of control terhadap Financial Management Behavior (Studi Kasus pada Mahasiswa Bidikmisi dan Non Bidikmisi Jurusan Akuntansi Politeknik Negeri Padang). https://doi.org/https://doi.org/10.30630/jabei.v1i1.21
Azizah, & Digdowiseiso, K. (2023). The Influence Of Financial Attitude, Financial Knowledge, And Locus Of Control On Financial Management Behavior In Employee Class S1 Students In Management Study Program Faculty Of Economics And Business National University. Jurnal Ekonomi, 12(2), 13. https://ejournal.seaninstitute.or.id/index.php/Ekonomi/article/view/1796
Bapat, D. (2020). Antecedents to responsible financial management behavior among young adults: moderating role of financial risk tolerance. International Journal of Bank Marketing, 38(5), 1177–1194. https://doi.org/10.1108/IJBM-10-2019-0356
Dewi, F. W. (2025). Hasil Survei Nasional Literasi dan Inklusi Keuangan (SNLIK) 2025 Menurut Gender/Jenis Kelamin. Otoritas Jasa Keuangan.
Fachri, S., Kahpi, H. S., & Miftarofah, A. A. (2024). The Effect Of Lifestyle , Financial Attitudes , And Personal Financial Literacy On Personal Financial Management Among Students. Tirtayasa EKONOMIKA, 19(2), 304–320.
Fajrina, Z., Loan, F. M., & Purba, Y. E. (2022). Studi Pengelolaan Keuangan Individu yang Dimoderasi oleh Toleransi Risiko Keuangan pada Karyawan di Jabodetabek. Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Ratulangi.
Hair, J. F. ., Hult, G. T. M. ., Ringle, C. M. ., & Sarstedt, Marko. (2017). A primer on partial least squares structural equation modeling (PLS-SEM). Sage.
Kuswanto, Aryanti, S., & Arief, H. (2024). Pengaruh Financial Technology dan Manajemen Keuangan Terhadap Perilaku Konsumtif Mahasiswa. Jurnal Pendidikan Ekonomi (JUPE), 12(2), 268–276.
Kwak, E. J., & Grable, John E. (2024). A Comparison of Financial Risk-Tolerance Assessment Methods in Predicting Subsequent Risk Tolerance and Future Portfolio Choices. Risks, 12(11). https://doi.org/10.3390/risks12110170
Ming, Y. W., & Keni, K. (2025). The Effect Of Self-Control, Financial Literacy, and Risk Tolerance Toward Invest,ent Decisions Among Students. International Journal of Application on Economics and Business (IJAEB), 3(3), 1164–1174.
Mulya, A. T., & Juwita, H. A. J. (2024). Pengaruh Financial Technology Payment, Financial Knowledge Dan Financial Attitude Terhadap Financial Management Behavior. Jurnal Management Risiko Dan Keuangan, 3(3), 275–287. https://doi.org/10.21776/jmrk.2024.03.3.06
Nogueira, M. C., Almeida, L., & Tavares, F. O. (2025). Financial Literacy, Financial Knowledge, and Financial Behaviors in OECD Countries. Journal of Risk and Financial Management, 18(3), 1–15. https://doi.org/10.3390/jrfm18030167
Octavio, D. Q., Kurniawan, D. T., Fauzan, S., & Adristi, F. I. (2024). The Role of Self-Control in Reducing Financial Threat Perception at The Onset of Covid-19 Pandemic. Jurnal Imu Manajemen, 21(2), 70–84.
OECD. (2023). OECD/INFE 2023 international survey of adult financial literacy. http://www.oecd.org/termsandconditions.
Rotter, J. B. (1966). Generalized Expectancies for Internal Versus External Control of Reinforcement. Psychological Monographs: General and Applied, 80(1).
Sampoerno, A. E., & Haryono, N. A. (2021). Pengaruh Financial Literacy, Income, Hedonism Lifestyle, Self-Control, dan Risk Tolerance terhadap Financial Management Behavior pada Generasi Milenial Kota Surabaya. Jurnal Ilmu Manajemen, 9(3), 1002–1014. https://doi.org/10.26740/jim.v9n3.p1002-1014
Saodah, S. (2025). The Effect Of Fintech Payment Easenes On Consumptive Behavior Of Students At The Digital Technology University. Proceeding FRIMA (Festival Riset Ilmiah Manajemen Dan Akuntansi), 01(08), 647–657.
Subhan, S., & Ahmed Siddiqui, D. (2022). Factors Affecting Financial Management Behavior of Individuals of Pakistan: The Moderating Role of Financial Risk Tolerance.
Sugiyono. (2023). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. www.cvalfabeta.com
Supriyono, E., & Amalia, A. F. (2025). Examining the Impact of Financial Knowledge and Attitudes on Financial Management Behavior : Locus of Control As an Intervening Variable. Journal Of Business And Management Review, 6(8), 1082–1098. https://doi.org/10.47153/jbmr.v6i8.1508
Triani, A., & Wahdiniwaty, R. (2020). Pengaruh Pengetahuan Keuangan dan Sikap Keuangan Terhadap Perilaku Manajemen Keuangan (Studi Kasus Pada Mahasiswa S1 Program Studi Manajemen Universitas Komputer Indonesia).
Yahya, A., Saputera, D., Hidayat, T., & Nurjanah, R. (2024). Financial Attitude as a Mediating Variable for Financial Inclusion and Financial Literacy on The Tinancial Performance of MSMEs. 7(2), 143–155.
Published
2026-05-15
How to Cite
Canda, F., & Kartini, K. (2026). The Effect of Financial Knowledge, Financial Attitude, and Internal Locus of Control on Students’ Responsible Financial Management Behavior in Yogyakarta with Financial Risk Tolerance as a Moderating Variable. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 9(2), 11770-11783. https://doi.org/10.31538/iijse.v9i2.9938
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