Money Management Behavior among Adults in Indonesia
Keywords:
Money Management Behavior; Spiritual Intelligence; Financial Literacy; Financial Behavior; Social Media; Parental Education; Indonesia
Abstract
Money management refers to the process of managing one's financial resources effectively to maintain a stable financial position. This study was conducted to determine the factors that influence money management behavior. Questionnaires are distributed among adults in Indonesia and analyzed by using IBM SPSS software. The result found that financial literacy, financial behavior, social media, parental education, and spiritual intelligence have a significant and positive influence on money management behavior. Clear insight into the importance of saving can lead to better money management behavior. The findings indicate that more efforts should be made to inculcate money management behavior among Indonesian citizens.
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References
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Fajriyah, I. L. & Listiadi, A. (2021). Pengaruh uang saku dan pendidikan keuangan keluarga terhadap pengelolaan keuangan pribadi melalui literasi keuangan sebagai intervening. INOVASI: Jurnal Ekonomi, Keuangan dan Manajemen, 17(1), 61 - 72. Retrieved from https://journal.feb.unmul.ac.id/index.php/INOVASI/article/view/9176
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Hamid, F. S. & Loke, Y. J. (2021). Financial literacy, money management skills and credit card repayments. International Journal of Consumer Studies, 45(2), 235-247. https://doi.org/10.1111/ijcs.12614
Hariani, L. S. & Andayani, E. (2019). Manajemen keuangan pribadi: literasi ekonomi, literasi keuangan, dan kecerdasan spiritual. Jurnal Ekonomi Modernisasi, 15(3), 162 - 170. doi:https://doi.org/10.21067/jem.v15i3.4411
Herawati, N. T., Candiasa, I. M., Yadnyana, I. K. & Suharsono, N. (2018). Factors that influence financial behavior among accounting students in Bali. International Journal of Business Administration, 9(3), 30 - 36. doi:https://doi.org/10.5430/ijba.v9n3p30
Hidayat, M. Z. & Nurdin. (2020). Pengaruh literasi keuangan dan sikap keuangan terhadap perilaku manajemen keuangan. Prosiding Manajemen, 6(2), 944. doi:http://dx.doi.org/10.29313/.v6i2.24036
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Kadir, J. M. A. & Jamaluddin, A. A. (2020). Saving behavior in an emerging country: the role of financial knowledge, parent socialization and peer influence. Journal for Social Sciences, 23(1), 65-73.
Komal, G. Y., Mehta, M. & Gandhi, S. (2017). Money management practices among students. International Journal of Commerce, Business and Management, 6(1), 2319-2328.
Kurnia, S. (2020). Hubungan antara Kontrol Diri dengan Perilaku Phubbing pada Remaja di Jakarta. Journal Psikologi: Media Ilmiah Psikologi, 18(1), 58–67.
Kurukullam, V. (2019). Alarming Rate of Bankruptcies among Young, Naive and Spendthrift Malaysians. AsiaNewit.
Ladamay, A. Z., Supriyanto, T. & Nugraheni, S. (2021). Pengaruh media sosial, literasi keuangan, risiko, imbal hasil, dan religiusitas terhadap minat berinvestasi sukuk generasi Z di Jakarta. Islamic Economic Journal, 7(2), 181. doi:https://doi.org/10.21111/iej.v7i2.6552
LeBaron, A. B., Marks, L. D., Rosa, C. M. & Hill, E. J. (2020). Can we talk about money? Financial socialization through parent–child financial discussion. Emerging Adulthood, 8(6), 453-463. https://doi.org/10.1177/2167696820902673
Lusardi, A. (2019). Financial literacy and the need for financial education: evidence and implications. Swiss Journal of Economics and Statistics, 5, 1-8.
Md Kassim, A., A., Tamsir, F., Zainal Azim, Z. A., Mohamed, J. & Meor Nordin, H. N. (2020). Students’ saving behavior: do demographic profile, parent background and financial literacy matter? An empirical study in private universities in Selangor. International Journal of Psychosocial Rehabilitation, 24(1), 844-850.
Md Kassim, A. A., Nejad, M. Y., Othman, J., Mamat, S., Saad. M. A. & Mohamed, I. I. D. (2022). Determinants of money management behavior among Malaysian private universities students. International Journal of Business and Applied Social Science, 8(8). doi: http://dx.doi.org/10.33642/ijbass.v8n8p2
Md Kassim, A. A., Mohamed, J., Jahari, N. A. & Zain, N. N. M. (2019). Personal saving behavior among Muslim employees. International Journal of Academic Research in Business and Social Sciences, 9(11), 236-253. https://doi.org/10.6007/ijarbss/v9-i11/6545.
Mien, N. T. N. & Thao, T. P. (2015). Factors affecting personal financial management behaviors: Evidence from Vietnam. Global Business, Economics, Finance and Social Sciences, 10(5), 1-16.
Modigliani, F. & Brumberg, R. (1954). Utility analysis and the consumption function: an interpretation of cross-section data. Post Keynesian Economics. New Brunswick: Rutgers University Press.
Onofrei, N., Cociorva, A. & Pasa, A. T. (2022). Understanding money management behavior through the theory of planned behavior: a cross-cultural analysis. International Journal of Applied Behavioral Economics. Retrieved from https://www.igi-global.com/article/understanding-money-management-behavior-through-the-theory-of-planned-behavior/302139
Parmitasari, R. D., Alwi, Z. & S, S. (2018). Peran kecerdasan spiritual dan gaya hidup hedonisme dalam manajemen keuangan pribadi mahasiswa di kota makassar. Journal Manajemen, Ide, Inspirasi (MINDS), 5(2), 147 - 162. doi:https://doi.org/10.24252/minds.v5i2.5699
Pertiwi, W. K. (2019). Facebook Jadi Medsos PalingDigemari di Indonesia. https://tekno.kompas.com/read/2019/02/05/11080097/facebook-jadi-medsos-paling-digemari-di-indonesia?page=all. (2) (PDF) The roles of peers and social media in building financial literacy among the millennial generation: A case of Indonesian economics and business students.
Rahman, M., Isa, C. R. & Masud, M. M. (2021). The role of financial behavior, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia. Futur Bus J, 7, 52. https://doi.org/10.1186/s43093-021-00099-0
Ramalho, T. & Forte, D. (2022). Financial literacy in Brazil – do knowledge and self-confidence relate to behavior? International Journal of Industrial Management (IJIM). doi:https://doi.org/10.1108/RAUSP-04-2018-0008
Rosa, I. & Listiadi, A. (2020). Pengaruh literasi keuangan, pendidikan keuangan di keluarga, teman sebaya, dan kontrol diri terhadap manajemen keuangan pribadi. Journal Management, 12(2), 2020, 244-252. doi:https://doi.org/10.30872/jmmn.v12i2.7468
Sugiharti, H. & Maula, K. A. (2019). Pengaruh literasi keuangan terhadap perilaku pengelolaan keuangan mahasiswa. Accounthink Journal of Accounting and Finance, 4(2). doi:https://doi.org/10.35706/acc.v4i2.2208
Sundarasen, D. S., Rahman, M. S. & Danaraj, J. (2016). Impact of financial literacy, financial socialization agents, and parental norms on money management. Journal of Business Studies Quarterly, 8(1), 140-156.
Susanti, A., Ismunawan, Pardi. & Ardyan, E. (2017). Tingkat pendidikan, literasi keuangan, dan perencanaan keuangan terhadap perilaku keuangan UMKM di Surakarta. Telaah Bisnis, 18(1). Retrieved from https://journal.stimykpn.ac.id/index.php/tb/article/view/93/51
Susanti, N. (2021). Pengaruh financial knowledge, spiritual intelligence, emotional intelligence dan risk tolerance terhadap financial management behavior pada wirausaha di Kota Padang. e-Skripsi Universitas Andalas. Retrieved from http://scholar.unand.ac.id/id/eprint/79619
Trisuci, C. M. & Abidin, F. I. (2022). The influence of the use of Instagram social media, lifestyle, financial attitude, and ease of digital payment facilities in mobile banking on consumptive behavior in students during the Covid-19 pandemic through the role of financial literacy as a modera. Indonesian. Journal of Law and Economics Review, 16(11). doi:https://doi.org/10.21070/ijler.v15i0.781
Waranyasathid, R. & Htin, K. Z. W. (2020). Financial literacy and money management among the young. ASEAN Journal of Management & Innovation, 7(1), 79-89.
Yanto, H., Yulianto, A., Sebayang, L. K. B. & Mulyaga, F. (2017). Improving compliance with accounting standards without public accountability (SAK ETAP) by developing organizational culture: A case of Indonesian SMEs. Journal of Applied Business Research (JABR), 33(5), 929–940. https://doi.org/10.19030/jabr.v33i5.10016
Zulfaris, M. D., Mustafa, H., Mahussin, N., Alam, M. K. & Daud, Z. M. (2020). Students and money management behavior of a Malaysian public university. Journal of Asian Finance, Economics and Business, 7(3), 245-251.https://doi.org/10.13106/jafeb.2020.vol7.no3.245
Arofah, A. A., Purwaningsih, Y. & Indriayu, M. (2018). Financial literacy, materialism and financial behavior. International Journal of Multicultural and Multireligious Understanding, 5 (4). doi:http://dx.doi.org/10.18415/ijmmu.v5i4.171
Bamforth, J., Jebarajakirthy, C. & Geursen, G. (2018). Understanding undergraduates’ money management behavior: a study beyond financial literacy. International Journal of Bank Marketing, 36(7), 1285–1310. https://doi.org/10.1108/IJBM-05-2017-0104
Bona, J. (2018). Factors affecting the spending behavior of college students. J. Fundam. Appl. Sci, 142 - 152. doi:http://dx.doi.org/10.4314/jfas.v10i3s.12
Bougie, R. & Sekaran, U. (2019). Research Methods for Business: A Skill Building Approach. John Wiley & Sons.
Cao, Y., Gong, F. & Zeng, T. (2020). Antecedents and consequences of using social media. Journal of Financial Counseling and Planning, 31(1), 162-176. doi:http://dx.doi.org/10.1891/JFCP-18-00049.
Fajriyah, I. L. & Listiadi, A. (2021). Pengaruh uang saku dan pendidikan keuangan keluarga terhadap pengelolaan keuangan pribadi melalui literasi keuangan sebagai intervening. INOVASI: Jurnal Ekonomi, Keuangan dan Manajemen, 17(1), 61 - 72. Retrieved from https://journal.feb.unmul.ac.id/index.php/INOVASI/article/view/9176
Friedman, M. (1957). A theory of the consumption function. Princeton: Princeton University Press.
Godey, B., Manthiou, A., Pederzoli, D., Rokka, J., Aiello, G., Donvito, R. & Singh, R. (2016). Social media marketing efforts of luxury brands: Influence on brand equity and consumer behavior. Journal of Business Research, 69(12), 5833–5841. https://doi.org/10.1016/j.jbusres.2016.04.181
Hamid, F. S. & Loke, Y. J. (2021). Financial literacy, money management skills and credit card repayments. International Journal of Consumer Studies, 45(2), 235-247. https://doi.org/10.1111/ijcs.12614
Hariani, L. S. & Andayani, E. (2019). Manajemen keuangan pribadi: literasi ekonomi, literasi keuangan, dan kecerdasan spiritual. Jurnal Ekonomi Modernisasi, 15(3), 162 - 170. doi:https://doi.org/10.21067/jem.v15i3.4411
Herawati, N. T., Candiasa, I. M., Yadnyana, I. K. & Suharsono, N. (2018). Factors that influence financial behavior among accounting students in Bali. International Journal of Business Administration, 9(3), 30 - 36. doi:https://doi.org/10.5430/ijba.v9n3p30
Hidayat, M. Z. & Nurdin. (2020). Pengaruh literasi keuangan dan sikap keuangan terhadap perilaku manajemen keuangan. Prosiding Manajemen, 6(2), 944. doi:http://dx.doi.org/10.29313/.v6i2.24036
Husnawati, H. (2021). Pengaruh Sosial Ekonomi Orang Tua, Perilaku Keuangan dikeluarga, dan Kontrol Diri terhadap Manajemen Keuangan Pribadi Mahasiswa di Kabupaten Sinjai. Study of Scientific and Behavioral Management (SSBM), 2(3). Retrieved from https://journal.uin-alauddin.ac.id/index.php/ssbm/article/view/23896
Kadir, J. M. A. & Jamaluddin, A. A. (2020). Saving behavior in an emerging country: the role of financial knowledge, parent socialization and peer influence. Journal for Social Sciences, 23(1), 65-73.
Komal, G. Y., Mehta, M. & Gandhi, S. (2017). Money management practices among students. International Journal of Commerce, Business and Management, 6(1), 2319-2328.
Kurnia, S. (2020). Hubungan antara Kontrol Diri dengan Perilaku Phubbing pada Remaja di Jakarta. Journal Psikologi: Media Ilmiah Psikologi, 18(1), 58–67.
Kurukullam, V. (2019). Alarming Rate of Bankruptcies among Young, Naive and Spendthrift Malaysians. AsiaNewit.
Ladamay, A. Z., Supriyanto, T. & Nugraheni, S. (2021). Pengaruh media sosial, literasi keuangan, risiko, imbal hasil, dan religiusitas terhadap minat berinvestasi sukuk generasi Z di Jakarta. Islamic Economic Journal, 7(2), 181. doi:https://doi.org/10.21111/iej.v7i2.6552
LeBaron, A. B., Marks, L. D., Rosa, C. M. & Hill, E. J. (2020). Can we talk about money? Financial socialization through parent–child financial discussion. Emerging Adulthood, 8(6), 453-463. https://doi.org/10.1177/2167696820902673
Lusardi, A. (2019). Financial literacy and the need for financial education: evidence and implications. Swiss Journal of Economics and Statistics, 5, 1-8.
Md Kassim, A., A., Tamsir, F., Zainal Azim, Z. A., Mohamed, J. & Meor Nordin, H. N. (2020). Students’ saving behavior: do demographic profile, parent background and financial literacy matter? An empirical study in private universities in Selangor. International Journal of Psychosocial Rehabilitation, 24(1), 844-850.
Md Kassim, A. A., Nejad, M. Y., Othman, J., Mamat, S., Saad. M. A. & Mohamed, I. I. D. (2022). Determinants of money management behavior among Malaysian private universities students. International Journal of Business and Applied Social Science, 8(8). doi: http://dx.doi.org/10.33642/ijbass.v8n8p2
Md Kassim, A. A., Mohamed, J., Jahari, N. A. & Zain, N. N. M. (2019). Personal saving behavior among Muslim employees. International Journal of Academic Research in Business and Social Sciences, 9(11), 236-253. https://doi.org/10.6007/ijarbss/v9-i11/6545.
Mien, N. T. N. & Thao, T. P. (2015). Factors affecting personal financial management behaviors: Evidence from Vietnam. Global Business, Economics, Finance and Social Sciences, 10(5), 1-16.
Modigliani, F. & Brumberg, R. (1954). Utility analysis and the consumption function: an interpretation of cross-section data. Post Keynesian Economics. New Brunswick: Rutgers University Press.
Onofrei, N., Cociorva, A. & Pasa, A. T. (2022). Understanding money management behavior through the theory of planned behavior: a cross-cultural analysis. International Journal of Applied Behavioral Economics. Retrieved from https://www.igi-global.com/article/understanding-money-management-behavior-through-the-theory-of-planned-behavior/302139
Parmitasari, R. D., Alwi, Z. & S, S. (2018). Peran kecerdasan spiritual dan gaya hidup hedonisme dalam manajemen keuangan pribadi mahasiswa di kota makassar. Journal Manajemen, Ide, Inspirasi (MINDS), 5(2), 147 - 162. doi:https://doi.org/10.24252/minds.v5i2.5699
Pertiwi, W. K. (2019). Facebook Jadi Medsos PalingDigemari di Indonesia. https://tekno.kompas.com/read/2019/02/05/11080097/facebook-jadi-medsos-paling-digemari-di-indonesia?page=all. (2) (PDF) The roles of peers and social media in building financial literacy among the millennial generation: A case of Indonesian economics and business students.
Rahman, M., Isa, C. R. & Masud, M. M. (2021). The role of financial behavior, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia. Futur Bus J, 7, 52. https://doi.org/10.1186/s43093-021-00099-0
Ramalho, T. & Forte, D. (2022). Financial literacy in Brazil – do knowledge and self-confidence relate to behavior? International Journal of Industrial Management (IJIM). doi:https://doi.org/10.1108/RAUSP-04-2018-0008
Rosa, I. & Listiadi, A. (2020). Pengaruh literasi keuangan, pendidikan keuangan di keluarga, teman sebaya, dan kontrol diri terhadap manajemen keuangan pribadi. Journal Management, 12(2), 2020, 244-252. doi:https://doi.org/10.30872/jmmn.v12i2.7468
Sugiharti, H. & Maula, K. A. (2019). Pengaruh literasi keuangan terhadap perilaku pengelolaan keuangan mahasiswa. Accounthink Journal of Accounting and Finance, 4(2). doi:https://doi.org/10.35706/acc.v4i2.2208
Sundarasen, D. S., Rahman, M. S. & Danaraj, J. (2016). Impact of financial literacy, financial socialization agents, and parental norms on money management. Journal of Business Studies Quarterly, 8(1), 140-156.
Susanti, A., Ismunawan, Pardi. & Ardyan, E. (2017). Tingkat pendidikan, literasi keuangan, dan perencanaan keuangan terhadap perilaku keuangan UMKM di Surakarta. Telaah Bisnis, 18(1). Retrieved from https://journal.stimykpn.ac.id/index.php/tb/article/view/93/51
Susanti, N. (2021). Pengaruh financial knowledge, spiritual intelligence, emotional intelligence dan risk tolerance terhadap financial management behavior pada wirausaha di Kota Padang. e-Skripsi Universitas Andalas. Retrieved from http://scholar.unand.ac.id/id/eprint/79619
Trisuci, C. M. & Abidin, F. I. (2022). The influence of the use of Instagram social media, lifestyle, financial attitude, and ease of digital payment facilities in mobile banking on consumptive behavior in students during the Covid-19 pandemic through the role of financial literacy as a modera. Indonesian. Journal of Law and Economics Review, 16(11). doi:https://doi.org/10.21070/ijler.v15i0.781
Waranyasathid, R. & Htin, K. Z. W. (2020). Financial literacy and money management among the young. ASEAN Journal of Management & Innovation, 7(1), 79-89.
Yanto, H., Yulianto, A., Sebayang, L. K. B. & Mulyaga, F. (2017). Improving compliance with accounting standards without public accountability (SAK ETAP) by developing organizational culture: A case of Indonesian SMEs. Journal of Applied Business Research (JABR), 33(5), 929–940. https://doi.org/10.19030/jabr.v33i5.10016
Zulfaris, M. D., Mustafa, H., Mahussin, N., Alam, M. K. & Daud, Z. M. (2020). Students and money management behavior of a Malaysian public university. Journal of Asian Finance, Economics and Business, 7(3), 245-251.https://doi.org/10.13106/jafeb.2020.vol7.no3.245
Published
2023-11-10
How to Cite
Saad, A. B. M., Jonathan, G., Md Kassim, A. A., & Nejad, M. Y. (2023). Money Management Behavior among Adults in Indonesia. Information Management and Business Review, 15(4(SI)I), 146-154. https://doi.org/10.22610/imbr.v15i4(SI)I.3586
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Research Paper
Copyright (c) 2023 Asni Binti Mat Saad, Gavin Jonathan, Aza Azlina Md Kassim, Maryam Yousefi Nejad
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