FACTORS INFLUENCING ACCOUNTING STUDENTS' FINANCIAL LITERACY AT WIDYATAMA UNIVERSITY, BANDUNG
Keywords:
Financial Literacy, , Financial Attitude, Peer Pressure, Family Environment and Financial EfficacyAbstract
The spread of the Covid 19 virus has shaken the economy in various countries, including Indonesia. This is due to the lack of financial literacy in society, starting from the young adult phase, especially for students. Financial problems can cause stress, and about 73% of students in the campus community report experiencing difficulties related to finances. The purpose of this study was to determine the extent to which factors influence financial literacy such as financial attitudes, family environment, peer pressure and financial efficacy . This type of research is quantitative research with a descriptive approach. The samples studied were all S1 Faculty of Economics Accounting Study Programs at Widyatama University Bandung, sampling in this study used purposive sampling, so using the above calculation it was known that the population was 251 students, a sample of 155 students was taken in this study. Data analysis techniques in this study used validity tests, reliability tests and structural model tests. The results of this study indicate that family environmental factors do not have a significant effect on financial literacy, while financial efficacy factors have a significant effect on financial literacy, financial attitudes have a significant effect on financial literacy, and peer pressure has a significant effect on financial literacy. This is consistent with research (Thomas & Subhashree, 2020) that financial knowledge, financial attitudes, parental influence, and peers have a direct and positive effect on the level of financial literacy in Engineering undergraduate students
Downloads
References
Alhabeeb, M. J. Allowances and the economic socialization of children.
Association for Financial Counseling and Planning Education, 10(2), 1–9. 2021
Amagir, A., Groot, W., van den Brink, H. M., & Wilschut, A. Financial literacy of high school students in the Netherlands: knowledge, attitudes, self-efficacy, and behavior. International Review of Economics Education, 34(February), 100185. 2020 https://doi.org/10.1016/j.iree.2020.100185
Amatucci, F. M., & Crawley, D. C. Financial self-efficacy among women entrepreneurs. International Journal of Gender and Entrepreneurship, 3(1), 23– 37. 2011 https://doi.org/7. https://doi. org/10.1108/17566261111114962
Andrews, B., Wilding, J. M., The relation of depression and anxiety to life‐ stress and achievement in students. Br. J. Psychol, 95(4), 509–521. 2004
Anthes, W. L., Frozen in the headlights: The dynamics of women and money.
Journal of Financial Planning, 13(9), 130–142. 2004
ASIC. Summary of stakeholder responses to financial literacy in schools,.
ASIC Discussion Paper, June 2003.
Atkinson, A., & Messy, F. A. Measuring financial literacy: Results of the OECD/International Network on Financial Education (INFE) pilot study. 2012
Retrieved from https://www.oecd-ilibrary.org/docserver/5k9csfs90fr4-en pdf%0A?expires=1547457090&id=id&accname=guest&checksum=%0AFD9 322B38CB025C91153D94767BA7924
Aydin, A. E., & Akben Selcuk, E. (2019). An investigation of financial literacy, money ethics and time preferences among college students: A structural equation model. International Journal of Bank Marketing, 37(3), 880–900. https://doi.org/10.1108/IJBM-05-2018-0120
Bandura, A. (1977). Self-efficacy: toward a unifying theory of behavioral change.
E. Psychological Review, (84), 191–215.
Bandura, A. Self-efficacy. In V.S. Ramachaudran (Ed.). Encyclopedia of Human Behaviour.1994
Bandura, A. (2005). The evolution of social cognitive theory. In K. G. Smith, & M.
A. Hitt (Eds.),. (Oxford, Ed.), , Great Minds in Management. University Press. Bandura, A. (2006). Guide for constructing self-efficacy scales. In F. Pajares &
T.C. Urdan (Eds.),. In Self-Efficacy Beliefs of Adolescents (p. (pp. 307– 337).). Greenwich, CT: Information Age Publishing.
Beutler, I. F., & Dickson, L. Consumer economic socialization. In J. J. Xiao (Ed.). In Handbook of consumer finance research (pp. 83–102). New York: Springer. 2008
Bhushan, P., & Medury, Y. An empirical analysis of inter linkages between financial attitudes, financial behavior and financial knowledge of salaried individuals. Indian Journal of Commerce and Management Studies, 5(3), 58. 2014
Brown, B. B., Mounts, N., Lamborn, S. D., & Steinberg, L. Parenting practices and peer group affiliation in adolescence. Child Development, (64), 467–482. 1993
Chinen, K., & Endo, H. Effects of attitude and background on personal financial ability: A student survey in the United States. International Journal of Management, 29(1), 33. 2012
Choi, J. J., Laibson, D., & Madrian, B. C. Why does the law of one price fail? An experiment on index mutual funds. The Review of Financial Studies, 23(4), 1405– 1432. 2010
Clarke, M. D., Heaton, M. B., Israelsen, C. L., & Eggett, D. L. The acquisition of family financial roles and responsibilities. Family and Consumer Sciences Research Journal, (33), 321–340. 2005
Dangol, J., & Maharjan, S. Parental and Peer Influence on the Saving Behavior of the Youth. International Research Journal of Management Science, 3(1), 42–63.2018 https://doi.org/10.3126/irjms.v3i0.28035
E. Z. Rajasa, A. Manap, P. D. H. Ardana, M. Yusuf, and H. Harizahayu, “Literature Review: Analysis Of Factors Influencing Purchasing Decisions, Product Quality And Competitive Pricing ”, Jurnal Ekonomi, vol. 12, no. 01, pp. 451–455, Jan. 2023.
Farrell, L., Fry, T. R. L., & Risse, L. The significance of financial self- efficacy in explaining women’s personal finance behaviour. Journal of Economic Psychology, 54, 85–99. 2016 https://doi.org/10.1016/j.joep.2015.07.001
Ghozali, I. (2014). Structural Equation Modeling Metode Alternatif dengan Partial Least Square (Edisi 4). Semarang: Badan Penerbit Universitas Diponegoro.
Gratz, J. The impact of parents’ background on their children’s education.
Educational Studies, 1(12), 268.2006
Haque, A., & Zulfiqar, M. Women’s economic empowerment through financial literacy, financial attitude and financial wellbeing. Research Journal of Finance & Accounting, 6(21), 57–66.2015
Harris, J. R. Where is the child’s environment? A group socialization theory of development. Psychological Review, (102), 458–489. 1995
Heckman, S., Lim, H., Montalto, C. (2014). Factors related to financial stress among college students. J. Financ. Ther, 5(1), 19–39.
Huston, S. Measuring Financial Literacy. Journal of Consumer Affairs, (44), 296–316. 2010 https://doi.org/http://dx.doi.org/10.1111/j.1745- 6606.2010.01170.x
Huston, S. J. . Measuring financial literacy. The Journal of Consumer Affairs, 44(2), 296–316. 2010
Ibrahim, M. E., & Alqaydi, F. R. Financial literacy, personal financial attitude, and forms of personal debt among residents of the UAE. International Journal of Economics and Finance, 5(7), 126. 2013
Institute, T.-C. 2001 parents, youth & money survey: Parents miss the mark as financial educators for their kids. Retrieved from rethttp://www.tiaacrefinstitute.org/about/news/ym_survey.html
John, D. R. (1999). Consumer socialization of children: a retrospective look at twenty- five years of research. The Journal of Consumer Research, (26), 183–213. 1999
Jorgensen, B. L., & Savla, J. Financial literacy of young adults: The importance of parental socialization. Family Relations, (59), 465–478. 2010
Lusardi, A. inancial Literacy: an Essential Tool for Informed Consumer Choice? Ational Bureau of Economic Research. 2008
Mahrunnisya, D., Indriayu, M., Wardani, D. K. Peer conformity through money attitudes toward adolescence’s consumptive behavior. International Journal of Multicultural and Multireligious Understanding, 5(4), 30–37. 2018
Marlatt, G. Controlled drinking: the controversy rages on. American Psychologist, (40), 374–375. 1985
Mowen, J.C., Minor, M. S. . Consumer Behaviour: A Framework.
Englewood Cliffs,. New Jersey: Prentice Hall. 2000
YUSUF, Muhammad et al. THE IMPACT OF USING TOKOPEDIA ON PROFITABILITY AND CONSUMER SERVICE. Jurnal Darma Agung, [S.l.], v. 30, n. 2, p. 559 - 573, aug. 2022. ISSN 2654-3915. Available at: <http://jurnal.darmaagung.ac.id/index.php/jurnaluda/article/view/2273>. Date accessed: 22 jan. 2023. doi: http://dx.doi.org/10.46930/ojsuda.v30i2.2273.
Mujahidin, M., Yusuf, M., Ardianto, R., Sutaguna, I. N. T. and Sampe, F. “The Effect of Relationship Marketing and Relationship Quality on Customer Loyalty (Bank Muamalat Indonesia)”, Technium Social Sciences Journal. Constanta, Romania, 38(1), pp. 312–323. 2022 doi: 10.47577/tssj.v38i1.7766.
Mugenda, O. M., Hira, T. K., & Fanslow, A. M. . Assessing the causal relationship among communication, money management practices, satisfaction with financial status, and satisfaction with quality of life.
Lifestyles: Family and Economic Issues, (11), 343–360. 1990
Munoz-Murillo, M., Alvarez-Franco, P. B., & Restrepo-Tobón, D. A. The role of cognitive abilities on financial literacy: New experimental evidence. Journal of Behavioral and Experimental Economics, 84, 1–21. 2020 https://doi.org/https://doi.org/10.1016/j.socec.2019.101482
Murdock, T. B., Hale, N. M., & Weber, M. J. Predictors of Cheating among Early Adolescents: Academic and Social Motivations. Contemporary Educational Psychology, 26(1), 96–115. 2001 https://doi.org/10.1006/ceps.2000.1046
N. Norvadewi, Ferdinandus Sampe, Rian Ardianto, and Muhammad Yusuf, “The Impact Of Brand Image And Prıce Onlıne Product Purchase Decısıons At Shopee”, ajmesc, vol. 3, no. 01, pp. 336-351, Jan. 2023.
OECD. Financial literacy and inclusion: Results of OECD/INFE survey across countries and by gender. Paris: OECD Centre. 2013
Remund, D. L. Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. Journal of Consumer Affairs, 44(2), 276–295. 2010
Remund, D. L. Financial Literacy Explicated: The Case for a Clearer Definition in an Increasingly Complex Economy. Journal of Consumer Affairs, (44), 276–295. 2010 https://doi.org/http://dx.doi.org/10.1111/j.1745- 6606.2010.01169.x
Sandler, M. E. (2000). Career Decision-Making Self-Efficacy, Perceived Stress, and an Integrated Model of Student Persistence: Research in Higher Education, 41(5), 537–580.
Santrock, J. W. Adolescence. Jakarta: Erlangga. 2003
Stajkovic, A.D. & Luthans, F. Self-efficacy and work-related performance: a meta-analysis. S. Psychological Bulletin, (124), 240–261. 1998
S. Sutrisno, L. Panggalo, M. Asir, M. Yusuf, and P. A. Cakranegara, “Literature Review: Mitigasi Resiko dan Prosedur Penyelamatan pada Sistem Perkreditan Rakyat”, COSTING : Journal of Economic, Business and Accounting, vol. 6, no. 2, pp. 1154-1167, Jan. 2023.
Thomas, B., & Subhashree, P. Factors that influence the financial literacy among engineering students. Procedia Computer Science, 172(2019), 480– 487. 2020 https://doi.org/10.1016/j.procs.2020.05.161
Webley, P. & Nyhus, K. E. Parents’ influence on children’s future orientation and saving. Journal of Economic Psychology, 27(1), 140–164. 2006
Xiao, J.J., Ahn, S.Y., Serido, J. and Shim, S. Earlier financial literacy and later financial behaviour of college students. International Journal of Consumer Studies, 38(6), 593–601. 2014
Youniss, J., & Haynie, L. D. (1992a). Friendship in adolescene. Journal of Developmental & Behavioral Pediatrics, 13(1), 59–66.
