The Roles of Financial Knowledge, Motivation and Self Efficacy on the Influence of Financial Education toward Financial Literacy

Partono Thomas, Kemal Budi Mulyono, Khasan Setiaji

Abstract


This research aims to know the influence of financial education toward financial literacy on Economics Faculty students. In Economics Faculty, Universitas Negeri Semarang, there were 16 of 40 students who had good financial behaviors. It was contradictive because they have taken accounting subject who make them good in financial literacy. The research on financial literacy had the contradiction, especially in the influence of financial education variable on financial literacy. Therefore, this study raised the mediating variables; the consumer knowledge variable and psychological factor variables (motivation, self efficacy). This study was analyzed by two analyses that were descriptive analysis and path inferential analysis. Findings show that students financial literacy and financial education are in enough categories; whereas, motivation and self-efficacy are in good condition, and students financial knowledge is in unfavorable category. The results of path analysis show that the variable of financial education does not have any direct influence toward financial literacy, but it has indirect influence through motivation. Then, the variable of financial education also does not have any direct influence toward self-efficacy, and self-efficacy does not influence toward financial literacy and financial knowledge does not have any influence toward financial literacy. Thus; the learning process on Finance should involve three aspects; cognitive, affective, and psychomotor; and it needs the development of learning model on Finance to involve students activeness in managing their financial activities.


Keywords


Financial Literacy; Financial Knowledge; Motivation, Self-Efficacy; Financial Education

Full Text:

PDF

References


Amromin, G., Jennifer, H., Clemens, S., & Edward, Z. (2010). Complex Mortgages. Federal Reserve Bank of Chicago Working Paper no. 2010-17, November 2010.

Aritonang, K. T. (2008). Minat dan Motivasi dalam Meningkatkan Hasil Belajar Siswa. Jurnal Pendidikan Penabur, 10(7).

Bashir, T., Arshad, A., Nazir, A., & Afzal, N. (2013). Financial literacy and influence of psychosocial factors. European Scientific Journal, 9(28).

Bandura, A. (1977). Social Learning Theory. New Jersey: Prentice Hall Inc.

Bowen, C. F. (2002). Financial knowledge of teens and their parents. Journal of Financial Counseling and Planning, 13(2), 93.

Chung, Y., & Park, Y. (2014). The Effects Of Financial Education And Networks On Business Students Financial Literacy. American Journal of Business Education, 7(3), 229.

DPAU BI. (2014). Financial Literacy Baseline Survey. Jakarta: Grup Pengembangan Keuangan Inlusif DPAU BI:

Ferdinand, A. (2012). Metode Penelitian Manajemen. Semarang: Undip Press.

Hassan Al-Tamimi, H. A., & Anood Bin Kalli, A. (2009). Financial literacy and investment decisions of UAE investors. The Journal of Risk Finance, 10(5), 500-516.

Jananti, N. (2014). Pengaruh Kepercayaan Diri, Budaya Lokal Dan Pendidikan Agama Terhadap Hasil Belajar Mata Pelajaran Ekonomi Siswa Kelas XI IPS SMA Negeri 1 Demak Tahun Ajaran 2013/2014. Economic Education Analysis Journal, 3(2).

Krishna, A., Rofaida, R., & Sari, M. (2010, November). Analisis tingkat literasi keuangan di kalangan mahasiswa dan faktor-faktor yang mempengaruhinya (Survey pada Mahasiswa Universitas Pendidikan Indonesia). In Proceedings of The 4th International Conference on Teacher Education.

Luksander, A., Bres, D., Huzdik, K., & Nmeth, E. (2014). Analysis of the Factors that Influence the Financial Literacy of Young People Studying in Higher Education. Public Finance Quarterly, 59(2)220-241.

Lusardi, A., Mitchell, O. S., & Curto, V. (2009). Financial literacy among the young: Evidence and implications for consumer policy (No. w15352). National Bureau of Economic Research.

Mandell, L., & Klein, L. S. (2007). Motivation and financial literacy. Financial services review, 16(2), 105.

Margaretha, F., & Pambudhi, R. A. (2015). Tingkat Literasi Keuangan pada Mahasiswa S-1 Fakultas Ekonomi. Jurnal Manajemen dan Kewirausahaan, 17(1), 76-85.

Nababan, D., & Sadalia, I. (2012). Analisis personal financial literacy dan financial behavior maha-siswa strata I fakultas ekonomi Universitas Sumatera Utara. Downloaded 10 April 2015, from http://repository.usu.ac.id/handle/123456789/34557.

Nidar, S. R., & Bestari, S. (2012). Personal financial literacy among university students (case study at Padjadjaran University students, Bandung, Indonesia). World Journal of Social Sciences, 2(4), 162-171.

Oktarina, N. (2011). Peranan Pendidikan Global dalam Meningkatkan Kualitas Sumber Daya Manusia. Dinamika Pendidikan, 2(3).

OECD. (2005). Improving Financial Literacy: Analysis of Issues and Policies. Paris: OECD Publishing.

OECD. (2012). PISA 2012 Finacial Literacy Assesment Framework. Paris: OECD Publishing.

Huston, S. J. (2010). Measuring financial literacy. Journal of Consumer Affairs, 44(2), 296-316.

Schwab, C., Iannicola Jr, D., Beck, T., Hira, T., Bryant, J. H., Parker, J., ... & Dawson, C. (2008). Presidents Advisory Council on Financial Literacy. Annual Report to the President. Washington: The department of the treasury.

Sina, P. G. (2012). Analisis Literasi Ekonomi. Jurnal Economia, 8(2), 135-143.

Starek, S., & Trunk, A. (2013). The meaning and concept of financial education in the society of economic changes. In Learn International Conference.




DOI: https://doi.org/10.15294/dp.v11i2.8941

Refbacks

  • There are currently no refbacks.




Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.