Financial Literacy, Self-Efficacy, and Financial Behaviour of College Students

Anastasia Anggarkusuma Arofah

Abstract


Many policies have been provided to improve the financial literacy of individuals, especially those involving financial education programmes. However, positive financial behaviour requires more than financial literacy: an individual must also have self-confidence or self-belief in their ability to manage their personal finances. This attribute is known in the psychological literature as “self-efficacy”. This paper examines the importance of financial literacy and self-efficacy in affecting individual financial behaviour. The research is conducted through a survey of 129 undergraduates of Economics Education, at Sebelas Maret University.  The results of the research show that both financial literacy and self-efficacy have positive and significant effects on financial behaviour.  Undergraduates with high financial literacy are more likely to hold investment and savings products and are less likely to hold debt-related products. Similarly, undergraduates who have high self-efficacy are likely to be better at managing their personal finances. Moreover, the significance of financial literacy and self-efficacy has important implications for the development of policies that aim to improve financial behaviour among college students through financial education programmes.


Keywords


financial literacy; self-efficacy; financial behaviour; financial education

Full Text:

PDF
rticle

References


Asian Development Bank (2013). Keynote speech at the ASEAN Financial Literacy Conference, delivered by ADB Vice President S.P. Groff, at Bandar Seri Begawan, Brunei Darussalam 10 September.

Australian Securities and Investment Commission (2013). National Financial Literacy Strategy, ASIC Report No. 403, Australian Government.

Bandura, A. (1994). Self-efficacy. In V.S. Ramachaudran (Ed.). Encyclopedia of Human Behaviour (Vol. 4, pp. 71-81). Newyork: Academic Press.

Bandura, A. (2006a). Guide for Constructing Self-efficacy Scales.In F.Pajares & T.C. Urdan (Eds.). Self-efficacy beliefs of adolescents (pp. 307-337). Greenwich, CT: Information Age Publishing.

Calvet, Laurent, Campbell. J & Sodini, P. (2005). Down or Out: Assesing the Welfware Costs of Houshold Investment Mistakes, Harvard Institute of Ecconomic Research Discussion Paper No. 2107.

Carlin, B.I & Robinson, D T. (2012). What Does Financial Literacy Teach Us? Journa of Economic Education, Taylor and Francis Journal, 43(3), 235-247.

Check J., Schutt R. K. Survey research. In: J. Check, R. K. Schutt., editors. Research methods in education. Thousand Oaks, CA:: Sage Publications; 2012, 159-185.

Chinen, Kenichiro, & Hideki Endo. (2012). Effect of Attitude an Background on Personal Finance Ability: A Student Survey in the United State. International Journal of Management. 1(29): 33-45.

Danes, S. M & Haberman, H. R. (2007). Teen Financial Knowledge, Self-efficacy, and Behavior: A gendered view. Financial Counseling and Planning, 18(2), 48-60.

Dew, J., & Xiao, J. J. (2011). The Financial Management Behavior Scale: Development and validation. Journal of Financial Counseling and Planning, 22(1), 43–59.

Dietz, B. E., Carroza, M., & Ritchey, P. M. (2003). Does Financial Self-Efficacy Explain Gender Differences in Retirement Saving Strategies? Journal of Women and Aging, 15(4), 83-96.

Farrell, L., Fry, T. R. L., & Risse, L. (2016). The Significance of Financial Self-Efficacy in Explaining Women’s Personal Finance Behaviour. Journal of Economic Psychology, 54, 85–99.

Financial Literacy and Education Commision (2011). Promoting Financial Success in the US: National Strategy for Financial Literacy, US Departeent of the Treasury.

Gutter, M. S. (2008). Financial Management Practices of College Students from States with Varying Financial Education Mandates, 1–20.

Habshick. (2007). Survey of Financial Literacy Schemes in the EU27. Hamburg. Financial Services EVERS JUNG Research and Consulting.

Lusardi, A., & Mitchell, O. S. (2014). The Economic Importance of Financial Literacy: Theory and Evidence. Journal of Economic Literature, 52(1), 5–44.

OECD (Organisation for Economic Development and Cooperation). (2013b). PISA 2012 Assessment and Analitical Framework: Mathematics, Reading, Science, Problem Solving and Financial Literacy, Paris: OECD Publishing.

Sabri, M. F, & Tze Juen, T. (2014). The Influence of Financial Literacy, Saving Behaviour, and Financial Management on Retirement Confidence Among Women Working in the Malaysian Public Sector. Asian Social Science, 10(14), 40–51.

Te’eni-Harari, T. (2016). Financial Literacy Among Children: The Role of Involvement in Saving Money. Young Consumers, 17(2), 197–208.




DOI: https://doi.org/10.20961/ijpte.v3i2.17546

Refbacks

  • There are currently no refbacks.


Copyright (c) 2019 Anastasia Anggarkusuma Arofah

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

erek erek

levis4d

javtogel

slot

https://micromaterialsresearch.com/

https://tvwesal.com/

toto slot

AMARTOTO

slot

paitogel

ceri123

slot

spaceman slot

Slot777

Situs Slot Gacor

miya4d

slot longhoki

MOM4D

omtogel

toto slot

paitogel

  

International Journal of Pedagogy and Teacher Education

Print ISSN: 2597-7792
Online ISSN: 2549-8525
Website: https://jurnal.uns.ac.id/ijpte/index
Email: ijpte@mail.uns.ac.id
Published by: Faculty of Teacher Training and Education, Universitas Sebelas Maret
Ir. Sutami Street, No. 36A, Surakarta, Jawa Tengah Indonesia

toto togel

slot gacor

freya kehilangan akal saat mahjong ways 2 tembus rp 4.200.000

nongkrong sambil main mahjong ways 2 gilang malah dapat scatter hitam

freespin beruntun di mahjong ways 2 bikin laras bengong

akhirnya menang saat hampir nyerah mahjong ways 2 versi dino

kejutan tengah malam dari mahjong ways 2 untuk tari

scatter mahjong ways muncul 3x saat zaki sedang ngopi

maen mahjong ways 2 abis bersihin kosan deo malah bawa pulang rp 7.800.000

maia buka mahjong ways 2 sebelum tidur langsung dapat keberuntungan

sandi cuma iseng main eh rp 13.000.000 masuk dari mahjong ways 2

tanpa disangka dira dapat freespin di mahjong ways saat nunggu ojek

perjuangan rey dari modal tipis sampai tembus rp 2.500.000 di mahjong ways 2

scatter ganda di mahjong ways 2 bikin vano gagal tidur

tiara curhat menang mahjong ways 2 sambil nangis

keajaiban muncul waktu vivi coba mahjong ways 2 pakai koin terakhir

tanpa niat main mahjong ways 2 bisa bikin niko tiba tiba happy

grace menang mahjong ways 2 waktu bosen nunggu rapat online

scatter hitam di mahjong ways 2 bikin nando cuma bisa diem

syifa main mahjong ways 2 sambil masak sayur eh rp 6.300.000 masuk

aldo bingung sendiri liat freespin mahjong ways 2 muncul 4x beruntun

maen bentar aja udah menang rp 11.200.000 dari mahjong ways 2 kata jo

tiba tiba menang 13 juta waktu rendi main mahjong ways 2

zidan nggak nyangka mahjong ways 2 bisa bikin saldo meledak

main mahjong way sambil nunggu hujan reda dan dapat kejutan

pengalaman hana dapat 8.200.000 saat ngabuburit mahjong way

mahjong way jadi pelarian laras dari drama keluarga

uang makan bulan ini datang dari mahjong ways 2 cerita irfan

iseng coba mahjong way ternyata bisa bikin senyum farhan

cerita fahrul bangun pagi cuma buat main mahjong ways 2

rissa main mahjong ways 2 karena bosan eh malah ketagihan

kaget liat freespin datang berturut turut di mahjong ways 2

nova nggak percaya saldo nambah pasca main mahjong ways 2

uang kaget dari mahjong way bikin rafi ajak nongkrong teman

andi main mahjong ways 2 sebelum berangkat kerja dan menang

dari bosen di kelas online jadi cuan di mahjong way

sabtu malam di kamar kecil rizka dan 12 juta dari mahjong ways 2

vera cuma pengen coba coba tapi mahjong ways 2 ngasih banyak

menang tanpa target mahjong ways 2 buat akbar bingung sendiri

dari kepo liat temen main mahjong way felix ikut menang

paul diem diem main mahjong ways 2 dan bawa pulang 13 juta

dari cuma 20 ribu main mahjong ways 2 bisa jadi rp 5.200.000

tokowin99

titan777

988slot

988bet