The Impact of Money Attitude on Twenty Mariza Syafitri 1)

Bengkulu University1), Indonesia

Personal Financial Management Fitri Santi 2)

Behavior, and Self-Control as Bengkulu University2), Indonesia

Moderation Variables

ABSTRACT
Personal financial management behavior is considered as an important activity for individual
which has a purpose to achieve financial welfare. This study had two purpose: (1) to test the
direct effect of money attitude and self-control on the personal financial management
behavior, and (2) to test the moderating effect of self-control on the effect money attitude and
personal financial management behavior. The sample of this reasearch were 134 of
undergraduate student and 109 of postgraduate student in the Faculty of Economic and
Business (FEB) Bengkulu University. This study used Partial Least Square (PLS) program to
testy the hypothesis. The following are generated results from this research study. The direct
effect of money attitude and self-control have a significantly influence on personal financial
management behavior. In addition, self-control has not moderating effect on money attitude
and personal financial management behavior of among college students in the Faculty of
Economics and Business (FEB) Bengkulu University.

Keywords: Money attitude, Self-control, Personal Financial Management Behavior.

INTRODUCTION
Researchers, academics and practitioners
agree that research on the financial behavior
becomes an important issue in today's world
is primarily caused by increasing on one’s
income and purchasing power. In which
increasing of one's income and purchasing
power will have caused long-term financial
problems. This condition requires an effort to
improving the financial well-being by giving
an emphasis on financial behavior aspects
(Zaimah et al., 2013). The financial
management behavior tends to be associated
with a person’s perceived control over
spending outcomes (Grable et al., 2009).
In several previous studies concentrate
on the financial behavior suggests that
financial management practices on the young
generation has received the seriously
attention from a wide range of organizations,
such as government, financial institutions,
universities, and etc (Mien and Thao, 2015),
because when they begin college careers,
most of them ever have not been solely
responsible for their own personal finances
(Borden et al., 2008). Even the young gener-
ation rarely practiced basic financial skills,
such as budgeting, a regular savings plan or
planning for long-term requirements (Birari
and Patil, 2014).
According to Indonesia Stock Exchange
(IDX), based on the results of national
survey of financial literacy among college
students in 2016, showed only 28% of
college students who had a good literacy
with utility rates of 44% (IDX, 2016). On
the other hand, the results of a survey on
postgraduate students conducted by National
Union of Student (NUS), showed
approximately 28% of respondents stated
that their sources of finance were not
sufficient to meet their needs, although they
received the support of other tuition cost
resources (NUS, 2010).
This results in line with the results of
pre-survey conducted on undergraduate
students in the Faculty of Economics and
Business (FEB) Bengkulu University, in
which only 10 college student allocated
some of their pocket money on a monthly
basis for savings, and 26 college student

Twenty Mariza Syafitri and Fitri Santi (2017) 1

allocated their pocket money for shopping.
This result indicated that intention of
undergraduate students to savings was still
relative low because they prefer to shopping.
In addition, the another findings through
interview with one of the postgraduate
students in the Faculty of Economics and
Business (FEB) Bengkulu University, she
was also less concerned about her spending
and financial managements, so her income
per monthly earned as a Civil Servant in the
one of Bengkulu Province Instances could
not insufficient to her needs. Thus one of
ways to earned additional income was
through credit efforts to sufficient the lack of
income in provide to needs.
Since September 2016, the Indonesia
Stock Exchange (IDX) and Financial
Services Authority (OJK) have been doing a
strategy to reduce rather poor financial beha-
vior of college students and expected can
invite a college students to do invest in the
Capital Market. Therefore, the inaugurations
of Investment Galleries in the several
Universities, one of Universities is Bengkulu
University who has expected to build the
character of college students in the Faculty of
Economics and Business (FEB) as a good
future economist and smart in using products
and services of financial.
The study of financial problems ever did
by Shim et al., (2009), found that money
attitude had a significantly effect to deter-
mine of financial management behaviors and
person's financial well-being, and money
attitude also contributed to predict person's
financial practices (Dowling et al., 2009).
The responsible financial behaviors also very
relates with self-control, because self-control
failure in using financial will have caused
psychological consequences, such as guilt,
stress, shame, and regret (Tangney et al.,
2004).
LITERATURE REVIEW
Personal finance is one of basic concepts
in science of economics, finance and
management, and general principles of deci-
sion making and the management of
financial resources of the individual and
Twenty Mariza Syafitri and Fitri Santi (2017)
family (Hira, 2009). Personal finance refers
to as every financial decisions and activities
that one's can make and undertake. This is
include budgeting and expenditures of
incomes, savings, investments, mortgages,
insurance and all of financial decisions
(Obago, 2014). A solid understanding of
personal finance will offer person's personal
financial satisfaction and a better chance of
success in facing the financial condition,
problems, and opportunities of life, For
instance paying minimal credit costs,
purchasing a car with low prices, buying
appropriate and fairly priced insurance
(Garman and Forgue, 2012: 3).
Personal financial satisfaction is a result
of process known as personal financial
management or personal financial planning
(Kapoor et al., 2004: 4). Financial planning
has been considered a strategic process
aimed to helping individuals on manage their
financial resources to be able to achieve a
range of life and financial goals (Overton,
2008). Kapoor et al. (2004: 9) state there are
two type of personal financial goals
development who can be influence on per-
sonal finance in the future, the first based on
time to achieve goals, and the second based
on type of need.
Financial management has considered as
the set of behaviors performed through the
planning, implementing, and evaluating in-
cluding in the cash, credit, investment,
insurance and retirement, and estate planning
(Parrotta and Johnson, 1998: 60). Kholilah
and Iramani (2013: 70) define personal
financial management behaviors as a one's
ability to manage of daily financial funds
through planning, budgeting, controlling,
finding, and saving. In other words, the
personal financial management behavior is
relates to a person's financial responsibility
regarding a way of financial management
who involves managing of money and other
assets of ways considered productive (Ida
and Dwinta, 2010). Therefore, the financial
management abilities has become increasing-
ly in today’s since an individual have to plan
for long-term investments for old age and
expenses of needs (Falahati and Paim, 2011).
2
 The factors who can effect to behaviors
in general are knowledge and attitude
(Parrotta and Johnson, 1998). This is requires
the development on knowledge and skill to
advantage of financial opportunities, solve of
problem financials, achieve self-satisfaction,
and provide security in financial terms.
Financial management behavior can be seen
how well an individual to management of
savings and other spendings (Hilgert et al,
2003). Thereby, every individual have to
responsible in planning and actualizing their
financial future, and finally will make their
personal financial management behavior can
be to optimal. O'Neill and Xiao (2012)
indicate the personal financial management
behavior becomes three type are budgeting,
spending, and saving.
An attitudes is considered as one's
judgment tendency to evaluate things in a
certain way, include an evaluations of
people, issues, objects or events (Bahsin and
Thenmozhi, 2014). One of problems of
attitude-behaviour inconsistency will have
caused a gap between attitudes and actions in
relation to future-oriented behaviors (Loewe-
nstein and Prelec, 1992; Knussen and Yule,
2008). The future-oriented behaviors to be
resulted by individual positive-attitudes, as
goals to encourage individuals getting long-
term benefits (Rabinovich et al., 2009). The
individual's attitude will make easy in a con-
sistent decision-making (Glasman and
Albarracin, 2006).
According to Maio and Haddock (2009),
positive-attitudes formed through: (1) one’s
beliefs about the consequences of
performing the particular behavior, and (2)
one’s evaluation of those possible conse-
quences. Regan and Fazio (1977) argue that
an attitude needed to predict behavior, in
which an attitudes forming out of the results
of individual's immediate experience toward
an object. Money is represents a prominent
object of modern society as another strengths
who can be encourage behavior (Hanley and
Wilhelm, 1991).
Money attitude is a form of individuals
behavior as evaluation results to proprietary
benefits of, a function and the symbolic
Twenty Mariza Syafitri and Fitri Santi (2017)
meaning of money can be influence on
buying behavior (Kristanto, 2011: 6). Qamar
et al, (2016: 300) state that money attitude is
one's perception about money. An individual
define money as a tool that can influence on
actions will have done in the management of
money (Sina, 2013: 94). Even, one’s money
attitudes will be influencing their behaviors
when they are shopping and saving, and
finally is going to an effect the achievement
of certain life goals (Nga and Yeoh, 2015).
Fisher and Montalto (2010) conclude
that most of the people think rationally on
the financial saving near to the time of
retirement. In which saving activities to
required an individual to control own-self on
spending money so that money can be aside
for future (Lunt and Livingstone, 1991). An
individual have to able to exercise self-
control in the postponing satisfaction and
hold up to temptation for spending of money
(Thaler, 1994; Rabinovich and Webley,
2006). Because self-control is an activity
who can foster long term saving (utilitarian
goals), as well as decrease impulsive spendi-
ng (hedonistic goals) (Otto et al., 2007: 229).
Baumeister et al., (1998), has been
studying an individual with the high self-
control will be able to control emotions, and
then to reject the purchase and decision
making is not logical. Self-control refers to
an individual abilities for self-restraint or
self-directed toward a better the direction
when faced by several temptations to shop-
ping (Baumeister, 2002). So that, self control
can be apply in decision making to save
money (saving) or make a purchase
(Rahmani, 2016).
One's spending self-control toward
attitude and behavior of consumptive will
have affected their financial situation. Hence
require an attention towards patterns of one’s
spending and consumption, and then an indi
vidual can avoid the act to combine
impulsive buying and compulsive buying
who will be increasing of life satisfaction
(Haws et al., 2012).
A previous literature, showed there were
several factors who used to test a relation-
ships of an individual with the personal
3
financial management behaviors; however, 3) Money Attitude, Self-Control, and Per-
only two factor will have discussed in this sonal Financial Management Behavior
researchs, that are money attitude and self- Self-control is individual's ability to be
control (Qamar et al., 2016: Haws et al., careful in using of money-owned, in which
2012: Tu and Yang, 2015). So, this research an individual will have not been doing
will have suggested several hypotheses on compulsive buying or procrastinate on
the relationships between the constructs in purchases with a considerate before, and
this research, as follows: finally money can be properly used and An
individual may avoids of consumptive
1) Money Attitude and Personal Financial behaviors (Pritazahara and Sriwidodo, 2015).
Management Behavior Tu and Yang (2015) also showed that self-
Money Attitudes is one's perception about control moderates and has a significant effect
money (Qamar et al, 2016). An individual is on the relationship between social support
importance to understand money attitude and subjective well-being of the individual.
because it's can be determine their financial As such, this study suggests the third
behavior. Gasiorowska (2015) indicate the hypothesis as follows:
individual's perception of wealth goals H3 = Be expected there is moderating
influenced by individual attitudes toward effect of self-control on relationship
money. In which, every individual has the between money attitude and financial
different money attitudes (Zahriyan, 2016). management behavior.
Qamar et al. (2016) showed that money
attitude has an effect on financial mana- Based on the several previous studies,
gement behavior. Thus, the first hypothesis is this research suggested a conceptual model
suggested as follow: on Figure.1. The details of conceptual model
H1 = Be expected there is influence money and its hypotheses, as follows:
attitude on personal financial mana-
gement behavior. Money Personal Financial
Attitude Management
Behavior
2) Self-Control and Personal Financial
Management Behavior
Self-control is usually involve an effort to
avoiding short-term preferences to achieve
Self-Control
long-term preferences (Karlsson, 1998). To
Self-Control
confirms this statement, Meier and Sprenger
(2010) state that most of studies in economics Figure 1: A Conceptual Model
and psychology sciences has recommended
self-control as an important factors that can : Moderation Effect
determine real-life outcomes. Self-control has :Direct Effect
found to be correlated toward a better
personal financial, so self control very relates RESEARCH METHOD
toward a better of one's financial The type of research used in this study
management behavior (Baumeister, 2002). was a quantitative researchs, in which this
According to Haws et al., (2012), self- study used a causal study that means which
control is considered as mainly factor researcher wants to delineate the cause of
contributed to financial well-being and finan- one or more problems. This study used time
cial decision-making through control of horizon with one-stage or cross-sectional
spending. Therefore, this study suggests the study, that was the data conducted by
second hypothesis as follows: researchers just once collected or at one time
H2 = Be expected there is influence self- (Sekaran, 2009: 177). Population in this
control on personal financial mana- research were the active college student
gement behavior. of a regular-udergraduate program and

Twenty Mariza Syafitri and Fitri Santi (2017) 4

postgraduate program in the Faculty of Economics and Business on period 2013-2016 which
numbered to 2,494 college student (Get data from an academic of Faculty of Economics and
Business (FEB) Bengkulu University). The samples in this study numbered to 243 college
student taken by incidental sampling techniques, that were 134 respondent of undergraduate
program and 109 respondent of postgraduate program. Further the processing techniques and
to testing data did by SmartPLS Software.

RESULTS AND DISCUSSION

Based on outer model evaluations of the validity testing in this research, known that
outer loading values > 0,50, communality > 0,50, and AVE > 0,50. As well as the cross
loading values of each indicator in this study, has a higher loading value more than loading
value from other latent variables. In addition, square roots of the AVE values of each
construct in this study are also a higher more than the relationship between constructs,
whereas the result of reliability testing known that each indicator in this study can be said
reliable because have value of cronbach's alpha and composite reliability > 0,70. The result of
evaluation toward inner model, which is evaluated through R-Square value can be explained
that in undergraduate program obtained R-square values is 0,555. That is means, the
variability on construct of personal financial management behaviors explained by money
attitude constructs, self-control constructs, as well as interaction construct of money attitudes
and self control with the effect values obtained 55.5%. The rest is explained by other factors
besides of the three constructs are 44.5%, meanwhile R-Square value to construct of personal
financial management behavior on postgraduate program obtained 0.622. That’s means, the
variability from construct of personal financial management behavior can be explained by
money attitudes constructs, self control constructs, and interaction construct of money
attitudes and self control with the effect values obtained 62,2%. The rest is explained by other
factors besides of the three constructs are 37,8%.

The result of parameter significance who estimated to provide very useful information on
the relationship between the variables of reasearch. The basis used to testing hypothesis are
values contained in the total effect output results from bootstraping iteration. at SmartPLS,
statistical testing of each relationship did by using a simulation through bootstraping methods
of sample. A testing with bootstrapping methods also has intended to minimize the problem
of research data abnormalities. Table 1.1 provides of estimation output to structural model
testing as follows:

Standard Standard
Original Sample T Statistics
Deviation Error p-value
Sample (O) Mean (M) (|O/STERR|)
(STDEV) (STERR)
Output Total Effect pada Program Sarjana
MA -> PFMB 0,367 0,374 0,062 0,062 5,897 0,000
SC -> PFMB 0,461 0,454 0,058 0,058 7,963 0,000
Moderating effect -> PFMB 0,002 0,011 0,055 0,055 0,030 0,991
Output Total Effect pada Program Pascasarjana
MA -> PFMB 0,352 0,347 0,070 0,070 5,006 0,000
SC -> PFMB 0,501 0,500 0,068 0,068 7,391 0,000
Moderating effect -> PFMB -0,071 -0,092 0,062 0,062 1,140 0,301
Data processed by SmartPLS (2017)
Notes : N of undergraduate program= 134. N of postgraduate program= 109. α< 0,05.
T-table of undergraduate program ≥ 1,977. T-table of postgraduate program ≥ 1,982

Table 1.1 Output Total Effect (Mean, STDEV, T-Values)

The result of first hypothesis test has found that the influence money attitude and
personal financial management behavior is significant, in which T-statistic value is 5.897 or
p-value < 0.05 for undergraduate program (T-statistics ≥ 1.977), and 5,006 or p-value < 0.05

Twenty Mariza Syafitri and Fitri Santi (2017) 5

for postgraduate program (T-statistics ≥ 1.982). Thus, can be concluded that money attitude
has a significantly influence on personal financial management behavior of undergraduate and
postgraduate students in the Faculty of Economics and Business (FEB) Bengkulu University.
The results of this study in line with the findings of Qamar et al. (2016), showed that money
attitude had a significantly influence on personal financial management behavior. In which
one's with financial planning and feeling of anxiety to using owned-money would had
encouraged individuals on behavior of saving and be careful to over spending for buying
goods as well as services (Phau and Woo, 2008). This condition was require an understanding
of money attitudes that would had given an important role to forming a human behavior,
especially purchasing behavior (Wang, 2013).

The result of second hypothesis test in this research has showed that the influence
between self-control and personal financial management behavior is significant, In which the
value of T-statistics of 7.963 or p-value < 0.05 for undergraduate program (T-statistics
≥ 1.977) and of 7.391 or p-value < 0.05 for postgraduate program (T-statistics ≥ 1.982). So
that, can be concluded that self-control has a significantly influence on personal financial
management behavior of undergraduate and postgraduate students in the Faculty of
Economics and Business (FEB) Bengkulu University. This study supports the opinion of
Haws et al., (2012) stated that self-control was a mainly factor contributed to financial well-
being and financial decision-making through spending self-control. An individual had high
self-control would hold up himself to making purchases emotionally, and finally they prefer
to rationally-shop, but An individual with low self-control would had encouraged one's to
making irrational-decisions. An individual who could control of overall spending would
earned surpluses and was not deficits (Sina and Noya, 2012). Tang et al., (2005) argued that
An individuals earned or had much money would had evaluated their financial situation as an
ability to provide of need, be better financial conditions, and reduce an economic pressures.

The third hypothesis testing to a moderating effect of self-control constructs on the

relationship of money attitude and personal financial management behavior. Previously, this
study will do a testing on the direct effect between self-control on personal financial
management behavior. An moderating effect is proved, if the effect of interaction variable
constructs is stronger more than the effect construct of exogenous variable to endogenous
variable in a mainly effect testing (direct effect). The results of testing on Table 1.1, the effect
of interaction constructs (moderating effect) between money attitude and self-control on
personal financial management behavior, shows the T-statistic values is 0,030 or p-value
> 0,05 for undergraduate program (T-statistic < 1,977) and T-statistic value is 1,140 or
p-value > 0.05 for postgraduate program (T-statistics < 1,982). In which the value of
T-statistics on both of study program are less than t table values. This is means that self-
control has not moderating effect of money attitude on personal financial management
behavior, or self-control is not a moderation construct. This results indicated that self-control
had not strength or weaken the effect of money attitude on personal financial management
behavior. The college students had not high self-control, they could still had a positive-
attitude toward money and a good personal financial management behavior, this was means
one's had or had not of self control would had not effecting an individual to had a positive
attitude towards money and they could still doing of financial planning for the future, through
financial experience and financial knowledge owned as considerated to making financial-

Twenty Mariza Syafitri and Fitri Santi (2017) 6

decisions. According to Yulianti and Silvy (2013), every individual had an experience on
management of finances was different, Thereby they could learn from financial experience to
be a better and smart, then became a lesson on the management of personal financial. Self-
control was not moderating might too because there was an intention, Ajzen (1991) stated
perceived behavioral control could be determined by intention toward one's behavior. An
intention was a person's estimated as regards of possibility one's to doing certain actions. In
addition, the limited resources of money among college students in the Faculty of Economics
and Business (FEB) Bengkulu University, also to became one of factors that encourages self-
control was not moderates, because self-control of among college students on both of study
program more direct impacts on their personal financial management behavior.

CONCLUSIONS AND RECOMMENDATIONS

Based on the analyze and discussion in this research, can be conclude the results as
follows: (1) The results of first hypothesis test showed, that money attitude has a significantly
influence on personal financial management behavior. (2) The result of second hypothesis
test showed, that self-control has a significantly influence on personal financial management
behavior, and (3) The result of third hypothesis test known that the construct of moderating
effect has not a significantly effect or construct of self-control is not a moderation construct
on the direct effect relationship between money attitude and personal financial management
behavior of among college students in the Faculty of Economics and Business (FEB).
This research will recommendate for the future researchers to using this research as a
reference for future research, so that research about money attitude, self control and personal
financial management behavior can developed more specific. Because this research still have
several limitations, in which this is research only using the college students from Faculty of
Economics and Business (FEB), but are not from all faculties in the Bengkulu University.
The future research expected can be to doing a methods like that to making the difference so
clear toward personal financial management behavior among college students of economics
and non-economics majors, or future researchers can be using the samples of more specific or
a large samples, such as communities or An individual has a fixed income (a worker in the
large companies). In addition, the future researcher also can be adding other variables, such
as intention, parental role, savings intention, attitude toward savings, and etc. Even, the future
researchers can applying too other research methods, such as an experimental methodes with
several tools have been developed own, and finally can be predicting behavior and self-
control of one's to be better than using a questionnaire with several statements.

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