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DO FINANCIAL LITERACY AND FINANCIAL ATTITUDES PLAY A ROLE IN

INFLUENCING FINANCIAL MANAGEMENT BEHAVIOR?

Article in International Journal of Early Childhood Special Education · April 2022

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 International Journal of Early Childhood Special Education (INT-JECS)
ISSN: 1308-5581 Vol 14, Issue 03 2022

DO FINANCIAL LITERACY AND FINANCIAL ATTITUDES PLAY A ROLE IN

INFLUENCING FINANCIAL MANAGEMENT BEHAVIOR?

Azib Azib1, Dedy Ansari Harahap*2 and Dita Amanah3

1
Department of Management, Faculty of Economics and Business,Universitas Islam Bandung, Indonesia
Email: azib@yahoo.co.id
2
Department of Management, Faculty of Economics and Business,Universitas Islam Bandung, Indonesia
*Corresponding Author: dedyansarihrp@gmail.com
Orcid: http://orcid.org/0000-0003-4772-6258
3
Department of Business Education, Faculty of Economics and Business Education,
Universitas Pendidikan Indonesia, Bandung, Indonesia
Email : ditaamanah@upi.edu
Orcid: http://orcid.org/0000-0001-5106-0618

ABSTRACT
The fashion business, which is one of the sectors in the creative economy, has decreased in performance during the
pandemic. This study analyzes the effect of financial literacy and financial attitudes on financial management behavior
in creative economy actors in the fashion sub-sector in the city of Bandung. This research uses a quantitative
approach with explanatory research and multiple regression analysis as data analysis techniques. Questionnaires
were used as a data collection tool which were distributed to 66 respondents. The results showed that partially and
simultaneously financial literacy and financial attitudes had a significant effect on financial management behavior.
This means that it provides a guide on how to better understand financial literacy and financial attitudes that will have
an impact on financial management behavior, for that it is necessary to conduct more intense learning and seek
information related to financial governance.
Keywords: Financial Literacy, Financial Attitude, Financial Management Behavior, Creative Economy ctors,
Indonesia.
1. INTRODUCTION
The Ministry of Tourism and Creative Economy (Kemenparekraf) in a report noted that around 98% of business actors
in the creative industry sector were affected by the pandemic (Annur, 2020). ). From data submitted by the Head of the
West Java Culture and Tourism Office, there were around 14,991 creative economy actors whose business conditions
declined and even went bankrupt because it was difficult to survive (Sudrajat, 2021).Quoted from the Kompas
newspaper, reports that the Bandung City Creative Economy Forum recorded around 96.9% of creative economy
sector business actors affected by the pandemic (Susanti, 2020).The business industry that is classified as a creative
economy has 16 sub-sectors, namely: film, music, fashion, culinary, application and game development, architecture
and interior design, visual communication design, product design, video animation, photography, crafts, publishing,
advertising, performing arts, fine arts, television and radio(Admin, 2019).The turnover of the fashion sector, especially
in the city of Bandung, decreased starting in early March 2020. The decline was quite large compared to other sectors,
which was around 79%. This is because people think logically and realistically in using money that prioritizes meeting
basic needs and health (Rachmawati, 2020).
Weston & Brigham(1981),explain financial management behavior as a financial decision to align personal motivation
with company goals. Meanwhile,Horne & Wachowicz (2010),state that financial management behavior is the
utilization of financial resources, allocation determination, and acquisition.(Chen & Volpe, 1998;Lusardi, Mitchell, &
Curto, 2010),found the level of financial literacy based on demographic variables such as gender, age, income and
qualifications.WhileChen & Volpe, (1998),found that the level of financial literacy was generally lower in women than
men. However, women with higher incomes are more confident in their personal finances and have higher levels of
financial literacy than men. According to Robbins & Judge (2013),states that individual attitudes determine what they
will do. Financial attitude refers to the degree to which a person has a good (positive) or bad (negative) evaluation or
assessment of financial behavior. Qamar, Khemta, & Jamil (2016),found that 20.9% of a person's financial
management behavior is influenced by financial attitudes.
Several previous studies have found factors that influence financial management behavior.Thi, Mien, & Thao
(2015),find financial knowledge, financial attitudes, and external locus of control as factors that influence financial
management behavior. Akben-Selcuk (2015),states that the factors that influence financial management behavior are
financial literacy, financial socialization, and financial attitudes. Based on the problem, research questions can be
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asked which have been explained in the background of the research, namely: a) Does financial literacy affect financial
management behavior?, b) Does financial attitude affect financial management behavior? and Do financial literacy and
financial attitudes influence financial management behavior?.

2. LITERATUREREVIEWANDHYPOTHESISDEVELOPMENT.
2.1 Financial Literacy context
According to Cole & Fernando, (2008), financial literacy is the ability that a person has in understanding and carrying
out financial activities which include general knowledge about finance, savings, loans, insurance, investment, financial
planning so that they are able to manage financial resources and make effective decisions in financial management.
The public is expected not only to know and understand financial service institutions, financial products or services,
but also to change behavior in financial management so as to improve welfare.
Knowledge of managing and implementing finances in terms of decision making, including how one allocates finances
not only for the present but also for the future (Chen & Volpe, 1998). This is in line with Huston (2010), states that
financial literacy has two dimensions, they are knowledge of personal financial management and financial education &
the application of personal financial knowledge management. Remund (2010),there are four important things that
affect financial literacy, namely budgeting, savings, loans, and investment, (Azib Azib et al., 2021),found that financial
literacy is a financial management ability that must be possessed by every community, especially business actors,
which is useful for financial governance in carrying out activities to achieve financial prosperity.
According toLusardi (2008), financial literacy indicators can be measured using five indicators, namely: Basic
Knowledge of Personal Finance, Knowledge of Financial Management, Credit Management (Debt), Savings and
Investments, and Risk Management.Basedontheabovediscussionthefirstsuggestedhypothesisis:
H1: The effect of financial literacy on financial management behavior.
2.2 Financial Attitude.context
Financial attitude is a person's feelings about personal finances, as measured by responses to a statement or opinion
(Marsh, 2006).Pankow (2003), defines financial attitude as a state of mind, opinion and judgment about
finances.Hayhoe, Leach, & Turner (1999),states that there is a relationship between financial attitudes and the level of
financial problems. A person's financial attitude also affects the way a person regulates financial behavior.Meanwhile,
according toLim & Teo, (1997);Madern & Schors, (2012),financial attitudes are related to financial difficulties that are
often faced by young people.
The application of financial principles can create and maintain value through making the best decisions and managing
resources (Khairani & Alfarisi, 2019).while personal financial behavior is determined by one's financial attitude(Djou,
2019).
According toFurnham (1984),financial attitudes can be reflected through six indicators, namely: Obsession, Power,
Effort, Inadequacy, Retention and Security.Consequently,thesecondhypothesis is:
H2: The effect of financial attitudes on financial management behavior.
2.3 Financial Management Behavior context
Behavioral financial management is a relatively new field that seeks to combine behavioral and cognitive
psychological theories with economics and conventional finance to provide an explanation for why people make
irrational financial decisions (Hayes, 2021).Financial behavior is defined as any human behavior that is relevant to
money management(Xiao, 2008).
According to (Xiao & Dew, 2011),a person's financial management behavior can be seen from four things, namely; 1).
Consumption, is expenditure by households on various goods and services(Mankiw, 2006),Consumption can be seen
from individual consumption activities, such as what is bought and the reason for buying it (Ida & Dwinta, 2010).2).
Cash flow management is the main indicator of financial health as a measure of a person's ability to pay all costs.
Good cash flow management is a balancing act, cash in and out. Cash flow management can be measured by looking
at timely bill payments, paying attention to records of payment receipts and making financial budgets for future
planning (Hilgert et al., 2003). 3). Saving and investment is a part of income that is not consumed in a certain period.
Money should be saved to pay for unforeseen events because one does not know what will happen in the future. So it
is necessary to allocate or invest resources with the aim of getting benefits in the future (Levin, 2009). 4). Credit
management, is a person's ability to take advantage of debt so as not to go bankrupt, or use debt to improve welfare
(Sina, 2014).

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According to Xiao & Dew (2011),there are four indicators of financial management behavior, namely: cash flow
management, savings and investment, consumption, and loan/credit management. Therefore, the third hypothesis is:
H3: Financial literacy and financial attitudes have an influence. on financial management behavior.
This research model is illustrated in Figure 1

Financial
Literacy
(FL)
Financial Management
Behavior
(FMB)
Financial
Attitude
(FA)

Figure1.The ResearchModel.

3. DATA AND METHODOLOGY

Questionnaire measurement and development
In this study, primary data was obtained through questionnaires distributed to creative economy actors in the fashion
sub-sector in the city of Bandung. Several questions in the questionnaire were made to explore financial literacy and
financial attitudes related to financial management behavior. Each selected respondent is expected to answer the
questionnaire by choosing one answer from the alternative answers given. Questions were measured on a five-point
Likert scale, with the following conditions: 1 strongly disagree, 2 disagree, 3 undecided, 4 agree and 5 strongly agree.
Data collection and sample characteristics
The population in this study were all creative economy actors in the fashion sub-sector registered with the Bandung
City Culture and Tourism Office. To get the right sampling frame, non-probability sampling was chosen as a sampling
technique that is more in line with the objectives of this study. Respondents were randomly selected from creative
economy actors in the fashion sub-sector. A total of 80 questionnaires were distributed and only 66 could be used for
analysis. Data collection techniques by distributing questionnaires. We use a quantitative approach with the type of
explanatory research. Data analysis consists of descriptive statistics to describe the data collected without making
generalizations of the data. Then multiple regression analysis was conducted to examine the relationship and influence
related to financial literacy and financial attitudes on financial management behavior. The statistical software uses
IBM SPSS Statistics 26, which is used to analyze the data.
4. RESULTS AND DISCUSSION
4.1 Respondent Characteristics.
Table1:Respondent Characteristics.
Characteristic Category Number of Percentage
Respondents (%)
Gender Male 19 29.00
Female 47 71.00
Age 26-35 tahun 14 21.00
36-45 tahun 30 46.00
46-55 tahun 22 33.00

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Income IDR1.000.000,00- 65 98.00

IDR10.000.000,00
>IDR10.000.000,00 1 2.00

Based on the gender characteristics of the respondents in Table. 2, it can be seen that the male respondents were 19.
respondents with a percentage of 29% and female respondents were 47. respondents with a percentage. of 71%. These
results indicate that most of the respondents are women.

Based on the age characteristics of the respondents, it can be seen that there are 14. respondents aged 26-35 years old
with a percentage of 21%, 30 respondents for 36-45 years old with a percentage of 46% and 46-55 years old are 22
respondents with a percentage of 33%. So it can be seen that the respondents who filled out the most questionnaires
were aged 36-45 years.
Characteristics of the respondent's monthly income obtained that the monthly income of IDR 1,000,000.00 –IDR
10,000,000.00 are 65 respondents with a percentage of 98% and respondents who have a monthly income of more than
IDR 10,000,000.00 is 1 respondent with a percentage of 2%. Thus, most of the respondents who filled out the
questionnaire had an income of IDR 1.000.000 –IDR 10,000,000 every month.
4.2 Validity and Reliability Test
Table 2.Validity and Reliability Test Results.
t- Cronbach
Variable Statement t-value Status r-table Explanation
table Alpha
Financial .942 .600 Reliable
Literacy FL1 .891** .361 Valid
(FL) FL 2 .805** .361 Valid
FL 3 .914** .361 Valid
FL 4 .914** .361 Valid
FL 5 .759** .361 Valid
FL 6 .902** .361 Valid
FL 7 .897** .361 Valid
FL 8 .389* .361 Valid
FL 9 .554** .361 Valid
FL 10 .570** .361 Valid
FL 11 .774** .361 Valid
FL 12 .704** .361 Valid
FL 13 .786** .361 Valid
FL 14 .889** .361 Valid
FL 15 .889** .361 Valid
FL 16 .884** .361 Valid
Financial .868 .600 Reliable
Attitude FA1 .471** .361 Valid
(FA) FA2 .427* .361 Valid
FA3 .646** .361 Valid
FA4 .524** .361 Valid
FA5 .627** .361 Valid
FA6 .684** .361 Valid
FA7 .590** .361 Valid
FA8 .667** .361 Valid
FA9 .694** .361 Valid
FA10 .528** .361 Valid
FA11 .566** .361 Valid
FA12 .614** .361 Valid
FA13 .666** .361 Valid
FA14 .706** .361 Valid
FA15 .742** .361 Valid
FA16 .667** .361 Valid
FA17 .413* .361 Valid
FA18 .464** .361 Valid
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Financial .841 .600 Reliable

Management FMB1 .853** .361 Valid
Behavior FMB 2 .601** .361 Valid
(FMB) FMB 3 .936** .361 Valid
FMB 4 -.281 .361 Invalid
FMB 5 .263 .361 Invalid
FMB 6 .402* .361 Valid
FMB 7 .828** .361 Valid
FMB 8 .898** .361 Valid
FMB 9 .601** .361 Valid
FMB 10 .853** .361 Valid
FMB 11 .853** .361 Valid
FMB 12 .936** .361 Valid
Source: developed by the researchers based on data analysis.
Table 2 shows that out of sixteen statements on the financial literacy variable and eighteen statements on the overall
financial attitude variable, they are declared valid, where the r > r-table. at a significance level of 0.05 with the r-table.
is 0.361. Twelve items of statements on financial management behavior variables are also declared valid at points 1, 2,
3, 6, 7, 8, 9, 10, 11 and 12, where the value of r > r-table at a significance. level of 0,05 with. r-table is 0.361.
Meanwhile, items 4 and 5 are declared invalid with the value of r count < r table at a significance level of 0.05 with
the. value of r table is 0.361.
The consistency and stability of the items on the questionnaire were measured by reliability testing (Sekaran &
Bougie, 2013). This is done to ensure that each item on the questionnaire is free from errors and is declared consistent.
Thus, the results should be the same over time and in situations (Zikmund et al., 2013). Sekaran & Bougie (2013),
suggest that Cronbach's Alpha less than 0.60 is said to be bad and vice versa is said to be good if the value obtained is
more than 0.60. The results of good reliability statistics are the same for each dependent and independent variable.
The reliability test resulted in the Cronbach Alpha value of financial literacy is 0.942. Financial attitudes and financial
management behavior are 0.868 and 0.841, respectively. These three values are greater than the rtable value (0.600) at
a significance level of 0.05. It can be concluded that the instrument used in this research questionnaire is reliable.
4.3 The Multiple Linear Regression. Test
The purpose of multiple linear regression analysis is to determine the effect of the independent variables consisting of
Financial Literacy (FL) and Financial Attitudes (FA) on the dependent variable, Financial Management Behavior
(FMB) which was carried out on sixty six respondents of Creative Economy Actors in the Fashion Subsector in
Bandung.
Table 3. The Multiple Linear Regression Test Results.

Unstandardized Coefficients Standardized Coefficients

Model B Std. Error Beta t Sig.
1 (Constant) 1.517 .479 3.164 .002
Financial Literacy (FL) .395 .104 .417 3.793 .000
Financial Attitude .298 .101 .325 3.975 .004
(FA)
The results of data processing in Table 3 obtained multiple linear regression equation model ; FMB = 1.517 + 0.395
FL + 0.298 FA + e.
4.4 The t-Test (Partial).
Based. on Table 3, it can be concluded that financial literacy (FL) has a t-count value greater than t-table. Because the
value of t count> t table (3.793 > 1.998) with a significance of 0.000 <0.05, H0 is rejected and H1 is accepted. So it
can be stated that partially financial literacy has a significant effect on financial management behavior. Financial
attitude (FA) also has a t-count value greater than t-table. Because the value of t count> t table (3.975 > 1.998) with a
sig value of 0.000 <0.05, H0 is rejected and H1 is accepted. It can be concluded that partially financial attitude has a
significant effect on financial management behavior (FMB).
4.5 The F Test. (Simultaneous)
Table 4. The Test of Simultaneous Hypothesis (F Test.)

Mean
Model Sum of Squares df Square F Sig.
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1 Regression 3,129 2 1,563 21,450 ,000b

Residual 4,596 63 ,073
Total 7,725 65

The results in the table above show F is 21,450. At a significance level of 0.05 with df 1 (number of variables-1) = 2,
and df 2 (n-k-1) or 66-2-1 = 63. The F table value is 3.14. Judging from Table 4 above, F count > F table or 21.450 >
3.14 and sig value 0.000 <0.05. So it can be concluded that financial literacy and financial attitudes have a significant
effect on financial management behavior simultaneously.
4.6 The Test of Coefficient of determination. (R2)
The effect of financial literacy (FL) and financial attitude (FA) variables on financial management behavior (FMB)
variables is indicated by the coefficient of determination (R2).
Table 5. The Test of Coefficient of determination (R2).
Model R R Square Adjusted R Std. Error of the
Square Estimate
1 .636a .405 .386 .27008

Table. 5. shows the value of R2 is 0.405 or 40.50%. The relationship between financial literacy and financial attitudes
towards financial management behavior is 40.50%, which means that the ability of the independent variable to
influence the dependent variable is 40.50%, while the remaining 59.50% is influenced by other variables not included
in this research variable.
4.7 Discussion.
Based on the results of the analysis, it was found that partially there is an effect of financial literacy on financial
management behavior. These results indicate that creative economy actors have knowledge and beliefs about financial
service institutions including financial products and services, benefits and risks, as well as rights and obligations
related to financial products and services. However, the application of their skills has not been optimal in using these
financial products and services. This result is supported by Thi et al., (2015), which state that financial literacy affects
financial management behavior. Increased financial literacy has a direct impact on personal financial management
behavior. The relationship between these two variables is conclusive, where most studies find that someone with
financial knowledge will affect that person's sense of financial responsibility (Robb & Woodyard, 2011;Zakaria et al.,
2012).
The results of the analysis found that partially financial attitudes have an influence on financial management behavior.
These results indicate that creative economy actors are good at making financial decisions, the better one's financial
attitude, the better financial management behavior will be. This is because financial attitudes are able to direct
someone towards making better decisions for finances. This study was supported by Thi et al. (2015) and Akben-
Selcuk (2015),which state that financial attitudes affect financial management behavior. These results are in
accordance with the theory of planned behavior, that a person's behavior is influenced by personal factors, one of
which is attitude (Ajzen, 1991).
This study finds that there is a simultaneous influence of financial literacy and financial attitudes on financial
management behavior. The ability of the independent variable to explain the dependent variable is 40.50%, meaning
that the ability of financial literacy and financial attitude to explain the behavior of financial management is 0.405 or
40.50%. The remaining 59.50% is explained by other variables not included in the study.The results of this study are in
line with Siswanti & Halida (2020) and Lukesi, Rahadjeng, & Satiti (2021), where simultaneously financial literacy
and financial attitudes have a significant effect on financial management behavior. Thus knowledge of financial
literacy is very important to be owned and understood by everyone, even creative economy business actors, which is a
basic knowledge of financial concepts, accompanied by an understanding of good financial attitudes, so as to produce
good financial management behavior.
5. CONCLUSION
Conclusions
Financial literacy and financial attitudes partially and simultaneously affect financial management behavior. This
interprets that creative economy actors already have knowledge and understanding of financial literacy, but have not
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been able to apply financial literacy to its full potential. They are also good at making financial decisions. Thus, it can
be stated that the better a person's financial attitude, the better financial management behavior.
Limitations and Suggestions for Future Research
Creative economy actors, especially the Bandung fashion sub-sector, are expected to be able to apply financial literacy
and financial attitudes that they have well, so that financial management behavior is expected to run smoothly, because
understanding financial literacy and financial attitudes is very important when using financial products and services.
In future research, it is hoped that the selection of the number and location of the sample is wider so as to get more
accurate results, the formulation strategy in measuring variables to the research sample is more detailed and accurate,
so that it is hoped that the research results can explain and formulate better results.
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