Main Article Content
Financial literacy is a combination of awareness, knowledge, abilities, attitudes, and behaviors needed to make financial decisions. This study aims to find a behavioral model of financial literacy. This study uses a survey method with a quantitative approach. Respondents involved homemakers in Maros Regency, South Sulawesi, to fill out the questionnaire provided. Path Analysis was used to analyze the data SPSS and Winistep are used as tools in analyzing the data. Specifically, the data analysis used in this study used Structural Equation Modeling (SEM) data analysis techniques. Statistically, the value of the sample covariance matrix must not differ significantly from the population covariance matrix value. Financial Literacy Attitudes had a direct effect on Financial Literacy Behavior. Basic Knowledge of Financial Literacy had a direct effect on Financial Literacy Behavior. Financial literacy behavior is determined by financial literacy attitudes and basic financial literacy knowledge. Therefore, financial literacy knowledge and attitudes need to be improved to improve financial literacy behavior among homemakers. Financial Literacy Attitudes contribute the most to financial literacy factors. financial attitudes that have a more significant influence on financial knowledge in financial management practices.
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Achari, D., Oduro, R., & Nyarko, F. K. (2020). Financial Literacy on Retirement Planning of Workers of University of Mines and Technology, Tarkwa. International Journal of Management Sciences and Business Research, 9(5), 23.
Adams, G. A., & Rau, B. L. (2011). Putting off tomorrow to do what you want today: Planning for retirement. American Psychologist, 66(3), 180–192. https://doi.org/10.1037/a0022131
Agarwal, S., Amromin, G., Ben-David, I., Chomsisengphet, S., & Evanoff, D. D. (2010). Financial Literacy and Financial Planning: Evidence from India. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1728831
Agarwalla, Sobhesh Kumar & Barua, Samir K. & Jacob, Joshy & Varma, Jayanth R., (2015). Financial Literacy among Working Young in Urban India. World Development, Elsevier, 67(C), 101-109. https://doi.org/10.1016/j.worlddev.2014.10.004
Atkinson, A., & Messy, F. (2012). OECD Working Papers on Finance, Insurance and Private Pensions. https://doi.org/10.1787/20797117
Batty, M., Collins, J. M., & Odders-White, E., (2015). Experimental evidence on the effects of financial education on elementary school students’ knowledge, behavior, and attitudes. The Journal of Consumer Affairs, 49 (1), 69 – 96
Bir, J. S. (2016). Knowledge, attitude and their effect on the recently graduated employees’ financial management practices and satisfaction. Economic Literature, 12, 69-81.
Blalock, L. L., Tiller, V. R., & Monroe, P. A. (2004). They get you out of courage: Persistent deep poverty among former welfare-reliant women. Family Relations, 53(2), 127–137. https://doi.org/10.1111/j.0022-2445.2004.00003.x
Carpena, F., Cole, S., Shapiro, J., & Zia, B. (2019). The ABCs of Financial Education: Experimental Evidence on Attitudes, Behavior, and Cognitive Biases. Management Science, 65(1), 346–369. https://doi.org/10.1287/mnsc.2017.2819
Chen, H. and Volpe, R.P. (1998). An analysis of personal financial literacy among college students”. Financial Services Review, 7(2), 107-128
Churchill, G.A., Jr. (1979). A paradigm for developing better measures of marketing constructs. Journal of Marketing Research, 16(1), 64-73.
Cleek, M.G. and Pearson, T.A. (1985). Perceived causes of divorce: an analysis of interrelationships. Journal of Marriage and the Family, 47(1), 179-183.
Delavande, A., Rohwedder, S. and Willis, R.J. (2008), “Retirement planning and the role of financial literacy and cognition. Working Paper 2008-190, MI Retirement Research Center
Eagly, A. H., & Chaiken, S. (1993). The psychology of attitudes. New York: Harcourt, Brace, & Janovich
Fernandes, D., Lynch Jr, J. G., & Netemeyer, R. G. (2014). Financial literacy, financial education, and downstream financial behaviors. Management Science, 60(8), 1861–1883.
Goyal, K., & Kumar, S. (2021). Financial literacy: A systematic review and bibliometric analysis. International Journal of Consumer Studies, 45(1), 80-105. https://doi.org/10.1111/ijcs.12605
Grohmann, A., Klühs, T., & Menkhoff, L. (2018). Does financial literacy improve financial inclusion? Cross country evidence. World Development, 111, 84-96. https://doi.org/10.1016/j.worlddev.2018.06.020
Hair, J.F., Black, W.C., Babin, B.J. and Anderson, R.E. (2009). Multivariate Data Analysis, 7 ed., Pearson, Upper Saddle River, NJ
Hauff, J. C., Carlander, A., Gärling, T., & Nicolini, G. (2020). Retirement Financial Behaviour: How Important Is Being Financially Literate? Journal of Consumer Policy, 43(3), 543–564. https://doi.org/10.1007/s10603-019-09444-x
Hayhoe, C.R., Leach, L., Allen, M.W. and Edwards, R. (2005). Credit cards held by college students. Financial Counseling and Planning, 16(1), 1-10.
Hilgert, M. A., Hogarth, J. M., & Beverly, S. G. (2003). Household financial management: The connection between knowledge and behavior. Federal Reserve Bulletin, 106, 309–322.
Hoogland, J. J., & Boomsma, A. (1998). Robustness Studies in Covariance Structure Modeling: An Overview and a Meta-Analysis. Sociological Methods & Research, 26, 329-367. https://doi.org/10.1177/0049124198026003003
Hung, A. A., Parker, A. M., & Yoong, J. (2009). Defining and measuring financial literacy (Working Paper No. 708; Social Science Research Network). RAND Corporation.
Huston, S. J. (2010a). Measuring financial literacy. The Journal of Consumer Affairs, 44(2), 296–316.
Huston, S. J. (2010b). Measuring financial literacy. The Journal of Consumer Affairs, 44(2), 296-316.
Jappelli, T. and Padula, M. (2013). Investment in financial literacy and saving decisions. Journal of Banking and Finance, 37(8), 2779-279. https://doi.org/10.1016/j.jbankfin.2013.03.019
Johnson, E., & Sherraden, M. S. (2007). From financial literacy to financial capability among youth. The Journal of Sociology. & Social Welfare, 34(3), 119-145.
Kerkmann, B. C., Lee, T. R., Lown, J. M., & Allgood, S. M. (2000). Financial Management, Financial Problems And Marital Satisfaction Among Recently Married University Students. 11, 12.
Klapper, L., & Lusardi, A. (2020). Financial literacy and financial resilience: Evidence from around the world. Financial Management, 49(3), 589-614. https://doi.org/10.1111/fima.12283
Kline, R.B. (2016). Principles and Practice of Structural Equation Modeling, 5rd ed., The Guilford Press, New York, NY
Knoll, M.A.Z. and Houts, C.R. (2012), “The financial knowledge scale: an application of item response theory to the assessment of financial literacy”, The Journal of Consumer Affairs, 46(3), 381-410.
Kurihara, Y. (2013). Does Financial Skill Promote Economic Growth?. International Journal Of Humanities And Social Science, 3(8), 92-97.
Loke, V., Choi, L., & Libby, M. (2015). Increasing youth financial capability: An evaluation of
Lusardi, A. (2019). Financial literacy and the need for financial education: evidence and implications. Swiss Journal of Economics and Statistics, 155(1), 1-8. https://doi.org/10.1186/s41937-019-0027-5
Lusardi, A., & Mitchell, O. (2014). The Economic Importance of Financial Literacy: Theory and Evidence. Journal of Economic Literature, 55(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Mccormick, M.H. (2009). “The effectiveness of youth financial education: a review of the literature. Journal of Financial Counseling and Planning, 20(1), 70-83.
Miller, W.R. and C’ de Baca, J. (2001). Quantum Change: When Epiphanies and Sudden Insights Transform Ordinary Lives. Guilford Press, New York, NY.
Norvilitis, J.M. and Mendes-Da-Silva, W. (2013). Attitudes toward credit and finances among college students in Brazil and the United States. Journal of Business Theory and Practice, 1(1), 132-151.
Otoritas Jasa Keuangan (OJK). (2019). Booklet Survei Nasional Literasi dan Inklusi Keuangan 2019. https://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/Pages/Survei-Nasional-Literasi-dan-Inklusi-Keuangan-2019.aspx
Palameta, B., Nguyen, C., Hui, T. S., Gyarmati, D., Wagner, R. A., Rose, N., & Llp, F. (2016). The link between financial confidence and financial outcomes among working-aged Canadians,(May).
Pelu, M. F. A., Rahim, S., Mildazani, M., & Muslim, M. (2020). Fair Value Analysis of Shares amidst Fintech Competition Pressure: A Case Study at PT Bank BNI. ATESTASI: Jurnal Ilmiah Akuntansi, 3(2), 171-179. https://doi.org/10.33096/atestasi.v3i2.518
Potrich, A. C. G., Vieira, K. M., & Mendes-Da-Silva, W. (2016). Development of a Financial Literacy Model for University Students. Management Research Review, 39(3), 356–376. https://doi.org/10.1108/MRR-06-2014-0143
Remund, D. (2010). Financial Literacy Explicated: The Case for a Clearer Definition in an Increasingly Complex Economy. The Journal of Consumer Affairs, 44(2), 276–295.
Rooij, M.C.J., Lusardi, A. and Alessie, R.J.M. (2011), “Financial literacy and retirement planning in the Netherlands. Journal of Economic Psychology, 32(4), 593-608.
Rutherford, L., & DeVaney, S. A. (2009). Utilizing the theory of planned behavior to understand convenience use of credit cards. Journal of Financial Counseling and Planning, 20(2), 48-63.
Schmeiser, M. D., & Seligman, J. S. (2013). Using the right yardstick: Assessing financial literacy measures by way of financial well-being. The Journal of Consumer Affairs, 47(2), 243–262.
Serido, J., Shim, S., & Tang, C. (2013). A developmental model of financial capability: A framework for promoting a successful transition to adulthood. International Journal of Behavioral Development, 37(4), 287–297. https://doi.org/10.1177/0165025413479476
Servon, L.J. dan Kaestner, R. (2008). Consumer financial literacy and the impact of online banking on the financial behavior of lower-income bank customers. Journal of Consumer Affairs, 42(2), 271-305
the MyPath savings initiative. Journal of Consumer Affairs, 49(1), 97–126. https://doi.org/10.1111/joca.12066
Uma Sekaran. (2014). Research Methods for Business: A Skill-Building Approach, 6th Edition, Wiley.
Willis, L. E. (2008). Against Consumer Financial Literacy Education. Paper 208. http://lsr.nellco.org/upenn_wps/208
Xiao, J.J., Tang, C., Serido, J. and Shim, S. (2011), “Antecedents and consequences of risky credit behavior among college students: application and extension of the theory of planned behavior. Journal of Public Policy & Marketing, 30(2), 239-258.
Xu, L., & Zia, B. (2012). Financial Literacy around the World: An Overview of the Evidence with Practical Suggestions for the Way Forward (No. 6107; Policy Research Working Paper). World Bank. https://openknowledge.worldbank.org/handle/10986/9322
Yong, C.-C., Yew, S.-Y., & Wee, C.-K. (2018). Financial Knowledge, Attitude and Behaviour of Young Working Adults in Malaysia. Institutions and Economies, 10(4), 21–48.