Determinan Financial Well-Being Pegawai Instansi X: Peran Mediasi Financial Management Behavior‎

Rifqi Dhiyaul Haq; Agoestina Mappadang

doi:10.61132/moneter.v4i3.2641

Authors

Rifqi Dhiyaul Haq Universitas Budi Luhur
Agoestina Mappadang Universitas Budi Luhur

DOI:

https://doi.org/10.61132/moneter.v4i3.2641

Keywords:

Financial Literacy, Financial Management Behavior, Financial Well-Being, Income, Self-Control

Abstract

This study aims to analyze the influence of income, financial literacy, and self-control on the financial well-being of employees at Agency X, with financial management behavior as a mediating variable. This study is motivated by the condition that relatively stable income does not necessarily guarantee financial well-being when it is not accompanied by financial knowledge, self-control, and sound financial management behavior. This study employed a quantitative approach with an explanatory design using a survey method. Data were collected from 100 employees of Agency X selected through purposive sampling. The research instrument was a structured questionnaire, while data analysis was conducted using Structural Equation Modeling-Partial Least Squares (SEM-PLS) with SmartPLS 4. The results show that income, financial literacy, and self-control have a positive and significant effect on both financial well-being and financial management behavior. Financial management behavior also has a positive and significant effect on financial well-being and mediates the influence of income, financial literacy, and self-control on financial well-being. These findings emphasize that improving employees’ financial well-being should not be directed solely toward income stability, but should also be strengthened through practical financial education, the enhancemen.

Downloads

Download data is not yet available.

References

Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179-211. https://doi.org/10.1016/0749-5978(91)90020-T

Anjani, D. D., & Wulandari, S. (2024). The influence of income level, financial behavior and financial management on Financial well-being in the sandwich generation. Dinasti International Journal of Economics, Finance & Accounting, 5(3), 970-981. https://doi.org/10.38035/dijefa.v5i3.2750

Bai, R. (2023). Impact of financial literacy, mental budgeting and Self-Control on financial wellbeing: Mediating impact of investment decision making. PLOS ONE, 18(11), e0294466. https://doi.org/10.1371/journal.pone.0294466

Baumeister, R. F., Vohs, K. D., & Tice, D. M. (2021). Self-regulation and Self-Control. Routledge. https://doi.org/10.4324/9781003166157

Consumer Financial Protection Bureau. (2024). Measure and score financial well-being. https://www.consumerfinance.gov/consumer-tools/educator-tools/financial-well-being-resources/measure-and-score/

Dare, S. E., van Dijk, W. W., van Dijk, E., van Dillen, L. F., Gallucci, M., & Simonse, O. (2023). How executive functioning and financial self-efficacy predict subjective financial well-being via positive financial behaviors. Journal of Family and Economic Issues, 44(2), 232-248. https://doi.org/10.1007/s10834-022-09845-0

Deacon, R. E., & Firebaugh, F. M. (1988). Family resource management: Principles and applications. Allyn & Bacon.

Ghozali, I. (2021). Partial least squares: Konsep, teknik dan aplikasi menggunakan program SmartPLS 3.0 (3rd ed.). Badan Penerbit Universitas Diponegoro.

Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2022). A primer on partial least squares structural equation modeling (PLS-SEM) (3rd ed.). Sage Publications.

Heck, P., Ketelä, A., & Lusardi, A. (2024). Consumer financial well-being: Does scale choice alter the measure? Journal of Financial Literacy and Wellbeing, 2(2), 1-22.

Helena, A., & Evelyn, E. (2024). Pengaruh financial literacy dan Self-Control terhadap Financial well-being: Financial behavior sebagai mediasi. JEBDEKER, 4(2), 341-353. https://doi.org/10.56456/jebdeker.v4i2.275

Helmalia, H., Fitri, Y., & Rahmi, S. (2023). Financial behavior as mediation between Islamic financial literacy and Financial well-being among ASN teachers. Jurnal Benefita, 8(2), 210-223.

Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115-135. https://doi.org/10.1007/s11747-014-0403-8

Iramani, R., & Lutfi, L. (2021). An integrated model of financial well-being: The role of financial behavior. Accounting, 7(3), 691-700. https://doi.org/10.5267/j.ac.2020.12.007

Khawar, S., & Sarwar, A. (2021). Financial literacy and financial behavior with the mediating effect of family financial socialization in the financial institutions of Lahore, Pakistan. Future Business Journal, 7, 27. https://doi.org/10.1186/s43093-021-00064-x

Kim, J., Garman, E. T., & Sorhaindo, B. (2021). Relationships among credit counseling clients' financial well-being, financial behaviors, financial stressor events, and health. SAGE Open, 11(3), 1-12. https://doi.org/10.1177/21582440211032184

Kurniawan, F. A., & Kurniawati, D. A. (2024). Mempersiapkan Sumber Daya Manusia (SDM) dalam Menghadapi Tantangan Artifical Intelligence Pada Sektor Publik. Jurnal Riset Manajemen Dan Ekonomi (Jrime), 2(3), 460-468. https://doi.org/10.54066/jrime.v2i3.2172

Kuutol, P. K., Mbonigaba, J., & Garidzirai, R. (2024). Financial literacy and Financial well-being in rural households in Ghana: The role of financial information consumption. Sustainability, 16(19), 8380. https://doi.org/10.3390/su16198380

Lakens, D. (2022). Sample size justification. Collabra: Psychology, 8(1), 33267. https://doi.org/10.1525/collabra.33267

Lusardi, A., & Messy, F. A. (2021). Financial literacy and financial inclusion: Evidence and implications for financial education. OECD Working Papers on Finance, Insurance and Private Pensions, 46, 1-39. https://doi.org/10.1787/5k9csfs90fr4-en

Lusardi, A., & Streeter, J. L. (2023). Financial literacy and financial well-being: Evidence from the US. Journal of Financial Literacy and Wellbeing, 1(2), 169-198. https://doi.org/10.1017/flw.2023.13

Mathew, V., & Kumar, P. K. S. (2022). Understanding the influence of psychological and behavioural factors on subjective financial well-being-An Indian context. Vision: The Journal of Business Perspective. Advance online publication. https://doi.org/10.1177/09722629221130206

Maulidiana, A. E., & Purnamasari, P. E. (2025). Income, financial attitude, locus of control on Financial well-being through financial behavior in Dusun Dami. Jurnal Reviu Akuntansi dan Keuangan, 15(4), 868-881. https://doi.org/10.22219/jrak.v15i4.42422

Mawad, J. L., Athari, S. A., Khalife, D., & Mawad, N. (2022). Examining the impact of financial literacy, financial Self-Control, and demographic determinants on individual financial performance and behavior: An insight from the Lebanese crisis period. Sustainability, 14(22), 15129. https://doi.org/10.3390/su142215129

Memon, M. A., Ramayah, T., Cheah, J.-H., Ting, H., Chuah, F., & Cham, T. H. (2020). Sample size for survey research: Review and recommendations. Journal of Applied Structural Equation Modeling, 4(2), i-xx. https://doi.org/10.47263/JASEM.4(2)01

Netemeyer, R. G., Warmath, D., Fernandes, D., & Lynch, J. G. (2021). How am I doing? Perceived financial well-being, its potential antecedents, and its relation to overall well-being. Journal of Business Research, 124, 743-758. https://doi.org/10.1016/j.jbusres.2021.01.036

OECD. (2023). OECD/INFE 2023 international survey of adult financial literacy. OECD Publishing.

Otoritas Jasa Keuangan, & Badan Pusat Statistik. (2025). Survei Nasional Literasi dan Inklusi Keuangan 2025. https://ojk.go.id/

Rahman, M., Abdullah, N., & Ahmad, F. (2023). Income stability and Financial well-being among public sector employees. Journal of Economics, Finance and Administrative Science, 28(56), 211-225. https://doi.org/10.1108/JEFAS-10-2022-0275

Rahman, M., Isa, C. R., Masud, M. M., Sarker, M., & Chowdhury, N. T. (2021). The role of financial behaviour, financial literacy, and financial stress in explaining the Financial well-being of B40 group in Malaysia. Future Business Journal, 7, 52. https://doi.org/10.1186/s43093-021-00099-0

Rashid, R., Yuliani, N., & Kurniawan, A. (2023). Financial literacy, financial behavior, and Financial well-being among Mama-Mama Papua traders using SEM-PLS approach. Jurnal Minds: Manajemen Ide dan Inspirasi, 10(1), 33-47.

Rey-Ares, L., Fernández-López, S., & Rodeiro-Pazos, D. (2021). Does Self-Control constitute a driver of millennials' financial behaviors and attitudes? Journal of Behavioral and Experimental Finance, 30, 100476. https://doi.org/10.1016/j.jbef.2021.100476

Sabri, M. F., Wahab, R., Mahdzan, N. S., Magli, A. S., & Rahim, H. A. (2022). Mediating effect of financial behaviour on the relationship between perceived financial wellbeing and its factors among low-income young adults in Malaysia. Frontiers in Psychology, 13, 858630. https://doi.org/10.3389/fpsyg.2022.858630

Sajid, M., Mushtaq, R., Murtaza, G., Yahiaoui, D., & Pereira, V. (2024). Financial literacy, confidence and well-being: The mediating role of financial behavior. Journal of Business Research, 182, 114791.

Sekaran, U., & Bougie, R. (2019). Research methods for business: A skill-building approach (8th ed.). John Wiley & Sons.

Setiawan, H., & Iramani, R. (2023). Financial well-being model for bank employees: The role of financial behavior as a mediator. Journal of Economics, Business, and Accountancy Ventura, 26(2), 205-219. https://doi.org/10.14414/jebav.v26i2.3948

Shefrin, H. M., & Thaler, R. H. (1988). The behavioral life-cycle hypothesis. Economic Inquiry, 26(4), 609-643. https://doi.org/10.1111/j.1465-7295.1988.tb01520.x

Tangney, J. P., Baumeister, R. F., & Boone, A. L. (2004). High Self-Control predicts good adjustment, less pathology, better grades, and interpersonal success. Journal of Personality, 72(2), 271-324. https://doi.org/10.1111/j.0022-3506.2004.00263.x

Xiao, J. J., & Porto, N. (2022). Financial education and financial satisfaction: Financial literacy, behavior, and capability as mediators. Journal of Family and Economic Issues, 43(2), 255-268. https://doi.org/10.1007/s10834-022-09815-5

Zhang, Y., & Chatterjee, S. (2023). Financial well-being in the United States: The roles of financial literacy and financial stress. Sustainability, 15(5), 4505. https://doi.org/10.3390/su15054505