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

Twenty Mariza Syafitri and Fitri Santi (2017) 1

allocated their pocket money for shopping. family (Hira, 2009). Personal finance refers
This result indicated that intention of to as every financial decisions and activities
undergraduate students to savings was still that one's can make and undertake. This is
relative low because they prefer to shopping. include budgeting and expenditures of
In addition, the another findings through incomes, savings, investments, mortgages,
interview with one of the postgraduate insurance and all of financial decisions
students in the Faculty of Economics and (Obago, 2014). A solid understanding of
Business (FEB) Bengkulu University, she personal finance will offer person's personal
was also less concerned about her spending financial satisfaction and a better chance of
and financial managements, so her income success in facing the financial condition,
per monthly earned as a Civil Servant in the problems, and opportunities of life, For
one of Bengkulu Province Instances could instance paying minimal credit costs,
not insufficient to her needs. Thus one of purchasing a car with low prices, buying
ways to earned additional income was appropriate and fairly priced insurance
through credit efforts to sufficient the lack of (Garman and Forgue, 2012: 3).
income in provide to needs. Personal financial satisfaction is a result
Since September 2016, the Indonesia of process known as personal financial
Stock Exchange (IDX) and Financial management or personal financial planning
Services Authority (OJK) have been doing a (Kapoor et al., 2004: 4). Financial planning
strategy to reduce rather poor financial beha- has been considered a strategic process
vior of college students and expected can aimed to helping individuals on manage their
invite a college students to do invest in the financial resources to be able to achieve a
Capital Market. Therefore, the inaugurations range of life and financial goals (Overton,
of Investment Galleries in the several 2008). Kapoor et al. (2004: 9) state there are
Universities, one of Universities is Bengkulu two type of personal financial goals
University who has expected to build the development who can be influence on per-
character of college students in the Faculty of sonal finance in the future, the first based on
Economics and Business (FEB) as a good time to achieve goals, and the second based
future economist and smart in using products on type of need.
and services of financial. Financial management has considered as
The study of financial problems ever did the set of behaviors performed through the
by Shim et al., (2009), found that money planning, implementing, and evaluating in-
attitude had a significantly effect to deter- cluding in the cash, credit, investment,
mine of financial management behaviors and insurance and retirement, and estate planning
person's financial well-being, and money (Parrotta and Johnson, 1998: 60). Kholilah
attitude also contributed to predict person's and Iramani (2013: 70) define personal
financial practices (Dowling et al., 2009). financial management behaviors as a one's
The responsible financial behaviors also very ability to manage of daily financial funds
relates with self-control, because self-control through planning, budgeting, controlling,
failure in using financial will have caused finding, and saving. In other words, the
psychological consequences, such as guilt, personal financial management behavior is
stress, shame, and regret (Tangney et al., relates to a person's financial responsibility
2004). regarding a way of financial management
who involves managing of money and other
LITERATURE REVIEW assets of ways considered productive (Ida
Personal finance is one of basic concepts and Dwinta, 2010). Therefore, the financial
in science of economics, finance and management abilities has become increasing-
management, and general principles of deci- ly in today’s since an individual have to plan
sion making and the management of for long-term investments for old age and
financial resources of the individual and expenses of needs (Falahati and Paim, 2011).

Twenty Mariza Syafitri and Fitri Santi (2017) 2

 The factors who can effect to behaviors meaning of money can be influence on
in general are knowledge and attitude buying behavior (Kristanto, 2011: 6). Qamar
(Parrotta and Johnson, 1998). This is requires et al, (2016: 300) state that money attitude is
the development on knowledge and skill to one's perception about money. An individual
advantage of financial opportunities, solve of define money as a tool that can influence on
problem financials, achieve self-satisfaction, actions will have done in the management of
and provide security in financial terms. money (Sina, 2013: 94). Even, one’s money
Financial management behavior can be seen attitudes will be influencing their behaviors
how well an individual to management of when they are shopping and saving, and
savings and other spendings (Hilgert et al, finally is going to an effect the achievement
2003). Thereby, every individual have to of certain life goals (Nga and Yeoh, 2015).
responsible in planning and actualizing their Fisher and Montalto (2010) conclude
financial future, and finally will make their that most of the people think rationally on
personal financial management behavior can the financial saving near to the time of
be to optimal. O'Neill and Xiao (2012) retirement. In which saving activities to
indicate the personal financial management required an individual to control own-self on
behavior becomes three type are budgeting, spending money so that money can be aside
spending, and saving. for future (Lunt and Livingstone, 1991). An
An attitudes is considered as one's individual have to able to exercise self-
judgment tendency to evaluate things in a control in the postponing satisfaction and
certain way, include an evaluations of hold up to temptation for spending of money
people, issues, objects or events (Bahsin and (Thaler, 1994; Rabinovich and Webley,
Thenmozhi, 2014). One of problems of 2006). Because self-control is an activity
attitude-behaviour inconsistency will have who can foster long term saving (utilitarian
caused a gap between attitudes and actions in goals), as well as decrease impulsive spendi-
relation to future-oriented behaviors (Loewe- ng (hedonistic goals) (Otto et al., 2007: 229).
nstein and Prelec, 1992; Knussen and Yule, Baumeister et al., (1998), has been
2008). The future-oriented behaviors to be studying an individual with the high self-
resulted by individual positive-attitudes, as control will be able to control emotions, and
goals to encourage individuals getting long- then to reject the purchase and decision
term benefits (Rabinovich et al., 2009). The making is not logical. Self-control refers to
individual's attitude will make easy in a con- an individual abilities for self-restraint or
sistent decision-making (Glasman and self-directed toward a better the direction
Albarracin, 2006). when faced by several temptations to shop-
According to Maio and Haddock (2009), ping (Baumeister, 2002). So that, self control
positive-attitudes formed through: (1) one’s can be apply in decision making to save
beliefs about the consequences of money (saving) or make a purchase
performing the particular behavior, and (2) (Rahmani, 2016).
one’s evaluation of those possible conse- One's spending self-control toward
quences. Regan and Fazio (1977) argue that attitude and behavior of consumptive will
an attitude needed to predict behavior, in have affected their financial situation. Hence
which an attitudes forming out of the results require an attention towards patterns of one’s
of individual's immediate experience toward spending and consumption, and then an indi
an object. Money is represents a prominent vidual can avoid the act to combine
object of modern society as another strengths impulsive buying and compulsive buying
who can be encourage behavior (Hanley and who will be increasing of life satisfaction
Wilhelm, 1991). (Haws et al., 2012).
Money attitude is a form of individuals A previous literature, showed there were
behavior as evaluation results to proprietary several factors who used to test a relation-
benefits of, a function and the symbolic ships of an individual with the personal

Twenty Mariza Syafitri and Fitri Santi (2017) 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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