Testing the Determinant Model of Financial Behavior among State-Owned Enterprise Employees: The Moderating Role of Income
DOI:
https://doi.org/10.38035/dijefa.v7i3.7104Keywords:
financial anxiety, income, financial behavior, financial confidence, financial knowledge, financial technologyAbstract
Effective financial behavior has become increasingly important as employees face rising living expenses and the rapid expansion of digital financial services. This study investigates the effects of financial anxiety, financial technology, financial knowledge, and financial confidence on the financial behavior of employees at PT Kimia Farma Diagnostika, with income examined as a moderating variable. Data were collected through questionnaires from respondents selected using purposive sampling and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal that financial anxiety has a negative effect on financial behavior, whereas financial confidence, financial knowledge, and financial technology contribute positively. In addition, income strengthens the relationship between financial technology and financial behavior as well as between financial knowledge and financial behavior. These results provide additional evidence for behavioral finance research and highlight the importance of financial education and digital financial literacy in improving employees' financial well-being.
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
Archuleta, K. L., Dale, A., & Spann, S. M. (2013). Financial anxiety among adults: A review of concepts and measurement. Journal of Financial Counseling and Planning.
Archuleta, K. L., Dale, A., & Spann, S. M. (2021). Financial satisfaction. In Encyclopedia of gerontology and population aging. Springer. https://doi.org/10.1007/978-3-030-22009-9_300835
Arifa, J. S. N., & Setiyani, R. (2020). Pengaruh pendidikan keuangan di keluarga, pendapatan, dan literasi keuangan terhadap financial management behavior melalui financial self-efficacy sebagai variabel mediasi. Economic Education Analysis Journal, 9(2), 552–568. https://doi.org/10.15294/eeaj.v9i2.39431
Atkinson, A., & Messy, F.-A. (2012). Measuring financial literacy: Results of the OECD / International Network on Financial Education (INFE) pilot study. OECD Publishing.
Bandura, A. (1986). Social foundations of thought and action: A social cognitive theory. Prentice-Hall.
Bank Indonesia. (2023). Laporan perkembangan teknologi finansial di Indonesia. Bank Indonesia.
Dewi, M. A. (2022). Pentingnya financial education dan financial knowledge terhadap inklusi keuangan pada era fintech di Indonesia. Owner, 6(3), 2967–2979. https://doi.org/10.33395/owner.v6i3.866
Gomber, P., Koch, J.-A., & Siering, M. (2018). Digital finance and fintech: Current research and future research directions. Journal of Business Economics, 87(5), 537–580.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A primer on partial least squares structural equation modeling (PLS-SEM) (2nd ed.). Sage Publications.
Hendro, T., & Iramani, R. (2022). Pengaruh penggunaan fintech terhadap perilaku konsumtif masyarakat. Jurnal Manajemen dan Keuangan.
Herawati, N. T., Candiasa, I. M., Yadnyana, I. K., & Suharsono, N. (2018). Factors that influence financial behavior among university students. International Journal of Business and Management.
Herlambang, A., & Lestari, D. (2023). Determinants of BUMN employee financial management behavior in Surabaya. Jurnal Manajemen dan Bisnis Indonesia, 13(2), 56–68.
Iramani, R., & Lutfi, L. (2021). Financial literacy and financial behavior among Indonesian millennials. Asian Journal of Business and Accounting, 14(1), 223–248.
Joo, S.-H., & Grable, J. E. (2004). An exploratory framework of the determinants of financial satisfaction. Journal of Family and Economic Issues, 25(1), 25–50. https://doi.org/10.1023/B:JEEI.0000016722.37994.9F
Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35–46. https://doi.org/10.1016/j.bushor.2017.09.003
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44.
Lusardi, A., & Mitchell, O. S. (2017). Financial literacy and retirement planning in the United States. Journal of Pension Economics and Finance, 10(4), 509–525.
Mien, N. T. N., & Thao, T. P. (2015). Factors affecting personal financial management behaviors: Evidence from Vietnam. Proceedings of the Second Asia-Pacific Conference on Global Business, Economics, Finance and Social Sciences.
Morris, T., Maillet, S., & Koffi, V. (2022). Financial knowledge, financial confidence and learning capacity on financial behavior: A Canadian study. Cogent Social Sciences, 8(1). https://doi.org/10.1080/23311886.2021.1996919
Otoritas Jasa Keuangan. (2022). Survei nasional literasi dan inklusi keuangan 2022. OJK.
Perry, J. M. (2023). Financial anxiety and financial behavior among working adults. Journal of Financial Counseling and Planning.
Perry, V. G., & Morris, M. D. (2005). Who is in control? The role of self-perception, knowledge, and income in explaining consumer financial behavior. Journal of Consumer Affairs, 39(2), 299–313.
Pranata, R. M., Jamaludin, A., Rosmawati, E., Pangestu, A. D., & Kutaningtyas, B. A. (2024). Pengaruh literasi keuangan dalam pengelolaan keuangan: Menguji efek pendapatan sebagai moderasi. Jurnal Manajemen Riset Inovasi, 2(4), 239–253. https://doi.org/10.55606/mri.v2i4.3237
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(1), 1–18. https://doi.org/10.1186/s43093-021-00099-0
Rengga, A. (2024). Financial literacy and financial behavior among employees in Indonesia. Jurnal Ekonomi dan Keuangan.
Ryu, H.-S. (2018). Understanding benefit and risk framework of fintech adoption: Comparison of early adopters and late adopters. Proceedings of the 51st Hawaii International Conference on System Sciences.
Sabri, M. F., & Falahati, L. (2020). Financial stress and financial behavior among employees. Journal of Family and Economic Issues.
Sabri, M. F., Anthony, M., Law, S. H., Rahim, H. A., Burhan, N. A. S., & Ithnin, M. (2024). Impact of financial behaviour on financial well-being: Evidence among young adults in Malaysia. Journal of Financial Services Marketing, 29(3), 788–807. https://doi.org/10.1057/s41264-023-00234-8
Sabri, M. F., et al. (2023). Financial knowledge and financial behavior among young adults. International Journal of Academic Research in Business and Social Sciences.
Sukirno, S. (2016). Makroekonomi: Teori pengantar (3rd ed.). Rajawali Pers.
Sumani, & Roziq, A. (2020). Pengaruh literasi keuangan terhadap keputusan investasi generasi milenial. Jurnal Ekonomi dan Bisnis Islam, 6(2), 88–102.
Suryono, R. R., et al. (2023). Digital payment usage and consumer financial behavior. Journal of Open Innovation: Technology, Market, and Complexity.
Tiento, J., & Anwar, M. (2023). Pengaruh pengetahuan keuangan, financial confidence, dan moderasi sumber pendapatan terhadap perilaku keuangan karyawan swasta. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 5(1), 94–102. https://doi.org/10.47065/ekuitas.v5i1.3696
Umanailo, M. C. B., Nawawi, M., & Pulhehe, S. (2018). Masyarakat konsumtif. Simulacra, 1(2), 203–211.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Vebriana Eka Pravita, Iramani
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish their manuscripts in this journal agree to the following conditions:
- The copyright on each article belongs to the author(s).
- The author acknowledges that the Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) has the right to be the first to publish with a Creative Commons Attribution 4.0 International license (Attribution 4.0 International (CC BY 4.0).
- Authors can submit articles separately, arrange for the non-exclusive distribution of manuscripts that have been published in this journal into other versions (e.g., sent to the author's institutional repository, publication into books, etc.), by acknowledging that the manuscript has been published for the first time in the Dinasti International Journal of Economics, Finance & Accounting (DIJEFA).
