Diponegoro International Journal of Business

Vol. 5, No. 1, Year 2022, pp. 33-46

Published by Department of Management, Faculty of Economics and Business,
Universitas Diponegoro (p-ISSN: 2580-4987; e-ISSN: 2580-4995)
DOI: https://doi.org/10.14710/dijb.5.1.2022.33-46

The influence of financial literacy, financial

attitudes, and lifestyle on financial behavior

Adhi Widyakto 1, Ziyana Wahyu Liana1, and Tri Rinawati1

1
Department of Management, Faculty of Economics, University of Semarang, Indonesia

Abstract This study aims to examine the effect of financial literacy, attitudes, and lifestyle on financial
behavior in Management students of the Faculty of Economics, class of employees at the
University of Semarang, class of 2019/2020. The population in this study were active
students majoring in employee class management in the odd semester class of 2019/2020.
The sample in this study was purposive sampling method. Purposive sampling is a data
sampling technique based on certain considerations. The sample in this study collected 123
respondents. This research uses quantitative data type and the data source used is primary
data. The data analysis technique using regression analysis test was carried out with the
help of SPSS version 25. The results showed that only financial attitudes had a significant
positive effect on financial behavior, while other variables such as financial literacy and
lifestyle had no a significant effect on financial behavior. Its mean that financial attitudes will
improve the quality of financial behavior in students.

Keywords financial attitude; financial behavior; financial literacy; lifestyle

INTRODUCTION not an adequate level in use of financial

services and financial understanding.
Nowadays, financial problems become In addition, according to the national
things that can not be separated from a financial literacy survey (OJK) (2018), the
person's life. There is a public anxiety in the financial literacy index in 2019 in the student
future related to lack of understanding of cluster was in the range of 31.69%. This
financial perceptions in planning, financial gives an indication that the financial literacy
knowledge and personal financing (Markle, index of students in general is still very low.
2019). Concern for financial literacy is If the financial index is below 60% indicates
expected to be able to know and manage one's knowledge of low finance. According
finances well. The way to improve the ability to Tangkudung (2014), students are
to manage personal finances is to improve undergraduate candidates who are in their
financial literacy. involvement with universities, educated and
Based on the results of the National expected to become intellectual candidates.
Survey of Financial Literacy and Campus or college located at Jl. Soekarno
Inclusiveness (SNLIK) conducted by the Hatta, Tlogosari Semarang is the University
Financial Services Authority (OJK, 2018), of Semarang. The University of Semarang is
Indonesia's financial literacy rate in 2019 is as one of the containers for students in
38.03% which will increase by 40% in 2020. becoming agents of change in society.
In Presidential Regulation No. 50 of 2017, There are several S1 Management study
35% of the national strategy of consumer programs. Lecturers expect that by studying
rights protection has been exceeded. This financial management, students can
number experienced a significant change manage finances well and planned, so that
compared to the previous year, in the last in everyday life better and regular in their
three years the understanding of public financial management. Based on the
financial knowledge increased to 8.33% and results of limited interviews, quite a lot of
the understanding of financial products and economics faculty students have a low level
services increased by 8.39%. Improving of financial literacy and skills in managing
financial literacy is currently a very serious finances. Because they have not been able
problem because it can have a negative to determine their priorities, students often
impact on financial behavior. The OJK's make decisions quickly without thinking long
survey shows that Indonesian people have for the desired needs rather than the needs

Correspondence to : Received: 4th March 2022

adhiwidyakto92@gmail.com Revised: 18th April 2022
Accepted: 9th July 2022

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make decisions quickly without thinking long individuals have can be used to make
for the desired needs rather than the needs decisions about financial products that can
needed. Financial attitudes are also another optimize finances. Meanwhile, Mendari &
factor that can influence financial behavior in Kewal (2013) explained that financial literacy
students. According to Prihartono & is a basic need for everyone to avoid
Asandimitra (2018) financial attitude is a financial problems. According to (OJK,
view of money shown by the ability to control 2018), financial literacy is divided into four
financial expenses, draw up financial plans, categories, among others: Well Literate,
financial budgets to realize the right financial Sufficient Literate, Less Literate, Not
decisions. Low financial literacy in the Literate. The basic principles of financial
community including students. Students are literacy contained in SNLKI in 2017 include:
still many who do not understand the planned and measurable, achievement-
concept of finance because in everyday life oriented, sustainability and collaboration.
they will definitely manage their finances for According to OJK (2018), factors that affect
the decisions they make. In general, a class financial literacy include gender, education
of employees of the University of Semarang level, and income level. Indicators of
is more concerned with appearance and financial literacy according to Chan & Volpe
fashion to look attractive and he looks cool in Sugiharti & Maula (2019) mention that
and fashionable. Many of these students financial literacy is divided into four aspects,
who do not have a family and are still young, namely: Personal Finance Knowledge in
will be happy to spend money from income General, Insurance, Investment, Savings
every month without thinking about the and Loans.
future.
Financial literacy is essential for every Financial attitude
student to manage finances. Student
financial attitudes also influence financial According to Widyaningrum (2018), financial
behavior. If a student has financial literacy attitude is the knowledge of someone who is
and a good financial management attitude, in finance, who is trained to focus on
then financial management will be better and financial management. Financial attitudes in
life becomes prosperous. In this case, financial decision making will have both
financial literacy plays an important role in positive and negative value for applied
improving the financial management of financial behavior and will represent a
someone who is not good. satisfactory financial management attitude.
Factors that affect a person's financial
LITERATURE REVIEW AND attitude include: direct experience, family
HYPOTHESES DEVELOPMENT influence, peers, mass media impressions,
direct marketing. In addition, indicators of
Theory of planned behavior (TPB) financial attitudes in opinion (Zahroh, 2014)
are orientation towards personal finance,
This theory is a social theory that suspects a philosophy of money, money security,
person's behavior, the main reason for assessing personal finance.
behavioral decision making is the result of
reasoning processes that are influenced by Lifestyle
attitudes, norms and control of behavior.
Human behavior can be caused by different Lifestyle is a person's way of life that is
reasons or possibilities, meaning confidence expressed in his activities, hobbies and
in the expectations of others and the income by spending money and allocating
presence of factors that will inhibit the time. Lifestyle reflects consumptive patterns
behavior. Attitudes toward behavior are that describe a person's choices in using
assumed to be a function of easily time and money (Hardiyanti, 2021).
accessible beliefs regarding possible According to Kasali in Graduation (2014)
behavioral consequences (Ajzen, 2020). said that lifestyle indicators measure human
activity in terms of activities, interests or
Financial literacy interests, opinions.

Financial literacy is one's knowledge and

skills in managing finances to make life
prosperous. The financial knowledge that

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Financial behavior posits that financial attitudes have a positive

and significant effect on financial behavior.
According to Suryanto & Rasmini (2018), Based on the description above, the
financial behavior is a pattern or behavior of hypothesis is formulated as follows:
a person's habits in managing his personal
finances. Akben-Selcuk (2015) states that H2: financial attitudes have a significant
factors that influence financial behavior positive effect on financial behavior
include: financial literacy, financial
socialisation agents, attitude towards The relationship between lifestyle and
money. According to Akben-Selcuk (2015), financial behavior
financial behavior is divided into three
indicators, among others: being on time in Lifestyle describes the whole of a person
paying bills, such as electricity bills, credit that relates to his or her environment. In this
and rent, making personal budgets, namely case, the lifestyle embraced by students has
systematic budgeting in the form of numbers a strong influence and will affect their
for a certain period of time in the future and financial behavior. According to Rina
having savings for the future. Rahayu, (2015), lifestyle describes
consumption patterns as a person's choice
The relationship between financial to use money and time. College students
literacy and financial behavior tend to have a lifestyle for consumption in
everyday life that is quite high. A student
Financial literacy is knowledge related to whose lifestyle is increasingly luxurious,
financial management (regarding savings, then behavior towards his finances will
investments, insurance, etc.) so that it can decrease because he often wastes money
affect student financial behavior. If a student and can not manage it properly. And if a
who has a good level of financial literacy and college student lives a simple lifestyle and
knows things related to finance, then the uses money as needed then, they will have
student will be more capable in behaving good financial behavior.
towards his finances. This is evidenced by This is addressed in previous research by
research conducted by Wahyuni (2018) and Hardiyanti, (2021) and Chairani, (2019)
(Iriani, 2018) which showed that financial which showed that lifestyle has a significant
literacy has a significant positive effect on positive effect on financial behavior. Based
financial behavior. on the description above, it is formulated
According to research Djou (2019) and with the hypothesis:
Hardiyanti, (2021) financial literacy has a
positive and significant effect on financial H3: lifestyle has a significant positive
behavior. Based on the description above, effect on financial behavior
the hypothesis is formulated as follows:
Research framework
H1: financial literacy has a significant
positive effect on financial behavior Research framework is a model of problem
solving that begins with the determination of
The relationship between financial research problems. Based on the foundation
attitudes and financial behavior of previous theories and research, the
theoretical framework of thought built into
According to Humaira & Sagoro, (2018), this research is shown in figure 1.
financial attitudes can be understood when
thoughts, views and judgments about METHODS
personal finance are applied to attitudes.
Students who have a good financial attitude According to Sugiyono, (2016) population is
in financial management will have a positive a general field consisting of objects or
effect on financial behavior, conversely if subjects that have certain qualities and
students are arbitrary in making financial characteristics. The population of this study
decisions, they will have bad financial is all active students of the faculty of
behavior. This is evidenced by research economics employees majoring in
conducted by Djou, (2019) and Mochamad management semester gasal School Year
Zulfikri Saepulloh Hidayat (2020) which 2021/2022, class year 2019/2020 number of
177 students (UPT USM Database, 2022).

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Figure 1.
Research framework
The sample is a component of the number The data collection method used in the study
and character of the population (Sugiyono, was to collect primary data using
2016). questionnaires and using the likert scale.
The samples in this study used the While in the collection of secondary data
purposive sampling method approach. obtained from journals, lieratur, previous
According to Sugiyono (2016), purposive research related to research.
sampling is a data sampling technique
based on certain considerations. The criteria Descriptive analysis
for determining the sample in this study are
active students of employee classes Descriptive analysis is an analysis in the
majoring in management of the Faculty of form of data and descriptions. Descriptive
Economics, University of Semarang data is a description of data that is
semester gasal of 2019/2020. In this study, associated with other data that is used to find
the number of samples collected was the truth so that it produces a new picture
calculated using the formula slovin that already exists. The data in question is
(Sugiyono, 2016). Therefore, the sample an overview of the identity of the respondent
formula is as follows: and for the analysis of the description that is
a question on a likert scale.
𝑁
n=
1+𝑁 𝑥 (𝑒)2
Quantitative analysis
Where:
Quantitative data analysis is research data
n = sample size
in the form of numbers and analysis using
N = population (177 respondents)
statistics (Sugiyono, 2016). The quantitative
e = percentage of desired or tolerable errors
data analysis used in this study is a multiple
(5%)
linear regression analysis using SPSS 25.
Based on the slovin formula, the size of the
sample obtained is as follows: Instrument testing: validity test

𝑁 The validity test is used to measure the

n= validity or validity of a questionnaire. A
1+𝑁 𝑥 (𝑒)2
177
n= = 122,70 questionnaire is valid if the question on the
1+177 𝑥 (0,05)2
questionnaire is able to reveal something
measured by the questionnaire (Ghazali,
The number of samples was rounded, so the 2018). In this study, validity tests were used
number of samples used was 123 to test financial literacy variables (X 1),
respondents. financial attitudes (X2) and lifestyle (X3) by
comparing calculated r's with table r values.
Data collection methods If r calculates greater than the value of the
table r and positive, then the validity test is
Data collection method is a strategic step in declared valid.
research to obtain data (Sugiyono, 2016).

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Table 1.
Distribution of respondents by age

No Age Amount Percentage (%)

1 19 years old 1 0,8
2 20 years old 4 3,3
3 21 years old 43 35,0
4 22 years old 44 35,8
5 23 years old 14 11,4
6 24 years old 6 4,9
7 25 years old 5 4,1
8 27 years old 2 1,6
9 31 years old 1 0,8
10 34 years old 1 0,8
11 37 years old 1 0,8
12 38 years old 1 0,8
Total 123 100
Source: Processed primary data, 2022

Instrument testing: reliability test Based on the results of multicollinearity

tests which shown in the table 11 the
Reliability is a tool for measuring variables of financial literacy, financial
questionnaires that are indicators of attitudes, lifestyle to financial behavior
variables. A questionnaire is said to be variables there are no symptoms of
reliable or reliable if a person's answer to a multicollinearity because tolerance values
statement is stable or consistent over time. are more than 0.1 and VIF values are less
A data is said to be reliable if it has a than 10.00.
Cronbach Alpha > 0.6 and is said to be not
reliable if Cronbach Alpha < 0.6 (Ghazali, Multiple linear regression equations
2018).
Multiple linear regression is used to the
Multicollinearity test effect of independent variables, such
asfinancial literacy (X1), financial attitudes
The multicollinearity test aims to see if there (X2) and lifestyle (X3) on dependent
is a correlation between independent or free variables, financial behavior (Y). Regression
variables. In the value of tolerance there is equation used as follows:
no multicollinearity if the tolerance value is Y = α + b1X1 + b2X2 + b3X3+ e
greater than 0.10, while the value of VIF
(Variance Inflation Factor) does not occur Hypothesis testing
multicollinearity when the VIF value is
smaller than 10.00 while there is Partial test (test t)
multicollinearity if the VIF value is greater
than or equal to 10.00. The t test or so-called partial hypothesis test
is a statistical method used to test the
Table 2.
Distribution of respondents by gender

No Gender Amount Percentage (%)

1 Man 36 29,3
2 Woman 87 70,7
Amount 123 100
Source: Processed primary data, 2022

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Table 3.
Distribution of respondents based on recent education

No The Last Education Amount Percentage (%)

1 SMA/SMK 112 91,1
2 D3 11 8,9
Amount 123 100
Source: Processed primary data, 2022
significant degree or confidence level of the was 87 and the percentage was 70.7%.
regression coefficient. According to Ghazali Thus it can be concluded that the level of
(2018) the t test was conducted to show the financial literacy and lifestyle is most visible,
individual influence of one independent namely the students who always follow the
variable on the dependent variable. The trend.
criteria in this test using the signification rate
of a = 0.05 are determined as follows: If Characteristics of respondents based
thitung's significant value < a = 0.05 then the on recent education
hypothesis is declared significant. If thitung's
significant value > a = 0.05 then the Table 3 shows that the last education of
hypothesis is declared insignificant. Semarang University employee
management students, High school /
Coefficient of determination vocational graduates is the with a total of 112
respondents and a percentage of 91.1%, D3
The coefficient of determination (R2) graduates or students who transfer to S1
basically measures the extent to which the level as many as 11 people with a
model describes the bound variable percentage of 8.9% and a total of 123
(Ghazali, 2018). The coefficient of respondents.
determination (R2) is expressed in
percentage. This R2 value ranges from 0 < Descriptive analysis
R2, the coefficient of determination is zero or
one. If the value of R2is small, the ability of This analysis aims to find out the answers
independent variables to explain dependent from respondents to each of the financial
variables is very limited. However, if the literacy, financial attitudes, lifestyle and
value of R2is close to 1 it means that financial behavior.
independent variables provide almost all the
information needed to predict the variation of Descriptive analysis of financial
dependent variables (Munawaroh & Priyadi, literacy
2014).
The table 4 shows, respondents' financial
RESULTS AND DISCUSSIONS literacy (X1) level the average score of
financial literacy items in this study is 3.81
Research results which can be placed as "High". In this
condition shows that the variables of
Based on the table 1, it can be known that financial literacy are well received.
the age of respondents is dominated by the
age of 21 - 24 years with a total of 107 Descriptive analysis of financial
respondents and a percentage of 87.1%. attitudes

This is because most of the students of the Table 5 shows the results of responses of
University of Semarang are studying while respondent to the Financial Attitude item
working. The average score of financial attitude
variable (X2) item is 3.84. this score "High".
Characteristics of respondents based In this condition shows that the variables of
on gender financial literacy are well received.

Based on the table 2, the respondents'

genders were dominated by women, which

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Table 4.
Financial literacy respondents’ responses

No. Statement Frequency Score Amount Average

Item Score STS TS N S SS
1. I understand Frequency 0 0 15 73 35 123 4,16
about finance
in general.
Fxs 0 0 45 292 175 512
2. I spend Frequency 0 0 20 71 32 123 4,10
money
according to
my
requirements..
Fxs 0 0 60 284 160 504
3. I didn’t goes Frequency 1 16 37 61 8 123 3,48
to insurance
because of
expensive
fees or
premiums.
Fxs 1 32 111 244 40 428
4. I feel life Frequency 0 1 19 69 34 123 4,11
insurance
needs to
protect myself
Fxs 0 2 57 276 170 505
5. Investment is Frequency 0 1 30 86 6 123 3,79
an investment
for the long
term in the
hope of
getting a profit
in the future.
Fxs 0 2 90 344 30 466
6. I think Frequency 0 0 37 74 12 123 3,80
investing is
important and
I have a
specific plan
to achieve my
finances.
Fxs 0 0 111 296 60 467
7. I always put Frequency 0 0 41 71 11 123 3,76
money aside
to save as a
future
provision.
Fxs 0 0 123 284 55 462
8. I'd rather Frequency 0 16 48 59 0 123 3,35
borrow money
from a friend
or relative
than borrow at
the bank.
Fxs 0 32 144 236 0 412
Average 3,81
Source: Processed primary data, 2022

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Table 5.
Respondents’ responses to financial attitudes

No Statement Frequency Score

Item Amount Average
Score STS TS N S SS
1 I regularly Frequency 0 0 40 66 17 123 3,81
make a
monthly
budget.
Fxs 0 0 120 264 85 469
2 Being able to Frequency 0 1 26 73 23 123 3,96
manage my
finances
properly is
very
important to
me.
Fxs 0 2 78 292 115 487
3 I prefer to Frequency 2 37 49 25 10 123 3,03
pawn items
for
unexpected
needs.
Fxs 2 74 147 100 50 373
4 I try to set Frequency 0 1 17 69 36 123 4,14
aside money
to save and
it can be
used for
urgent
purposes.
Fxs 0 2 51 276 180 509
5 I'm good at Frequency 0 1 30 85 7 123 3,80
estimating
my financial
difficulties.
Fxs 0 2 90 340 35 467
6 I know about Frequency 0 0 35 74 14 123 3,83
the stability
of my
financial
situation.
Fxs 0 0 105 296 70 471
7 Learning Frequency 0 0 7 63 53 123 4,37
about
finance is
important.
Fxs 0 0 21 252 265 538
Average 3,84
Source: Processed primary data, 2022

Descriptive analysis of lifestyle Descriptive analysis of financial

behavior
Based on the table 6 the average score of
lifestyle variables (X3) item is 3.66. this Based on the table 7, respondents' answers
score is the table to be placed as "High". In to financial behavior variables items (Y) with
this condition shows that the variables of an average total of 4,034 are in the category
financial literacy are well received. "High". In this condition shows that the
variables of financial literacy are well
received.

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Table 6.
Lifestyle respondents’ response results

Statement Frequency Score

No Amount Average
Item Score STS TS N S SS
1 I spend money Frequency 0 0 28 77 18 123 3,92
on my daily
needs well.
Fxs 0 0 84 308 90 483
2 I follow the Frequency 1 37 61 19 5 123 2,92
latest trend
styles in my
appearance.
Fxs 1 74 183 76 25 359
3 I'm interested Frequency 1 52 35 28 7 123 2,90
in purchasing
high-end items
or brand-new
merchandise
as needed.
Fxs 1 104 105 112 35 357
4 I sorted and Frequency 0 0 21 84 18 123 3,98
chose my own
interest in the
items to be
purchased.
Fxs 0 0 63 336 90 489
5 I would argue Frequency 1 1 18 72 31 123 4,07
that a simple
lifestyle and
not following
trends will
make finances
better in the
future.
Fxs 1 2 54 288 155 500
6 I would argue Frequency 0 0 9 83 31 123 4,18
that lifestyle
should be
balanced with
the abilities
you have.
Fxs 0 0 27 332 155 514
Average 3,66
Source: Processed primary data, 2022

Based on the table 8, it can be known that

Validity test the value of r calculates the overall
statement item tested is positive and greater
The validity test in this study is a tool for than the value of the table r. It can then be
measuring that can be used to show the concluded that all statement items in this
level of validity or not indicator of each. This research instrument passed the validity test
validity test uses SPSS by comparing r and were declared valid.
calculated and rtable. The rtable in the study
was obtained from N with sig. α = 0.05 or Reliability test
5%. This test with the number of
respondents 123 people, then df = N-2, df Reliability tests are used to find out the
=123-2 = 121, so it obtained a table of indicators of each variable can be trusted,
0.1771. The following validity test results are reliable or not. Based on the table 9, it shows
displayed in the table 7.

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Table 7.
Respondents’ responses to financial behavior

No Statement Frequency Score

Item Amount Average
Score STS TS N S SS
1 I pay my bills Frequency 0 0 18 71 34 123 4,13
on time (e.g.,
boarding, debt,
electricity and
water, etc.).
Fxs 0 0 54 284 170 508
2 I make a Frequency 0 1 39 69 14 123 3,78
budget of
expenses and
expenses
daily, weekly,
monthly.
Fxs 0 2 117 276 70 465
3 I prepare and Frequency 0 0 25 64 34 123 4,07
save money
for unexpected
needs in the
future.
Fxs 0 0 75 256 170 501
4 I put money Frequency 0 1 23 82 17 123 3,93
aside to invest.

Fxs 0 2 69 328 85 484

5 I'm trying to Frequency 0 0 6 78 39 123 4,26
balance
income and
expenses.
Fxs 0 0 18 312 195 525
Average 4,034
Source: Processed primary data, 2022

that the variables reliable because the whole

variable with Cronbach's alpha > 0.60. Multiple linear regression analysis

Multicollinearity test This analysis aims to find out the relationship

between independent variables and
The multicollinearity test aims to see if there dependent variables whether each variable
is a correlation between independent or free has a positive relationship or not. The results
variables. In the value of tolerance there is of multiple linear regression analysis tests
no multicollinearity if the tolerance value is are shown in the table 11. Based on, the
greater than 0.10, while the value of VIF multiple linear regression equations can be
(Variance Inflation Factor) does not occur formulated as follows:
multicollinearity when the VIF value is
smaller than 10.00 while there is Y = 9,017 + 0,099X1 + 0,230X2 + 0,089 X3
multicollinearity if the VIF value is greater
than or equal to 10.00. The constant value obtained at 9.017, is
Based on the results of multicollinearity a constant or state when financial behavior
tests which shown in the table 10 the variables have not been influenced by other
variables of financial literacy, financial variables, namely financial literacy variables
attitudes, lifestyle to financial behavior (X1), financial attitudes (X2) and lifestyle
variables there are no symptoms of (X3). If independent variables do not exist
multicollinearity because tolerance values then the variables of financial behavior do
are more than 0.1 and VIF values are less not change. The regression coefficient value
than 10.00. of financial literacy variables is positive at

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Table 8.
Validity test results

Variable Statement Item rcount rtable description

X1.1 0,380 0,1771 Valid
X1.2 0,490 0,1771 Valid
X1.3 0,475 0,1771 Valid
Literacy X1.4 0,448 0,1771 Valid
Finance X1.5 0,586 0,1771 Valid
X1.6 0,749 0,1771 Valid
X1.7 0,751 0,1771 Valid
X1.8 0,423 0,1771 Valid
X2.1 0,512 0,1771 Valid
X2.2 0,630 0,1771 Valid
X2.3 0,608 0,1771 Valid
Financial
X2.4 0,667 0,1771 Valid
Attitude
X2.5 0,524 0,1771 Valid
X2.6 0,623 0,1771 Valid
X2.7 0,684 0,1771 Valid
X3.1 0,564 0,1771 Valid
X3.2 0,652 0,1771 Valid
X3.3 0,659 0,1771 Valid
Lifestyle
X3.4 0,615 0,1771 Valid
X3.5 0,602 0,1771 Valid
X3.6 0,633 0,1771 Valid
Y.1 0,599 0,1771 Valid
Y.2 0,631 0,1771 Valid
Financial
Y.3 0,699 0,1771 Valid
Behavior
Y.4 0,618 0,1771 Valid
Y.5 0,635 0,1771 Valid
Source: Processed primary data, 2022

Table 9.
Reliability test results

No Variable Cronbach α α critical Description

1 Financial Literacy (X1) 0,626 0,60 Reliable
2 Financial Attitude (X2) 0,701 0,60 Reliable
3 Lifestyle (X3) 0,666 0,60 Reliable
4 Financial Behavior (Y) 0,631 0,60 Reliable
Source: Processed primary data, 2022

0.099, it means that if there is a 1% increase Partial test (test t)

in financial literacy variables will cause an
increase in financial behavior of 0.099. The The t test or so-called partial hypothesis test
regression coefficient value of the financial is a statistical method used to test the
attitude variable is positive at 0.230, it means significant level or confidence level of the
that if there is a 1% increase in the financial regression coefficient with criteria: If the
attitude variable it will cause an increase in value of significance < 0.05 then the
the financial attitude of 0.230. The influence of financial literacy (X1), financial
regression coefficient value of the lifestyle attitude (X2) and lifestyle (X3) partially
variable is positive at 0.089, it means that if affects financial behavior (Y), while if the
there is a 1% increase the lifestyle variable value of its significance is > 0.05 then
will cause an increase in lifestyle by 0.089. financial behavior (X1), financial attitude
(X2) and style Life (X3) partially has no
significant effect on financial behavior (Y).

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Table 10.
Multicollinearity test results

Coefficientsa
Model Unstandardized Standardized T Sig. Collinearity Statistics
Coefficients Coefficients
B Std. Error Beta Tolerance VIF
1 (Constant) 9,017 1,966 4,587 ,000
Financial ,099 ,075 ,137 1,316 ,191 ,580 1,723
Literacy
Financial ,230 ,083 ,329 2,755 ,007 ,444 2,255
Attitude
Lifestyle ,089 ,072 ,117 1,233 ,220 ,698 1,433
a. Dependent Variable: Financial Behavior
Source: Processed primary data, 2022

Table 11.
Multiple linear regression analysis test results

Coefficientsa
Model Unstandardized Standardized t Sig.
Coefficients Coefficients
B Std. Error Beta
1 (Constant) 9,017 1,966 4,587 ,000
Financial ,099 ,075 ,137 1,316 ,191
Literacy
Financial ,230 ,083 ,329 2,755 ,007
Attitude
Lifestyle ,089 ,072 ,117 1,233 ,220
a. Dependent Variable: Financial Behavior
Source: Processed primary data, 2022

Table 12.
Coefficient of determination

Model Summary
Model R R Square Adjusted R Square Std. Error of the Estimate
1 ,724a ,524 ,517 4,779
Predictors: (Constant), Lifestyle, Financial Attitude, Financial LiteracyDependent Variabel :
Financial Behavior
Source: Processed primary data, 2022

Based on the table above, only financial Determination coefficient test

attitude variable has significant effect on
financial behavior. The calculated value of t- The coefficient of determination is used to
test is 2.755, greater than the t table which is measure how much the percentage change
1.979. In addition, the significance value is or variation of an independent variable is. By
0.000. However, other variables, such as knowing the value of the coefficient of
financial literacy and lifestyle has no determination can be explained the
significant effect on financial behavior as the goodness of the regression model in
value of significance level of those variables predicting dependent variables. The higher
are higher than 0.05. the value of the coefficient of determination
the better the ability of independent

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Diponegoro International Journal of Business, Vol. 5, No. 1, 2022, pp. 33-46

variables in explaining the behavior of lifestyle variables (X3) has no effect on

dependent variables. The results of the financial behavior (Y).
determination coefficient test can be seen Based on the conclusions that have been
from the adjusted value R square. outlined, the author submitted a suggestion
Based on the table 12, the coefficient of that might improve the financial behavior of
determination has an adjusted R square of students majoring in employee class
0.517. This means 51.7% of financial management. Students should have a good
behavior (Y) can be explained by financial attitude to manage their financial
independent variables namely financial asset well.
literacy, financial attitudes and lifestyle. The In this study has research limitations both
rest (100% - 51.7%) = 48.3% were explained writing and in the results of research.
by other variables outside the model not Judging from the value of the coefficient of
described in the study. determination that only has an adjusted
value of R2 obtained by 0.517. This means
The effect of financial attitudes on that 51.7% of financial behavior is influenced
financial behavior by financial literacy, financial attitudes and
lifestyle while the remaining 48.3% are
Based on the test results, it shows a influenced by other variables.
significant influence between financial This research can be continued by
attitudes to financial behavior. The students expanding the scope of research objects
in this study wish they had known more and adding more specific variables such as
about ability to manage their asset, make a students' understanding of loan and debt or
monthly budget, to set aside money for about financial concerns.
accidental purpose, and feels that learning
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