International Journal of Marketing & Human Resource Research e-ISSN: 2746-4040 Vol.
06 No.
July 2025 Predictors Financial Management Behavior of MSMEs in Bandung Ridwan.
Kartika Berliani.
Rifqi Farisan Akbar Universitas Indonesia Membangun.
Bandung.
Indonesia Corresponding Author: ridwan@inaba.
Article Information:
Received: July 21, 2025.
Accepted: July 28, 2025.
Published: July 31, 2025 Abstract The objective was to identify the financial management practices of MSMEs in Bandung.
West Java.
Indonesia, using quantitative method with a Likert scale for measurement of variables.
The independent variables include financial literacy, financial attitude, financial experience, personality, and locus of control, while the dependent variable is the finance management behavior.
The analysis yielded the following findings: financial literacy, financial attitude, and locus of control exerted a detrimental influence on financial management behavior, whereas personality demonstrated a favorable impact on the same.
Conversely, financial experience was observed to exert no discernible effect on financial management behavior.
The results demonstrate that all variables in this study exert a simultaneous influence on financial management behavior.
The findings of this study may prove useful as a reference point for a variety of stakeholders, particularly the Government of Bandung, in formulating policies aimed at enhancing the financial management practices of MSMEs.
Keywords: Financial Management Behavior.
Financial Literacy.
Personality.
SMEs.
Bandung Introduction Published by:
Page In Indonesia, it demonstrates that there are now 64.
2 million MSMEs in the country.
MSMEs' labor absorption accounted for 96.
9% of the total national labor absorption, and their contribution to gross domestic income was 60.
Based on these figures.
MSMEs have a significant potential to contribute to the Indonesian economy.
There are four problems and difficulties facing IndonesiaAos MSMEs: preserving MSMEs in the digital ecosystem.
MSMEs' ability, caliber, and productivity in the international economy.
and raising environmental awareness of threats to the world as well as eco-friendly products (Soehandoko.
Micro.
Small, and Medium-Sized Enterprises (MSME.
are profitable operations that are operated independently or as small-scale entities.
The micro and small business industry is one of the areas that considerably strengthens the Indonesian economy.
MSMEs provide increased employment opportunities, labor absorption.
GDP generation, and safety net provision, especially for low-income people pursuing lucrative business ventures (Putri & Nailufar, 2.
International Journal of Marketing & Human Resource Research e-ISSN: 2746-4040 Vol.
06 No.
July 2025 According to Sunu Widyatmoko of Fintech Joint Funding Indonesia (AFPI).
MSMEs still face obstacles when trying to get bank financing.
Even though their cash flow is favorable.
Sunu claims that MSMEs have trouble getting to finance because they lack collateral and have loss-making financial statements.
Throughout 2023, there was a rise in non-performing loans to MSMEs (Aprilia, 2.
The non-performing loan percentage for MSME loans increased to 93% as of October 2023 from 3.
88% during the same month the previous year, according to data from Bank Indonesia (Simamora, 2.
Source: Kemenkop UMKM .
Figure 1.
Overview of MSMEs in Indonesia The way that business owners handle their finances is one aspect that could affect their ability to expand their organizations in a sustainable way.
Suriani .
Defines financial management behavior as how an individual manages their financial resources, considering Published by:
Page The capital of West Java.
Indonesia, is Bandung, and it has up to 7 million MSMEs in total.
According to the West Java Province's Central Statistics Agency.
Bandung is made up of 30 subdistricts with a variety of MSMEs, including those in the fashion, food, beauty, health, and agricultural industries as well as the automotive and other creative industries.
According to the findings of the preliminary research observation interviews with several MSME in Bandung, some of the business owners lack financial literacy and accounting experience, while others are solely focused on growing their revenue above their initial investment and neglecting financial One significant issue that some MSMEs frequently deal with is ineffective financial management.
Many MSMEs make reckless financial decisions because of poor accounting, budgeting, and financial planning procedures.
These MSMEs are susceptible to insolvency if their financial situation is unclear (Hasan et al.
, 2.
According to the findings of a digital platform study conducted by Bank OCBC in collaboration with NielsenIQ.
MSME financial management is currently in a state of alertness.
The average Business Fitness Index (BFI) is 43.
84/100, which is lower than the optimal score of 75/100.
Three Business Fitness Index (BFI) metrics are used to assess the financial health of MSMEs.
The exam first relates to business management, including tracking earnings and losses and paying suppliers and staff.
Second, an evaluation of the strategy or planning used by MSME actors to mitigate business risk.
Third, funding-related assessments.
Based on the survey findings, the obtained score was 56.
9/100.
In the meantime, the third categoryAifundingAigot a score of 47.
2/100, while the second categoryAiplanningAiwas scored 27.
2/100 (Galih, 2.
International Journal of Marketing & Human Resource Research e-ISSN: 2746-4040 Vol.
06 No.
July 2025 various factors such as their preferences or external influences.
Financial management behavior, according to Kholilah and Irmani in Amtiran .
, is the willingness of someone to take charge of the daily arranging, estimating, management examination, supervision, payment, and keeping of monetary resources.
The form of planning, the monetary funds maintained, the method of creating a financial strategy, the utilization of money-saving activities, the ownership of insurance, financial supervision and management, and money handling evaluation are all indicators of management behavior according to (Humaira & Sagoro, 2018.
The Result of 30 BandungAos MSMEs respondent Prequestionnaire show that 61% of respondents are uncertain about recording income and expenses, 28% of respondents agree about recording of income and expenses, 5% of respondents disagree about the recording of income and expenses and other respondents strongly disagree and strongly agree with the statement about recording income and expenses with 3%.
Therefore, from these data, it can be concluded that MSMEs in Bandung are still not optimal in recording expenses and income obtained or spent from their businesses, this is because there is still a lack of understanding of financial management or management to make and record their business budgets.
A multiple factor analysis of the financial management behavior of MSMEs in Bandung indicates that financial literacy is one of several factors that may influence this behavior.
(Mireku et al.
, 2.
(Gunawan et al.
, 2.
(Lestari & Ridwan, 2.
, financial attitude (Bhargava et al.
, 2.
(Firli & Hidayati, 2.
(Putri & Ridwan, 2.
, financial Therexperience (Dewanti & Asandimitra, 2.
(Brahmastra & Wikartika, 2.
, personality (Sahara & Ridwan, 2.
(Ristati et al.
, 2.
(Moko et al.
, 2.
, and locus of control (Baptista, 2.
(Chujan et al.
, 2.
(Andriyani & Cipta, 2.
Literature Review Financial Management Behavior Amtiran .
defines it as the ability to manage budgeting, planning, management, and This behavior must be effective and efficient, including the determination of a budget that is in accordance with the flow of funds, so that it can meet the needs with existing Positive practices will help manage financial activities efficiently.
Financial Literacy Ibor .
states that financial literacy is the information of by what method, someplace, and at what time to make well-designed conclusions with earnings, containing, but not partial to planning, reserves, investments, promising loan terms, credit effect justification plans, and various leaving schemes.
Cude .
defines it is the ability to use knowledge and skills to manage financial resources for lifelong financial well-being effectively.
Published by:
Page According to Amtiran .
Financial attitude is a pattern of discipline in managing money so that waste does not occur.
Anisah .
states that financial attitudes are defined as the state of mind, opinions, and how people measure financial status and apply it to their attitudes.
Effective self-control is essential to ensure a positive financial attitude, by dedicating oneself to discipline in managing money and executing financial plans.
Financial attitudes are reflected in an individual's assessment of financial management practices with a certain degree of approval or disapproval (Humaira & Sagoro, 2.
Previous research has identified six Financial Attitude International Journal of Marketing & Human Resource Research e-ISSN: 2746-4040 Vol.
06 No.
July 2025 categories of financial attitudes: Obsession.
Power.
Effort.
Inadequacy.
Restraint, and Security, which reflect an individual's mindset and outlook on money and finances.
Financial Experience According to Tehae & Kumar .
Financial experience is a person's experience in loans and investment activities.
Ismanto et al .
Defining financial experience as an individual's provision in managing money responsibly and consciously.
Sutrisno .
stated that financial experience has several main objectives: first, improving decision-making skills by understanding the financial situation carefully.
second, building investor and creditor trust by demonstrating expertise in increasing business profits and competitiveness.
third, strengthening business resilience by facing difficult financial situations.
fourth, improving the welfare of owners and employees and obtaining funding for business development.
and fifth, increasing efficiency and productivity by managing finances more efficiently.
Personality The personality of an entrepreneur plays an important role in running their company.
They must be highly confident, goal- and task-oriented, risk-taking, have a spirit of leadership, and have a vision for the future.
The environment in which a person lives can also have an impact on their personality, and it can shift as they achieve their goals (Humaira & Sagoro, 2.
Locus Of Control The distance a person must travel to start an event in their life, regardless of the outcome, is known as their Locus of Control.
There are two types of Locus of Control: internal and external.
Internal will argue that all achievements in life are the result of knowledge and skills gained from hard work.
However, external factors consider whether an individual's life is controlled by an entity other than themselves, such as fate, coincidence, or other powerful people (Rachman, 2.
Research Methods This research makes use of a combination of first-hand and second-hand data sources.
The firstorder data were gathered from the completed questionnaires by the respondents registered at the Micro.
Small and Medium Enterprises Cooperative Office in Bandung (DISKOPUKM Kota Bandung, 2.
The secondary data was obtained from interviews with owners of MSMEs concerning the problems identified in the research.
The secondary data also included literature that supported the research, such as journals, reports, and other forms.
Published by:
Page This research employs a quantitative methodology that is capable of verification.
A quantitative research methodology is one that is founded upon the philosophical tenets of positivism and is used to conduct analyses on specific populations or samples.
The data is gathered through the The Sampling Techniques was conducted in accordance with the principles of simplicity and randomness, as prescribed by the method of the simple random sampling technique, which entails the arbitrary selection of sample subjects taken from the population without consideration of the stratification that exists within the population (Sugiyono, 2.
The sample consists of 11,134 units drawn from the MSME population within the city of Bandung.
The determination of the sample size for this research was made through the application of the Slovin formula, with an estimated error rate of 10% .
, resulting in a sample size of 99,109, rounded to 100 samples.
International Journal of Marketing & Human Resource Research e-ISSN: 2746-4040 Vol.
06 No.
July 2025 utilization of research instruments and then analyzed using quantitative or statistical methods.
The purpose is to describe and to test hypotheses that have been established (Sugiyono, 2.
The verifiable methodology is a method that uses evidence to test the hypothesis of the descriptive research findings with statistical calculations and thus obtain results that indicate if the hypothesis is accepted or rejected (Sugiyono, 2.
The selection of this methodology is determined by the objective of conducting descriptive and verifiable research, which entails the systematic, fact-based and accurate description of the phenomenon in question, namely the financial-management behavior of MSMEs in Bandung.
West Java.
Indonesia.
Verification method using Hypothesis Test with the hypothesis there is a discernible impact of financial literacy, financial attitude, financial experience, personality, and locus of control on financial management behavior partially and second one the financial literacy, financial attitude, financial experience, personality, and locus of control exert an influence on financial management behavior simultaneously.
Findings and Discussion The assessment of validity and reliability of a research instrument is an essential component of the verification process, ensuring the accuracy and reliability of the data produced.
Validity testing ensures that the study's results accurately reflect the phenomenon or condition under The validity criterion is met when the correlation value is equal to or greater than 30, while a value below 0.
30 indicates invalidity.
If the r table value is 0.
In order to confirm the validity of a study comprising 100 samples, the Pearson correlation coefficient must exceed a specific value.
Financial Literacy Financial Attitude Financial Experience Personality Published by:
Correlation 0,730 0,814 0,726 0,609 0,741 0,767 0,589 0,855 0,573 0,751 0,722 0,744 0,782 0,713 0,725 0,721 0,729 0,687 0,650 0,720 0,672 0,777 Cronbach Alpha
0,869
Conclusion Valid Reliable 0,782 Valid Reliable 0,716 Valid Reliable 0,645 Valid Reliable 0,734 Valid Reliable Page Item Financial Management Behavior Table 1 .
Validity and Reliability Test Result International Journal of Marketing & Human Resource Research e-ISSN: 2746-4040 Vol.
06 No.
July 2025
0,741
0,807
0,672
0,684
0,714
0,804
Locus of Control
0,691
Valid Reliable Source: processed by authors .
The table shows that the relationship using Pearson Method values range from 0,573 to 0,855, all of the aforementioned values exceed the critical value of the r-table, which is 0.
The data suggests the existence of a notable statistical correlation among the variables examined, including behaviors related to financial literacy, financial attitude, financial experience, personality, and locus of control.
These findings suggest that a primary objective for policy and it is recommended that intervention efforts concentrate on elucidating the influence of all variables on individuals' financial managing practices.
Moreover, the robust correlations between these variables serve to reinforce the efficacy of the measurement approach and the significance of the selected variables for the purposes of this research.
The Cronbach's alpha coefficient was employed to assess the reliability of the indicators.
A variable is considered dependable if its value of Cronbach alpha is above a certain threshold exceeds 0, 70.
results falling between 0.
60 and 0.
70 are also deemed to be within the acceptable range.
The high reliability of these variables provides further support for the research methodology, this process ensures the veracity of the data and the conclusions of the research.
The next step is a classical test using normality to ascertain whether the distribution of the variables adheres to a normal distribution.
To this end, the Kolmogorov-Smirnov test is employed to evaluate the normality of the data.
As outlined by Kadir .
Criteria for this test are: A value of p less than 0,05 suggests that the data are not drawn from a normal Conversely, if the resulting significance value is greater than 0,05, the data are taken to be drawn from a normal distribution.
The null hypothesis (H.
states the assumption that residuals are normally distributed, while the alternate hypothesis (H.
suggests otherwise.
The Kolmogorov-Smirnov test calculation is dependent upon a number of factors, including the expected sample size, the actual sample size, and the Kolmogorov-Smirnov statistic to be Table 2.
Normality Test Result (One-Sample Kolmogrof-Smirnov Tes.
Test Statistic Significance Unstandardized Residual 0,068 0,200 Published by:
Page In this study, the calculated significance value is 0,200.
This result is considerably higher than the conventional threshold of 0,05.
This indicates a statistically significant outcome.
It is therefore concluded that the null hypothesis is recommended that the results of this research, which indicate that the resulting data follow a normal distribution, be retained.
This provides confirmation of the initial hypothesis that the data follows a normal distribution.
A prerequisite for further analytical procedures has been fulfilled, the utilization of parametric statistical techniques is permitted, provided that the assumption of normally distributed data is upheld.
Source: processed by authors .
International Journal of Marketing & Human Resource Research e-ISSN: 2746-4040 Vol.
06 No.
July 2025 Next step for classical test using multicollinearity test can be identified through an examination of both the acceptance and variance inflation factor (VIF) values.
A threshold value of 0.
10 or above, or a variance inflation factor (VIF) of less than 10 suggests the presence of no multicollinearity between the independent variables.
Nevertheless, should a level of tolerance below 10 or a VIF value exceeding 10 be observed, this is indicative of the existence of Table 3.
Multicollinearity Test Result
Item
Financial Literacy Financial Attitude Financial Experience Personality Locus of Control
Tolerance 0,979 0,963 0,992 VIF
1,022
1,038
1,008
0,968
0,960
1,033
1,042
Source: processed by authors .
The results of the multi-collinearity test indicated no notable multi-collinearity between the independent variables employed as predictors in this regression model.
All tolerance values exceed the critical threshold of 0.
Despite all VIF values being below the threshold value of 10, which indicates a correlation between variables does not indicate problematic multicollinearity, further investigation may be warranted.
As a result, the regression analysis is not affected by the issue of multicollinearity, allowing all independent variables to be used without fear of distorting the results of the analysis.
Next is the heteroscedasticity test to ascertain whether the residual variance in the regression model is constant across observations, the heteroscedasticity test is performed.
(Heriyanto.
A scatterplot is typically used to visualize this.
In this study, the scatter plot displayed below is employed to ascertain the presence of heteroskedasticity within the regression model.
Figure 2.
Heteroscasticity Test Published by:
Page The illustration utilized to evaluate heteroscedasticity within the regression model demonstrates that the standard errors are distributed uniformly between -3 and 3, exhibiting no discernible funnel-shaped pattern that would indicate heteroscedasticity.
The constancy of the variability across a broad spectrum of predicted values provides evidence of homoscedasticity.
Although a few outliers are present, they are not significant enough to give cause for concern regarding residual variability.
In conclusion, the data provides no clear indications of heteroscedasticity.
This is an indication that the regression model is stable and suitable to facilitate further analysis Source: processed by authors .
International Journal of Marketing & Human Resource Research e-ISSN: 2746-4040 Vol.
06 No.
July 2025 without the necessity for adjustments for heteroskedasticity.
This provides further evidence to support the assumption that there has been no violation of the homoscedasticity assumption.
Hypothesis Test is the final test used for a statistical tool that enables the impact of each independent variable on the dependent variable to be evaluated separately (Sugiyono, 2.
First one is the t-value test, it is comparison between t-value with t-table to carry out this test.
Alternatively, the level of significance for each t-count can be ascertained.
Subsequently, the hypothesis is evaluated for its significance through the application of a t-test.
The parameters that are employed to ascertain the significance of a given item are as follows: In the event that the t-value is found to be better than the t-table value, or less than the negative t-table value, it is recommended to reject H0 and accept Ha.
This can be interpreted to mean that there is a statistically significant relationship between a set of independent variables (X) and the dependent variable (Y) and if the t-value is less than the t-table value, it is thus concluded that the null hypothesis (HCA) should be considered valid and the alternative hypothesis (H.
This implies that some of the independent variables (X) do not have a statistically significant relationship with the dependent variable (Y).
Table 4.
T Test Result (Constan.
Financial Literacy Financial Attitude Financial Experience Personality Locus of Control Std.
Error Source: processed by authors .
Published by:
Page Financial Experience with t-value -0.
486 and level of significance is 0.
This t-value falls within the critical range, and the p-value exceeds 0.
This leads to the conclusion that there is no discernible correlation between financial experience and the dependent variable, thereby providing support for the null hypothesis.
Personality variable with t-value 2.
032, with a statistical significance level of 0.
The value has less than 0.
05, and the t-value is higher than the critical value from the t-table.
This indicates a notable influence of personality on the dependent variable, thereby rejecting the null hypothesis.
Locus of Control with t-value -3.
with a statistical significance level of 0.
The result shows the critical threshold indicated in table T, and the value is significantly less than 0.
It may therefore be deduced that locus of control exerts a considerable negative influence on the dependent variable, thereby invalidating The results of this t-test allow us to assess the influence of every independent variable on the dependent variable are financial literacy with t-value -3.
313, with a significance level of 0.
and the p-value is well below 0.
05, which is This value is greater than the critical value .
This indicates a highly significant effect of financial literacy on the dependent variable, thereby providing clear evidence to reject the null hypothesis.
Financial attitude with t-value -2.
With a level of statistical significance of 0.
The absolute T-value has a value better than that indicated in the T-table as the critical value.
The degree of statistical significance is markedly below the 0.
05 threshold.
In light of the aforementioned evidence, it can be concluded that the null hypothesis is not supported by the evidence and that there is a significant negative effect of financial attitude on the dependent variable.
International Journal of Marketing & Human Resource Research e-ISSN: 2746-4040 Vol.
06 No.
July 2025 the null hypothesis.
All five independent variables tested show a statistically significant impact on the dependent variable, with four variables (Financial Literacy.
Personality.
Financial Attitude, and Locus of Contro.
having a negative effect and one (Financial Attitud.
having a positive effect.
While, financial experience does not show has a significant effect.
The Hypothesis F-test is to test a hypothesis using the simultaneous analysis of variance (ANOVA) is employed for the evaluation of the combined effect of independent variables on the dependent variable (Sugiyono, 2.
The decision rules for F-Test are if in the event that the F-value is less than the F-table value, the null hypothesis (HCA) is therefore regarded as the accepted explanation.
This indicates that, from a statistical standpoint, the independent variables (X) exert a combined effect on the dependent variable (Y) and In the event that the Fvalue exceeds the value indicated in the F-table.
The null hypothesis (H.
is rejected in favor of the alternative hypothesis (H.
This indicates that, from a statistical perspective, independent variables (X) have no combined effect on dependent variable (Y).
For this study, the hypothesis being tested is there is a simultaneous effect of, financial attitude, financial experience financial literacy, personality, and locus of control on financial management behavior.
Table 5.
F Test Results Model Regression Residual Total Sum Squares Mean Square Sig.
Source: processed by authors .
Published by:
Page Results of the influence comparison Financial Literacy on Financial Management Behavior yielded by the statistical test indicate the existence of a statistically meaningful correlation between financial literacy and management behavior.
However, the results also show that the influence is negative, which suggests that as financial literacy increases, financial management behavior decreases.
This demonstrates that as the quantity of information, knowledge and financial ability possessed by MSME owners increases, there is a tendency for individuals to become less inclined to save and to maintain accurate financial records.
Furthermore, the influence financial attitude on financial management behavior indicate that an individual's financial attitude has a considerable impact on their financial management practices.
The As demonstrated in the table.
The value of F, at 5.
570, and the value of Sig.
, at 0.
It is proposed that the independent variables exert a notable impact on the dependent variable, as evidenced by statistical analysis.
The value of F is notably greater than the critical F-table value 3112, thus indicating a statistically significant result.
The results lend further support to the conclusion that the regression model is of significant overall importance.
The significant Fvalue indicates that the independent variables, taken together, exert a meaningful impact on the dependent variable.
The very low significance result .
ess than 0.
1%) this leads to the conclusion The probability of this outcome occurring by chance is exceedingly low.
It can therefore be stated with a high degree of confidence that the null hypothesis, which states that the independent variables have minimal or no significant effect on the dependent variable, is found to be unsubstantiated.
This indicates that the model is an appropriate fit and that the independent variables are an effective predictor of the dependent variable.
International Journal of Marketing & Human Resource Research e-ISSN: 2746-4040 Vol.
06 No.
July 2025 negative financial outcomes observed indicate that MSME owners who display positive financial attitudes, as manifested by their engagement in financial planning, personal financial management capabilities, and future financial capabilities, a tendency is observed whereby individuals demonstrate a decline in their capacity to engage in financial activities such as saving, managing and controlling their finances.
Financial Experience on Financial Management Behavior yielded by aforementioned study demonstrates that financial experience does have an influence on financial management This is evidenced by the fact that even though there is a great deal of financial experience, it does affect the financial management behavior of MSME owners in relation to the recording of financial planning, auditing, controlling, and storing finances.
Personality on financial management behavior indicate that personality exerts a significant effect on financial management behavior.
This evidence demonstrates that the personality of MSME owners is a significant predictor of financial management behavior.
The personalities of MSMEs are influenced by both genetic and environmental factors, which affect traits such as confidence, risk-taking propensity, leadership abilities and future orientation.
The last variable, locus of control on financial management behavior illustrates that an individual's perception of control has a high impact on their financial management behavior.
The negative results obtained indicate that a stronger locus of control, characterized by self-reliance and confidence in financial success, among MSME owners, is associated with a reduction in their capacity to save, manage and control finances.
Conclusion Overall, this study highlights the importance of improving financial management practices in MSMEs, addressing challenges such as lack of financial knowledge and inefficient financial Published by:
Page To address these challenges, this research aims to identify predictors of financial management behavior in MSMEs.
The study focuses on how financial literacy, attitudes, experience, personality and also locus of control affect financial management behavior.
The research method used is a quantitative approach with primary and secondary data sources, sampling techniques and hypothesis testing.
Validity and reliability tests were carried out to ensure the accuracy and consistency of the data collected.
This research also tests classical assumptions such as normality, multicollinearity and heteroscedasticity.
The t-test results show that financial literacy, attitude, personality and locus of control have a significant effect on financial management behavior in MSMEs.
The F-test confirms that the combined effect of these variables on financial management behavior is statistically significant.
Micro.
Small and Medium Enterprises (MSME.
play an important role in the Indonesian economy, contributing to employment.
GDP and labor absorption.
The number of MSMEs in Indonesia is 64.
2 million units with a great contribution to the economy.
However.
MSMEs face challenges such as obtaining funding from banks and maintaining financial health.
The increase in non-performing loans for MSMEs shows the need for better financial management The OCBC Bank and NeilsenIQ survey revealed that MSMEs in Indonesia have an average Business Fitness Index (BFI) of 43.
84 out of 75, which indicates the need for improvement in financial management.
The city of Bandung, with more than 7 million MSMEs, faces challenges such as a lack of financial knowledge among business owners, which leads to inefficient financial management practices.
Financial management behavior is important for the sustainability of MSMEs which is influenced by several factors such as financial literacy, attitude, experience, personality and locus of control.
International Journal of Marketing & Human Resource Research e-ISSN: 2746-4040 Vol.
06 No.
July 2025 decision making.
By understanding the factors that influence financial management behavior, policy makers and business owners can implement strategies to increase financial literacy and encourage sustainable business practices in the MSME sector.
Acknowledgement The Authors would like to thank the Institute for Research and Community Service of the Universitas Indonesia Membangun and the Directorate General of Higher Education of the Indonesian Ministry of Education.
Culture and Research and Technology for providing funding for this research.
References