Volume 6.
Number 2, 2025 https://ijble.
com/index.
php/journal/index Systematic Literature Review: Analysis of Financial Management Behavior of Students in Indonesia Teguh Sukanto Institut Teknologi dan Bisnis Trenggalek.
Indonesia Corresponding author : teguhsukanto21@gmail.
ABSTRACT
Based on the survey, the percentage of financial behavior among university students is lower than that of millennials.
This is due to the low level of financial ability among university students.
The goals of this study include: .
variables that determine how economic behavior among influential students improves .
financial behaviors among students.
This research method used a systematic literature overview (SLR) in which international and national journals were published between 2018 and The majority of the research findings show that financial capacity has a positive effect on financial behavior.
Financial ability is the advantage of developing students' self-efficacy so that students can make more confident decisions regarding financial management.
However, improving financial behavior should not only focus on cognitive aspects, but also ensure emotion .
ositive attitud.
and cone .
takeholder support to ensure program succes.
The importance of parents as a major factor in family socialization lies in their role as shapers of personality, attitudes and white financial behaviors Keywords Systematic Literature Review.
Financial Management and Financial Literacy INTRODUCTION The results of the 2022 National Financial Literacy and Inclusion Survey (SNLIK) show that the financial capacity of the Indonesian people was 49.
68%, 38.
03% in 2019, with 47.
88% and 52.
12% of financial capacity among millennials.
Based on gender, the indicator of female financial ability is 50.
33%, higher than 49.
05% for men.
This means that millennium generations have better financial management skills than university students, while women have better financial management skills than men.
The survey was conducted in 34 states across Indonesia with a total of 14,634 Taking these topics into consideration, the government has developed a strategy to improve the financial capabilities of the younger generation to promote responsible and prudent financial behavior among young people in Indonesia.
This behavior refers to managing money, loans, and savings (Dew & Xiao, 2.
Such behavior is particularly important for students, especially students.
This is a generation that is more cautious when managing personal funds (Yanto et al.
, 2.
The wisdom of people's financial management is related to financial competence.
The higher a person's income, the smarter he is to make smarter financial decisions compared to those with lower incomes.
If you can't manage your finances well, you have personal financial problems, regardless of how much income a person earns.
Financial competence is the combination of perceptions, knowledge, skills, attitudes and behaviors in which an individual must make sound financial decisions and ultimately achieve an individual's financial well (Bhabha etal.
Opletalova Consumer strengthening is believed to support efforts to achieve stability in the financial system, improve the presence of community wells, and promote more integrated development.
Volume 6.
Number 2, 2025 https://ijble.
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php/journal/index General knowledge of financial abilities is necessary in everyday life and becomes a life ability that everyone must have to have in order to live a long and fulfilling life.
Based on SNLKI 2017, people can often be considered triggered if they have knowledge and trust about financial institutions, products and services, and the skills to understand these financial products and services.
carpena et al.
state that there are three aspects of financial competence:
numerical competence.
Basic understanding of finances.
Financial decisionmaking settings.
Knowledge related to financial capabilities includes knowledge, education and information about finance and funding sources, banking, deposits, loans, insurance, and taxes (Willis 2.
In individual capabilities, financial attitudes and behaviors are reflected in determining financial goals, developing financial plans, managing finances, and financial decisions when using financial products and Education plays an important role in the development of financial capabilities, both through informal education within family environments and formal education within higher education environments.
Lusardi .
states that as a younger generation, students are not only exposed to increased complexity in financial products, services and markets, but also take greater financial risks in the future than their parents.
The Theory of Planned Behavior (TPB), as proposed by Ajzen .
, suggests that an individual's intention to perform a certain behavior is influenced by informational factors.
In this context, financial literacy is identified as a key informational component.
Financial literacy encompasses an individual's ability to comprehend and apply financial knowledge, which plays a crucial role in shaping financial decision-making and behavior.
Numerous studies have emphasized the significance of financial literacy in influencing financial behavior, including research conducted by Arofah et al.
Herawati et al.
Humaidi et al.
Halim and Setyawan .
Kamel and Sahid .
Mulasi and Mathew .
Pamitkasih et al.
Ramalho and Forte .
, and Ulai Hati et al.
Building on these findings, the present study positions financial literacy as the most impactful factor affecting individual financial Introducing financial literacy from an early age is essential, as foundational financial knowledge and experiences tend to be internalized and reflected in oneAos long-term habits and values.
Cultivating a strong financial culture includes developing an understanding of moneyAos value, fostering saving habits, learning to distinguish between needs and wants, and promoting principles such as generosity and The .
To identify the key variables that significantly influence the financial behavior of university students.
To explore effective strategies for enhancing financial behavior among university students.
Theory of Planned Behavior (TPB) The Theory of Planned Behavior (TPB), developed by Ajzen .
, builds upon the earlier Theory of Reasoned Action (TRA) introduced by Ajzen and Fishbein in The TRA posits that an individualAos intention to engage in a behavior is determined by two main factors: their attitude toward the behavior and the influence Volume 6.
Number 2, 2025 https://ijble.
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php/journal/index of subjective norms.
Later.
Ajzen .
expanded this model by incorporating a third componentAiperceived behavioral controlAithus evolving it into the Theory of Planned Behavior.
This extension provided a more comprehensive framework for understanding behavioral intention, particularly in situations where individuals may face obstacles or lack complete volitional control.
TPB identifies three core determinants of behavioral intention: .
Attitude toward the behavior, referring to the degree to which an individual has a favorable or unfavorable evaluation of the behavior.
Subjective norms, which reflect perceived social pressures or expectations from significant others regarding whether one should perform the behavior.
Perceived behavioral control, which represents the individualAos assessment of their ability or ease in performing the behavior, based on past experiences and anticipated obstacles (Ajzen, 1.
According to the theory, these three variables jointly influence an individualAos intention to perform a specific behavior, which in turn predicts actual behavior.
Financial Literacy According to Remund .
, financial literacy refers to an individualAos comprehension of financial principles, coupled with the ability and confidence to manage personal finances.
This includes making appropriate short-term financial decisions, engaging in long-term financial planning, and staying informed about broader economic trends and conditions.
Huston .
further expands on this by defining financial literacy as not only an awareness of financial tools and concepts but also the knowledge required to apply them effectively in both personal and professional contexts.
Palameta et al.
emphasize the progression from financial knowledge to financial skillsAipractical abilities that enable individuals to apply what they know in real-world financial situations.
These skills support sound, informed decision-making regarding personal and household finances.
Furthermore.
Yates and Ward .
highlight that a personAos cognitive abilities contribute significantly to their confidence and competence in managing various aspects of personal finance.
This includes everyday budgeting, saving, and spending, as well as engaging with more complex financial products such as loans, investments, and long-term financial planning.
Financial Management Financial management behavior reflects an individual's sense of responsibility in managing their financial resources.
It encompasses how a person handles money and assets in a way that is efficient and goal-oriented.
According to Ida and Dwinta .
, money management involves the process of controlling the use of financial assets to ensure stability and prevent excessive, uncontrolled spending driven by unchecked Al-Kholilah and Irmamani .
explain that financial management behavior emerges from an individualAos efforts to fulfill their needs based on the income they This behavior is shaped by how effectively a person aligns their spending with their financial capacity.
Furthermore.
Herdjiono and Damanik .
identify four key dimensions of financial management behavior: consumption patterns, cash flow management, saving habits, and debt management.
These aspects collectively illustrate the practical application of financial responsibility in everyday life.
Volume 6.
Number 2, 2025 https://ijble.
com/index.
php/journal/index METHODE This scientific article employs a qualitative research approach through library research .
iterature revie.
The analysis involves examining theories and exploring the relationships or influences between variables using a variety of sources, including academic books and peer-reviewed journals, obtained both offline .
hrough physical librarie.
and online platforms such as Mendeley.
Google Scholar, and other scholarly databases.
In qualitative research, the use of literature must align with the underlying methodological assumptions.
It should be applied in an inductive manner, allowing insights and research questions to emerge naturally from the data rather than being As noted by Ali and Limakrisna .
, one of the central purposes of qualitative research is its exploratory nature, which enables researchers to gain a deeper understanding of complex phenomena without imposing rigid frameworks from the outset.
RESULT AND DISCUSSION
Table 1.
Results of Previous Research Author Title Arofah A.
et Financial Literacy.
Materialism and Financial Behavior Journal Result International Journal Financial literacy has a positive and of Multicultural and significant contribution to financial Multireligious Materialism has a positive Understanding and significant contribution to financial Volume 5.
Issue 4, behavior Halim M & Determinant Factors of Advances in Social Financial Setyawan I Financial Science.
Education attitudes, and especially financial Management and Humanities literacy have a significant influence Behavior Among Research, volume on financial management behavior.
People in Jakarta During 570 COVID- 19 Pandemic (ICEBSH 2.
Herawati T.
Factors That Influence International Journal Financial literacy, financial selfet al.
Financial Behavior of Business efficacy, and socioeconomic status Among Accounting Administration A April have a positive influence on financial Students in Bali Humaidi A.
et The Effect of International Journal Demographic variables proxies by Financial Technology, of Advances in gender, income, and age do not Demography, and Scientific Research Financial and Engineering Literacy on Financial .
Volume 6.
Management Behavior Issue 1 of Productive Age in January - 2020 Kamel A & Financial Literacy and Turkish Online influence financial management Sahid S Financial Behaviour of Journal of Qualitative behavior.
Financial technology and University Inquiry (TOJQI) financial literacy have a significant Students in Malaysia Volume 12.
Issue 9, positive influence on financial August management behavior.
2021: 1208-1220
Volume 6.
Number 2, 2025 https://ijble.
com/index.
php/journal/index Author Title Khalisharani The Influence of et al.
Financial Literacy and Attitude Towards Financial Behaviour Amongst Undergraduate Students:
A Cross-Country Evidence Mulasi A & Role of Financial Mathew J Literacy in Predicting Financial Behaviour:
The Mediating Role of Financial SelfEfficacy Pamitkasih T.
The Influencing et al.
Factors for Financial Behaviour of Gen Z Journal Result Pertanika J.
Soc.
Sci.
Financial attitudes had a significant & Hum.
: 449 positive effect on financial behavior - 474 .
among Indonesian and Malaysian students and groups.
Conversely, financial literacy had a negative effect on financial behavior among respondents, except in Malaysia.
Indian Journal of A moderate positive correlation between Economics and variables indicates that financial literacy Business is very important in shaping an investor's Vol.
20 No.
2 (July- financial behavior, and this relationship December, is reinforced by financial self-efficacy.
International Personal income, financial attitudes.
Conference on and financial literacy have a Business & Social significant effect on students' financial Sciences (ICOBUSS) 440 Surabaya.
March 5-6 th, 2022 Ramalho T & Financial literacy in RAUSP Management Financial literacy has a positive effect Forte D Brazil Ae do knowledge Journal Vol.
54 No.
and self-confidence 1, 2019 relate with behavior? pp.
Emerald Publishing Limited Zulaihati S.
TeachersAo financial Management on self-confidence, self-confidence has a et al.
literacy: Does it impact Science Letters 10 positive effect on behavior, and financial on financial behaviour? .
653Ae658 literacy has a positive effect Source: processed by researcher,2025 Based on the analysis of the table above, financial literacy consistently emerges as a key variable influencing studentsAo financial management behavior.
This conclusion is drawn from the findings of nine reviewed journal articles, all of which indicate a positive relationship between financial literacy and financial behavior.
essence, students with higher levels of financial literacy are more likely to demonstrate prudent financial practicesAisuch as future financial planning, responsible spending, and consistent saving.
From the perspective of the Theory of Planned Behavior (TPB), financial literacy serves as an informational foundation that encourages individuals to act systematically when confronted with financial decisions.
Strengthening financial literacy supports the predictive capacity of TPB in understanding individual behavior.
Furthermore, implementing education policies that emphasize financial literacy is crucial to preparing future generations to make sound and responsible financial decisions.
Financial literacy also plays a vital role in enhancing studentsAo self-efficacy, allowing them to make confident financial choices and equipping them to navigate complex financial challenges with resilience and preparedness.
Volume 6.
Number 2, 2025 https://ijble.
com/index.
php/journal/index However, these findings contrast with the study by Khalisharani et al.
which suggests a negative relationship between financial literacy and financial This highlights the limitation of focusing solely on cognitive elements.
The study emphasizes the need to integrate affective components, such as a positive attitude, and conative elements, including stakeholder involvement, to ensure the success of financial literacy programs.
Efforts to improve studentsAo financial behavior should begin with the family as the primary agent of financial socialization.
Parents play a crucial role in instilling positive financial habits from an early age.
As noted by Herawati et al.
, the higher the socioeconomic status of parents, the better the financial behavior exhibited by their Building on this, the present study suggests that parental educational background and religiosity also significantly influence the development of children's values, attitudes, and financial behavior.
In contrast to socioeconomic status, which tends to reflect material affluence, these additional factors may contribute more meaningfully to character development and long-term financial responsibility.
CONCLUSION
Based on the findings from a Systematic Literature Review (SLR) of 45 journal articlesAisubsequently refined to 10 highly relevant studiesAithe review successfully addressed two core research questions.
The analysis revealed that nine out of ten selected articles identified financial literacy as the most frequently examined and influential variable affecting financial behavior.
The evidence consistently demonstrates that financial literacy has a positive impact, particularly in strengthening studentsAo self-efficacy, thereby increasing their confidence in making informed financial decisions and managing their finances effectively.
Improving studentsAo financial behavior, according to the reviewed literature, should begin with the active involvement of parents.
As primary agents of early education and socialization, parents play a critical role in instilling financial values, attitudes, and habits from a young age.
The family environment thus becomes the foundational setting for shaping a childAos character and long-term financial behavior.
ACKNOWLEDGMENTS