Available online at JIME website: https://journal.ibs.ac.id/index.php/jime/

The Effect of Student Sharia Financial Literacy on Student Financial Behavior (Case
Study of Islamic Economics Students
Alfina Audia Sabastio*
Islamic Economics, Universitas Diponegoro, Jawa Tengah, Indonesia
Received: 08th Agustus 2022. Revised: 17 Novemberth 2023, Accepted: 17th June 2024.
Available online: 26th June 2024, Published regularly: June 2024

Abstract
Behavioral finance is a field of science that combines behavioral and cognitive psychological theory with
conventional economics and finance that is useful for explaining why people make irrational financial
decisions. Financial literacy is related to everyday life. As in making decisions to save, both short-term and
long-term financial decisions. This is the role of literacy in everyday life. Therefore, financial intelligence is
the main thing that must be considered in everyday life. The purpose of this study was to determine the effect
of Islamic financial literacy on student financial management behavior. The object of this research is 100
students of Islamic Economics at Diponegoro University. Data was collected using a questionnaire which
was then processed and analyzed using a simple linear regression method. From the data processing, it is
obtained that Islamic financial literacy with dimensions of subjective knowledge about sharia compliance,
subjective knowledge of usury and profit sharing on Islamic finance has a significant positive effect on
financial behavior with the dimensions of saving behavior, spending behavior, long-term financial behavior,
short- term financial behavior.
Keyword: Financial Literacy, Islamic Financial Literacy, Student Financial Behavior, Islamic Economic.

*) Corresponding Author
Email: Alfinaaudia.aa@gmail.com (Alfina Audia Sabastio)

69

Jurnal Ilmu Manajemen dan Ekonomika, Vol. 16, No. 2 June 2024:69-86

Abstrak
Perilaku keuangan adalah bidang ilmu yang menggabungkan teori psikologis perilaku dan kognitif dengan
ekonomi konvensional dan keuangan yang berguna untuk menjelaskan mengapa seseorang mengambil
keputusan keuangan yang tidak rasional. Literasi keuangan berhubungan dengan kehidupan sehari-hari.
Seperti dalam pengambilan keputusan untuk menabung baik pengambilan keputusan keuangan jangka pendek
maupun jangka panjang. Hal tersebut merupakan peran literasi pada kehidupan sehari-hari. Oleh karenanya
kecerdasan finansial menjadi hal yang utama yang harus diperhatikan dalam kehidupan sehari-hari. Tujuan
penelitian ini adalah untuk mengetahui pengaruh literasi keuangan syariah terhadap perilaku pengelolaan
keuangan mahasiswa. Objek penelitian ini adalah 100 orang mahasiswa Ekonomi Islam Universitas
Diponegoro. Pengumpulan data dilakukan dengan kuesioner yang kemudian diolah dan dianalisis dengan
metode regresi linear sederhana. Dari pengolahan data tersebut diperoleh hasil bahwa literasi keuangan
syariah dengan dimensi pengetahuan subjektif tentang kepatuhan syariah, pengetahuan subjektif tentang riba
dan bagi hasil terhadap keuangan syariah berpengaruh positif signifikan dengan perilaku keuangan dengan
dimensi Perilaku menabung, Perilaku belanja, Perilaku keuangan jangka panjang, Perilaku keuangan jangka
pendek.
Kata Kunci: Literasi Keuangan, Literasi Keuangan Syariah, Perilaku Keuangan Mahasiswa, Ekonomi
Islam.
INTRODUCTION
In

the

era

of

strengthened by the records of the Central Statistics
globalization

like

today,

Agency (BPS) which stated that in the first quarter

technological developments can make people's lives

of 2019 the household consumption level increased

easier. A clear example of the simplification of

by 5.01% from the period in the previous year which

people's lives is in the industrial world. In the past,

was in the range of 4.94%. From this, it can be seen

sellers and buyers were required to meet each other

that public consumption from year to year will

face-to-face, whereas at this time face-to-face

always increase.

between sellers and buyers is not really needed. The

Financial behavior is a field of science that

positive impact of this can certainly increase the

combines psychological, behavioral, and cognitive

interest of buyers to buy goods and services. On the

theories with conventional economics and finance

other hand, the negative impact of technological

that is useful for explaining why a person makes

facilitation is consumptive behavior that cannot be

irrational financial decisions. Financial behavior is

avoided.

also related to a person's responsibilities with how

Detik.com said that the consumption of the

the person manages them. Financial responsibility

Indonesian population has increased from year to

is the process of managing money and assets that is

year. Data as of May 6, 2019 stated that household

carried out productively (Sadalia & Butar-Butar,

consumption increased by 5.01%. This data is

2016).

70

Sabastio, A, A., The Effect of Students Sharia….

Financial

behavior

relates

to

a

ISSN: 2089-4309 (print)
2579-4841 (online)

person's

2015). According to (Manurung & Rizky, 2015) it

responsibilities to how the person manages them.

is stated that financial literacy is the skill and

Financial responsibility is the process of managing

knowledge that allows a person to make decisions

money and assets productively (Sadalia & Butar-

and be effective on all their financial resources.

Butar, 2016). More specifically, financial behavior

Basically, financial literacy is very, very related

can also be interpreted as a description of a person's

to daily life. As in making decisions to save, both

behavior when dealing directly with financial

short-term and long-term financial decision-

decisions that must be made. Nowadays, every

making. This is the role of literacy in daily life.

individual is required to be a smart consumer in

Therefore, financial intelligence is the main thing

managing their personal finances, namely by

that must be considered in daily life.

understanding financial literacy which will provide

Financial literacy is the same as Islamic financial

direction to every individual to behave in a healthy

literacy, the difference is that Islamic financial

financial way.

literacy is a person's understanding of finance in

Consumptive financial behavior of students

accordance

with

Islamic

teachings.

This

gives rise to various unhealthy financial behaviors,

understanding includes an understanding of the

such as low interest in saving, low investment

contracts contained in Islamic financial institutions

interest and disinterest in emergency fund planning

and products. In the Islamic economic system, it is

and budgeting for old age. Students are expected to

natural to apply sharia principles in daily life.

be able to manage their finances and be able to take

Low Islamic financial literacy will cause reduced

responsibility for the decisions taken in using

access to Islamic financial institutions and can

money, especially for students who are far away or

hinder economic growth. If the level of Islamic

migrate to other cities and receive pocket money

financial literacy in the community is high, it will

from their parents to meet their needs.

have an impact on the growth of development

According to (Walgito, 2015) students with

financing, this is due to public awareness to save

various backgrounds will have different ways of

and invest in Islamic banking, which causes the

managing finances for each individual. Every

increasing financial potential that occurs in an effort

individual will always have the drive to acquire

to improve the overall economic growth.

knowledge. Taking a different attitude towards an

A 2016 survey by the OJK found that the level of

object indicates that the person has knowledge of

sharia financial literacy of students is lower than the

the object.

level of conventional financial literacy. It was

Healthy

personal

finance

knowledge

and

mentioned in the survey that students have a level

practices must be owned and practiced by everyone.

of Islamic financial literacy of 31.5%, this figure is

The knowledge and practices of individuals or

considered low when compared to the level of

communities in managing personal finances are

conventional financial literacy which is at a score of

often referred to as financial literacy (Hardono,

67.1%.

71

Jurnal Ilmu Manajemen dan Ekonomika, Vol. 16, No. 2 June 2024:69-86

(Potrich and Vieira 2018) states that financial

As can be seen in Figure 1, regions with a high

literacy has a significant impact on the behavior of

level of Islamic financial literacy have a much

individuals in making financial decisions. This is in

different difference when compared to regions with

line with research (Danila, et al. 2019) which shows

a low level of Islamic financial literacy. Regions

a positive relationship between financial literacy

with Islamic financial literacy, for example, Jakarta

and financial management behavior. This means

is at a percentage of 34.03%, then East Java with

that the higher the level of financial literacy, the

28.27% and West Nusa Tenggara with a percentage

better the financial management behavior. The same

of 22.05%.

results are also found in the research conducted.

Meanwhile, areas with low literacy levels such as

According to (Setiawati, 2018) and (Aliyah &

East Nusa Tenggara with 1.31%, then Bali with

Krisnawati, 2018) they said that students with

1.05% and finally North Kalimantan with a

economics-based study programs have a higher

percentage of 0.79%.

level of financial literacy than students of noneconomics-based study programs.

Figure 1. Provincial Sharia Financial Literacy Level in Indonesia in 2019

59%

58.27
%

48.95
%

27.82 28.87 28.61

%

%

%

Jakarta
Yogyakarta
East Java
East Nusa Tenggara
West Papua
Papua

Figure 2. Provincial Conventional Financial Literacy Level in Indonesia in 2019
72

Sabastio, A, A., The Effect of Students Sharia….

ISSN: 2089-4309 (print)
2579-4841 (online)

Broadly speaking, residents on the islands of Java

effect on students' financial behavior. Similar

and West Nusa Tenggara have a higher level of

results were found in a study (Maulita & Mersa,

financial literacy when compared to the level of

2017) which stated that financial literacy had a

sharia financial literacy in provinces on other

significant effect on students' financial behavior.

islands in Indonesian. However, this number is

The relationship between financial literacy and

relatively low when compared to the conventional

financial

management

behavior

cannot

be

literacy level.

separated. Both of these things must be managed

As can be seen in Figure 2, the provinces with

properly so that later there will be an increase in the

the highest literacy levels are DKI Jakarta (58.64%),

standard of living. In his research (Potrich & Vieira,

DI Yogyakarta (58.27%), and East Java (48.95%).

2018) it was suggested that financial literacy and

Meanwhile, the provinces with the lowest level of

compulsive purchasing behavior have a significant

financial literacy are East Nusa Tenggara (27.82%),

direct relationship, in his research found that a good

Papua (28.61%), and West Papua (28.87%).

level of financial literacy can improve a person's

Students are a unit of society and one of the

compulsive

purchasing

behavior.

Knowing

factors that can affect the economy. As the

financial literacy is also considered protection, with

successor of a nation that has a large number,

financial literacy will minimize fraud committed by

students have problems in terms of financial

irresponsible individuals. This is because financial

management.

a

education provides individuals with the skills to

fundamental problem for students, for some

manage their own financial products so that they can

students who migrate often have a limited budget.

make the right decisions.

Financial

management

is

Coupled with the consumptive encouragement
made

easier

by

several

online

shopping

From the results of the analysis of the situation,
it is considered necessary to conduct research for

applications, it is a challenge for students to manage

Islamic

Economics

students

of

Diponegoro

their finances.

University to find out Islamic financial literacy and

In research conducted by (Potrich and Vieira

its influence on student financial behavior. This

2018) it is stated that financial literacy has a

study aims to determine the picture of Islamic

significant impact on the behavior of individuals in

financial

making financial decisions. This is in line with

behavior towards Islamic Economics student of

research (Danila, et al. 2019) which shows a

Diponegoro University.

literacy

and

financial

management

positive relationship between financial literacy and

Many previous researchers have measured the

financial management behavior. This means that the

influence between financial literacy and financial

higher the level of financial literacy, the better the

behavior, both on society in general and on students.

financial management behavior.

However, researchers have not found any research

In research conducted (Sugiharti & Maula, 2019)

that examines the influence of students' Islamic

it was stated that financial literacy has a significant

financial literacy on the financial behavior of

73

Jurnal Ilmu Manajemen dan Ekonomika, Vol. 16, No. 2 June 2024:69-86

Islamic Economics students. Therefore, based on

as always recording their financial activities, paying

this description, it is to determine the influence of

bills on time, and using credit cards wisely

Islamic financial literacy on student financial

(Chaulagain, 2015). According to Firli (2017), a

management behavior.

person's financial behavior can be measured from
their behavior in managing basic finances, for

THEORETICAL

FRAMEWORK

AND

HYPOTHESIS DEVELOPMENT

example in terms of saving, consuming, and even
investing. A person's financial behavior can also be

According to (Ricciardi & Simon, 2000)

shown by the level of participation of a person in

financial behavior is the result of the structure of

buying financial products, such as buying stocks,

various sciences. The first structure of science is

bonds, gold, foreign exchange, and time deposits.

psychology which analyzes behavioral and mental

Based on research that has been conducted by

processes, how these psychic processes are affected

several previous researchers, a person's level of

by the physical, external environment of humans.

financial literacy is influenced by several factors.

The second structure of science is finance, including

(Atkinson & Messy, 2012) found that there is an

the form of the financial system, distribution, and

influence of gender, age, income, and education

use of resources. The last scientific structure is

level factors on financial literacy levels. (Keown,

systematic sociology

human

2011) found that financial knowledge is influenced

behavior which emphasizes more on the influence

by several factors such as gender, age, immigrant

of social relations on people's attitudes and

status, family status, education level, employment

behaviors. In addition, (Setiawati, 2017) said that

status, homeownership status, and region of origin.

financial behavior is an action that reflects good

In addition, financial literacy is also influenced by

behavior towards money and the right way to

gender, education level, and income (OJK, 2017).

which contains

manage it.

(Amaliyah & Witiastuti, 2015) defines gender as

Behavior is the way an individual behaves or

a biological and physiological concept that

acts. The way a person behaves will significantly

distinguishes men and women from the natural state

affect well-being (OECD, 2013). Positive financial

of human beings that cannot be exchanged because

behavior will contribute to financial satisfaction and

it has existed in humans since birth. Men and

life satisfaction by taking

women

responsibility in

have

different

characteristics,

both

managing personal finances appropriately (Xiao et

biologically, physically, and psychologically, which

al., 2014).

give rise to different functions and roles they have.

Financial behavior is an individual's behavior in

(Gustman et al., 2010) in his research found that

dealing with their financial problems. Financial

residence will affect a person's level of financial

behavior can be measured by looking at how

literacy. Individuals who live alone will bear the

effective a person's actions are in managing their

responsibility to determine financial decisions and

finances regularly and planning their finances such

all their financial transactions independently.

74

Sabastio, A, A., The Effect of Students Sharia….

ISSN: 2089-4309 (print)
2579-4841 (online)

(Nababan & Sadalia, 2013) said that students who

According to Atkinson & Messy, 2011, financial

live alone are more independent and often directly

literacy is a combination of awareness, knowledge,

involved in managing their personal finances,

skills, attitudes, and behaviors necessary to make

besides that the funds owned by students who live

healthy financial decisions and ultimately achieve

alone or boarding houses are limited to be used

financial well-being for a person. Financial literacy

every month, so students are faced with the

can also measure how well a person can understand

problem of financial management and planning that

and use information related to personal finance

must be done carefully and must be effective.

(Lusardi & Mitchell, 2008).

According to (Keown, 2011), people who live

According to (OECD, 2016), financial literacy is

alone tend to have a higher level of personal

the understanding and knowledge of the concept of

financial literacy than those who live with their

financial risk with the skills, motivation and

parents. This happens because those who live alone

confidence to apply the understanding and

must be responsible for the use of financial

knowledge possessed in order to make effective

transactions and financial decisions. (Nababan &

financial decisions to improve the financial welfare

Sadalia, 2013) also said that students who live alone

of individuals or communities and participate in the

have higher financial literacy compared to students

economic field. (Remund, 2010) also recommends

who live with their parents.

the definition of financial literacy, which is a level

Income is one of the factors to measure the

of understanding of a person's financial concepts

welfare of a person or society. According to the

and having confidence and ability to manage their

Great Dictionary of Indonesian, income is a result

personal finances appropriately, both in making

that has a definition of something that is held, made,

short-term decisions, long-term financial planning

and used by business. (Lumintang, 2013) said that

and paying attention to economic conditions and

income from the community reflects progress in the

events.

economy.

In OJK Regulation Number 76 Article 1

According to Soekartawi (2002), the level of

Paragraph 6 of 2016, it is said that financial literacy

income will affect the number of needs of a person.

is knowledge, skills, and beliefs, which affect

Often accompanied by an increase in income, the

attitudes and behaviors to improve the quality of

need not only increases, but is also followed by

decision-making and management finance in order

increasing quality is also a concern. (Nasution &

to achieve prosperity (OJK, 2019).

Fatira, 2019) Stated in his research that the main

(Rahim et al., 2016) said that Islamic financial

factors that affect the level of sharia financial

literacy is related to a person's ability to use

literacy of students are income and education. John

financial knowledge, ability and attitude to manage

et al., (2009) also said that there is a positive

their financial resources in accordance with Islamic

relationship

teachings.

between

management behavior.

income

and

financial

According to (Nasution & Fatira, 2019), Islamic

75

Jurnal Ilmu Manajemen dan Ekonomika, Vol. 16, No. 2 June 2024:69-86

financial literacy reflects a person's knowledge and

results also show that financial literacy has a

cognitive abilities regarding Islamic finance. They

positive effect on financial behavior. The higher a

also said that the purpose of Islamic financial

person's financial knowledge, the better and wiser

literacy is so that consumers and the wider

his financial behavior will be.

community

can

determine

Islamic

financial

(Selcuk, 2015) The results of this study show that

products and services that are in accordance with the

students' financial literacy, which is measured from

wishes of the community, properly understand the

the score on the financial literacy test, has a positive

benefits and risks, know the rights and obligations

and significant impact on financial behavior. Based

and believe that the selected financial products and

on these results, policymakers and educators must

services can improve welfare based on halal and

try to take action to improve financial knowledge so

profitable sharia principles.

that students can have positive financial behavior in

(Antara et al., 2016) defines sharia financial

the future.

literacy as a person's ability in terms of knowledge,

(Arsanti & Riyadi, 2019) The results revealed

awareness, and skills to distinguish between halal

that gender, cumulative achievement index, and

and haram in financial products and services based

parental income had a significant effect on financial

on sharia principles. Meanwhile (Lestari &

behavior, while the place of residence and education

Mukaromah, 2018) said that Islamic financial

of parents had no effect on financial behavior.

literacy is an activity to increase knowledge, belief,
and skills for consumers and the wider community

RESEARCH METHOD

to better manage finances based on sharia
principles.

The research method used is a qualitative method
that uses both primary and secondary data. The use

(Grohmann, 2018) His research shows that the

of primary data in the form of questionnaire results

average level of financial literacy of the middle

is carried out based on the sample and population

class in Bangkok is similar to that of developed

that has been collected. The sample and population

countries. Financially literate individuals are more

used were students of Islamic Economics, Faculty

likely to have assets other than savings accounts and

of

are more likely to have fixed deposit accounts, life

University. Meanwhile, the secondary data used

insurance. Respondents in the higher financial

comes from books and journals that were previously

literacy class It makes it possible to take advantage

has conducted research related to related issues.

of various financial products and use credit cards in
a more informed way.

Economics

and

Business,

Diponegoro

This research was obtained and collected from
the results of a questionnaire distributed to Islamic

(Andarsari & Ningtyas, 2019) It shows that

Economics students of Diponegoro University. By

financial literacy has a positive effect on financial

giving questions to respondents. The type of

behavior. The results of this study show that female

questionnaire used is a closed questionnaire where

entrepreneurs have good financial literacy. Other

respondents provide limited responses to the choices

76

Sabastio, A, A., The Effect of Students Sharia….

ISSN: 2089-4309 (print)
2579-4841 (online)

that have been provided. The questionnaire is divided

considerations in accordance with the purpose of the

into two parts, the first contains the characteristics of

study (Sugiyono, 2014). The criteria that have been

the respondents and the second contains a number of

determined in this study are as follows: Diponegoro

questions about financial literacy and financial

University students and active students in the

management behavior.

Islamic Economics study program.

Bound variables are variables that have a value

The determination of the sample size in this

by relying on other variables, the value will change

study was carried out using the slovin formula as

if the variable that affects it also changes. The

follows (Sugiyono, 2017):

dependent variable in this study is the financial
𝑛=

behavior of Islamic Economics students. The

𝑍2
4(𝑀𝑜𝑒2

independent variable in this study is the Islamic
financial literacy of Islamic Economics students.
Of these two variables, it can be further described
into the Research Dimension. In the variables of
Sharia Financial Literacy, the research dimension
based on research from (Ahmad et al., 2020)
consists of: Subjective knowledge about sharia
compliance and Subjective knowledge about riba
and profit sharing on Islamic finance. And in the

Information :
n

= Number of samples

Z
= The level of confidence required
in the determination of the sample was
95% (1.96)
Moe

= Standars Error = 10%

Using the formula above, the
number of samples in this study can be
calculated as follows:

variables of Financial Behavior, the research
dimension that the researcher formulated based on

𝑛=

𝑍2
4(𝑀𝑜𝑒2)

the research (Widyastuti et al., 2020) consists of:
Saving behavior, Spending behavior, Long-term
financial behavior, Short-term financial behavior.
The results of the development of these research

𝑛=

1,962
4(0,10)2)

𝑛 = 96,04

dimensions will be transformed into questionnaire
question indicators. By using the Likert scale, the

From the results of the sample calculation above,

variables to be measured are presented as variable

the number of samples used in the study is 96.04 or

indicators.

can be rounded to 100 samples.

For each answer option given a score, the

There are two analysis methods used, namely

respondent must describe, support the question

descriptive analysis which is used to analyze data by

(positive) or not support the statement (negative)

exposing the data that has been collected. The

(Sugiyono, 2012) with a purposive sampling

second method is quantitative analysis which is

approach, which is a technique for determining a

used to evaluate the magnitude of influence

sample

quantitatively using statistical analysis tools.

that

is

selected

based

on

certain

77

Jurnal Ilmu Manajemen dan Ekonomika, Vol. 16, No. 2 June 2024:69-86

Table 1. Likert Scale measurement method
No

Answer

Code

Score

1

Strongly Agree

SS

5

2

Agree

S

4

3

Not sure

KS

3

4

Disagree

TS

2

5

Strongly disagree

STS

1

The tool used is IBM SPSS Statistics 25. With
the test stages in the form of validity test, reliability
test, classical assumption test consisting of
normality

test,

multicollinearity

test,

heterokedasticity test. And the last stage in data
testing is a simple linear regression test and a
hypothesis test in the form of a T test (Partial
significance test) and a determinant coefficient test
(R2).

Reliability Test Results
In this test, it can be seen that all variables have
Cronbach's Alpha values> 0.70. Thus, it can be
concluded that in this study the entire measurement
concept of each variable is reliable to be used as a
variable measurement tool. Therefore, this research
can be continued to the next stage of testing.

Normality Test Results
In this test, it was shown that the dependent curve

RESULT, DISCUSSION, AND MANAGERIAL
IMPLICATION
The respondents came from students of the
Islamic Economics study program from Diponegoro
University. The questionnaire collects personal data
that is only used for research purposes. The personal
data used is as follows:

and regression standardized residual formed a belllike pattern, which means that it proves that the
normality test of regression analysis can or is
feasible to use.
The normality test in this study also uses the
Normal P-Plot of Regression Standardize method
Residual. Data can be said to be normally
distributed if the points in the graph are spread

Validity Test Results
The study shows that all items have met the
requirements of data validity. The data is said to be
valid when the corrected item total correlation value
is greater than the r table value and the sig value is
less than the sig limit. In this study, the r table used
is 0.196 and the sig value is 0.05. From these results,
it can be concluded that the questionnaire used in
this study is valid for use.
78

across the diagonal line and follow the direction of
the diagonal line. When the points are far from the
diagonal line, the data is not distributed normally.
Here's a graph of the plot probability normality
test: From the P-P plot and standardized regression
images, there are points that spread around the
diagonal line, which means that it proves that
regression analysis can or is feasible to use.

Sabastio, A, A., The Effect of Students Sharia….

ISSN: 2089-4309 (print)
2579-4841 (online)

Multicollinearity Test Results

FB = Financial Behavior of Islamic

The results of the multicollinearity test above

Economics Students

stated that the value of the independent variable in

SFL = Sharia Financial Literacy for

this study passed the multicollinearity test, where

Islamic Economics Students.

students' sharia financial literacy had a tolerance

The regression coefficient equation in Table 4.11

value of 1,000 greater than 0.10 and a VIF value of

above shows that if there is no sharia financial

1,000 less than 10.

literacy of students (SFL), then the consistent value
of financial behavior (FB) is 23.929. And for every

Heterokedasticity Test Results

1% increase in the level of sharia financial literacy

It was shown that the regression results with the

of students (SFL), the financial behavior of students

Abs_RES variable which acted as a dependent

(FB) will increase by 1,324. Because the value of

variable, had a significance value of 0.116 greater

the regression coefficient is positive (+), it can be

than 0.05. This shows that there are no symptoms of

concluded that students' Islamic financial literacy

heterokedasticity in the regression model.

(SFL) has a positive effect on financial behavior
students (FB), so the regression equation is Y=

Simple Regression Test Result

23.929+1.324x+e.

The form of regression equations that can be
written from the table above in the form of
standardized regression equations is as follows:

The significance value (Sig.) of 0.000 is less than
0.05 so it can be concluded that there is a significant
influence between the Islamic financial literacy of
Islamic Economics students on the financial

FB = 23, 929 + 1, 324SFL + 𝑒

behavior of Islamic Economics students.

Information:

Table 2. Characteristics Responden
Variable
Category
Sum
Gender

Residen
ce

Income
/Allowance

Male

48

Female

52

Nourishment

52

House

48

< Rp 500.000

23

Rp 500.001 - Rp
1.000.000

35

Rp 1.000.001 –
Rp 1.500.00

22

>Rp 1.500.001

20

Total

100

79

Jurnal Ilmu Manajemen dan Ekonomika, Vol. 16, No. 2 June 2024:69-86

Figure 3. Normality result histogram

Figure 4. P-Plot Normality Test

Table 3. Heterokedasticity Test with Glacier
Variable

Sig.

Constant.

,749

Student Sharia
Financial Literacy

,116

Table 4. Simple Linear Regression Test Results
B
Sig.

80

Constant.

23.929

Student Sharia
Financial Literacy

1.324

0.025
0.000

Sabastio, A, A., The Effect of Students Sharia….

Hypothesis Test Results
T Test (Partial Significance Test)

ISSN: 2089-4309 (print)
2579-4841 (online)

Financial Management Behavior of Islamic
Economics Students at Diponegoro University

The results of the T test above show that the t-

It can be seen that the results in this study are

value calculated from the variables of Islamic

known that the financial behavior of Islamic

financial literacy students shows a positive result of

Economics students at Diponegoro University is

12.310 with a significance level of 0.000. With t

good. This can be seen from the statistical

table df=100- 2=98 at a significance of 5% showing

descriptive results that have been carried out in this

a table t value of 0.196, then t count (12.310) is

study, it can be concluded that the mean value of

greater than t Table which means that H0 is

all respondents for financial literacy in the

accepted and H1 is rejected which means that there

dimension of subjective knowledge about sharia

is an influence of student sharia financial literacy on

compliance is 21.52 and for the dimension of

student financial behavior.

subjective knowledge about riba and profit sharing

Then by using a significance limit of 0.05, the
significance value of 0.000 is smaller than 0.05.

is 17.22.
And the mean for all respondents for student

Looking at the comparison between the t value (or

financial behavior in

significance), it can be concluded that the Islamic

dimension was 15.68, the shopping behavior

financial literacy of Islamic Economics students has

dimension was 11.85, the long-term financial

a positive and significant effect on the financial

behavior dimension was 23.45, and the short-term

behavior of Islamic Economics students, which

financial behavior dimension was 24.28 which

means that H0 is accepted.

means that the average student gave an answer in

the saving

behavior

the affirmative for every question from each
R2 Determination Coefficient Test Results)
It can be shown in the table that the value of the
determination coefficient used is R Square, the
result of the determination coefficient test of the
regression model is 0.612. This shows that 61.2% of
the financial behavior of Islamic Economics
students can be explained by the variables of Islamic
Economics students' sharia financial literacy.
While the remaining 38.8% (100% - 61.2% =
38.8%) can be explained or influenced by other
variables outside the regression model in this study.

dimension of financial behavior assessment.
This study is in accordance with research that has
been conducted by (Widyastuti et al., 2020) which
shows that there is a relationship between which is
positive and significant between financial literacy
and financial behavior, which is measured by the
dimensions of saving behavior, shopping behavior,
long-term financial behavior, and short-term
financial behavior. In this dimension, it is explained
that the higher the level of financial literacy a
person, the better their financial behavior will be.

81

Jurnal Ilmu Manajemen dan Ekonomika, Vol. 16, No. 2 June 2024:69-86

The Influence of Financial Literacy on the
Financial

Behavior

of

Islamic

Economics

Students, Faculty of Economics and Business,
Diponegoro University

This also shows that there is good financial
literacy, making decisions in managing finances for
students is good and correct.
So that financial behavior that is considered

From the results of this study, it can be seen that

wasteful

and

purchases

are

carried

out

financial literacy has an effect on the financial

spontaneously on unimportant things can be

behavior of Islamic Economics students, Faculty of

controlled, and students can determine the amount

Economics and Business, Diponegoro University.

of expenses that are in accordance with their pocket

This can be seen based on research using regression

money or income.

tests. Therefore, it can be concluded that for every

The same research was also conducted by

1% increase in the level of sharia financial literacy of

Sugiharti & Maula (2019) with the research title

students (SFL), the financial behavior of students

"The Influence of Financial Literacy on Student

(FB) will increase by 1,324.

Financial Management Behavior", then Arsanti &

Because the regression coefficient value is

Riyadi (2018) whose research title is "Analysis of

positive (+), it can be concluded that the Islamic

the Influence of Financial Literacy on Student

financial literacy of students (SFL) has a positive

Financial Behavior (Case Study Student of Perbanas

effect on the financial behavior of students (FB).

Institute, Faculty of Economics and Business)

Table 5. T Test Results

Model
Constant.
Student Sharia Financial
Literacy

t

Sig.

5,697

0.025

12,310

0.000

Table 6. R2 Test Results

82

R

R Square

Adjusted R
Square

,782

,612

,608

Sabastio, A, A., The Effect of Students Sharia….

CONCLUSION,

SUGGESTION,

ISSN: 2089-4309 (print)
2579-4841 (online)

AND

LIMITATIONS

respondents can only choose answers that
have been limited by the researcher.

The results of the analysis and discussion in this
study aim to determine the financial behavior of
students and the influence between student Islamic

Suggestions for future research
The suggestions are as follows:

financial literacy on the financial behavior of
Islamic Economics students of the Faculty of
Economics and Business conducted at Diponegoro
University. There are several conclusions as

1. For the next research, it will be better to
conduct research with the same problem but
different research objects. This can be used as
a comparison and complement in research.

follows:
The financial behavior of Islamic Economics

2. The upcoming research is expected to expand

students at the Faculty of Economics and Business,

its research area, which covers all universities

Diponegoro University is in the good category, this

in Central Java so that it can obtain more

is because there are still many students who are

comprehensive results.

aware of the importance of knowledge about

3. For the next researcher, it is recommended to

finance in daily life. And how important it is to

ask open-ended questions or interviews with

manage finances and adjust the spending budget to

respondents so that the data obtained is more

the pocket money or income you have.

varied, complete, and objective.

Financial literacy has a positive and significant
effect on the financial behavior of Islamic
Economics students of the Faculty of Economics
and Business, Diponegoro University.

REFERENCES
Ahmad, G. N., Widyastuti, U., Susanti, S., &
Mukhibad, H. (2020). Determinants of the
Islamic financial literacy. Accounting, 6, 961–

Limitations

966. https://doi.org/10.5267/j.ac.2020.7.02 4

Some of the limitations of the research in this study
Aliyah, S., & Krisnawati, A. (2018). Analisis

are as follows:
1. This research was only conducted in one

perbedaan

tingkat

literasi

keuangan

department, namely Islamic Economics,

mahasiswa di universitas telkom. Jurnal

Faculty

Mitra Manajemen, 2(4), 273–285. http://e-

of

Economics

and

Business,

Diponegoro University, so that if you

jurnalmitramanajemen.com/index.ph

conduct different research, the results of the

p/jmm/article/view/125/69

research can be different.

Amaliyah, R., & Witiastuti, R. S. (2015). Analisis

2. This study uses closed questions so that the
data

obtained

is

incomplete

because

Faktor Yang Mempengaruhi Tingkat Literasi
Keuangan di Kalangan Umkm Kota Tegal.

83

Jurnal Ilmu Manajemen dan Ekonomika, Vol. 16, No. 2 June 2024:69-86

Management Analysis Journal, 4(3), 252–

Indonesia. Humanities and Social Sciences

257.

Reviews,

https://doi.org/10.15294/maj.v4i3.887 6

https://doi.org/10.18510/hssr.2019.75 167

Andarsari, P. R., & Ningtyas, M. N. (2019). The

Grohmann, A. (2018). Financial literacy and

7(5),

1280–1292.

Role of Financial Literacy on Financial

financial

Behavior. Jabe (Journal of Accounting and

emerging Asian middle class. Pacific Basin

Business

Finance Journal, 48(January), 129–143.

Education),

4(1),

24.

https://doi.org/10.26675/jabe.v4i1.85 24

behavior:

Evidence

from

the

https://doi.org/10.1016/j.pacfin.2018. 01.007

Antara, P. M., Musa, R., & Hassan, F. (2016). Bridging

Gustman, A. L., Steinmeier, T. L., & Tabatabai, N.

Islamic Financial Literacy and Halal Literacy: The

(2010). Financial Knowledge and Financial

Way Forward in Halal Ecosystem. Procedia

Literacy at the Household Level, (No.

Economics and Finance, 37(December), 196–202.

w16500). The American Economic …, 2–51.

https://doi.org/10.1016/s2212- 5671(16)30113-7

Atkinson, A., & Messy, F.-A. (2011). Assessing
Financial Literacy in 12 Countries. Journal of
Pension Economics and Finance, 10(4), 657–
665.

Atkinson, A., & Messy, F. (2012). Measuring
Financial Literacy: Results of the Oecd Infe
Pilot Study. OECD Working Papers on
Finance, Insurance and Private Pensions, 15,

ent/aea/aer/2012/00000102/0000000
3/art00053
Hardono, S. W. Bin. 2015. Prinsip- Prinsip
Akuntansi. Jakarta: PT. Rineka Cipta.
Keown, L.-A. (2011). The financial knowledge of
Canadians. Canadian Social Trends, 91(11).
Lestari, S., & Mukaromah, H. (2018). Literasi

1–73.

Keuangan

https://doi.org/10.1787/5k9csfs90fr4-

Pondok Pesantren An- Nawawi Kec. Gebang,

en

Kab. Purworejo. An-Nawa, Jurnal Hukum

Chaulagain, R. P. (2015). Contribution of financial
literacy to behaviour. Journal of Economics
and Behavioural Studies, 7(6), 1115–1135.
3/Record/com.mandumah.search://htt
p
Danila, N., Shahwan, Y., Ali, Z., & Djalaluddin, A.

Syariah

Pengelola

Koperasi

Islam, XXII(Januari-Juli), 61–87.
Lumintang, F. (2013). Jurnal EMBA. Jurnal EMBA,
1(3), 991–998.
Lusardi, A., & Mitchell, O. S. (2008). Planning and
financial literacy: How do women fare?
American Economic Review, 98(2), 413–417.

(2019). The linkages between financial

https://doi.org/10.1257/aer.98.2.413

literacy and its application in financial

Manurung, A. H., & Rizky, L. T. 2015.

decision- making among academicians in
84

http://www.ingentaconnect.com/cont

Succesful Financial Planner : A Complete

Sabastio, A, A., The Effect of Students Sharia….

Guide. Jakarta: Grasindo.

Journal of Economics and Financial Issues |,

Nababan, D., & Sadalia, I. (2013). Analisis Personal
Financial Liteacy Dan Financial Behavior
Mahasiswa

Strata

Universitas

Sumatera

ISSN: 2089-4309 (print)
2579-4841 (online)

I Fakultas
Utara

Ekonomi
(Personal

Financial literacy Analysis And The Financial
Behavior Of Undergraduate Students Of The
University Of North Sumatra’s Econo. Media

6(S7), 32–35. http:www.econjournals.com
Ricciardi, V., & Simon, H. (2000). What Is
Behavioral Finance? Business, Education
and Technology Journal Fall, 2, 1–9.
https://doi.org/10.1002/97804704043
24.hof002009
Remund, D. L. (2010). Financial literacy

Informasi Manajemen, 1, 1–16.
Nasution, A. W., & Fatira, M. (2019). Analisis

explicated: The case for a clearer definition

Faktor Kesadaran Literasi Keuangan Syariah

in an increasingly complex economy.

Mahasiswa Keuangan Dan Perbakan Syariah.

Journal of Consumer Affairs, 44(2), 276–

Equilibrium: Jurnal Ekonomi Syariah, 7(1),

295.

40.

https://doi.org/10.1111/j.17456606.2010.011

https://doi.org/10.21043/equilibrium.

69.x

v7i1.4258
OECD. (2013). OECD/INFE toolkit to measure
financial literacy and inclusion. June.

Sadalia, I., & Butar-Butar, N. A. 2016. Perilaku
Keuangan: Teori dan Implementasi. Medan:
Pustaka Bangsa Press.

OECD. (2016). Measuring Financial Literacy:
Questionnaire and Guidance Notes for

Setiawati, A. N. (2017). Pengujian Dimensi

Conducting an Internationally Comparable

Konstruk Literasi Keuangan Mahasiswa.

Survey of Financial Literacy.

Economic Education Analysis Journal, 6(3),
727–736.

OJK. (2017). Strategi Nasional Literasi Keuangan
Indonesia (Revisit 2017). In Otoritas Jasa

Selcuk, E. A. (2015). Factors Influencing College
Students’ Financial Behaviors in Turkey:

Keuangan.

Evidence
Potrich, A. C. G., & Vieira, K. M. (2018).
Demystifying financial literacy: a behavioral
perspective analysis. Management Research
Review,

41(9),

from

a

National

Survey.

International Journal of Economics and
Finance,

7(6).

https://doi.org/10.5539/ijef.v7n6p87

1047–1068.

https://doi.org/10.1108/MRR-08- 2017-0263
Rahim, S. H. A., Rashid, R. A., & Hamed, A. B.
(2016). Islamic Financial Literacy and its
Determinants among University Students: An
Exploratory Factor Analysis. International

Sugiyono. (2014). Metode Penelitian Pendidikan
(Pendekatan Kuantitatif, Kualitatif, dan R&D).
Alfabeta.
Walgito, B. 2015. Pengantar Psikologi Umum.
Yogyakarta: ANDI.
85

Jurnal Ilmu Manajemen dan Ekonomika, Vol. 16, No. 2 June 2024:69-86

Widyastuti, U., Sumiati, A., Herlitah, & Melati, I. S.
(2020).

Financial

education,

financial

literacy, and financial Behaviour: What does
really matter? Management Science Letters,
10(12),

2715–2720.

https://doi.org/10.5267/j.msl.2020.4. 039
Xiao, J. J., Ahn, S. Y., Serido, J., & Shim, S.
(2014). Earlier financial literacy and later
financial behaviour of college students.
International Journal of Consumer Studies,
38(6), 593–601.
https://doi.org/10.1111/ijcs.12122

86