The Role of Financial Behavior in Mediating the Influence of Financial Technology, Self-Control, and Financial Knowledge on Financial Well-Being
Keywords:
Financial Behavior; Financial Knowledge; Financial Technology; Financial Well-Being; Self-Control.
Abstract
This study aims to examine the relationship between financial technology, self-control, and financial knowledge and financial well-being, with financial behavior serving as a mediating variable among students of the Faculty of Economics and Business at Semarang State University. The study employed a quantitative approach with an associative research design and involved 295 students selected through proportionate stratified random sampling. Data were collected using questionnaires and analyzed using IBM SPSS 27 through multiple regression analysis and the Sobel test. The findings indicate that financial technology, self-control, financial knowledge, and financial behavior have positive and significant effects on financial well-being. Furthermore, the three independent variables were found to positively and significantly influence financial behavior. The mediation analysis also revealed that financial behavior significantly mediates the relationship between financial technology, self-control, and financial knowledge and financial well-being. These results suggest that students' financial well-being is influenced not only by their ability to utilize financial technology, exercise self-control, and possess financial knowledge, but also by the implementation of sound financial behavior in their daily lives.
References
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Lusiani, R., Agung Ketut Diatmika, A., & Faruk Sofyan, J. (2025). Peran Mediasi Kepuasan Keuangan Dalam Pengaruh Status, Sikap, Perilaku, Dan Pengetahuan Keuangan Terhadap Kesejahteraan Keuangan Karyawan Pabrik Sepatu Di Kabupaten Tangerang. PESHUM : Jurnal Pendidikan, Sosial Dan Humaniora, Vol 5(1), 38–51. https://doi.org/10.56799/peshum.v5i1.12007
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Qahfi Romula Siregar, Jufrizen, J. S. (2026). Pengaruh Literasi Keuangan dan Pengalaman Keuangan terhadap Kesejahteraan Keuangan Melalui Self Control. Vol 5(1), 23–32. https://doi.org/10.59086/jeb.v5i1.1193
Rahayu, A. D., & Andriansyah, E. H. (2025). Pengaruh Literasi Ekonomi Dan Financial Technology (Fintech) Terhadap Kesejahteraan Keuangan Pada Gen Z Mahasiswa Di Kota Surabaya Melalui Perilaku Ekonomi Sebagai Variabel Intervening. RIGGS: Journal of Artificial Intelligence and Digital Business, Vol 4(2), 5980–5986. https://doi.org/10.31004/riggs.v4i2.1541
Rahman, M., Isa, C. R., Masud, M. M., Sarker, M., & Chowdhury, N. T. (2021). The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia. Future Business Journal, Vol 7(1), 1–18. https://doi.org/10.1186/s43093-021-00099-0
Ramadhini. (2024). The Effect of Financial Behavior, Financial Knowledge and Self-Control on the Financial Well-Being of Generation Z in Indonesia (Number Bicemba). Atlantis Press International BV. https://doi.org/10.4108/eai. Vol 4-9-2024.2354030
Rey-Ares, L., Fernández-López, S., Castro-González, S., & Rodeiro-Pazos, D. (2021). Does self-control constitute a driver of millennials’ financial behaviors and attitudes? Journal of Behavioral and Experimental Economics , Vol 93. https://doi.org/10.1016/j.socec.2021.101702
Sabri, M. F., Wahab, R., Mahdzan, N. S., Magli, A. S., Rahim, H. A., Suhaimi, S. S. A., & Nazuri, N. S. (2023). An enigma of Malaysia’s low-income young adults: Mediation of financial behaviour on financial well-being and locus of control cohesion. PLoS ONE, 18(7 July), 1–27. https://doi.org/10.1371/journal.pone.0288204
Sekar Widi Asih, M. K. (2020). Pengaruh Financial Knowledge, Financial Attitude dan Income terhadap Personal Financial Management Behavior melalui Locus Of Control sebagai Variabel Intervening Sekar. Vol 9(3), 748–767. https://doi.org/10.15294/eeaj.v9i1.42349
Siskawati, E. N., & Ningtyas, M. N. (2022). Literasi Keuangan, Financial Technology, dan Perilaku Keuangan Mahasiswa.7(September), Vol 102–113. https://doi.org/10.36636/dialektika.v5i1.408
Strömbäck, C., Skagerlund, K., Västfjäll, D., & Tinghög, G. (2020). Subjective self-control but not objective measures of executive functions predicts financial behavior and well-being. Journal of Behavioral and Experimental Finance, Vol 27, 100339. https://doi.org/10.1016/j.jbef.2020.100339
Subur, U. &. (2025). Peran Manajemen Keuangan Pribadi Terhadap Kesejahteraan Finansial Melalui Financial Technology. Vol 1(2), 354–364. doi.org/10.63822/zhfhxw16
Tirani Rahma Brilianti, L. L. (2020). Pengalaman Keuangan, dan Pendapatan terhadap Perilaku Keuangan Keluarga. Journal of Business and Banking, Vol 9(2), 197–213. https://journal.perbanas.ac.id/index.php/jbb/article/view/1762/pdf
Tohar, G., & Akron, S. (2025). Financial literacy cognitions and optimal financial behavior. Finance Research Letters, 83(April), 107455. https://doi.org/10.1016/j.frl.2025.107455
Zahirah, S. S., Marina, A., & Nuraini, F. (2024). Pengaruh Pengetahuan Keuangan, Sikap Keuangan, dan Self-Efficacy terhadap Perilaku Keuangan. Jurnal Akuntansi, Keuangan, Perpajakan Dan Tata Kelola Perusahaan (JAKPT), Vol 1(3), 185–193. https://garuda.kemdiktisaintek.go.id/documents/detail/4132037
Chhillar, N., Sharma, K., & Arora, S. (2025). Exploring the role of digital financial literacy and personal financial behavior in shaping financial stress and well-being in the digital age. Acta Psychologica, Vol 259(April), 105308. https://doi.org/10.1016/j.actpsy.2025.105308
Elgeka, H. W., & Querry, G. (2021). Peran money attitudes terhadap financial well-being dengan financial stress sebagai mediator pada mahasiswa rantau di Surabaya. Jurnal Ilmiah Psikologi Terapan, Vol 9(1), 75. https://doi.org/10.22219/jipt.v9i1.13906
Elsalonika, A. (2025). Perilaku Keuangan Generasi Z: Peran Penerapan Financial Technology, Literasi Keuangan, dan Efikasi Diri.Jurnal Manajemen Bisnis Dan Kewirausahaan, Vol 08 365–379. https://doi.org/10.24912/jmbk.v9i2.32838
Fred van Raaij, W., Riitsalu, L., & Põder, K. (2023). Direct and indirect effects of self-control and future time perspective on financial well-being. Journal of Economic Psychology, Vol 99. https://doi.org/10.1016/j.joep.2023.102667
Hayat. (2024). Pengaruh Pengetahuan Keuangan, Pengalaman Keuangan, dan Perilaku Pengelolaan Keuangan terhadap Kesejahteraan Keuangan. Vol 1(2), 175–190. https://jeam.uniku.ac.id/index.php/pub/article/view/8/10
Ibrahim & Husain. (2024). Pengaruh Literasi Keuangan, Financial Technology, dan Pengendalian Diri Terhadap Perilaku Keuangan Mahasiswa Jurusan Akuntansi Universitas Negeri Gorontalo. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, Vol 6(8), 5147–5163. https://doi.org/10.47467/alkharaj.v6i8.2186
Junça Silva, A., & Dias, R. (2023). The role of financial status, attitudes, behaviours and knowledge for overall well-being in Portugal: the mediating role of financial well-being. International Journal of Organizational Analysis, Vol 31(7), 3668–3685. https://doi.org/10.1108/IJOA-08-2022-3385
Lee, S. R., Jung, E., Jin, S., Wang, Z. A., Brown, P., & Polotsky, E. (2025). The association between subjective and objective financial knowledge: Path analysis to savings behavior by age. Social Sciences and Humanities Open, Vol 11(April 2024), 101232. https://doi.org/10.1016/j.ssaho.2024.101232
Lusiani, R., Agung Ketut Diatmika, A., & Faruk Sofyan, J. (2025). Peran Mediasi Kepuasan Keuangan Dalam Pengaruh Status, Sikap, Perilaku, Dan Pengetahuan Keuangan Terhadap Kesejahteraan Keuangan Karyawan Pabrik Sepatu Di Kabupaten Tangerang. PESHUM : Jurnal Pendidikan, Sosial Dan Humaniora, Vol 5(1), 38–51. https://doi.org/10.56799/peshum.v5i1.12007
Monica, C., & Siregar, Q. R. (2024). Pengaruh Pengetahuan Keuangan Dan Teknologi Keuangan Terhadap Masyarakat Kelurahan Tanjung Mulia Hilir. BALANCE: Jurnal Akuntansi Dan Manajemen, Vol 3(1), 35–47. https://doi.org/10.59086/jam.v3i1.473
Nasruddin, N. A., & Munir, A. R. (2024). The Influence of Product Knowledge and Social Environment on Purchasing Decisions Through Product Familiarity in Frozen Processed Fish Products. Vol 28(6), 663–677. https://doi.org/10.21608/ejabf.2024.393861
Pillai, R., Kumar, P., Kumar, N., & Tabash, M. I. (2025). Decoding financial behaviour through cognitive and digital pathways: A hybrid SEM–ANN study among Indian working women. Borsa Istanbul Review, Vol 25(S1), 87–100. https://doi.org/10.1016/j.bir.2025.09.007
Prameswari. (2021). Pengaruh Literasi Keuangan, Kesadaran Keuangan, dan Pendapatan terhadap Kesejahteraan Keuangan dengan Perilaku Keuangan dan Inklusi Keuangan sebagai Variabel Mediasi. Syanindita. Vol 1(2020), 167–186. https://doi.org/10.52851/cakrawala.v6i1.253
Putri, W. D., Fontanella, A., & Handayani, D. (2023). Pengaruh Penggunaan Financial Technology, Gaya Hidup dan Pendapatan Orang Tua Terhadap Perilaku Keuangan Mahasiswa. Akuntansi Dan Manajemen, Vol 18(1), 51–72. https://doi.org/10.30630/jam.v18i1.213
Qahfi Romula Siregar, Jufrizen, J. S. (2026). Pengaruh Literasi Keuangan dan Pengalaman Keuangan terhadap Kesejahteraan Keuangan Melalui Self Control. Vol 5(1), 23–32. https://doi.org/10.59086/jeb.v5i1.1193
Rahayu, A. D., & Andriansyah, E. H. (2025). Pengaruh Literasi Ekonomi Dan Financial Technology (Fintech) Terhadap Kesejahteraan Keuangan Pada Gen Z Mahasiswa Di Kota Surabaya Melalui Perilaku Ekonomi Sebagai Variabel Intervening. RIGGS: Journal of Artificial Intelligence and Digital Business, Vol 4(2), 5980–5986. https://doi.org/10.31004/riggs.v4i2.1541
Rahman, M., Isa, C. R., Masud, M. M., Sarker, M., & Chowdhury, N. T. (2021). The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia. Future Business Journal, Vol 7(1), 1–18. https://doi.org/10.1186/s43093-021-00099-0
Ramadhini. (2024). The Effect of Financial Behavior, Financial Knowledge and Self-Control on the Financial Well-Being of Generation Z in Indonesia (Number Bicemba). Atlantis Press International BV. https://doi.org/10.4108/eai. Vol 4-9-2024.2354030
Rey-Ares, L., Fernández-López, S., Castro-González, S., & Rodeiro-Pazos, D. (2021). Does self-control constitute a driver of millennials’ financial behaviors and attitudes? Journal of Behavioral and Experimental Economics , Vol 93. https://doi.org/10.1016/j.socec.2021.101702
Sabri, M. F., Wahab, R., Mahdzan, N. S., Magli, A. S., Rahim, H. A., Suhaimi, S. S. A., & Nazuri, N. S. (2023). An enigma of Malaysia’s low-income young adults: Mediation of financial behaviour on financial well-being and locus of control cohesion. PLoS ONE, 18(7 July), 1–27. https://doi.org/10.1371/journal.pone.0288204
Sekar Widi Asih, M. K. (2020). Pengaruh Financial Knowledge, Financial Attitude dan Income terhadap Personal Financial Management Behavior melalui Locus Of Control sebagai Variabel Intervening Sekar. Vol 9(3), 748–767. https://doi.org/10.15294/eeaj.v9i1.42349
Siskawati, E. N., & Ningtyas, M. N. (2022). Literasi Keuangan, Financial Technology, dan Perilaku Keuangan Mahasiswa.7(September), Vol 102–113. https://doi.org/10.36636/dialektika.v5i1.408
Strömbäck, C., Skagerlund, K., Västfjäll, D., & Tinghög, G. (2020). Subjective self-control but not objective measures of executive functions predicts financial behavior and well-being. Journal of Behavioral and Experimental Finance, Vol 27, 100339. https://doi.org/10.1016/j.jbef.2020.100339
Subur, U. &. (2025). Peran Manajemen Keuangan Pribadi Terhadap Kesejahteraan Finansial Melalui Financial Technology. Vol 1(2), 354–364. doi.org/10.63822/zhfhxw16
Tirani Rahma Brilianti, L. L. (2020). Pengalaman Keuangan, dan Pendapatan terhadap Perilaku Keuangan Keluarga. Journal of Business and Banking, Vol 9(2), 197–213. https://journal.perbanas.ac.id/index.php/jbb/article/view/1762/pdf
Tohar, G., & Akron, S. (2025). Financial literacy cognitions and optimal financial behavior. Finance Research Letters, 83(April), 107455. https://doi.org/10.1016/j.frl.2025.107455
Zahirah, S. S., Marina, A., & Nuraini, F. (2024). Pengaruh Pengetahuan Keuangan, Sikap Keuangan, dan Self-Efficacy terhadap Perilaku Keuangan. Jurnal Akuntansi, Keuangan, Perpajakan Dan Tata Kelola Perusahaan (JAKPT), Vol 1(3), 185–193. https://garuda.kemdiktisaintek.go.id/documents/detail/4132037
Published
2026-07-28
How to Cite
Randy Nurcahyo Adi, & Ida Nur Aeni. (2026). The Role of Financial Behavior in Mediating the Influence of Financial Technology, Self-Control, and Financial Knowledge on Financial Well-Being. International Journal of Economics, Business and Innovation Research, 5(04), 6071-6090. https://doi.org/10.63922/ijebir.v5i04.4503
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