The Moderating Role Of Self-Control On The Relationship Between Financial Literacy, Hedonic Lifestyle, And Students' Financial Management Behavior In Yogyakarta

Mariano Obe; Baldric Siregar; Miswanto; Frasto Biyanto; Longuinhos Armando

doi:10.63922/ijebir.v5i05.4806

Mariano Obe Master of Accounting, STIE YKPN School of Business Yogyakarta, Indonesia
Baldric Siregar Master of Accounting, STIE YKPN School of Business Yogyakarta, Indonesia
Miswanto Master of Accounting, STIE YKPN School of Business Yogyakarta, Indonesia
Frasto Biyanto Master of Accounting, STIE YKPN School of Business Yogyakarta, Indonesia
Longuinhos Armando Economics, Universidade da Paz (UNPAZ), Timor-Leste

DOI: https://doi.org/10.63922/ijebir.v5i05.4806

Keywords: Financial Literacy, Hedonic Lifestyle, Self-Control, Financial Management Behavior, PLS-SEM.

Abstract

ABSTRACT

This study aims to analyze the effect of financial literacy and hedonic lifestyle on students' financial management behavior and to examine the moderating role of self-control. The study employed a quantitative approach with a cross-sectional survey design. Data were collected through questionnaires distributed to 200 active students of STIE YKPN Yogyakarta, selected using purposive sampling. Data analysis was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The results indicate that financial literacy has a positive and significant effect on financial management behavior (β = 0.529; p < 0.001), while hedonic lifestyle has a negative and significant effect (β = −0.387; p < 0.001). Furthermore, self-control was proven to strengthen the positive influence of financial literacy on financial management behavior (β = 0.268; p < 0.001) and to weaken the negative influence of hedonic lifestyle (β = −0.149; p = 0.002). The research model has strong explanatory power with an R² value of 0.699, indicating that 69.9% of the variation in financial management behavior can be explained by variables in the model. These findings suggest that improving students' financial management behavior not only depends on the level of financial literacy, but is also influenced by the ability to control oneself in the face of consumptive impulses. This study contributes to the development of the Theory of Planned Behavior and Self-Control Theory, and provides input for higher education institutions in designing financial education programs that integrate knowledge aspects with self-control reinforcement.

Keywords: Financial Literacy, Hedonic Lifestyle, Self-Control, Financial Management Behavior, PLS-SEM.

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