Financial Knowledge and Financial Behavior as Determinants of Financial Satisfaction Among Indonesian Civil Servants: The Mediating Role of Financial Self-Efficacy and the Moderating Role of Tenure
Keywords:
Financial Knowledge, Financial Behavior, Financial Self-Efficacy, Financial Satisfaction
Abstract
This study examines the effects of financial knowledge and financial behavior on the financial satisfaction of Indonesian civil servants (Aparatur Sipil Negara, ASN), with financial self-efficacy as a mediating variable and tenure as a moderating variable. Although civil servants generally receive a relatively stable income, many still report financial dissatisfaction, suggesting that satisfaction depends less on income level than on how individuals understand, manage, and feel confident about their finances. Using a quantitative explanatory design, data were collected from 170 civil servants working at central government ministries and agencies in Indonesia through a five-point Likert-scale questionnaire and analyzed with Partial Least Squares Structural Equation Modeling (PLS-SEM) in SmartPLS 4. The results indicate that financial knowledge and financial behavior each have a positive and significant direct effect on financial satisfaction and on financial self-efficacy, and that financial self-efficacy in turn positively affects financial satisfaction. Financial self-efficacy partially mediates the effects of both financial knowledge and financial behavior on financial satisfaction. Tenure significantly moderates both relationships, strengthening the effect of financial knowledge on financial satisfaction while weakening the effect of financial behavior on financial satisfaction.
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Xiao, J. J., Chen, C., & Sun, L. (2015). Age differences in consumer financial capability. International Journal of Consumer Studies, 39(4), 387–395.
Xiao, J. J., Tang, C., & Shim, S. (2009). Acting for happiness: Financial behavior and life satisfaction of college students. Social Indicators Research, 92(1), 53–68.
Amalia, M., & Kartini. (2023). Pengaruh financial knowledge, financial experience, dan financial attitude terhadap financial behavior pada pemilik UMKM di Kota Kudus. Jurnal Mahasiswa Bisnis dan Manajemen, 2.
Amanah, E., et al. (2022). Pengaruh financial knowledge dan financial self-efficacy terhadap financial management behavior. Jurnal Ilmu dan Riset Akuntansi.
Bandura, A. (1997). Self-efficacy: The exercise of control. W. H. Freeman.
Chin, W. W., Marcolin, B. L., & Newsted, P. R. (2003). A partial least squares latent variable modeling approach for measuring interaction effects: Results from a Monte Carlo simulation study and an electronic-mail emotion/adoption study. Information Systems Research, 14(2), 189–217.
Chinen, K., & Endo, H. (2012). Effects of financial literacy on usage of credit cards: A multi-group analysis. International Journal of Business and Management, 7(13), 24–33.
Coskuner, S. (2016). Understanding financial satisfaction: The role of financial literacy and financial behavior. International Journal of Economics and Finance, 8(6), 152–161.
Creswell, J. W., & Creswell, J. D. (2018). Research design: Qualitative, quantitative, and mixed methods approaches (5th ed.). Sage Publications.
Darmawan, D., & Pamungkas, A. S. (2019). Pengaruh financial attitude, financial behavior, dan financial knowledge terhadap financial satisfaction. Jurnal Manajerial dan Kewirausahaan, 1(3), 1–10.
Dew, J., & Xiao, J. J. (2011). The Financial Management Behavior Scale: Development and validation. Journal of Financial Counseling and Planning, 22(1), 43–59.
Dewi, N. L. P. A. M. P., Sudiarta, I. K., & Dicriyani, N. L. G. M. (2020). Pengaruh literasi keuangan, gaya hidup, dan locus of control terhadap perilaku pengelolaan keuangan. Jurnal Ilmiah Akuntansi dan Humanika, 10(2), 146–155.
Diener, E., Oishi, S., & Tay, L. (2018). Advances in subjective well-being research. Nature Human Behaviour, 2(4), 253–260.
Farrell, L., Fry, T. R. L., & Risse, L. (2016). The significance of financial self-efficacy in explaining women’s personal finance behaviour. Journal of Economic Psychology, 54, 85–99.
Ghozali, I., & Latan, H. (2020). Partial least squares: Konsep, teknik, dan aplikasi menggunakan program SmartPLS. Badan Penerbit Universitas Diponegoro.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A primer on partial least squares structural equation modeling (PLS-SEM) (2nd ed.). Sage Publications.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2022). A primer on partial least squares structural equation modeling (PLS-SEM) (3rd ed.). Sage Publications.
Hilgert, M. A., Hogarth, J. M., & Beverly, S. G. (2003). Household financial management: The connection between knowledge and behavior. Federal Reserve Bulletin, 89, 309–322.
Humaira, I., & Sagoro, E. M. (2018). Pengaruh pengetahuan keuangan, sikap keuangan, dan kepribadian terhadap perilaku manajemen keuangan pada pelaku UMKM di Kabupaten Bantul. Jurnal Nominal, 7(1), 96–110.
Huston, S. J. (2010). Measuring financial literacy. Journal of Consumer Affairs, 44(2), 296–316.
Joo, S. H., & Grable, J. E. (2004). An exploratory framework of the determinants of financial satisfaction. Journal of Family and Economic Issues, 25(1), 25–50.
Kim, J., & Garman, E. T. (2004). Financial stress, pay satisfaction and workplace performance. Compensation & Benefits Review, 36(1), 69–76.
Kock, N. (2015). Common method bias in PLS-SEM: A full collinearity assessment approach. International Journal of e-Collaboration, 11(4), 1–10.
Lown, J. M. (2011). Development and validation of a financial self-efficacy scale. Journal of Financial Counseling and Planning, 22(2), 54–63.
Lown, J. M., & Ju, I. S. (2019). A model of credit card use and financial satisfaction. Journal of Financial Counseling and Planning, 30(2), 263–276.
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44.
Montalto, C. P., Phillips, E. L., McDaniel, A., & Baker, A. R. (2018). College student financial wellness: Student loans and beyond. Journal of Family and Economic Issues, 39(1), 3–21.
Nababan, D., & Sadalia, I. (2013). Analisis personal financial literacy dan keuangan pribadi mahasiswa S1 Fakultas Ekonomi Universitas Sumatera Utara. Media Informasi Manajemen, 1(1).
Netemeyer, R. G., Warmath, D., Fernandes, D., & Lynch, J. G., Jr. (2018). How am I doing? Perceived financial well-being, its potential antecedents, and its relation to overall well-being. Journal of Consumer Research, 45(1), 68–89.
Nugroho, N. S., & Panuntun, B. (2022). Pengaruh financial knowledge, financial skill, dan income terhadap financial management behavior generasi Z. Jurnal Mahasiswa Bisnis dan Manajemen, 1.
Parham, N., Tiko, J. A., & Linawati, N. (2022). Pengaruh financial knowledge, financial attitude, dan financial management terhadap financial satisfaction masyarakat Lumajang. Jurnal Sanskara Manajemen dan Bisnis, 1(1).
Podsakoff, P. M., MacKenzie, S. B., Lee, J. Y., & Podsakoff, N. P. (2003). Common method biases in behavioral research: A critical review of the literature and recommended remedies. Journal of Applied Psychology, 88(5), 879–903.
Preacher, K. J., & Hayes, A. F. (2008). Asymptotic and resampling strategies for assessing and comparing indirect effects in multiple mediator models. Behavior Research Methods, 40(3), 879–891.
Rizkiawati, N. L., & Asandimitra, N. (2018). Pengaruh demografi, financial knowledge, financial attitude, locus of control dan financial self-efficacy terhadap financial management behavior masyarakat Surabaya. Jurnal Ilmu Manajemen, 6(3).
Robb, C. A., & Woodyard, A. S. (2011). Financial knowledge and best practice behavior. Journal of Financial Counseling and Planning, 22(1), 60–70.
Robbins, S. P., & Judge, T. A. (2017). Organizational behavior (17th ed., Global ed.). Pearson Education.
Sari, E. Y. N., & Anam, A. K. (2021). Sikap keuangan, kontrol perilaku, efikasi diri dan perilaku keuangan. Jurnal Saintifik Manajemen dan Akuntansi.
Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill-building approach (7th ed.). Wiley.
Shim, S., Barber, B. L., Card, N. A., Xiao, J. J., & Serido, J. (2010). Financial well-being of new college graduates: The role of financial education and personal characteristics. Journal of Family and Economic Issues, 31, 233–252.
Shim, S., Xiao, J. J., Barber, B. L., & Lyons, A. C. (2009). Pathways to life success: A model of financial well-being for young adults. Journal of Applied Developmental Psychology, 30(6), 708–723.
Tang, N., & Peter, P. C. (2015). Financial knowledge acquisition among the young: The role of financial education, financial experience, and parents’ financial experience. Financial Services Review, 24(2), 119–137.
Tenenhaus, M., Vinzi, V. E., Chatelin, Y. M., & Lauro, C. (2004). PLS path modeling. Computational Statistics & Data Analysis, 48(1), 159–205.
Wiharno, H. (2018). Pengaruh financial knowledge, financial behavior, dan financial attitude terhadap personal financial management. Jurnal Riset Keuangan dan Akuntansi (JRKA), 4(1).
Xiao, J. J. (2008). Applying behavior theories to financial behavior. In J. J. Xiao (Ed.), Handbook of consumer finance research (pp. 69–81). Springer.
Xiao, J. J., & O’Neill, B. (2016). Consumer financial education and financial capability. International Journal of Consumer Studies, 40(6), 712–721.
Xiao, J. J., & Porto, N. (2017). Financial education and financial satisfaction: Financial literacy, behavior, and capability as mediators. International Journal of Bank Marketing, 35(5), 805–817.
Xiao, J. J., Chen, C., & Sun, L. (2015). Age differences in consumer financial capability. International Journal of Consumer Studies, 39(4), 387–395.
Xiao, J. J., Tang, C., & Shim, S. (2009). Acting for happiness: Financial behavior and life satisfaction of college students. Social Indicators Research, 92(1), 53–68.
Published
2026-07-07
How to Cite
Setiani, S. A., Ahmad, G. N., & Widyastuti, U. (2026). Financial Knowledge and Financial Behavior as Determinants of Financial Satisfaction Among Indonesian Civil Servants: The Mediating Role of Financial Self-Efficacy and the Moderating Role of Tenure. International Journal of Economics, Business and Innovation Research, 5(04), 3368-3382. https://doi.org/10.63922/ijebir.v5i04.5072
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