Mind Over Impulse: The Full Mediating Role of Self-Control in the Impact of Financial Literacy and Impulsive Buying on College Students' Financial Management

Novia Rahmawati; Muhammad Miftah Farid

doi:10.63922/ijebir.v5i05.5994

Novia Rahmawati Accounting Education Study Program, Faculty of Economics and Business, Universitas negeri Surabaya, Indonesia
Muhammad Miftah Farid Accounting Education Study Program, Faculty of Economics and Business, Universitas negeri Surabaya, Indonesia

DOI: https://doi.org/10.63922/ijebir.v5i05.5994

Keywords: Cashless Society, Financial Literacy, Impulsive Buying, Personal Financial Management, Self-Control

Abstract

The cashless era and reduced pain of paying heighten impulsive buying risks among students, challenging their personal financial management. This study examines the effect of financial literacy and impulsive buying on financial management behavior, with self-control as a mediating variable. Using a quantitative approach, Structural Equation Modeling–Partial Least Squares (SEM-PLS) was applied to 166 undergraduate Accounting Education students at Universitas Negeri Surabaya (cohort 2023) who actively use digital wallets. The results reveal that financial literacy positively and significantly affects financial management behavior, both directly and indirectly through partial mediation of self-control. Conversely, impulsive buying has no significant direct effect, but is fully mediated by self-control. The model demonstrates strong predictive relevance with positive Q-Square predict, explaining 59.2% of the variance in financial management behavior (R-Square = 0.592) and 40.1% in self-control (R-Square = 0.401). Recommendations include implementing daily spending limits and cooldown features on digital wallets, alongside integrating behavioral finance into accounting curricula.

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