Improving Financial Well-Being Through Financial Literacy, Financial Inclusion, and Gender with Financial Behavior Mediation
Keywords:
Financial Behavior, Financial Inclusion, Financial Literacy, Financial Well-Being, Gender
Abstract
This research is motivated by the importance of students' financial well-being in facing financial independence, which can be influenced by financial literacy, financial inclusion, and gender through financial behavior. This study aims to analyze the influence of financial literacy, financial inclusion, and gender on financial well-being with financial behavior as an intervening variable. The study used a quantitative approach with primary data through questionnaires. The study population was active students of the Accounting Study Program in Semarang City with a sample of 96 respondents determined using the Slovin formula. Data were analyzed using multiple linear regression and the Sobel Test. The results showed that financial literacy and gender had a positive and significant effect on financial behavior, while financial inclusion had no significant effect. Financial literacy and gender had a positive and significant effect on financial well-being, while financial inclusion and financial behavior had no significant effect. Financial behavior mediated the influence of financial literacy and gender, but did not mediate the influence of financial inclusion on financial well-being. In conclusion, financial literacy and gender are more determining factors in students' financial well-being.
References
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes. https://doi.org/10.1016/0749-5978(91)90020-T
Ajzen, I. (2002). Perceived behavioral control, self-efficacy, locus of control, and the theory of planned behavior. Journal of Applied Social Psychology, 32(4), 665–683. https://doi.org/10.1111/j.1559-1816.2002.tb00236.x
Akbar, R., Sukmawati, U. S., & Katsirin, K. (2024). Analisis data penelitian kuantitatif. Jurnal Pelita Nusantara, 1(3), 430–448. https://doi.org/10.59996/jurnalpelitanusantara.v1i3.350
Amagir, A., Groot, W., van den Brink, H. M., & Wilschut, A. (2020). Financial literacy of high school students in the Netherlands: Knowledge, attitudes, self-efficacy, and behavior. International Review of Economics Education, 34, 100185. https://doi.org/10.1016/j.iree.2020.100185
Anwar, S. (2016). Reliabilitas dan validitas aitem. University of Virginia Press.
Aqidah, N. A., & Hamida, H. (2025). Financial management behavior in Indonesia: Gender perspective. Owner, 9(1), 111–116. https://doi.org/10.33395/owner.v9i1.2573
Arilia, R. A., & Lestari, W. (2022). Peran self control sebagai mediasi literasi keuangan dan kesejahteraan keuangan wanita karir. Journal of Business and Banking, 12(1), 69. https://doi.org/10.14414/jbb.v12i1.2984
Aydin, A. E., & Akben Selcuk, E. (2019). An investigation of financial literacy, money ethics and time preferences among college students: A structural equation model. International Journal of Bank Marketing, 37(3), 880–900. https://doi.org/10.1108/IJBM-05-2018-0120
Brüggen, E. C., Hogreve, J., Holmlund, M., Kabadayi, S., & Löfgren, M. (2017). Financial well-being: A conceptualization and research agenda. Journal of Business Research, 79, 228–237. https://doi.org/10.1016/j.jbusres.2017.03.013
Choowan, P., Daovisan, H., & Suwanwong, C. (2025). Effects of financial literacy and financial behavior on financial well-being: Meta-analytical review of experimental studies. International Journal of Financial Studies, 13(1). https://doi.org/10.3390/ijfs13010001
Dew, J., & Xiao, J. J. (2011). The financial management behavior scale: Development and validation. Journal of Financial Counseling and Planning.
Esomar, M. J. F., Sumiati, Wijayanti, R., & Aisjah, S. (2025). The mediating role of financial behavior on financial literacy/inclusion, and financial well-being among SMEs owners in Indonesian marine and fisheries industry. Journal of Behavioral Science, 20(3), 106–119. https://doi.org/10.69523/tjbs.2025.287119
Espiritu, L. C. A., Anasco, C. L. V., Esgurra, P. N. P., Evangelista, F. D. R., Maranan, N. T., & Gonzales-Marzan, C. P. (2026). Beyond the ride: Assessing the financial well-being of the university drivers. CLSU International Journal of Education and Development Studies, 3. https://doi.org/10.22137/ijeds.2026.000016
Ghozali, I. (2021). Aplikasi analisis multivariate dengan program IBM SPSS 23.
Grohmann, A. (2016). The gender gap in financial literacy: Income, education, and experience offer only partial explanations. https://hdl.handle.net/10419/148080
Grohmann, A., Klühs, T., & Menkhoff, L. (2018). Does financial literacy improve financial inclusion? Cross-country evidence. World Development, 111, 84–96. https://doi.org/10.1016/j.worlddev.2018.06.020
Gutter, M., & Copur, Z. (2011). Financial behaviors and financial well-being of college students: Evidence from a national survey. Journal of Family and Economic Issues, 32(4), 699–714. https://doi.org/10.1007/s10834-011-9255-2
Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics (5th ed.). McGraw-Hill Irwin.
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2019). Multivariate data analysis. Cengage.
Latan, H., & Ghozali, I. (2015). Partial least squares: Concepts, techniques and applications using SmartPLS 3.
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Marchyta, N. K., Lay, M., & Kusumawardhani, A. (2024). College student’s financial well-being on Java Island: The role of financial literacy, financial behavior, and financial socialization. International Journal of Organizational Behavior and Policy, 3(1), 27–38. https://doi.org/10.9744/ijobp.3.1.27-38
Margasari, N., Murti Andhini, M., & Seetha Bandara, R. A. (2024). Student financial well-being: Personal factors and financial behavior as antecedents of financial well-being. Jurnal Economia, 20. https://doi.org/10.21831/economia.v20i1.58070
Nachrowi, N. D., & Usman, H. (2006). Pendekatan populer dan praktis ekonometrika untuk analisis ekonomi dan keuangan.
Netemeyer, R. G., Warmath, D., Fernandes, D., & Lynch, J. G. (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. https://doi.org/10.1093/jcr/ucx109
Purwidianti, W., & Tubastuvi, N. (2019). The effect of financial literacy and financial experience on SME financial behavior in Indonesia. Jurnal Dinamika Manajemen, 10(1), 40–45. https://doi.org/10.15294/jdm.v10i1.16937
Sabri, M. F., Wijekoon, R., & Rahim, H. A. (2020). The influence of money attitude, financial practices, self-efficacy and emotion coping on employees’ financial well-being. Management Science Letters, 10(4), 889–900. https://doi.org/10.5267/j.msl.2019.10.007
Sajid, M., Mushtaq, R., Murtaza, G., Yahiaoui, D., & Pereira, V. (2024). Financial literacy, confidence and well-being: The mediating role of financial behavior. Journal of Business Research, 182, 114791. https://doi.org/10.1016/j.jbusres.2024.114791
Selvia, G., Rahmayanti, D., Afandy, C., & Zoraya, I. (2021). The effect of financial knowledge, financial behavior and financial inclusion on financial well-being. https://doi.org/10.4108/eai.3-10-2020.2306600
Shim, S., Xiao, J. J., Barber, B. L., & Lyons, A. C. (2009). Pathways to life success: A conceptual model of financial well-being for young adults. Journal of Applied Developmental Psychology, 30(6), 708–723. https://doi.org/10.1016/j.appdev.2009.02.003
Strömbäck, C., Lind, T., Skagerlund, K., Västfjäll, D., & Tinghög, G. (2017). Does self-control predict financial behavior and financial well-being? Journal of Behavioral and Experimental Finance, 14, 30–38. https://doi.org/10.1016/j.jbef.2017.04.002
Sugiyono. (2022). Metode penelitian kuantitatif, kualitatif, dan R&D.
Sutejo, B. S., Wijaya, L. I., Noordin, N. M., & Oktavianus, J. (2026). Gender differences in financial well-being: A multi-group analysis of Indonesian income-earning Gen-Z. Jurnal Economia, 22(1). https://doi.org/10.21831/economia.v22i1.83694
Tavakol, M., & Dennick, R. (2011). Making sense of Cronbach’s alpha. International Journal of Medical Education, 2, 53–55. https://doi.org/10.5116/ijme.4dfb.8dfd
Ajzen, I. (2002). Perceived behavioral control, self-efficacy, locus of control, and the theory of planned behavior. Journal of Applied Social Psychology, 32(4), 665–683. https://doi.org/10.1111/j.1559-1816.2002.tb00236.x
Akbar, R., Sukmawati, U. S., & Katsirin, K. (2024). Analisis data penelitian kuantitatif. Jurnal Pelita Nusantara, 1(3), 430–448. https://doi.org/10.59996/jurnalpelitanusantara.v1i3.350
Amagir, A., Groot, W., van den Brink, H. M., & Wilschut, A. (2020). Financial literacy of high school students in the Netherlands: Knowledge, attitudes, self-efficacy, and behavior. International Review of Economics Education, 34, 100185. https://doi.org/10.1016/j.iree.2020.100185
Anwar, S. (2016). Reliabilitas dan validitas aitem. University of Virginia Press.
Aqidah, N. A., & Hamida, H. (2025). Financial management behavior in Indonesia: Gender perspective. Owner, 9(1), 111–116. https://doi.org/10.33395/owner.v9i1.2573
Arilia, R. A., & Lestari, W. (2022). Peran self control sebagai mediasi literasi keuangan dan kesejahteraan keuangan wanita karir. Journal of Business and Banking, 12(1), 69. https://doi.org/10.14414/jbb.v12i1.2984
Aydin, A. E., & Akben Selcuk, E. (2019). An investigation of financial literacy, money ethics and time preferences among college students: A structural equation model. International Journal of Bank Marketing, 37(3), 880–900. https://doi.org/10.1108/IJBM-05-2018-0120
Brüggen, E. C., Hogreve, J., Holmlund, M., Kabadayi, S., & Löfgren, M. (2017). Financial well-being: A conceptualization and research agenda. Journal of Business Research, 79, 228–237. https://doi.org/10.1016/j.jbusres.2017.03.013
Choowan, P., Daovisan, H., & Suwanwong, C. (2025). Effects of financial literacy and financial behavior on financial well-being: Meta-analytical review of experimental studies. International Journal of Financial Studies, 13(1). https://doi.org/10.3390/ijfs13010001
Dew, J., & Xiao, J. J. (2011). The financial management behavior scale: Development and validation. Journal of Financial Counseling and Planning.
Esomar, M. J. F., Sumiati, Wijayanti, R., & Aisjah, S. (2025). The mediating role of financial behavior on financial literacy/inclusion, and financial well-being among SMEs owners in Indonesian marine and fisheries industry. Journal of Behavioral Science, 20(3), 106–119. https://doi.org/10.69523/tjbs.2025.287119
Espiritu, L. C. A., Anasco, C. L. V., Esgurra, P. N. P., Evangelista, F. D. R., Maranan, N. T., & Gonzales-Marzan, C. P. (2026). Beyond the ride: Assessing the financial well-being of the university drivers. CLSU International Journal of Education and Development Studies, 3. https://doi.org/10.22137/ijeds.2026.000016
Ghozali, I. (2021). Aplikasi analisis multivariate dengan program IBM SPSS 23.
Grohmann, A. (2016). The gender gap in financial literacy: Income, education, and experience offer only partial explanations. https://hdl.handle.net/10419/148080
Grohmann, A., Klühs, T., & Menkhoff, L. (2018). Does financial literacy improve financial inclusion? Cross-country evidence. World Development, 111, 84–96. https://doi.org/10.1016/j.worlddev.2018.06.020
Gutter, M., & Copur, Z. (2011). Financial behaviors and financial well-being of college students: Evidence from a national survey. Journal of Family and Economic Issues, 32(4), 699–714. https://doi.org/10.1007/s10834-011-9255-2
Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics (5th ed.). McGraw-Hill Irwin.
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2019). Multivariate data analysis. Cengage.
Latan, H., & Ghozali, I. (2015). Partial least squares: Concepts, techniques and applications using SmartPLS 3.
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Marchyta, N. K., Lay, M., & Kusumawardhani, A. (2024). College student’s financial well-being on Java Island: The role of financial literacy, financial behavior, and financial socialization. International Journal of Organizational Behavior and Policy, 3(1), 27–38. https://doi.org/10.9744/ijobp.3.1.27-38
Margasari, N., Murti Andhini, M., & Seetha Bandara, R. A. (2024). Student financial well-being: Personal factors and financial behavior as antecedents of financial well-being. Jurnal Economia, 20. https://doi.org/10.21831/economia.v20i1.58070
Nachrowi, N. D., & Usman, H. (2006). Pendekatan populer dan praktis ekonometrika untuk analisis ekonomi dan keuangan.
Netemeyer, R. G., Warmath, D., Fernandes, D., & Lynch, J. G. (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. https://doi.org/10.1093/jcr/ucx109
Purwidianti, W., & Tubastuvi, N. (2019). The effect of financial literacy and financial experience on SME financial behavior in Indonesia. Jurnal Dinamika Manajemen, 10(1), 40–45. https://doi.org/10.15294/jdm.v10i1.16937
Sabri, M. F., Wijekoon, R., & Rahim, H. A. (2020). The influence of money attitude, financial practices, self-efficacy and emotion coping on employees’ financial well-being. Management Science Letters, 10(4), 889–900. https://doi.org/10.5267/j.msl.2019.10.007
Sajid, M., Mushtaq, R., Murtaza, G., Yahiaoui, D., & Pereira, V. (2024). Financial literacy, confidence and well-being: The mediating role of financial behavior. Journal of Business Research, 182, 114791. https://doi.org/10.1016/j.jbusres.2024.114791
Selvia, G., Rahmayanti, D., Afandy, C., & Zoraya, I. (2021). The effect of financial knowledge, financial behavior and financial inclusion on financial well-being. https://doi.org/10.4108/eai.3-10-2020.2306600
Shim, S., Xiao, J. J., Barber, B. L., & Lyons, A. C. (2009). Pathways to life success: A conceptual model of financial well-being for young adults. Journal of Applied Developmental Psychology, 30(6), 708–723. https://doi.org/10.1016/j.appdev.2009.02.003
Strömbäck, C., Lind, T., Skagerlund, K., Västfjäll, D., & Tinghög, G. (2017). Does self-control predict financial behavior and financial well-being? Journal of Behavioral and Experimental Finance, 14, 30–38. https://doi.org/10.1016/j.jbef.2017.04.002
Sugiyono. (2022). Metode penelitian kuantitatif, kualitatif, dan R&D.
Sutejo, B. S., Wijaya, L. I., Noordin, N. M., & Oktavianus, J. (2026). Gender differences in financial well-being: A multi-group analysis of Indonesian income-earning Gen-Z. Jurnal Economia, 22(1). https://doi.org/10.21831/economia.v22i1.83694
Tavakol, M., & Dennick, R. (2011). Making sense of Cronbach’s alpha. International Journal of Medical Education, 2, 53–55. https://doi.org/10.5116/ijme.4dfb.8dfd
Published
2026-10-09
How to Cite
Akma Dwi Yoginoviati, & Indri Kartika. (2026). Improving Financial Well-Being Through Financial Literacy, Financial Inclusion, and Gender with Financial Behavior Mediation. International Journal of Economics, Business and Innovation Research, 5(06), 564-585. https://doi.org/10.63922/ijebir.v5i06.6486
.png)
Contact Person +6282139474255
Email : ijebir@citakonsultindo.or.id / editor.ijebir@gmail.com
