Analysis of Financial Literacy, Financial Attitudes and Financial Knowledge on Financial Behaviour in Postgraduate Students in Yogyakarta with Locus of Control as a Moderating Variable

Abstract

This study aims to examine the effect of financial literacy, financial attitudes, and financial knowledge on financial behavior with locus of control as a moderating variable in graduate students in Yogyakarta. This study uses a quantitative approach with data collection through questionnaires distributed to 100 graduate students in Yogyakarta. The sampling technique used was accidental sampling and data analysis was carried out using Partial Least Squares Structural Equation Modeling PLS-SEM with the help of SmartPLS 4 software. This study found that financial attitudes have a positive influence on the financial behavior of graduate students. Meanwhile, financial literacy and financial knowledge have no effect on financial behavior, but locus of control can strengthen the relationship between financial literacy and financial knowledge on the financial behavior of graduate students.  On the other hand, locus of control is not proven to strengthen the influence between financial attitudes on financial behavior. The findings of this study can be applied to improve financial education programs and policies. The results can guide the development of strategies aimed at improving financial literacy, attitudes, and behaviors, especially in educational settings. This can lead to more effective financial management practices among individuals and communities. The novelty of this study lies in the introduction of locus of control as a moderating variable in the relationship between financial literacy, financial attitudes, and financial knowledge on financial behavior. This approach provides new insights in financial behavior research, especially among university students in Indonesia.