STUDENTS' PERSONAL FINANCIAL MANAGEMENT: THE ROLE OF FINANCIAL LITERACY, SELF-CONTROL, HEDONIST LIFESTYLE, AND FINANCIAL PLANNING
DOI:
https://doi.org/10.5281/zenodo.22729469Keywords:
Financial Literacy, Self-Control, Hedonic Lifestyle, Financial Planning, Personal Financial Management.Abstract
This study aims to analyze the effect of financial literacy, self-control, hedonic lifestyle, and financial planning on the personal financial management of students receiving KIP-K scholarships and other scholarships at the Faculty of Economics and Business, Malikussaleh University. This study employed a quantitative approach using the Partial Least Squares Structural Equation Modeling (PLS-SEM) method. The population consisted of students receiving KIP-K scholarships and other scholarships at the Faculty of Economics and Business, Malikussaleh University, with a sample of 135 respondents selected using the purposive sampling technique. Data were analyzed using SmartPLS 4 software. The results of the hypothesis testing indicate that financial literacy, self-control, and financial planning have a positive and significant effect on students' personal financial management. Meanwhile, hedonic lifestyle has a negative but insignificant effect on students' personal financial management. The findings indicate that improving financial literacy, strengthening self-control, and implementing effective financial planning can encourage students to manage their personal finances more effectively and responsibly. On the other hand, hedonic lifestyle has not been proven to have a significant effect on students' personal financial management. Therefore, strengthening financial literacy, enhancing self-control, and promoting effective financial planning should be continuously encouraged to support better personal financial management among students.
References
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Anjani, C., & Darto, D. (2023). Financial Literacy, Income and Self-Control on Financial Management Behavior of Generation Z. BASKARA : Journal of Business and Entrepreneurship, 5(2), 152–164. https://doi.org/10.54268/baskara.v5i2.16363
Aprilya, & Hambali, D. (2025). Analisis Pemahaman Literasi Keuangan Dan Manajemen Pengelolaan Keuangan Mahasiswa Penerima Dana Beasiswa Kartu Indonesia Pintar. Jurnal Multidisiplin Raflesia, 4(2014), 56–64.
Azis, T. Z., Rahmawati, I. Y., Purwidianti, W., & Utami, R. F. (2025). The influence of financial literacy, social environment, lifestyle, and financial knowledge on students’ personal financial planning. COSTING: Journal of Economic, Business and Accounting, 8, 757–772. https://journal.stiemb.ac.id/index.php/mea
Aziza, A. N., & Septiyani, D. (2024). The Effect of Financial Literacy, Income, And Self-Control on The Personal Financial Management of Politeknik Negeri Sriwijaya Students. INCOME: Innovation of Economics and Management, 3(1), 20–25. https://doi.org/10.32764/income.v3i1.5016
Baumeister, R. F., & Vohs, K. D. (2007). Self-Regulation , Ego Depletion , and Motivation. 1, 1–14.
Chen, H., & Volpe, R. P. (1998). An Analysis of Personal Financial Literacy Among College Students. 7(2), 107–128.
Ciptani, M. K., & Anggraeni, A. (2023). Pengaruh Literasi Keuangan dan Gaya Hidup terhadap Pengelolaan Keuangan Mahasiswa di Cikarang. JAMER: Jurnal Ilmu-Ilmu Akuntansi Merdeka, 4(November), 75–83. http://mail.unmermadiun.ac.id/index.php/jamer/index
Deccasari, D. D., Janan, S. S., & Marli, M. (2023). Pengaruh Literasi Keuangan, Gaya Hidup, Lingkungan Sosial, Dan Kontrol Diri Terhadap Pengelolaan Keuangan Mahasiswa Ekonomi (Studi Kasus Pada Mahasiswa Stie Malangkucecwara). Dinamika Ekonomi: Jurnal Ekonomi Dan Bisnis, 16(2), 343–360. https://doi.org/10.53651/jdeb.v16i2.449
Dew, J., & Xiao, J. J. (2011). The Financial Management Behavior Scale : Development and Validation. 435, 43–59.
Ekofani, A. R. R., & Paramita, R. A. S. P. (2023). Pengaruh Literasi Keuangan, Gaya Hidup, Kontrol Diri, dan Sikap Keuangan terhadap Pengelolaan Keuangan FEB UNESA. ARBITRASE: Journal of Economics and Accounting, 4(1), 60–69. https://doi.org/10.47065/arbitrase.v4i1.1022
Fauziah, F., Ika Sari, M., & Eko Setianingsih, W. (2023). The Influence Of Financial Knowledge, Financial Planning, Self-Control On The Financial Management Behavior Of Housewives. Proceeding International Conference on Economics, Business and Information Technology (Icebit), 4, 478–486. https://doi.org/10.31967/prmandala.v4i0.785
Febri, A. A., & Kartiko, W. A. (2023). Pengaruh literasi keuangan, perencanaan keuangan, dan sikap keuangan terhadap pengelolaan keuangan. Value Added : Majalah Ekonomi Dan Bisnis, 19(1), 1–9.
Feryanto, A. R., & Trisnaningsih, S. (2023). Pengaruh Literasi Keuangan, Gaya Hidup Hedonisme, dan Perencanaan Keuangan Terhadap Pengelolaan Keuangan Pribadi Mahasiswa Akuntansi UPN “Veteran” Jawa Timur. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 5(5), 2742–2754. https://doi.org/10.47467/alkharaj.v5i5.4334
Garman, T., & Forgue, R. (2012). Personal Finance (Sixth).
Gunawan, B. P., & Herlina, H. (2025). Pengaruh Literasi Keuangan, Kontrol Diri, dan Gaya Hidup Hedonisme Terhadap Pengelolaan Keuangan Generasi Z. JIIP - Jurnal Ilmiah Ilmu Pendidikan, 8(5), 4917–4924. https://doi.org/10.54371/jiip.v8i5.7873
Hair, J. F. (2019). When to use and how to report the results of PLS-SEM. 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203
Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115–135. https://doi.org/10.1007/s11747-014-0403-8
Hilgert, M. A., Hogarth, J. M., Vitt, L. A., & Anderson, C. (2003). Household Financial Management : The Connection between Knowledge and Behavior. 106(November 1991).
Kartawinata, B. R., Wijayangka, C., Akbar, A., & Hendiarto, R. S. (2021). The influence of lifestyle and financial behavior on personal financial management for the millennia generation (Study on college students in Bandung city, Indonesia). Proceedings of the International Conference on Industrial Engineering and Operations Management, 2957–2965. https://doi.org/10.46254/sa02.20210833
Khairani, & Tamba, riris debora. (2025). Membangun Financial Well Being Melalui Financial Literasi , Locus Of Control Dan Financial Planning Pada Karyawan Ptpn 4 Regional 2 Kebun Sawit Seberang. 14(September), 4526–4539. https://doi.org/10.34127/jrlab.v14i3.1905
Kotler, & Keller. (2016). Unit Snapshot Ugc Net Commerce.
Lorensa, L., & Jibrail, A. (2025). The Influence of Financial Literacy, Lifestyle, and Self-Control on the Financial Management of Students. Journal of Educational Management Research, 4(2), 595–610. https://doi.org/10.61987/jemr.v4i2.884
Lusardi, A. (2019). Financial literacy and the need for financial education : evidence and implications. 5, 1–8.
Lusardi, A., & Mitchell, O. S. (2013). The Economic Importance Of Financial Literacy.
Lusardi, A., & Mitchell, O. S. (2014). GFLEC Working Paper Series.
Nurjannah, & Yusrialis. (2025). The Influence of Financial Literacy , Parental Income , Hedonistic Lifestyle and Self-Control on Student Financial Management Behavior in Pekanbaru City. Integrated Research Journal Of Bussiness and Management, 2(1), 278–294. https://icess.uin-suska.ac.id/index.php/injbm/article/view/293
Nurlinlaena, E. A. A., & Hapsari, M. T. (2023). Pengaruh Financial Literacy, Perencanaan Keuangan Syariah Dan Lifestyle Terhadap Pengelolaan Keuangan Mahasiswa Non-Febi Uin Sayyid Ali Rahmatullah Tulungagung Angkatan 2019. Jurnal Ekonomika, 12(1), 252–263.
OJK, & BPS. (2025). Hasil Survei Nasional Literasi dan Inklusi Keuangan (SNLIK) Tahun 2025. 1–9. https://ojk.go.id
Putri, D. M., & Isnawati. (2025). Pengelolaan Keuangan Mahasiswa Penerima Beasiswa KIP-Kuliah : Perspektif Mahasiswa FEB Universitas Mataram. 13(1), 14–26. https://doi.org/10.30738/ja.v13i1.4451
Rabbani, A. A., Tubastuvi, N., Rahmawati, I. Y., & Widyaningtyas, D. (2024). JIMEA | Jurnal Ilmiah MEA ( Manajemen , Ekonomi , dan Akuntansi ) Pengaruh Literasi Keuangan , Status Sosial Ekonomi , Lingkungan Sosial , Locus Of Control Dan Gaya Hidup Terhadap Pengelolaan Keuangan Jimea | Jurnal Ilmiah MEA ( Manajemen , Ekonomi , dan. 8(1), 456–475. https://journal.stiemb.ac.id/index.php/mea
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Sekaran, U., & Bougie, R. (2018). Research Methods for Business: A Skill-Building Approach. John Wiley & Sons Ltd. https://www.wiley.com/en-us/Research+Methods+for+Business%3A+A+Skill+Building+Approach%2C+7th+Edition-p-9781119266846
Selviana, W., Suarni, A., & Abdi, M. N. (2023). The Influence of Financial Literacy, Financial Attitudes, and Financial Behavior on the Financial Satisfaction of Working Housewives in Kediri City. Otonomi, 23(2), 391. https://doi.org/10.14421/EkBis.2022.6.1.1555
Setianingsih, D., Dewi, M., & Chanda, A. (2022). The Effect of Financial Knowledge, Financial Planning Internal Locul of Control, and Financial Self-Efficacy on Financial Management Behavior. Jurnal Samudra Ekonomika, 6(1), 19–30. https://ejurnalunsam.id/index.php/jse
Shefrin, H. (2001). Estudios Gerenciales. 99–101.
Sugiyono. (2020). Metode Penelitian Kuantitatif Kualitatif dan R&D.
Uhti, N. C. S., & Hwihanus. (2025). Pengaruh Hedonisme, Pendapatan, dan Literasi Keuangan Terhadap Pengelolaan Keuangan dengan Self Control ebagai Moderasi. Akuntansi Dan Ekonomi Pajak: Perspektif Global, 2(1), 09–22. https://doi.org/10.61132/aeppg.v2i1.761
Utami, E. M., & Puspitasari, D. M. (2022). Peningkatan Kemampuan Perencanaan Keuangan Generasi Z Melalui Literasi Keuangan Dan Pengalaman Keuangan.
Wiharno, H. (2018). Pengaruh Financial Knowledge, Financial Behavior dan Financial Attitude terhadap Personal Financial Management (Survei pada Masyarakat di Kabupaten Kuningan). Jurnal Riset Keuangan Dan Akuntansi, 4(1), 70. https://www.researchgate.net/publication/330825876
Wulantari, L. R., & Anwar, M. (2024). Pengaruh Financial Literacy dan Financial Planning terhadap Perilaku Pengelolaan Keuangan pada Generasi Z di Surabaya dengan Financial Self Efficacy sebagai Variabel Mediasi. COSTING: Journal of Economic, Business and Accounting, 7(5). https://journal.ipm2kpe.or.id/index.php/COSTING
Yousida, I., Kristansi, L., Rahman, A., & Paujiah, S. (2022). Jurnal Mitra Manajemen ( JMM Online ). Jurnal Mitra Manajemen, 5(10), 718–735. http://e-jurnalmitramanajemen.com/index.php/jmm/article/view/578/509
(OECD), O. for E. C. and D. (2022). OECD / Infe Toolkit For Measuring Financial Literacy And Financial Inclusion 2022. 1–54. https://www.oecd.org/financial/education/2022-INFE-Toolkit-Measuring-Finlit-Financial-Inclusion.pdf
Ajzen. (1991). The Theory of Planned Behavior. 211, 179–211. https://doi.org/10.1016/0749-5978(91)90020-T
Ajzen, I. (2020). The theory of planned behavior : Frequently asked questions. April, 314–324. https://doi.org/10.1002/hbe2.195
Anjani, C., & Darto, D. (2023). Financial Literacy, Income and Self-Control on Financial Management Behavior of Generation Z. BASKARA : Journal of Business and Entrepreneurship, 5(2), 152–164. https://doi.org/10.54268/baskara.v5i2.16363
Aprilya, & Hambali, D. (2025). Analisis Pemahaman Literasi Keuangan Dan Manajemen Pengelolaan Keuangan Mahasiswa Penerima Dana Beasiswa Kartu Indonesia Pintar. Jurnal Multidisiplin Raflesia, 4(2014), 56–64.
Azis, T. Z., Rahmawati, I. Y., Purwidianti, W., & Utami, R. F. (2025). The influence of financial literacy, social environment, lifestyle, and financial knowledge on students’ personal financial planning. COSTING: Journal of Economic, Business and Accounting, 8, 757–772. https://journal.stiemb.ac.id/index.php/mea
Aziza, A. N., & Septiyani, D. (2024). The Effect of Financial Literacy, Income, And Self-Control on The Personal Financial Management of Politeknik Negeri Sriwijaya Students. INCOME: Innovation of Economics and Management, 3(1), 20–25. https://doi.org/10.32764/income.v3i1.5016
Baumeister, R. F., & Vohs, K. D. (2007). Self-Regulation , Ego Depletion , and Motivation. 1, 1–14.
Chen, H., & Volpe, R. P. (1998). An Analysis of Personal Financial Literacy Among College Students. 7(2), 107–128.
Ciptani, M. K., & Anggraeni, A. (2023). Pengaruh Literasi Keuangan dan Gaya Hidup terhadap Pengelolaan Keuangan Mahasiswa di Cikarang. JAMER: Jurnal Ilmu-Ilmu Akuntansi Merdeka, 4(November), 75–83. http://mail.unmermadiun.ac.id/index.php/jamer/index
Deccasari, D. D., Janan, S. S., & Marli, M. (2023). Pengaruh Literasi Keuangan, Gaya Hidup, Lingkungan Sosial, Dan Kontrol Diri Terhadap Pengelolaan Keuangan Mahasiswa Ekonomi (Studi Kasus Pada Mahasiswa Stie Malangkucecwara). Dinamika Ekonomi: Jurnal Ekonomi Dan Bisnis, 16(2), 343–360. https://doi.org/10.53651/jdeb.v16i2.449
Dew, J., & Xiao, J. J. (2011). The Financial Management Behavior Scale : Development and Validation. 435, 43–59.
Ekofani, A. R. R., & Paramita, R. A. S. P. (2023). Pengaruh Literasi Keuangan, Gaya Hidup, Kontrol Diri, dan Sikap Keuangan terhadap Pengelolaan Keuangan FEB UNESA. ARBITRASE: Journal of Economics and Accounting, 4(1), 60–69. https://doi.org/10.47065/arbitrase.v4i1.1022
Fauziah, F., Ika Sari, M., & Eko Setianingsih, W. (2023). The Influence Of Financial Knowledge, Financial Planning, Self-Control On The Financial Management Behavior Of Housewives. Proceeding International Conference on Economics, Business and Information Technology (Icebit), 4, 478–486. https://doi.org/10.31967/prmandala.v4i0.785
Febri, A. A., & Kartiko, W. A. (2023). Pengaruh literasi keuangan, perencanaan keuangan, dan sikap keuangan terhadap pengelolaan keuangan. Value Added : Majalah Ekonomi Dan Bisnis, 19(1), 1–9.
Feryanto, A. R., & Trisnaningsih, S. (2023). Pengaruh Literasi Keuangan, Gaya Hidup Hedonisme, dan Perencanaan Keuangan Terhadap Pengelolaan Keuangan Pribadi Mahasiswa Akuntansi UPN “Veteran” Jawa Timur. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 5(5), 2742–2754. https://doi.org/10.47467/alkharaj.v5i5.4334
Garman, T., & Forgue, R. (2012). Personal Finance (Sixth).
Gunawan, B. P., & Herlina, H. (2025). Pengaruh Literasi Keuangan, Kontrol Diri, dan Gaya Hidup Hedonisme Terhadap Pengelolaan Keuangan Generasi Z. JIIP - Jurnal Ilmiah Ilmu Pendidikan, 8(5), 4917–4924. https://doi.org/10.54371/jiip.v8i5.7873
Hair, J. F. (2019). When to use and how to report the results of PLS-SEM. 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203
Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115–135. https://doi.org/10.1007/s11747-014-0403-8
Hilgert, M. A., Hogarth, J. M., Vitt, L. A., & Anderson, C. (2003). Household Financial Management : The Connection between Knowledge and Behavior. 106(November 1991).
Kartawinata, B. R., Wijayangka, C., Akbar, A., & Hendiarto, R. S. (2021). The influence of lifestyle and financial behavior on personal financial management for the millennia generation (Study on college students in Bandung city, Indonesia). Proceedings of the International Conference on Industrial Engineering and Operations Management, 2957–2965. https://doi.org/10.46254/sa02.20210833
Khairani, & Tamba, riris debora. (2025). Membangun Financial Well Being Melalui Financial Literasi , Locus Of Control Dan Financial Planning Pada Karyawan Ptpn 4 Regional 2 Kebun Sawit Seberang. 14(September), 4526–4539. https://doi.org/10.34127/jrlab.v14i3.1905
Kotler, & Keller. (2016). Unit Snapshot Ugc Net Commerce.
Lorensa, L., & Jibrail, A. (2025). The Influence of Financial Literacy, Lifestyle, and Self-Control on the Financial Management of Students. Journal of Educational Management Research, 4(2), 595–610. https://doi.org/10.61987/jemr.v4i2.884
Lusardi, A. (2019). Financial literacy and the need for financial education : evidence and implications. 5, 1–8.
Lusardi, A., & Mitchell, O. S. (2013). The Economic Importance Of Financial Literacy.
Lusardi, A., & Mitchell, O. S. (2014). GFLEC Working Paper Series.
Nurjannah, & Yusrialis. (2025). The Influence of Financial Literacy , Parental Income , Hedonistic Lifestyle and Self-Control on Student Financial Management Behavior in Pekanbaru City. Integrated Research Journal Of Bussiness and Management, 2(1), 278–294. https://icess.uin-suska.ac.id/index.php/injbm/article/view/293
Nurlinlaena, E. A. A., & Hapsari, M. T. (2023). Pengaruh Financial Literacy, Perencanaan Keuangan Syariah Dan Lifestyle Terhadap Pengelolaan Keuangan Mahasiswa Non-Febi Uin Sayyid Ali Rahmatullah Tulungagung Angkatan 2019. Jurnal Ekonomika, 12(1), 252–263.
OJK, & BPS. (2025). Hasil Survei Nasional Literasi dan Inklusi Keuangan (SNLIK) Tahun 2025. 1–9. https://ojk.go.id
Putri, D. M., & Isnawati. (2025). Pengelolaan Keuangan Mahasiswa Penerima Beasiswa KIP-Kuliah : Perspektif Mahasiswa FEB Universitas Mataram. 13(1), 14–26. https://doi.org/10.30738/ja.v13i1.4451
Rabbani, A. A., Tubastuvi, N., Rahmawati, I. Y., & Widyaningtyas, D. (2024). JIMEA | Jurnal Ilmiah MEA ( Manajemen , Ekonomi , dan Akuntansi ) Pengaruh Literasi Keuangan , Status Sosial Ekonomi , Lingkungan Sosial , Locus Of Control Dan Gaya Hidup Terhadap Pengelolaan Keuangan Jimea | Jurnal Ilmiah MEA ( Manajemen , Ekonomi , dan. 8(1), 456–475. https://journal.stiemb.ac.id/index.php/mea
Rele, deepa kedar, Deshpande, D., & Gujarathi, S. (2024). consumer behaviour (D. C. A. Thorat (ed.)). San International Scientific Publications Email: https://doi.org/https://doi.org/10.59646/consumbehav/132
Sekaran, U., & Bougie, R. (2018). Research Methods for Business: A Skill-Building Approach. John Wiley & Sons Ltd. https://www.wiley.com/en-us/Research+Methods+for+Business%3A+A+Skill+Building+Approach%2C+7th+Edition-p-9781119266846
Selviana, W., Suarni, A., & Abdi, M. N. (2023). The Influence of Financial Literacy, Financial Attitudes, and Financial Behavior on the Financial Satisfaction of Working Housewives in Kediri City. Otonomi, 23(2), 391. https://doi.org/10.14421/EkBis.2022.6.1.1555
Setianingsih, D., Dewi, M., & Chanda, A. (2022). The Effect of Financial Knowledge, Financial Planning Internal Locul of Control, and Financial Self-Efficacy on Financial Management Behavior. Jurnal Samudra Ekonomika, 6(1), 19–30. https://ejurnalunsam.id/index.php/jse
Shefrin, H. (2001). Estudios Gerenciales. 99–101.
Sugiyono. (2020). Metode Penelitian Kuantitatif Kualitatif dan R&D.
Uhti, N. C. S., & Hwihanus. (2025). Pengaruh Hedonisme, Pendapatan, dan Literasi Keuangan Terhadap Pengelolaan Keuangan dengan Self Control ebagai Moderasi. Akuntansi Dan Ekonomi Pajak: Perspektif Global, 2(1), 09–22. https://doi.org/10.61132/aeppg.v2i1.761
Utami, E. M., & Puspitasari, D. M. (2022). Peningkatan Kemampuan Perencanaan Keuangan Generasi Z Melalui Literasi Keuangan Dan Pengalaman Keuangan.
Wiharno, H. (2018). Pengaruh Financial Knowledge, Financial Behavior dan Financial Attitude terhadap Personal Financial Management (Survei pada Masyarakat di Kabupaten Kuningan). Jurnal Riset Keuangan Dan Akuntansi, 4(1), 70. https://www.researchgate.net/publication/330825876
Wulantari, L. R., & Anwar, M. (2024). Pengaruh Financial Literacy dan Financial Planning terhadap Perilaku Pengelolaan Keuangan pada Generasi Z di Surabaya dengan Financial Self Efficacy sebagai Variabel Mediasi. COSTING: Journal of Economic, Business and Accounting, 7(5). https://journal.ipm2kpe.or.id/index.php/COSTING
Yousida, I., Kristansi, L., Rahman, A., & Paujiah, S. (2022). Jurnal Mitra Manajemen ( JMM Online ). Jurnal Mitra Manajemen, 5(10), 718–735. http://e-jurnalmitramanajemen.com/index.php/jmm/article/view/578/509
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