The Effect of Financial Literacy on Financial Well-Being of Lecturers Mediated by The Financial Behavior
DOI:
https://doi.org/10.55606/ijemr.v5i1.631Keywords:
Financial Behavior, Financial Literacy, Financial Well-Being, Lecturers, Structural Equation ModellingAbstract
Financial wellness is an essential indicator of an individual’s standard of living, including that of lecturers. In Indonesia, lecturer welfare often receives limited attention, despite its direct impact on education quality and student learning outcomes. Lecturer welfare is influenced not only by income level but also by the ability to manage that income effectively. As educators, lecturers are expected to strengthen their understanding of financial management. A solid grasp of financial concepts supported by sound economic behavior is anticipated to enhance lecturers’ awareness and understanding of financial management, ultimately improving their financial well-being. However, despite their high educational background, many lecturers still face challenges in managing their finances. Insufficient financial knowledge often leads to poor financial decisions, which negatively affect their overall financial health. This study aims to analyze the effect of financial literacy (FL) on the financial well-being (FWB) of lecturers at Maranatha Christian University, with financial behavior (FB) functioning as a mediating variable. The research employs a quantitative method using an explanatory approach. Data were collected through a Google Form questionnaire and analyzed using structural equation modeling (SEM) with AMOS software. The sample consisted of lecturers from various study programs selected through stratified random sampling. The findings indicate that FL does not directly influence FWB; instead, FL positively affects FB. The results further show that FB has a positive impact on FWB, confirming FB as a mediator linking FL and FWB. Thus, financial literacy must be translated into proper financial behavior to achieve financial well-being.
References
Abdillah, A. N. (2024). Kesejahteraan dosen dalam konteks Permendikbudristek No. 44 tahun 2024: Tinjauan kebijakan publik dan studi komparatif negara Malaysia dan Filipina (pp. 1–13). https://www.researchgate.net/publication/386426257_Kesejahteraan_Dosen_Dalam_Konteks_Permendikbudristek_No_44_Tahun_2024_Tinjauan_Kebijakan_Publik_dan_Studi_Komparatif_Negara_Malaysia_dan_Filipina
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T
Andrene, J., & Pamungkas, A. S. (2025). Pengaruh financial literacy dan financial attitude terhadap financial well-being melalui financial be-havior. Jurnal Manajerial Dan Kewirausahaan, 7(1), 334–343. https://doi.org/10.24912/jmk.v7i1.33013
Ariati, Y., Buchdadi, A. D., & Gurendrawati, E. (2023). Financial literacy and family financial socialization: Study of its impact on financial well-being as mediated by financial self-efficacy. The International Journal of Social Sciences World, 5(2), 123–140. https://doi.org/10.5281/zenodo.8252419
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), 69–84. https://doi.org/10.14414/jbb.v12i1.2984
Atkinson, A., & Messy, F.-A. (2012). Measuring financial literacy: Results of the OECD/INFE pilot study. https://doi.org/10.1787/5k9csfs90fr4-en
Birawan, I. G. K., Hidayat, R., & Juhaeni, U. (2024). Peran financial literacy dalam meningkatkan financial well-being di era digital. Jurnal GICI: Jurnal Keuangan dan Bisnis, 16(2), 265–273. https://doi.org/10.58890/jkb.v16i2.257
CFPB. (2017). CFPB financial well-being scale. https://consumerfinance.gov/reports/financial-well-being
Chaity, N. S., Kabir, S. B., Akhter, P., & Bokhari, R. P. (2024). How financial literacy impacts financial well-being: The influence of financial and technical efficacy. International Journal of Economics and Financial Issues, 14(2), 207–217. https://doi.org/10.32479/ijefi.15806
Chong, K. F., Sabri, M. F., Magli, A. S., Rahim, H. A., Mokhtar, N., & Othman, M. A. (2021). The effects of financial literacy, self-efficacy and self-coping on financial behavior of emerging adults. Journal of Asian Finance, Economics and Business, 8(3), 905–915. https://doi.org/10.13106/jafeb.2021.vol8.no3.0905
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, V. I., Febrian, E., Effendi, N., & Anwar, M. (2020). Does financial perception mediate the effect of financial literacy on financial behavior? Montenegrin Journal of Economics, 16(2), 33–48. https://doi.org/10.14254/1800-5845/2020.16-2.3
Dzulfikar, L. T. (2022). Pakar menjawab: Seperti apa potret gaji dan realitas kesejahteraan dosen di Indonesia? https://theconversation.com/pakar-menjawab-seperti-apa-potret-gaji-dan-realitas-kesejahteraan-dosen-di-indonesia-193044
Ghazali, M. S., Alwi, S. F. S., Othman, I., Sabri, M. F., & Aziz, N. N. A. (2022). The relationship between subjective financial knowledge and financial well-being among emerging adults in Malaysia: Mediating effect of financial behaviour. International Journal of Academic Research in Business & Social Sciences, 12(4), 1263–1284. https://doi.org/10.6007/IJARBSS/v12-i4/12969
Gunawan, A., Pulungan, D. R., & Koto, M. (2019). Tingkat literasi keuangan dosen Fakultas Ekonomi dan Bisnis Universitas Muhammadiyah Sumatera Utara. Seminar Nasional Bisnis Magister Manajemen, 1–9.
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
Hasibuan, B. K., Lubis, Y. M., & HR, W. A. (2018). Financial literacy and financial behavior as a measure of financial satisfaction. Advances in Economics, Business and Management Research, 46, 503–507. https://doi.org/10.2991/ebic-17.2018.79
Helena, A., & Evelyn. (2024). Pengaruh financial literacy dan self-control terhadap financial well-being: Financial behavior sebagai mediasi. JEBDEKER, 4(2), 341–353. https://doi.org/10.56456/jebdeker.v4i2.275
Herak, R. (2025). Kesejahteraan dan otonomi akademik dosen. https://mediadosen.id/kesejahteraan-dan-otonomi-akademik-dosen/
Huston, S. J. (2010). Measuring financial literacy. Journal of Consumer Affairs, 44(2), 296–316. https://doi.org/10.1111/j.1745-6606.2010.01170.x
Hutabarat, F. (2025). Akademisi ITB kritik rendahnya gaji dosen di Indonesia. https://alumniamagz.id/akademisi-itb-kritik-rendahnya-gaji-dosen-indonesia
Iramani, R., & Lutfi, L. (2021). An integrated model of financial well-being: The role of financial behavior. Accounting, 7, 691–700. https://doi.org/10.5267/j.ac.2020.12.007
Joo, S., & Grable, J. E. (2004). An exploratory framework of the determinants of financial satisfaction. Journal of Family and Economic Issues, 25(1), 25–50. https://doi.org/10.1023/B:JEEI.0000016722.37994.9f
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
Lusardi, A., & Mitchell, O. S. (2023). The importance of financial literacy: Opening a new field. Journal of Economic Perspectives, 37(4), 137–154. https://doi.org/10.1257/jep.37.4.137
Manalo, R. A., Uy, C., & Bayona, S. P. (2024). Factors affecting financial well-being of Filipino basic education teachers: A structural equation model. Review of Integrative Business & Economics Research, 13(2), 123–141.
Marchyta, N. K., Lay, M., & Kusumawardhani, A. (2024). College students’ 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
Megananda, T. B., & Faturohman, T. (2022). Improving financial well-being in Indonesia: The mediating role of financial behavior. Review of Integrative Business & Economics Research, 11(4), 201–219.
Mendari, A. S., & Soejono, F. (2019). Hubungan tingkat literasi dan perencanaan keuangan. MODUS, 31(2), 227–240. https://doi.org/10.24002/modus.v31i2.2412
Nadya, & Moeliono, N. N. K. (2017). Analisis tingkat literasi keuangan pada dosen Universitas Telkom tahun 2016. Jurnal Ekonomi, Bisnis & Entrepreneurship, 11(2), 75–88. https://doi.org/10.55208/e00aba95
Netemeyer, R. G., Warmath, D., Fernandes, D., & Lynch Jr, 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. https://doi.org/10.1093/jcr/ucx109
OECD. (2023). OECD/INFE 2023 international survey of adult financial literacy. https://www.oecd.org
OJK. (2024). Survei nasional literasi dan inklusi keuangan (SNLIK) 2024. https://ojk.go.id
Oktrima, B. (2025). Meningkatkan literasi keuangan dosen di Indonesia. https://mediadosen.id/meningkatkan-literasi-keuangan-dosen
Pertiwi, K., Ferdiana, A., Choiruzzad, S. A. B., Izzati, N. R., Roswaldy, P. P., Ansori, S., & Yuana, S. L. (2023). Berapa gaji dosen? Survei nasional pemetaan kesejahteraan akademisi di Indonesia. https://doi.org/10.13140/RG.2.2.27292.19842
Prameswari, S., Nugroho, M., & Pristiana, U. (2023). The influence of financial literacy, financial awareness, and income on financial well-being. Journal of Economics, Finance and Management Studies, 6(1), 511–522. https://doi.org/10.47191/jefms/v6-i1-55
Prasetya, B. P. (2023). The effect of financial literacy on financial well-being mediated by financial behavior. International Journal of Entrepre-neurship and Business Development, 6(4), 783–791. https://doi.org/10.29138/ijebd.v6i4.2309
Prasetya, B. P., & Kurniyati, N. N. (2022). The role of financial behavior in mediating financial literacy and financial self-efficacy on financial well-being. International Journal of Economics and Management Research, 1(3), 166–176. https://doi.org/10.55606/ijemr.v1i3.54
Pujiati. (2024). Isi sosialisasi Permendikbudristek nomor 44 tahun 2024 dan ragam perubahan aturan. https://duniadosen.com
Puspita, A. D., & Raharjo, R. J. H. (2025). Pengaruh literasi keuangan dan sikap keuangan terhadap kesejahteraan finansial mahasiswi. Jurnal Pengabdian Masyarakat dan Riset Pendidikan, 4(1), 1443–1450. https://doi.org/10.31004/jerkin.v4i1.1534
Radianto, W. E., Kristama, B. Y., & Salim, I. R. (2021). Locus of control and financial behavior of accounting students. Academic Journal of Interdisciplinary Studies, 10(2), 118–128. https://doi.org/10.36941/ajis-2021-0043
Rai, K., Ahuja, B. K., & Sharma, M. (2025). Exploring linkages of financial literacy with financial well-being. International Journal of Law and Management. https://doi.org/10.1108/IJLMA-02-2025-0066
Rai, K., Dua, S., & Yadav, M. (2019). Association of financial attitude, behavior and knowledge with financial literacy. FIIB Business Review, 8(1), 51–60. https://doi.org/10.1177/2319714519826651
Ramadhania, S., & Krisnawati, A. (2024). Pengaruh literasi keuangan terhadap kesejahteraan finansial. JIMEA, 8(3), 633–654. https://doi.org/10.31955/mea.v8i3.4519
Ramizah, A., & Rahayu, R. (2025). Digital financial literacy, impulsivity, self-efficacy, and financial wellbeing. Management Studies and Entre-preneurship Journal, 6(3), 2107–2119. https://doi.org/10.37385/msej.v6i3.7631
Rusdiana. (2022). Problematika kesejahteraan dosen di Indonesia. https://kaltaranews.com
Sabri, M. F., Anthony, M., Wijekoon, R., Shazwani, S., Suhaimi, A., Rahim, H. A., Magli, A. S., & Isa, M. P. M. (2021). The influence of financial knowledge and socialization on financial well-being. IJARBSS, 11(12), 566–586. https://doi.org/10.6007/IJARBSS/v11-i12/11799
Saidah, A., Purnamawati, & Gitayuda, M. B. S. (2024). Financial literacy and financial behavior on financial well-being of UMKM players. Jurnal Penelitian Ilmu Manajemen, 9(1), 1–9. https://jurnalekonomi.unisla.ac.id/index.php/jpim
Sajid, M., Mushtaq, R., Murtaza, G., Yahiaoui, D., & Pereira, V. (2024). Financial literacy, confidence and well-being. Journal of Business Research, 182, 114791. https://doi.org/10.1016/j.jbusres.2024.114791
Sajuyigbe, A. S., Adegun, E. A., Adeyemi, F., Johnson, A. A., Oladapo, J. T., & Jooda, D. T. (2024). Financial literacy and financial behavior of young adults. Jurnal Ilmu Ekonomi Terapan, 9(1), 120–136. https://doi.org/10.20473/jiet.v9i1.56411
Setiyani, R., & Solichatun, I. (2019). Financial well-being of college students. International Conference on Economics, Education, Business and Accounting, 451–474. https://doi.org/10.18502/kss.v3i11.4026
Shim, S., Xiao, J. J., Barber, B. L., & Lyons, A. C. (2009). Pathways to life success: A conceptual model of financial well-being. Journal of Applied Developmental Psychology, 30, 708–723. https://doi.org/10.1016/j.appdev.2009.02.003
Soejono, F., & Mendari, A. S. (2019). Literasi keuangan dosen di Palembang. BENEFIT, 4(1), 69–83.
Sorgente, A., & Lanz, M. (2017). Emerging adults’ financial well-being: A scoping review. Adolescent Research Review, 2(4), 255–292. https://doi.org/10.1007/s40894-016-0052-x
Sugiyono. (2017). Metode penelitian bisnis (3rd ed.). Alfabeta.
Sutini, S., & Wiyanto, H. (2024). Faktor penentu kesejahteraan finansial generasi muda. Jurnal Manajerial dan Kewirausahaan, 6(2), 463–471. https://doi.org/10.24912/jmk.v6i2.29850
Xiao, J. J. (2008). Applying behavior theories to financial behavior. In Handbook of Consumer Finance Research (pp. 69–81). https://doi.org/10.1007/978-0-387-75734-6_
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 International Journal of Economics and Management Research
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
