The Role of Self-Control in Mediating the Influence of Financial Literacy and Lifestyle on Financial Management in Generation Z
DOI:
https://doi.org/10.35870/jemsi.v12i5.8944Keywords:
Financial Literacy, Lifestyle, Self-Control, Financial Management, Generation ZAbstract
This study was conducted to examine the influence of Financial Literacy and Lifestyle on Financial Management in Generation Z, with Self-Control as a mediating variable. The approach used was quantitative with Partial Least Squares Structural Equation Modeling (PLS-SEM) analysis techniques. The analysis included evaluation of the measurement model (outer model), the structural model (inner model), and hypothesis testing through a bootstrapping procedure. The results of the analysis revealed that Lifestyle has a positive and significant influence on Financial Management, but does not show a significant influence on Self-Control. Financial Literacy has a positive and significant influence on Self-Control, but its direct influence on Financial Management is not proven to be significant. On the other hand, Self-Control has a positive and significant influence on Financial Management. Testing of the indirect effect shows that Self-Control does not act as a mediator in the relationship between Lifestyle and Financial Management. On the contrary, Self-Control is able to positively and significantly mediate the relationship between Financial Literacy and Financial Management, with an indirect effect coefficient value of 0.436 and a p-value <0.001. These findings confirm that self-control is a crucial factor bridging financial understanding and its application in financial management. Therefore, improving financial literacy needs to be accompanied by developing self-control skills so that Generation Z can apply their financial knowledge more effectively in decision-making and financial management.
Downloads
References
Akbar, R. P., & Armansyah, R. F. (2023). Financial behavior of Generation Z based on financial literacy, self-efficacy, and gender. Scientific Journal of Management and Business (JIMBis), 2(2), 107–124. https://doi.org/10.24034/jimbis.v2i2.5836.
Ariska, S. N., Jusman, J., & Asriany, A. (2023). The influence of financial literacy, financial technology, and hedonistic lifestyle on college students’ financial behavior. Owner, 7(3), 2662–2673. https://doi.org/10.33395/owner.v7i3.1472.
Aulia, T. N., Suryadi, E., & Safitri, H. (2023). The effect of e-wallet use and financial literacy on impulsive buying behavior. Owner, 7(3), 2010–2020. https://doi.org/10.33395/owner.v7i3.1601.
Bado, B., Hasan, M., Tahir, T., & Hasbiah, S. (2023). How do financial literacy, financial management learning, financial attitudes and financial education in families affect personal financial management in Generation Z? International Journal of Professional Business Review, 8(5). https://doi.org/10.26668/businessreview/2023.v8i5.2001.
Bai, R. (2023). Impact of financial literacy, mental budgeting and self control on financial wellbeing: Mediating impact of investment decision making. PLOS ONE, 18(11). https://doi.org/10.1371/journal.pone.0294466.
Cahyani, N. R. (2022). The influence of financial literacy, locus of control, income, and hedonism lifestyle on the financial management behavior of Generation Z. Journal of Management Science, 420–432. https://doi.org/10.26740/jim.v10n2.p420-432.
Dewi, L. G. K., Herawati, N. T., & Adiputra, I. M. P. (2021). The effect of e-money use on students’ consumer behavior mediated by self-control. Ekuitas (Journal of Economics and Finance), 5(1), 1–19. https://doi.org/10.24034/j25485024.y2021.v5.i1.4669.
Dzakiyyah, A., Saptono, A., & Pratama, A. (2022). The effect of financial literacy and self-control on the consumptive behavior of state senior high school students in East Jakarta. Transekonomika Accounting, Business and Finance, 2(6), 71–82. https://doi.org/10.55047/transekonomika.v2i6.271.
Fadhilah, N. (2023). The influence of online shopping application use, lifestyle, and financial literacy on college students’ consumptive behavior. Journal of Business & Applied Management, 16(2), 141. https://doi.org/10.30813/jbam.v16i2.4293.
Fariana, R. E., Surindra, B., & Arifin, Z. (2021). The influence of financial literacy, lifestyle and self-control on the consumption behavior of economic education students. International Journal of Research and Reviews, 8(8), 496–503. https://doi.org/10.52403/ijrr.20210867.
Gama, A. W. S., Buderini, L., & Astiti, N. P. Y. (2023). The effect of financial literacy, lifestyle, and income on the personal financial management ability of Generation Z students. Krisna Accounting Research Collection, 15(1), 90–101. https://doi.org/10.22225/kr.15.1.2023.90-101.
Griffin, S. A., & Sibilang, N. P. (2022). The influence of financial attitude and financial knowledge on financial management behavior moderated by locus of control in Generation Z. Madani Multidisciplinary Journal, 2(12), 4141–4150. https://doi.org/10.55927/mudima.v2i12.1966.
Hardiyanti, S. (2021). The effect of financial literacy and lifestyle on the financial behavior of coal mining employees in Sarolangun Regency (PT. Mandiangin Bara Sinergi). Journal of Applied Management and Finance, 10(2), 281–292. https://doi.org/10.22437/jmk.v10i02.13162.
HS, S., & Lestari, A. (2022). The influence of financial literacy, financial inclusion, and lifestyle on financial behavior in the millennial generation. Multidisciplinary Journal of Madani, 2(5), 2415–2430. https://doi.org/10.55927/mudima.v2i5.396.
Hutauruk, R. P. S., Zalukhu, R. S., Collyn, D., Jayanti, S. E., & Damanik, S. W. H. (2024). The role of financial management behavior as a mediator in improving the financial performance of MSMEs in Medan. JPPI (Jurnal Penelitian Pendidikan Indonesia), 10(1), 302. https://doi.org/10.29210/020243356.
Ida, I., Zaniarti, S., & Ayuningtyas, N. (2021). Factors predicting financial management behavior of Generation X. Jurnal Muara Ilmu Ekonomi dan Bisnis, 5(1), 179. https://doi.org/10.24912/jmieb.v5i1.11439.
Kamil, I., Ariani, M., & Irawan, I. A. (2024). The influence of lifestyle and financial literacy on online pay later systems and its impact on spending behavior. Journal of Economics and Business Letters, 4(2), 51–62. https://doi.org/10.55942/jebl.v4i2.285.
Load, S., Fachrurrozi, F., & Sari, N. (2024). How do digital financial literacy, financial behavior, and skills affect financial well-being? An exploratory study on Gen Z. IJBE (Integrated Journal of Business and Economics), 8(1), 728. https://doi.org/10.33019/ijbe.v8i1.851.
Natan, E., & Mahastanti, L. A. (2022). Analysis of the influence of financial literacy and locus of control as moderating variables on management behavior. Owner, 6(3), 2354–2363. https://doi.org/10.33395/owner.v6i3.985.
Ningtyas, M. N., & Wafiroh, N. L. (2021). What is the financial literacy and behavior of the millennial generation? Business Review, 20(1), 1. https://doi.org/10.35917/tb.v20i1.183.
Nisa, F. K., & Haryono, N. A. (2022). The influence of financial knowledge, financial attitude, financial self-efficacy, income, locus of control, and lifestyle on the financial management behavior of Generation Z in Surabaya. Journal of Management Science, 10(1), 82–97. https://doi.org/10.26740/jim.v10n1.p82-97.
Nurfatmawati, L., Sukirno, S., Nurrahman, A., & Meinarsih, M. (2023). Implementation of early childhood financial literacy education: A case study at a kindergarten institution in Yogyakarta City. Jurnal Obsesi Jurnal Pendidikan Anak Usia Dini, 7(5), 5585–5596. https://doi.org/10.31004/obsesi.v7i5.5199.
Rahma, F. A., & Susanti, S. (2022). The influence of financial literacy, financial self-efficacy, and fintech payment on students’ personal financial management. Edukatif Journal of Educational Sciences, 4(3), 3236–3247. https://doi.org/10.31004/edukatif.v4i3.2690.
Rakhman, Y. A., & Pertiwi, T. K. (2023). Financial literacy, e-money use, self-control, and lifestyle on online shopping consumptive behavior. Journal of Management and Business (JOMB), 5(1), 560–575. https://doi.org/10.31539/jomb.v5i1.6701.
Ramadhani, K., Putri, P. L., & Sari, K. D. C. (2023). The effect of financial literacy, locus of control, and lifestyle on personal financial management of Generation Z in Banyumas Regency. EBI Journal, 5(2), 67–76. https://doi.org/10.52061/ebi.v5i2.177.
Rohmanto, F., & Susanti, A. (2021). The effect of financial literacy, hedonic lifestyle, and personal financial attitudes on students’ financial behavior. ECOBISMA (Journal of Business Economics and Management), 8(1), 40–48. https://doi.org/10.36987/ecobi.v8i1.2057.
Rumbik, F. E. R., Kurniawan, R., & Ginting, R. (2024). Uncovering Generation Z’s consumptive behavior in the use of digital payments and financial literacy based on mental accounting: A phenomenological study. AKUNESA Accounting Journal, 12(2), 163–171. https://doi.org/10.26740/akunesa.v12n2.p163-171.
Sajuyigbe, A. S., Adegun, E. A., Adeyemi, F., Johnson, A. A., Oladapo, J. T., & Jooda, D. T. (2024). The interplay of financial literacy on the financial behavior and well-being of young adults: Evidence from Nigeria. Journal of Applied Economics, 9(1), 120–136. https://doi.org/10.20473/jiet.v9i1.56411.
Santoso, E. P. S. A. (2021). The role of financial literacy as one of the influences of financial behavior. Journal of Management, 25(3), 415. https://doi.org/10.24912/jm.v25i3.758.
Siegfried, C., & Wuttke, E. (2021). What influences the financial literacy of young adults? A combined analysis of socio-demographic characteristics and delay of gratification. Frontiers in Psychology, 12, 663254. https://doi.org/10.3389/fpsyg.2021.663254.
Siskawati, E. N., & Ningtyas, M. N. (2022). Financial literature, financial technology, and student financial behavior. Dialectics Journal of Economics and Social Sciences, 7(2), 102–113. https://doi.org/10.36636/dialektika.v7i2.1334.
Sukma, M. N., & Canggih, C. (2021). The influence of electronic money, lifestyle, and self-control on Islamic consumption behavior. Scientific Journal of Islamic Economics, 7(1), 209. https://doi.org/10.29040/jiei.v7i1.1570.
Ulumudiniati, M., & Asandimitra, N. (2022). The influence of financial literacy, financial self-efficacy, locus of control, parental income, and love of money on financial management behavior: Lifestyle as a mediator. Journal of Management Science, 10(1), 51–67. https://doi.org/10.26740/jim.v10n1.p51-67.
Wahyuni, S., Radiman, R., & Kinanti, D. (2023). The influence of financial literacy, hedonic lifestyle, and personal financial attitudes on college students’ financial behavior. Owner, 7(1), 656–671. https://doi.org/10.33395/owner.v7i1.1304.
Widiantari, K. S., Mahadewi, I. A. Gd. D. F., Suidarma, I. M., & Arlita, I. G. A. D. (2023). The effect of financial literacy, e-money, and lifestyle on the financial behavior of Generation Z in a cashless society. Scientific Journal of Economic Management & Accounting (MEA), 7(3), 429–447. https://doi.org/10.31955/mea.v7i3.2802.
Widiyanto, W., Lindiyatmi, P., & Yulianto, A. (2022). Locus of control as a mediating variable for the factors influencing consumptive behavior among students. Innovative Marketing, 18(4), 97–109. https://doi.org/10.21511/im.18(4).2022.09.
Wijayanti, N., & Kartawinata, B. R. (2023). The influence of financial literacy, financial confidence, and external locus of control on personal finance management. Technomedia Journal, 8, 11–22. https://doi.org/10.33050/tmj.v8i1.1936.
Yulianto, M. A., & Rita, M. R. (2023). Mediation of financial management behavior in the influence of fintech and financial literacy on business performance. Equity (Journal of Economics and Finance), 7(2), 212–232. https://doi.org/10.24034/j25485024.y2023.v7.i2.5260.
Yuneline, M. H., & Rosanti, M. F. C. (2023). The role of digital finance, financial literacy, and lifestyle on financial behavior. Holistica – Journal of Business and Public Administration, 14(2), 97–115. https://doi.org/10.2478/hjbpa-2023-0018.
Zulfialdi, M. F., & Sulhan, M. (2023). The effect of financial literacy, lifestyle, and self-control on financial behavior of PTKIN students in East Java. Scientific Journal of Economic Management & Accounting (MEA), 7(2), 807–820. https://doi.org/10.31955/mea.v7i2.3056.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Didik Priyo Sugiharto, Hedher Tuakia
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
1. Copyright Retention and Open Access License
Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2. Rights Granted Under CC BY 4.0
Under this license, readers are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, including commercial use
- No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed
3. Attribution Requirements
All uses must include:
- Proper citation of the original work
- Link to the Creative Commons license
- Indication if changes were made to the original work
- No suggestion that the licensor endorses the user or their use
4. Additional Distribution Rights
Authors may:
- Deposit the published version in institutional repositories
- Share through academic social networks
- Include in books, monographs, or other publications
- Post on personal or institutional websites
Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.
5. Self-Archiving and Pre-Print Sharing
Authors are encouraged to:
- Share pre-prints and post-prints online
- Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
- Engage in scholarly communication throughout the publication process
6. Open Access Commitment
This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.
