Main Article Content

Mega Noerman Ningtyas Erly Nabila Siskawati


FOMO (fears of missing out) and YOLO (you only live once) have influenced the younger generation, especially Generation Z, to become more consumptive. This is a challenge for Generation Z to maintain good financial management. Several previous studies have shown that several factors influence economic behavior, one of which is financial literacy. The more they understand financial concepts, the more likely he is to do good financial management. Likewise, locus of control plays a vital role in shaping financial behavior. Furthermore, the current pandemic conditions impact the lifestyle changes of generation Z. With financial technology; generation Z tends to become more consumptive. This study aims to examine the financial literacy and locus of control on financial behavior with financial technology as moderation. This research was conducted on 389 active students of Maulana Malik Ibrahim Islamic State University Malang by distributing online questionnaires. The results showed that financial literacy and locus of control positively and significantly influence financial behavior. Financial technology can also strengthen the influence of locus of control on financial behavior. However, financial technology is not able to moderate financial literacy on financial behavior.

Article Details

How to Cite
NINGTYAS, Mega Noerman; SISKAWATI, Erly Nabila. FINANCIAL LITERACY, LOCUS OF CONTROL, FINANCIAL TECHNOLOGY AND FINANCIAL BEHAVIOR: CASE ON UNDERGRADUATE STUDENTS OF MAULANA MALIK IBRAHIM ISLAMIC STATE UNIVERSITY MALANG. Proceedings of the International Conference of Islamic Economics and Business (ICONIES), [S.l.], v. 8, n. 1, p. 423-434, sep. 2022. ISSN 2541-3333. Available at: <>. Date accessed: 17 apr. 2024.


Ajzen, I. (2005). Attitudes, Personality and Behavior. New York: Open University Press.

Akben-Selcuk, E. (2015). Factors Influencing College Students’ Financial Behaviors in Turkey: Evidence from a National Survey. International Journal of Economics and Finance, 7(6), p87.

Andarsari, P. R., & Ningtyas, M. N. (2019). The Role of Financial Literacy on Financial Behavior. JABE (JOURNAL OF ACCOUNTING AND BUSINESS EDUCATION), 4(1), 24.

Anggari, A. N., & Dewanti, P. W. (2021). The Effect of Locus of External, Internal Control, Financial Attitude, Pocket Money and Lifestyle on The Use of e-money. Nominal: Barometer Riset Akuntansi dan Manajemen, 10(2), 253–270.

Aria, P. (2021, June 2). Survei KIC:Generasi Z Makin Banyak Adopsi Layanan Digital Kala Pandemi—E-commerce Retrieved January 25, 2022, from

Atkinson, A., & Messy, F.-A. (2012). Measuring Financiaal Literacy: Results of the OECD/International Network on Financial Education (INFE) Pilot Study. OECD Working Papers on Finance, Insurance and Private Pensions. Retrieved from

Bank Indonesia. (2018). Mengenal Financial Teknologi. Retrieved February 22, 2022, from

Chen, H., & Volpe, R. P. (1998). An analysis of personal financial literacy among college students. Financial Services Review, 7(2), 107–128.

Cheung, W. M., Chung, R., & Fung, S. (2015). The effects of stock liquidity on firm value and corporate governance: Endogeneity and the REIT experiment. Journal of Corporate Finance, 35, 211–231.

Chinen, K., & Endo, H. (2012). Effects of Attitude and Background on Students’ Personal Financial Ability: A United States Survey, 16.

Cummins, M. M., Haskell, J. H., & Jenkins, S. J. (2009). Financial Attitudes and Spending Habits of University Freshman, 10(1), 3–20.

Damayanti, S. M., & Zakarias, R. (2020). Generasi Milenial sebagai Pengguna Fintech: Dampaknya terhadap Literasi dan Inklusi Keuangan di Indonesia. Ekonomi dan Bisnis, 7(2), 105–120.

Davis, F. D. (1989). Perceived Usefulness, Perceived Ease of Use, and User Acceptance of Information Technology. MIS Quarterly, 13(3), 319.

Dew, J., & Xiao, J. J. (2011). The Financial Management Behavior Scale: Development and Validation, 22(1), 18.

Edirisinghe, U. C., Keerthipala, Y. M. S., & Amarasinghe, A. R. (2017). Financia Literacy and Financial Behavior of Management Undergraduate of Sri Lanka, 3(7), 1–5.

Erlangga, M. Y., & Krisnawati, A. (2020). Pengaruh Fintech Payment terhadap Perilaku Manajemen Keuangan Mahasiswa. Jurnal Riset Manajemen dan Bisnis, 15(1), 53–62.

Farida, M. N., Soesatyo, Y., & Aji, T. S. (2021). Influence of Financial Literacy and Use of Financial Technology on Financial Satisfaction through Financial Behavior. International Journal of Education and Literacy Studies, 9(1), 86.

Hamdani, M. (2018). Analisa Tingkat Literasi Keuangan dan Pengaruhnya terhadap Perilaku Keuangan pada Mahasiswa Universitas Terbuka. Jurnal Bakti Masyarakat Indonesia, 1(1), 139–145.

Herawati, N. T., Candiasa, I. M., Yadnyana, I. K., & Suharsono, N. (2018). Factors That Influence Financial Behavior Among Accounting Students in Bali. International Journal of Business Administration, 9(3), 30.

Hilgert, M. A., & Hogarth, J. M. (2003). Household Financial Management: The Connection between Knowledge and Behavior, 14.

Irawan, N. N., & Matoati, R. (2021). The Influence of Financial Literacy and Behavior in Using Fintech Payments on the Financial Management of JABODETABEK Students, 06(02), 117–133.

Jayani, D. H. (2021a, January 14). Mayoritas Tabungan Milenial dan Gen Z Hanya Cukup untuk Biaya Hidup 3 Bulan | Databoks. Retrieved February 9, 2022, from

Jayani, D. H. (2021b, Mei). Proporsi Populasi Generasi Z dan Milenial Terbesar di Indonesia | Databoks. Retrieved February 14, 2022, from

Laily, N. (2016). Pengaruh Literasi Keuangan terhadap Perilaku Mahasiswa dalam Mengelola Keuangan. Journal of Accounting and Business Education, 1(4). Retrieved January 25, 2022, from

Lusardi, A., & Mitchell, O. S. (2011). Financial literacy around the world: An overview. Journal of Pension Economics & Finance, 10(4), 497–508.

Mahayani, L. P. S., & Herawati, N. T. (2020). Pengaruh Literasi Keuangan, Locus of Control dan Budaya Konsumerisme terhadap Perilaku Keuangan (Studi Empiris pada Mahasiswa Program Studi S1 Akuntansi Universitas Pendidikan Ganesha), 11(2), 113–124.

Majelis Ulama Indonesia, D. S. N. (2017). Fatwa – Laman 2 – DSN-MUI. Retrieved April 20, 2022, from

Masdupi, E., Sabrina, S., & Megawati, M. (2019). Literasi keuangan dan faktor demografi terhadap perilaku keuangan mahasiswa Fakultas Ekonomi Universitas Negeri Padang. Jurnal Kajian Manajemen Bisnis, 8(1). Retrieved January 25, 2022, from

Nababan, D., & Sadalia, I. (2013). Analisis Personal Financial Liteacy Dan Financial Behavior Mahasiswa Strata I Fakultas Ekonomi Universitas Sumatera Utara. Media Informasi Manajemen, 1(1), 1–16.

Ningtyas, M. N. (2019). Literasi Keuangan pada Generasi Milenial. Jurnal Ilmiah Bisnis dan Ekonomi Asia, 13(1), 20–27.

Ningtyas, M. N., & Andarsari, P. R. (2021). Peran Perilaku Keuangan dalam Memoderasi Literasi Keuangan dan Keberlangsungan Usaha. Jurnal Riset dan Aplikasi: Akuntansi dan Manajemen, 5(1). Retrieved June 10, 2022, from

Ningtyas, M. N., & Wafiroh, N. L. (2021). Bagaimana Literasi dan Perilaku Keuangan pada Generasi Milenial? Telaah Bisnis, 20(1), 1.

Nofsinger, J. R. (2010). Behavioral Finance: Investors, Corporations and Markets. New Jersey: John Wiley & Sons, Inc.

OECD. (2016). PISA 2015 Assessment and Analytical Famework Science Reading Mathematic and Financial Literacy. Paris: OECD Publishing.

OJK. (2019). Atur Keuangan Secara Syariah, Hidup Penuh Berkah .: SIKAPI ::. Retrieved March 15, 2022, from

OJK. (2020, Desember). Survei Nasional Literasi dan Inklusi Keuangan 2019. Retrieved January 26, 2022, from

OJK. (2021). Strategi Nasional Literasi Keuangan Indonesia (SNLKI) 2021—2025. Retrieved February 21, 2022, from

Perry, V. G., & Morris, M. D. (2005). Who is in control? The role of self-perception, knowledge, and income in explaining consumer financial behavior. Journal of Consumer Affairs, 39(2), 299–313.

Potrich, A. C. G., Vieira, K. M., & Mendes-Da-Silva, W. (2016). Development of a financial literacy model for university students. Management Research Review, 39(3), 356–376.

Rachman, C., & Rochmawati. (2021). Dampak financial literacy, financial attitude, financial self efficacy, social economic status, locus of control pada perilaku manajemen keuangan, 17(3), 417–429.

Radianto, W. E., Kristama, B. Y., & Salim, I. R. (2021). Exploring the Relationship Between Locus of Control and Financial Behavior of Accounting Student from The Social Construction Theory Approach. Academic Journal of Interdisciplinary Studies, 10(2), 118.

Rahayu, R., Ali, S., Aulia, A., & Hidayah, R. (2022). The Current Digital Financial Literacy and Financial Behavior in Indonesian Millennial Generation. Journal of Accounting and Investment, 23(1), 78–94.

Rastati, R. (2018). Media Literasi Bagi Digital Natives: Perspektif Generasi Z di Jakarta. Jurnal Kwangsan, 6(1), 60–73.

Ritakumalasari, N., & Susanti, A. (2021). Literasi Keuangan, Gaya Hidup, Locus of Control dan Parental Income terhadap Perilaku Keuangan Mahasiswa. Jurnal Ilmu Manajemen, 9(4), 1440–1450.

Rohmanto, F., & Susanti, A. (2021). Pengaruh Literasi Keuangan, Lifestyle Hedonis dan Sikap Keuangan Pribadi Terhadap Perilaku Keuangan Mahasiswa. ECOBISMA (JURNAL EKONOMI, BISNIS DAN MANAJEMEN), 8(1), 40–48.

Rotter, J. B. (1966). Generalized Expectancies for Internal Versus External Control of Reinforcement. Psychological Monographs, 80(1), 1–28.

Shefrin, H. (2000). Beyond Greed and Fear: Understanding Behavioral Finance and Psychology of Investing. Harvard Business School Press.

Shim, S., Barber, B. L., Card, N. A., Xiao, J. J., & Serido, J. (2010). Financial Socialization of First-year College Students: The Roles of Parents, Work, and Education. Journal of Youth and Adolescence, 39(12), 1457–1470.

Sholeh, B. (2019). Pengaruh Literasi Keuangan terhadap Perilaku Keuangan Mahasiswa Program Studi Pendidikan Ekonomi Universitas Pamulang. Jurnal Pendidikan, Ekonomi dan Bisnis, 4(2), 57–67.

Triono, M. A. A. (2021). Understanding Locus of Control on Emerging Adults Financial Behavior. Business and Management Research, 163, 4.

Tsuroyya, K., & Nuryana, I. (2021). The Influence of Attitudes, Internal Locus, and Financial Socialization Agents on Financial Management Behavior, 10(1), 14.

Yakoboski, P. J., & Lusardi, A. (2018). Millennial Financial Literacy and Fin-tech Use: Who Knows What in the Digital Era, 28.

Yanto, H., Ismail, N., Kiswanto, K., Rahim, N. M., & Baroroh, N. (2021). The roles of peers and social media in building financial literacy among the millennial generation: A case of indonesian economics and business students. (G. C. Feng, Ed.)Cogent Social Sciences, 7(1), 1947579.