The influence of financial literacy on personal financial behavior: The moderating role of sociodemographic factors
DOI:
https://doi.org/10.52300/jemba.v5i2.23497Keywords:
Behavioral Finance, Financial Literacy, Personal Financial Behavior, Sociodemographic FactorsAbstract
In the era of digital finance and increasing economic complexity, financial literacy has become a crucial determinant of individuals’ financial well-being. Despite growing access to financial products and services, many people, including educated individuals, still face challenges in managing their finances effectively due to limited knowledge and poor behavioral discipline. This study aims to examine the effect of financial literacy on personal financial behavior, with sociodemographic factors such as age, gender, income, and marital status serving as moderating variables. The research adopts a quantitative approach using a structured questionnaire distributed to 92 postgraduate management students enrolled in public universities in Surabaya, Indonesia. The sampling method applied was proportionate stratified random sampling, selected from a population of 1,117 students. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS SEM) to evaluate both the measurement and structural models. The results show that financial literacy has a significant and positive effect on personal financial behavior, confirming that individuals with stronger financial knowledge tend to make more responsible financial decisions, including better budgeting, saving, and investment practices. However, sociodemographic factors such as age, gender, income, and marital status do not significantly moderate this relationship, indicating that demographic differences have minimal impact once sufficient financial literacy is achieved. These findings are consistent with behavioral finance theory, which suggests that financial behavior is largely influenced by cognitive and psychological factors rather than demographic characteristics. The study concludes that financial literacy functions as an equalizing factor across demographic groups, emphasizing the importance of enhancing financial education through experiential and digital learning initiatives to promote responsible financial behavior and improve long-term financial resilience among educated populations
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