DETERMINASI FINANCIAL WELL-BEING UMKM: PERAN FINANCIAL LITERACY, SELF-EFFICACY, DAN BEHAVIOR

Authors

  • Putri Andini Universitas Muhammadiyah Surakarta
  • Liana Mangifera Universitas Muhammadiyah Surakarta

DOI:

https://doi.org/10.34127/jrlab.v15i1.2060

Keywords:

Financial Literacy, Financial Self Efficacy, Financial Behavior, Financial Well Being, MSMEs

Abstract

The low level of financial well-being in Indonesia indicates weak financial management capabilities, highlighting the need for cognitive, psychological, and behavioral factors that can sustainably enhance financial well-being, particularly among micro, small, and medium enterprise (MSME) actors. This study aims to analyze the effect of financial literacy and financial self-efficacy on financial well-being, with financial behavior as a mediating variable among manufacturing-sector MSMEs in Surakarta City. A quantitative approach was employed using an explanatory research design. Primary data were collected through questionnaires distributed to 169 respondents using purposive sampling techniques and measured using a five-point Likert scale. Data analysis was conducted using Partial Least Squares–Structural Equation Modeling (PLS-SEM) through measurement and structural model evaluation as well as bootstrapping tests. The findings indicate that financial literacy and financial self-efficacy have a positive and significant effect on financial well-being and financial behavior. Financial behavior also has a positive and significant effect on financial well-being and is proven to partially mediate the relationship between financial literacy and financial self-efficacy with financial well-being. These results emphasize that financial knowledge and confidence must be manifested in sound financial management behaviors in order to improve the financial well-being of MSMEs.

References

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

Augustin, J., Worokinasih, S., & Darmawan, A. (2020). Peran mediasi financial behaviour pada financial literacy terhadap firm performance. Jurnal Administrasi Bisnis, 14(2), 92–103.

Birawan, G. K., Hidayat, R., & Juhaeni, U. (2024). Peran financial literacy dalam menaikkan financial well-being di era digital. Jurnal Keuangan dan Bisnis, 16(2). https://doi.org/10.58890/jkb.v16i2.257

Daffa, M., Nurkhin, A., Aziza, M. N., & Wedadjati, R. S. (2024). The influence of the perception of business actors about accounting, accounting knowledge, and business scale on the use of accounting information for MSMEs in the Special Region of Yogyakarta. Jurnal Ekonomi, 13(2), 541–554. https://doi.org/10.54209/ekonomi.v13i02

Faturohman, T., Megananda, T. B., & Ginting, H. (2024). Improving financial well-being in Indonesia: The role of social media as a mediating factor in financial behavior. Cogent Social Sciences, 10(1). https://doi.org/10.1080/23311886.2024.2319374

Financial Fitness Index OCBC. (2024). Riset terkini tentang kontribusi finansial masyarakat Indonesia.

Ganes, N., Utami, P., & Isbanah, Y. (2023). Pengaruh financial literacy, financial attitude, financial technology, self-control, dan hedonic lifestyle terhadap financial behavior. Jurnal Manajemen, 11, 506–521.

Godase, R., Patil, J., & Supriya, M. L. (2024). Financial planning propensity in working adults: Exploring the role of media. Managerial Finance, 50(2), 313–328. https://doi.org/10.1108/mf-04-2023-0253

Gosal, G. G., & Nainggolan, R. (2023). The influence of digital financial literacy on Indonesian SMEs’ financial behavior and financial well-being. International Journal of Professional Business Review, 8(12), e04164. https://doi.org/10.26668/businessreview/2023.v8i12.4164

Gunartin, F., Afriliani, F., & Anwar, S. (2020). Faktor-faktor yang mempengaruhi financial literacy pada mahasiswa pendidikan ekonomi Universitas Pamulang. Jurnal Pendidikan, Hukum, dan Bisnis, 4(2), 1–10.

Handayati, P., Restuningdyah, N., Ratnawati, & Meldona. (2023). The role of self-efficacy and financial attitude to financial well-being: Mediation of MSME financial behavior. Advances in Economics, Business and Management Research, 293–301. https://doi.org/10.2991/978-94-6463-178-4_30

Iftikhar, R., & Anwar, M. (2024). Self-efficacy mediates the influence of financial knowledge and financial attitude on financial behavior. Journal of Humanities and Social Studies, 8(3), 869–873. https://doi.org/10.33751/jhss.v8i3.10603

Jocelyn, A., & Ary, S. P. (2025). Pengaruh financial literacy dan financial attitude terhadap financial well-being melalui financial behavior. Jurnal Manajerial dan Kewirausahaan, 7(1), 334–343.

Koskelainen, T., Kalmi, P., Scornavacca, E., & Vartiainen, T. (2023). Financial literacy in the digital age—A research agenda. Journal of Consumer Affairs, 57(1), 507–528. https://doi.org/10.1111/joca.12510

Mahdzan, N. S., Sabri, M. F., Husniyah, A. R., Magli, A. S., & Chowdhury, N. T. (2023). Digital financial services usage and subjective financial well-being: Evidence from low-income households in Malaysia. International Journal of Bank Marketing, 41(2), 395–427. https://doi.org/10.1108/ijbm-06-2022-0226

Margasari, N., Andhini, M. M., & Bandara, R. A. S. (2024). Student financial well-being: Personal factors and financial behavior as antecedents. Jurnal Economia, 20(2), 313–327. https://doi.org/10.21831/economia.v20i1.58070

Mishra, D., Agarwal, N., Sharahiley, S., & Kandpal, V. (2024). Digital financial literacy and its impact on financial decision-making of women. Journal of Risk and Financial Management, 17(10). https://doi.org/10.3390/jrfm17100468

Muat, S., Fachrurrozi, F., & Sari, N. (2024). How do digital financial literacy, financial behavior, and skills affect financial well-being? Integrated Journal of Business and Economics, 8(1), 728. https://doi.org/10.33019/ijbe.v8i1.851

Muat, S., & Henry, K. (2023). Lecturers’ financial wellness: The role of religiosity, financial literacy, behavior, and stress with gender as the moderating variable. Journal of Accounting and Investment, 24(2), 427–449. https://doi.org/10.18196/jai.v24i2.17428

Nimtur, B. M., Kusa, N. D., & Olanrewaju, D. S. (2024). Job satisfaction on talent management and turnover intention among private secondary schools. Annals of Human Resource Management Research, 3(2), 129–140. https://doi.org/10.35912/ahrmr.v3i2.1878

Nofranita, W., Ulya, N., & Yulianis, F. (2024). Pengaruh literasi keuangan dan teknologi keuangan terhadap perilaku keuangan UMKM. Jurnal Akademi Akuntansi Indonesia Padang, 4(1), 80–95. https://doi.org/10.31933/xmwq6905

Oktavianus, J., Wijaya, L. I., & Sutedjo, B. S. (2025). Faktor-faktor yang mempengaruhi financial wellbeing generasi Z berpenghasilan di Surabaya. Jurnal Ilmiah MEA, 9(1), 333–359.

Oquaye, M., Owusu, G. M. Y., & Bokpin, G. A. (2022). The antecedents and consequence of financial well-being. Review of Behavioral Finance, 14(1), 68–90. https://doi.org/10.1108/rbf-12-2019-0169

Paramitalaksmi, R., Astuti, W., & Aviva, H. D. (2023). Analysis of factors influencing the financial behavior of Gen Z during the COVID-19 pandemic. Asian Journal of Management Entrepreneurship and Social Science, 3(1).

Prakash, N., Alagarsamy, S., & Hawaldar, A. (2022). Demographic characteristics influencing financial wellbeing: A multigroup analysis. Managerial Finance, 48(9–10), 1334–1351. https://doi.org/10.1108/mf-09-2021-0466

Putri, K. N., & Mangifera, L. (2023). Analisis peran financial capability terhadap financial well-being dengan mediasi pengguna QRIS. Jurnal Riset Manajemen dan Ekonomi, 2(1), 286–305. https://doi.org/10.54066/jrime-itb.v2i1.1150

Ramadhania, S., & Krisnawati, A. (2024). Pengaruh literasi keuangan terhadap kesejahteraan finansial dengan perilaku keuangan sebagai variabel mediasi dan gender sebagai variabel moderasi. Jurnal Ilmiah MEA, 8(3).

Sabri, M. F., Anthony, M., Law, S. H., Rahim, H. A., Burhan, N. A. S., & Ithnin, M. (2024). Impact of financial behaviour on financial well-being among young adults in Malaysia. Journal of Financial Services Marketing, 29(3), 788–807. https://doi.org/10.1057/s41264-023-00234-8

Saidah, A., Gitayuda, M. B. S., Telang, J. R., & Kamal, K. (2024). The influence of financial literacy and financial behavior on the financial well-being of MSME players. Jurnal Ekonomi dan Manajemen, 9(1), 1–9.

Soepding, B. A., Munene, J. C., & Abaho, E. (2021). Sustaining retirees’ financial well-being: The Nigerian experience. International Journal of Ethics and Systems, 37(2), 318–340. https://doi.org/10.1108/ijoes-07-2020-0118

Tang, N. (2021). Cognitive abilities, self-efficacy, and financial behavior. Journal of Economic Psychology, 87, 102447. https://doi.org/10.1016/j.joep.2021.102447

Utami, N., & Kusumahadi, T. A. (2024). Peningkatan literasi keuangan dan teknologi keuangan terhadap masyarakat pedesaan. Prima Abdika: Jurnal Pengabdian Masyarakat, 4(3), 435–451. https://doi.org/10.37478/abdika.v4i3.4536

Yolanda, C. (2024). Peran usaha mikro, kecil, dan menengah dalam pengembangan ekonomi Indonesia. Jurnal Manajemen dan Bisnis, 2(3), 170–186.

Zhang, Y., & Chatterjee, S. (2023). Financial well-being in the United States: The roles of financial literacy and financial stress. Sustainability, 15(5). https://doi.org/10.3390/su15054505

Downloads

Published

2026-02-02

Issue

Vol. 15 No. 1 (2026): JURNAL LENTERA BISNIS, JANUARI 2026

Section

JURNAL LENTERA BISNIS

License

Copyright (c) 2026 Author

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Lisensi Creative Commons

Jurnal Lentera Bisnis disebarluaskan di bawah Lisensi Creative Commons Atribusi-BerbagiSerupa 4.0 Internasional.


Berdasarkan ciptaan pada https://plj.ac.id/ojs/index.php/jrlab