The Influence of Financial Literacy, Financial Attitude, Hedonism Lifestyle, and Income Level on Financial Management Behavior among Accounting Students in Higher Education Institutions in Surabaya

Abstract

Purpose: This research aims to analyze the effects of financial literacy, financial attitude, hedonism lifestyle, and income level on the financial management behavior of accounting students enrolled in higher education institutions in Surabaya. The rapid expansion of digital financial services and the growing variety of financial products have increased the need for students to develop sound financial management competencies.

Design/methodology/approach: A quantitative approach with an explanatory research design was adopted in this study. The data were obtained through questionnaires administered to 370 accounting students selected using a purposive sampling technique. The collected responses were processed and analyzed using multiple linear regression with the assistance of SPSS version 26.

Findings: The empirical findings reveal that financial literacy positively and significantly influences financial management behavior. Financial attitude also demonstrates a positive and significant relationship with financial management behavior. In contrast, a hedonism lifestyle has a significant negative effect on financial management behavior, whereas income level exerts a positive and significant influence. Furthermore, the four independent variables jointly have a significant effect on the financial management behavior of accounting students in higher education institutions across Surabaya.

Practical implications: The results indicate that higher education institutions should enhance financial literacy initiatives, foster responsible financial attitudes, and encourage students to reduce excessive consumption patterns. These efforts are expected to strengthen students' ability to manage their personal finances more effectively.

Originality/value: This study contributes to the literature by developing an integrated empirical model that simultaneously examines the roles of financial literacy, financial attitude, hedonism lifestyle, and income level in shaping the financial management behavior of accounting students in Surabaya. The findings provide recent empirical evidence on the factors influencing financial management behavior among university students.

Paper type: Empirical Research