Enhancing The Personal Financial Management Practices of SMEs By Examining Financial Attitude, Literacy, and Knowledge

Adhi Widyakto; Susanto Susanto; Sugeng Rianto; Muhammad Hakimi

doi:10.14710/jsmo.v23i1.76250

DOI: https://doi.org/10.14710/jsmo.v23i1.76250

Enhancing The Personal Financial Management Practices of SMEs By Examining Financial Attitude, Literacy, and Knowledge

Adhi Widyakto¹

, Susanto Susanto¹

, Sugeng Rianto¹

, Muhammad Hakimi²

¹Department of Management, Faculty of Economics, University of Semarang, Indonesia

²Faculty of Economics & Management Universiti Kebangsaan Malaysia, Malaysia

BibTex Citation Data :

@article{JSMO76250,
    author = {Adhi Widyakto and Susanto Susanto and Sugeng Rianto and Muhammad Hakimi},
    title = {Enhancing The Personal Financial Management Practices of SMEs By Examining Financial Attitude, Literacy, and Knowledge},
    journal = {JURNAL STUDI MANAJEMEN ORGANISASI},
  volume = {23},
    number = {1},
    year = {2026},
    keywords = {financial attitude, financial literacy, financial knowledge, personal financial management behavior, and locus of control.},
    abstract = { This study aims to examine the influence of financial attitude, financial literacy, and financial knowledge on personal financial management behavior, with locus of control as a mediating variable among MSME actors in the food and beverage sector in Central Java. The study involved 70 respondents selected using purposive sampling, and data were analyzed using SmartPLS 4.0. The results show that financial attitude and financial knowledge have a positive and significant effect on locus of control, while financial literacy has a negative and significant effect on locus of control. Furthermore, financial attitude and financial knowledge have a positive and significant effect on personal financial management behavior. In contrast, financial literacy has a negative and significant effect on personal financial management behavior. In addition, locus of control has a positive and significant effect on personal financial management behavior. As a mediating variable, locus of control strengthens the positive influence of financial attitude and financial knowledge on financial management behavior, but transmits a negative indirect effect in the relationship between financial literacy and financial management behavior. These findings suggest that improving financial attitude and financial knowledge can enhance financial management behavior among MSME actors. However, the negative relationship involving financial literacy indicates the need for deeper attention, particularly in ensuring that financial knowledge is effectively translated into responsible financial behavior. This study recommends strengthening financial literacy programs through practical and behavior-oriented approaches, as well as expanding future research variables and sample coverage. },
   pages = {1--20}  doi = {10.14710/jsmo.v23i1.76250},
    url = {https://ejournal.undip.ac.id/index.php/smo/article/view/76250}
}

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Abstract

This study aims to examine the influence of financial attitude, financial literacy, and financial knowledge on personal financial management behavior, with locus of control as a mediating variable among MSME actors in the food and beverage sector in Central Java. The study involved 70 respondents selected using purposive sampling, and data were analyzed using SmartPLS 4.0. The results show that financial attitude and financial knowledge have a positive and significant effect on locus of control, while financial literacy has a negative and significant effect on locus of control. Furthermore, financial attitude and financial knowledge have a positive and significant effect on personal financial management behavior. In contrast, financial literacy has a negative and significant effect on personal financial management behavior. In addition, locus of control has a positive and significant effect on personal financial management behavior. As a mediating variable, locus of control strengthens the positive influence of financial attitude and financial knowledge on financial management behavior, but transmits a negative indirect effect in the relationship between financial literacy and financial management behavior. These findings suggest that improving financial attitude and financial knowledge can enhance financial management behavior among MSME actors. However, the negative relationship involving financial literacy indicates the need for deeper attention, particularly in ensuring that financial knowledge is effectively translated into responsible financial behavior. This study recommends strengthening financial literacy programs through practical and behavior-oriented approaches, as well as expanding future research variables and sample coverage.

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Keywords: financial attitude, financial literacy, financial knowledge, personal financial management behavior, and locus of control.

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Section: Articles

Language : EN

In Vol 23, No 1 (2026): 2026

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