Financial Satisfaction of Students in Semarang State: The Influence of Financial Literacy, Financial Attitudes, and Hedonistic Lifestyles with Financial Technology as a Moderation Variable

Atia Zahro; Dwi Puji Astuti

doi:10.37479/jar.v7i2.322

Atia Zahro Universitas Negeri Semarang
Dwi Puji Astuti Universitas Negeri Semarang

DOI: https://doi.org/10.37479/jar.v7i2.322

Abstract

This study aims to analyze the influence of financial literacy, financial attitudes, and hedonistic lifestyles on financial satisfaction. Furthermore, financial technology (Fintech) was included in the study as a mediating variable that can strengthen the influence on financial satisfaction. The study participants were students from the Department of Economics at Semarang State University. Probability sampling was conducted using proportional stratified random sampling, with 195 students from the Department of Economics at Semarang State University selected as participants. For this analysis, SmartPLS 4.0 software was used to perform Structural Equation Modeling (SEM-PLS) based on Partial Least Squares (PLS). The results of the study indicate that financial literacy does not have a positive effect on financial satisfaction, whereas financial attitudes, lifestyle, and financial technology have positive effects on financial satisfaction. Regarding moderation effects, the results show that financial technology does not strengthen the influence of financial literacy, financial attitudes, or hedonistic lifestyle on financial satisfaction among students in the Department of Economics at Semarang State University This study contributes to the literature by demonstrating that financial technology serves as a supporting tool, rather than a factor that amplifies the influence of individual financial characteristics on financial satisfaction. In practical terms, these findings suggest that higher education institutions should supplement their financial literacy programs with behavior-based financial education and self-control training to enhance students’ long-term financial well-being.

Keywords: Attitude Financial, Hedonistic Lifestyles, Literacy Financial, Satisfaction Financial, Technology Financial

Downloads

Download data is not yet available.

References

Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T

Artagita, A. A., Widyastuti, U., & Berutu, M. B. (2025). The Influence of Lifestyle, Financial Attitudes, and Financial Literacy on Generation Z’s Financial Satisfaction in the Greater Jakarta Area. PENG: Journal of Economics and Management, 3(1), 373–391. https://doi.org/10.62710/xhvjqt05

Austin, J. N., & Nuryasman, M. (2021). Financial Behavior, Attitudes, and Knowledge Regarding Financial Satisfaction. Journal of Management and Entrepreneurship, 3(1), 61–71. https://doi.org/https://doi.org/10.24912/jmk.v3i1.11288

Badan Pusat Statistik (BPS). (2020). BPS Census: Indonesia Is Currently Dominated by Gen Z. Central Bureau of Statistics (BPS). Https://Data.Goodstats.Id/Statistic/Sensus-Bps-Saat-Ini-Indonesia-Didominasi-Oleh-Gen-z-N9kqv.

Dewi, R. R., Mursidi, & Warsono. (2024). The Effect of Financial Knowledge, Financial Attitudes and Financial Management Behavior on Financial Satisfaction of Gopay Fintech Users in Malang City. Jamanika (Journal of Business Management and Entrepreneurship), 4(2), 119–129. https://doi.org/10.22219/jamanika.v4i2.33637

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), 86–95. https://doi.org/10.7575/aiac.ijels.v.9n.1p.86

Hair, J. F., Page, M., & Brunsveld, N. (2019). Essentials of Business Research Methods; Fourth Edition. Fourth edition published 2020 by Routledge.

Hariawan, H. D. A., & Canggih, C. (2022). Analysis of Factors Influencing Investment Decisions in the Islamic Capital Market: A Case Study in Surabaya. Journal of Islamic Economics: Theory and Practice, 9(4), 495–511. https://doi.org/10.20473/vol9iss20224pp495-511

Hasibuan, B. K., Lubis, Y. M., & R, W. A. H. (2018). Financial Literacy and Financial Behavior as a Measure of Financial Satisfaction. Proceedings of the 1st Economics and Business International Conference 2017 (EBIC 2017), 46(1), 503–507. https://doi.org/10.2991/ebic-17.2018.79

Istiqomah, Ulfa Saefurrahman, G., & Eliza, A. (2025). The Effect of Financial Literacy and Financial Technology on Financial Satisfaction from an Islamic economic Perspective. Lan Tabur: Journal Of Islamic Economics, 6(2), 199–213. https://doi.org/https://repository.radenintan.ac.id/37900/

Jazuli, A., Setiyani, R., Ekonomi, J. P., Ekonomi, F., & Artikel, S. (2021). Economic Education Analysis Journal Terakreditasi SINTA 5 Anteseden Financial Management Behavior: Financial Literacy Sebagai Intervening. EEAJ, 10(1), 163–176. https://doi.org/10.15294/eeaj.v10i1.45682

Khairani, F. (2019). Analysis of the Influence of Financial Attitude, Financial Knowledge, Parental Education, and Parental Income on Financial Management Behavior Among Undergraduate Students at Andalas University, Padang. Andalas University.

Khasanah, N., Widyastuti, U., & Fawaiq, M. (2023). Financial Satisfaction Among the Sandwich Generation and Its Implications for Financial Management Behavior. Journal of Business, Management, and Finance, 4(1), 260–276. https://doi.org/https://doi.org/10.21009/jbmk.0401.19

Khoirunnisa, A. S. (2023). Analysis of Factors Influencing Financial Satisfaction: A Case Study of Millennial Workers in Malang City. Maulana Malik Ibrahim State Islamic University, Malang.

Kumalasari, D., & Anwar, M. (2022). Financial Knowledge Moderating The Effect of Money Attitude on Personal Financial Management Behavior of Students. Economos :Jurnal Ekonomi Dan Bisnis, 5(3), 225–232. https://doi.org/https://doi.org/10.31850/economos.v5i3.2046

Monica, C., & Siregar, Q. R. (2023). The Effect of Financial Literacy and Financial Technology on Financial Satisfaction, Mediated by Financial Behavior,in the Community of Tanjung Mulia Hilir Subdistrict. Balance: Journal of Accounting and Management, 3(1), 35–47. https://doi.org/https://jurnal.risetilmiah.ac.id/index.php/jam

Mukhafi, C. M. (2020). Factors Affecting Workers’ Financial Satisfaction in Surabaya. Journal of Management Science, 8(4), 1312–1324. https://doi.org/https://doi.org/10.26740/jim.v8n4.p1312-1324

NISP, O. (2021). OCBC NISP Presents Research on Indonesia’s Financial Fitness Index; Results Show That Young People Need to Immediately Assess and Improve Their Financial Health. Https://Www.Ocbc.Id/Id/Tentang-Ocbc/Informasi/Siaran-Pers/2021/08/20/Financial-Fitness-Index-Indonesia.

Nurdinsyah Yudhin, A., & Widodo, E. (2023). The Influence of Financial Literacy, Financial Attitudes, and Financial Behavior on the Financial Satisfaction of Working Housewives in Kediri City. Otonomi Journal, 23(2), 391–398. https://doi.org/https://doi.org/10.32503/otonomi.v23i2.4496

Prabowo, M. S., & Asandimitra, N. (2021). Factors Influencing Financial Satisfaction Among E-Commerce Users in Surabaya. Journal of Management Science, 9(1), 28–41. https://doi.org/https://doi.org/10.26740/jim.v9n1.p28-41

Prihantono, W. H. (2024). The Influence of Financial Literacy and Financial Attitudes on Financial Management Behavior and Financial Satisfaction. Studia Manajemen E-Journal, 13(1), 1–12. https://doi.org/https://ejurnal.latansamashiro.ac.id/index.php/EJSM/article/view/1155

Qur’ani, N. M. (2019). The Influence of a Hedonistic Lifestyle on the Financial Behavior and Financial Satisfaction of Students at Public Universities in Makassar. In Manajemen & Bisnis (Vol. 27, Number 9). Alauddin State Islamic University of Makassar.

Raprayogha Rusdi, Ayu Parmitasari, & Gowa, S. (2020). The Mediating Effect of Financial Behavior and The Impact of Financial Satisfaction Among Residents in the City of Makassar. Assets: Journal of Economics, Management, and Accounting, 10(1), 62–82. https://doi.org/https://doi.org/10.24912/jmk.v3i3.13214

Rusita, D., Solikhin, A., Harianja, A., Ratna Wati, R., Wediawati, B., Jambi, U., & Jambi, K. (2023). The Effect of Financial Literacy and Financial Technology on Financial Satisfaction among Direct Selling Distributors in Jambi Province. Journal of Applied Management and Finance (Mankeu), 12(01), 277–285. https://doi.org/https://repository.unja.ac.id/39823/

Setiawati, N. T., & Primadineska, R. W. (2025). Financial Behavior of Generation Z in Indonesia: Impact of Literacy, Technology and Lifestyle. Telaah Bisnis, 26(1), 55–68. https://doi.org/https://doi.org/10.35917/tb.v26i1.596

Sihombing, P. R., Arsani, A. M., Puspitarini, M. E. R. C., Resti, A. A., Masripah, S. E., Ak, M. S., CPSAK, S. H., & SE, M. M. (2024). SEM PLS APPLICATION (pp. 1–132). Minhaj Publishing.

Siswoyo, U. N. H., & Asandimitra, N. (2021). The Influence of Income, Debt, Gender Differences, Financial Literacy, and Financial Attitudes on Financial Satisfaction. Department of Management, Faculty of Economics and Business, Surabaya State University, 9(4), 1549–1562. https://doi.org/https://doi.org/10.26740/jim.v9n4.p1549-1562

Sugiyono, P. D. (2019). educational research methods (quantitative, qualitative, mixed-methods, R&D, and educational research). In Educational Research Methods (Number 2019). Alfabeta Publishing.

Sulistio, P., & Wiyanto, H. (2021). FAKTOR-FAKTOR YANG MEMPENGARUHI KEPUASAN KEUANGAN MAHASISWA/I UNIVERSITAS TARUMANAGARA. Jurnal Manajerial Dan Kewirausahaan, III(3), 822–831. https://doi.org/https://doi.org/10.24912/jmk.v3i3.13214

Vania, V., Wahyudi, W., & Kurniasih, D. (2023). Analysis of Financial Literacy and Cashless Society on Financial Satisfaction through Financial Behavior in Gen Z. International Journal of Economics Development Research, 4(6), 2023–2906.

Wati, H., & Hidayati, F. (2025). How Financial Behavior Relates to Financial Satisfaction of Gen Z? Integrated Research Journal of Business and Management, 2(1), 262–277. https://doi.org/https://icess.uin-suska.ac.id/index.php/injbm/article/view/292

Wediawati, B., Maqiyah, R., & Setiawati, R. (2022). Determinants of Financial Satisfaction Based on Financial Literacy Among Shopeepay Fintech Users. Journal of Applied Management and Finance (Mankeu), 11(02), 526–540. https://doi.org/https://doi.org/10.22437/jmk.v11i2.18848