Moderation of Self-Control on The Relationship of Financial Literacy and Saving Behavior in Women


  • Marieska Lupikawaty Politeknik Negeri Sriwijaya
  • Dewi Fadila Politeknik Negeri Sriwijaya
  • Sari Lestari Zainal Ridho Politeknik Negeri Sriwijaya
  • Welan Mauli Angguna Politeknik Negeri Sriwijaya
  • Claudia Nurcahaya Politeknik Negeri Sriwijaya
  • Sayyid Muhammad Fadhil Politeknik Negeri Sriwijaya



Financial Literacy, Self-Control, Saving Behavior


This study aimed to examine savings behavior of 97 women in the millennial generation and Gen Z group who live in rural areas. Recent surveys show that millennials and Gen Z recognize the importance of saving but only have savings that are enough to fulfill their life for three months. The research was conducted using a quantitative experimental between subject design method to answer questions regarding the influence of financial knowledge socialization on financial literacy. A non-experimental quantitative study was conducted to determine the moderating role of self-control on the influence of financial literacy on saving behavior through self-report on valid and reliable questionnaires and scales. The study results show that financial literacy and self-control have a role in explaining saving behavior (R2 = 0.52, p ≤ 0.05). Financial literacy has a significant positive impact in increasing saving behavior. Self-control also has an equally significant influence in explaining saving behavior. However, through testing the moderating role, self-control has a significant negative impact in influencing the relationship between financial literacy and saving behavior, this is interesting for further discussion.


Download data is not yet available.


Boto-García, D., Brucciol, A. & Manfr`e, M., 2022. The role of financial socialization and self-control on saving habits. Journal of Behavioral and Experimental Economics, Volume 100, pp. 1-11.

Ajzen, I., 2020. The theory of planned behavior: Frequently asked questions. Hum Behavior and Emerging Technology, Volume 2, pp. 314-324.

Amer, A. et al., 2016. The Effects of Social Influence and Financial Literacy on Savings Behavior: A Study on Students of Higher Learning Institutions in Kota Kinabalu, Sabah.. Economics.

Aulia, N., Yuliati, LN & Muflikhati, I., 2019. Financial welfare of retirement age families: Financial literacy, retirement financial planning, and asset ownership. Journal of Family and Consumer Sciences, 12(1), pp. 38-51.

Bilti, RS, Sanda, CM, Grapini, I. & Faur, FC, 2022. The importance of growing a pro-saving financial behavior with an impact on the well-being of the individual. Achieving Financial Independence-ideas and tips. Technium Social Sciences Journal, Volume 33, pp. 351-356.

Chavali, K., Raj, MP & Ahmed , R., 2021. Does financial behavior influence financial well-being?. Journal of Asian Finance, Economics and Business, 8(2), pp. 0273-0280.

Chen , F., Hsu, C.-L., Lin, A.-J. & Li, H., 2020. Holding risky financial assets and subjective well-being: Empirical evidence from China. North American Journal of Economics and Finance, Volume 54.

Christianto, JA & Asandimitra, N., 2023. Analysis of Factors Influencing Saving Behavior among Millennial Generation in Surabaya with Sving Intention as a Mediating Variable. International Journal of Academic Research in Business and Social Science, 13(11), pp. 495-509.

Djanuarko & Chen, R., 2021. Factors that influence interest and saving behavior among the people of Batam City. Dimensional Journal 10(1), pp. 112-126.

Fachrudin, KA & Silalahi, AS, 2022. The Relationship among Financial Literacy, Conscientiousness Traits, Financial Behavior, and Financial Wellbeing. Italienisch 12(1), pp. 765-776.

Gravetter, F.J. & Forzano, L.-A., 2020. Research Methods for the Behavioral Science, 6th Ed. Boston, MA: Cengage Learning.

Gultom, HE, 2023. Outlook for Indonesia's Digital Economy and Investment in 2024: Gen Z and Millennials Have Different Preferences. [Online] Available at: different-preferences/ar-AA1ldbpb

Hartono, U. & Isbanah, Y., 2023. Students' saving behavior: What are the motives that influence them to save?. Journal of Business Economics and Entrepreneurship 11(3):363.

Haupt, M., 2021. Measuring financial literacy: The role of knowledge, skills and attitudes. In: G. Nicolini & BJ Cude, eds. The Routledge Handbook of Financial Literacy. sl:sn

Iramani, R. & Lutfi, L., 2021. An integrated model of financial well-being: The role of financial behavior. Accounting, pp. 691-700.

Jayani, DH, 2022. [Online] Available at: month[Accessed 14 12 2023].

Jumena, BB, Siaila, S. & Widokarti, JR, 2022. Saving Behavior: Factors That Affect Saving Decisions (Systematic Literature Reviews Approach). Journal of Economic Resources, 5(2), pp. 217-235.

Manfrè, M., 2019. Saving behavior: Financial Socialization and Self-Control, sl: University of Verona, Department of Economics.

Mpaata, E., Koskei, N. & Saina, E., 2020. Social Influence And Savings Behavior: Evidence from Developing Country Context. SEISENSE Journal of Management, Vol 3 (No 4), pp. 56 - 67.

Mpaata, E., Koske, N. & Saina, E., 2021. Does self-control moderate financial literacy and savings behavior relationship? A case of micro and small enterprise owners. Current Psychology.

Mukrom, M., Nasution, SM & Indriani, E., 2021 . The Relationship Between Self-Control and Teamwork in Early Adult Futsal Players in East Jakarta. NTENSI: Journal of Psychology, 1(3), pp. 16-26.

Ozer, G. & Mutlu, U., 2019. The effect of personality traits on Financial Behavior. Journal of Business, Economics and Finance, 8(3), pp. 155-164.

Rahayu, Y., 2020. Saving Behavior in Generation Z. Centralization, pp. 87-96.

Rey-Ares, L., Fernández-López, S., Castro-González , . S. & Rodeiro-Pazos, D., 2021. Does self-control constitute a driver of millennials' financial behaviors and attitudes? Journal of Behavioral and Experimental Economics, Volume 93, pp. 1-15.

Utkarsh, et al., 2020. Catch them young: Impact of financial socialization, financial literacy and attitude towards money and financial well-being of young adults. International Journal of Consumer Studies, pp. 1-11.

Xiao, JJ, 2015. Chapter 11: Consumer savings. In: JJ Xiao, ed. Consumer Economic Well-being. New York: Springer, pp. 199-214.




How to Cite

Lupikawaty, M., Fadila, D. ., Zainal Ridho, S. L. ., Angguna, W. M. ., Nurcahaya, C. ., & Fadhil, S. M. . (2024). Moderation of Self-Control on The Relationship of Financial Literacy and Saving Behavior in Women . Atestasi : Jurnal Ilmiah Akuntansi, 7(2), 963–972.