Financial Behavior of University Students: A Theory of Planned Behavior Approach Through Cognitive, Socioeconomic, and Psychological Lenses

Abstract

University students' financial behavior has been greatly impacted by the growing integration of digital technologies like e-wallets, mobile banking, and online shopping platforms, which frequently encourage impulsive spending. This study examines the effects of financial attitude, financial knowledge, income, and locus of control on students' financial conduct, guided by the Theory of Planned Behavior. A total of 100 students were selected using the Slovin formula from three universities in Purwokerto consisting of public, private, and Islamic institutions. Data analysis was conducted using Structural Equation Modeling (SEM) with SmartPLS 3.0. The results reveal that financial attitude, financial knowledge, and locus of control significantly influence financial behavior, while income does not show a notable effect. These results provide educators and policymakers with useful guidance when creating focused financial education initiatives that foster responsible financial attitudes, increase financial knowledge, and students' internal locus of control.