PERAN MODERASI WORKING STATUS PADA PENGARUH FINANCIAL LITERACY DAN SELF-CONTROL TERHADAP FINANCIAL STRESS MAHASISWA
DOI:
https://doi.org/10.70248/jakpt.v4i1.4713Abstract
Penelitian ini menganalisis pengaruh financial literacy dan self-control terhadap financial stress, dan menguji peran moderasi working status, pada mahasiswa aktif S1 Universitas Telkom. Penelitian ini merespons kesenjangan literatur yang selama ini memposisikan working status sebagai variabel prediktor atau pembanding, bukan sebagai variabel yang mengubah kekuatan hubungan antarvariabel. Data dikumpulkan dari 400 responden melalui proportionate stratified random sampling pada tujuh fakultas dan dianalisis menggunakan Partial Least Square-Structural Equation Modelling (PLS-SEM). Financial literacy dan self-control dimodelkan sebagai Higher Order Construct karena kedua konstruk terbukti multidimensional pada pengujian outer model tahap pertama, sementara peran moderasi working status diuji melalui Multi-Group Analysis (MGA) karena sifatnya yang kategorikal. Hasil menunjukkan financial literacy dan self-control berpengaruh negatif signifikan terhadap financial stress, dengan financial literacy sebagai prediktor dominan. Working status terbukti memoderasi kedua hubungan tersebut secara signifikan namun dengan arah berlawanan: pengaruh financial literacy melemah pada mahasiswa yang bekerja, sedangkan pengaruh self-control justru menguat pada kelompok yang sama. Temuan ini mengonfirmasi bahwa working status berfungsi sebagai variabel
References
Almeida, F. de, Scott, I. J., Soro, J. C., Fernandes, D., Amaral, A. R., Catarino, M. L., Arêde, A., & Ferreira, M. B. (2024). Financial scarcity and cognitive performance: A meta-analysis. Journal of Economic Psychology, 101, 102702. https://doi.org/10.1016/j.joep.2024.102702
Alshebami, A. S., & Aldhyani, T. H. H. (2022). The interplay of social influence, financial literacy, and saving behaviour among Saudi youth and the moderating effect of self-control. Sustainability, 14(14), 8780. https://doi.org/10.3390/su14148780
Bai, R. (2023). Impact of financial literacy, mental budgeting and self control on financial wellbeing: Mediating impact of investment decision making. PLoS ONE, 18(11), e0294466. https://doi.org/10.1371/journal.pone.0294466
Broom, D. (2023). How the cost of living crisis affects young people around the world. World Economic Forum. https://www.weforum.org/stories/2023/08/cost-of-living-crisis-affects-young-people/
Bruijn, E.-J. de, & Antonides, G. (2022). Poverty and economic decision making: A review of scarcity theory. Theory and Decision, 92(1), 5–37. https://doi.org/10.1007/s11238-021-09802-7
Chavali, K., Raj, P. M., & Ahmed, R. (2021). Does financial behavior influence financial well-being? Journal of Asian Finance, Economics and Business, 8(2), 273–280. https://doi.org/10.13106/jafeb.2021.vol8.no2.0273
Cheah, J. H., Amaro, S., & Roldán, J. L. (2023). Multigroup analysis of more than two groups in PLS-SEM: A review, illustration, and recommendations. Journal of Business Research, 156(113539). https://doi.org/10.1016/j.jbusres.2022.113539
Coffey, J., Senior, K., Haro, A., Farrugia, D., Threadgold, S., Cook, J., Davies, K., & Shannon, B. (2024). Embodying debt: Youth, consumer credit and its impacts for wellbeing. Journal of Youth Studies, 27(5), 685–705. https://doi.org/10.1080/13676261.2022.2162376
Danahy, R., Loibl, C., Montalto, C. P., & Lillard, D. (2024). Financial stress among college students: New data about student loan debt, lack of emergency savings , social and personal resources. The Journal of Consumer Affairs, 58(2), 692–709. https://doi.org/10.1111/joca.12581
Direktorat Pusat Teknologi Informasi. (2026). Anda harus tahu berapa fakultas yang ada di Telkom University jika berminat melanjutkan ke Tel-U. Telkom University. https://it.telkomuniversity.ac.id/macam-macam-fakultas-di-telkom-university/
Garcìa-Santillàn, A. (2026). Financial capabilities and financial well-being: The mediating role of financial resilience. Journal of Risk and Financial Management, 19(2), 141. https://doi.org/10.3390/jrfm19020141
Grozev, V. H., & Easterbrook, M. J. (2022). Accessing the phenomenon of incompatibility in working students’ experience of university life. Tertiary Education and Management, 28(3), 241–264. https://doi.org/10.1007/s11233-022-09096-6
Guan, N., Guariglia, A., Moore, P., Xu, F., & Al-Janabi, H. (2022). Financial stress and depression in adults: A systematic review. PLoS ONE, 17(2), e0264041. https://doi.org/10.1371/journal.pone.0264041
Han, J., & Ko, D. (2025). Digital financial services and sustainable development: Temporal trade-offs and the moderating role of financial literacy. Sustainability, 17(20), 8976. https://doi.org/10.3390/su17208976
Hashmi, F., Aftab, H., Martins, J. M., Mata, M. N., Qureshi, H. A., Abreu, A., & Mata, P. N. (2021). The role of self-esteem, optimism, deliberative thinking and self-control in shaping the financial behavior and financial well-being of young adults. PLoS ONE, 16(9), e0256649. https://doi.org/10.1371/journal.pone.0256649
Heo, W., Cho, S. H., & Lee, P. (2020). APR financial stress scale: Development and validation of a multidimensional measurement. Journal of Financial Therapy, 11(1), 1–28. https://doi.org/10.4148/1944-9771.1216
Kaiser, T., Lusardi, A., Menkhoff, L., & Urban, C. (2022). Financial education affects financial knowledge and downstream behaviors. Journal of Financial Economics, 145(2), 255–272. https://doi.org/10.1016/j.jfineco.2021.09.022
Kasenda, P. G. H., Kaparang, G. F., Pangemanan, A., & Ambalao, S. S. (2022). Financial stress, self-efficacy and financial help-seeking behaviour among college students during pandemic. Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi, 9(1), 141–153. https://doi.org/10.35794/jmbi.v9i1.40983
Kemdiktisaintek RI. (2025). Statistik pendidikan tinggi 2024. https://data.kemdiktisaintek.go.id/publikasi/buku-statistik-pendidikan-tinggi-2024
Kinanti, K. P. (2023). BPS ungkap 60% pekerja Indonesia bekerja di sektor informal. https://www.bloombergtechnoz.com/detail-news/5757/bps-ungkap-60-pekerja-indonesia-bekerja-di-sektor-informal
Kumar, A., Salo, J., & Bezawada, R. (2024). The effects of buy now, pay later (BNPL) on customers’ online purchase behavior. Journal of Retailing, 100(4), 602–617. https://doi.org/10.1016/j.jretai.2024.09.004
Lessky, F., & Unger, M. (2023). Working long hours while studying: A higher risk for first-in-family students and students of particular fields of study? European Journal of Higher Education, 13(3), 347–366. https://doi.org/10.1080/21568235.2022.2047084
Liengaard, B. D. (2024). Measurement invariance testing in partial least squares structural equation modeling. Journal of Business Research, 177, 114581. https://doi.org/10.1016/j.jbusres.2024.114581
Lokshin, M., Sajaia, Z., & Torre, I. (2023). Who suffers the most from the cost-of-living crisis? https://doi.org/10.1111/roiw.70009
Lusardi, A., & Mitchell, O. S. (2023). The importance of financial literacy: Opening a new field. Journal of Economic Perspectives, 37(4), 137–154. https://doi.org/10.1257/jep.37.4.137
Lusardi, A., & Streeter, J. L. (2023). Financial literacy and financial well-being: Evidence from the US. Journal of Financial Literacy and Wellbeing, 1(2), 169–198. https://doi.org/10.1017/flw.2023.13
Mengal, F. N., Khan, H. H., Ali, M., & Ahmed, W. (2025). Influence of self control on financial behaviour and financial well-being mediated by optimism. Asian Journal of Business and Accounting, 18(2), 143–172. https://doi.org/10.22452/ajba.vol18no2.6
Muhamad, S., Kusairi, S., & Zamri, N. (2021). Savings behaviour of bottom income group: Is there any role for financial efficacy and risk preference? Economics and Sociology, 14(2), 56–70. https://doi.org/10.14254/2071-789X.2021/14-2/3
Nasr, R., Rahman, A. A., Haddad, C., Nasr, N., Karam, J., Hayek, J., Ismael, I., Swaidan, E., Salameh, P., & Alami, N. (2024). The impact of financial stress on student wellbeing in Lebanese higher education. BMC Public Health, 24(1), 1–13. https://doi.org/10.1186/s12889-024-19312-0
Nurmalitasari, Long, Z. A., & Noor, M. F. M. (2023). Factors influencing dropout students in higher education. Education Research International, 2023(1), 7704142. https://doi.org/10.1155/2023/7704142
Peltz, J. S., Bodenlos, J. S., Kingery, J. N., & Rogge, R. D. (2021). The role of financial strain in college students’ work hours, sleep, and mental health. Journal of American College Health, 69(6), 577–584. https://doi.org/10.1080/07448481.2019.1705306
Podsakoff, P. M., Podsakoff, N. P., Williams, L. J., Huang, C., & Yang, J. (2024). Common method bias: It’s bad, it’s complex, it’s widespread, and it’s not easy to fix. Annual Review of Organizational Psychology and Organizational Behavior, 11, 17–61. https://doi.org/10.1146/annurev-orgpsych-110721-040030
Putriasari, D., & Fachruzzaman, F. (2025). Analisis perilaku keuangan dan literasi keuangan terhadap tekanan financial bagi mahasiswa dengan kemampuan ekonomi keluarga sebagai variabel moderasi. Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS), 6(4), 593–603. https://doi.org/10.47065/ekuitas.v6i4.7323
Redzuan, M., Mohamed, B., Omar, S. S., Athirah, N., Abu, B., & Arokiasamy, L. (2025). The effect of financial stress on mental health among university students. International Journal of Research and Innovation in Social Science (IJRISS), 9(8). https://doi.org/10.47772/IJRISS.2025.908000098
Rinardi, H., Indrahti, S., & Masruroh, N. N. (2023). Ketimpangan ekonomi Jawa dan luar Jawa dan perkembangan perdagangan antarpulau di Indonesia. Jurnal Sejarah Citra Lekha, 8(1), 29–43. https://doi.org/10.14710/jscl.v8i1.54443
Russell, J., Austin, K., Charlton, K. E., Igwe, E. O., Kent, K., Lambert, K., Flynn, G. O., Probst, Y., Walton, K., & McMahon, A. T. (2025). Exploring financial challenges and university support systems for student financial well-being: A scoping review. International Journal of Environmental Research and Public Health, 22(3), 356. https://doi.org/10.3390/ijerph22030356
Ryu, S., & Fan, L. (2022). The relationship between financial worries and psychological distress among U.S. adults. Journal of Family and Economic Issues, 44, 16–33. https://doi.org/10.1007/s10834-022-09820-9
Simonse, O., Dijk, W. van, Dillen, L. F. van, & Dijk, E. van. (2024). Economic predictors of the subjective experience of financial stress. Journal of Behavioral and Experimental Finance, 42, 100933. https://doi.org/10.1016/j.jbef.2024.100933
Sipahutar, R. P., & Irawan, D. (2025). Financial education, financial stress, and financial well-being: The strategic role of financial technology for millennial bank employees in north Sumatra. Multidisciplinary Output Research for Actual and International Issue, 5(6), 5365–5380. https://doi.org/10.54443/morfai.v5i6.4075
Smathers, K., Chapman, E., Deringer, N., & Grieb, T. (2024). The relationship between financial stress and college retention rates. Journal of College Student Retention: Research, Theory and Practice, 26(2), 581–604. https://doi.org/10.1177/15210251221104984
Sugiyono. (2022). Metode Penelitian Kuantitatif Kualitatif dan R&D. ALFABETA.
Summer, R., McCoy, M., & Rodriguez, E. (2025). Support for working students: Understanding the impacts of employment on students’ lives. Journal of College Student Retention: Research, Theory & Practice, 26(4), 1123–1146. https://doi.org/10.1177/15210251221149209
Suprapto, Y., Valentina, S., & Haryanto, H. (2025). Gen-Z financial keys: The impact of self-control and financial literacy mediated financial behavior. Manajemen dan Bisnis, 24(2), 453–466. https://doi.org/10.24123/mabis.v24i2.974
Tan, W., Wu, J., & Xu, Y. (2026). How does financial literacy alleviate financial anxiety? The mediating roles of planning and spending control. International Journal of Bank Marketing, 44(9), 1794–1821. https://doi.org/10.1108/IJBM-02-2025-0088
Taylor, E. (2025). Understanding working students: The impact of work on college success. Trellis Strategies. https://www.trellisstrategies.org/research-studies/understanding-working-students-the-impact-of-work-on-college-success/
Tecson, C. P., Torion, R. H., Rigos, D. G. I., Torres, J. V., Abergas, A. P., & Alivio, M. R. (2025). Assessing the relationship between work study balance and academic success: A story of working students. International Journal of Research and Innovation in Social Science, 9(9), 5216–5240. https://doi.org/10.47772/IJRISS.2025.909000422
Threadgold, S., Shannon, B., Haro, A., Cook, J., Davies, K., Coffey, J., Farrugia, D., Matthews, B., Healy, J., & Burrows, R. (2025). Buy now, pay later technologies and the gamification of debt in the financial lives of young people. Journal of Cultural Economy, 18(1), 52–67. https://doi.org/10.1080/17530350.2024.2346210
Universitas Telkom. (2025). Fakta dan angka. www.telkomuniversity.ac.id. https://telkomuniversity.ac.id/fakta-dan-angka/
Veer, A. van der, Madern, T., & Lenthe, F. J. van. (2024). Tunneling, cognitive load and time orientation and their relations with dietary behavior of people experiencing financial scarcity – an AI-assisted scoping review elaborating on scarcity theory. International Journal of Behavioral Nutrition and Physical Activity, 21(1), 1–15. https://doi.org/10.1186/s12966-024-01576-9
Wahyuni, S. F., Radiman, Hafiz, M. S., & Jufrizen. (2023). Financial literacy and financial attitude on financial management behavior: An examination of the mediating role of the behavioral intention of students at private universities in Indonesia. Investment Management and Financial Innovations, 20(3), 239–250. https://doi.org/10.21511/imfi.20(3).2023.20
Wisnubroto, K. (2025). Menyemai generasi emas 2045 lewat sekolah rakyat. www.indonesia.go.id. https://indonesia.go.id/kategori/editorial/9143/menyemai-generasi-emas-2045-lewat-sekolah-rakyat
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Jurnal Akuntansi, Keuangan, Perpajakan dan Tata Kelola Perusahaan
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
