THE DETERMINANCE OF THE FINANCIAL BEHAVIOR AMONG GRADUATE STUDENTS IN INDONESIA

The lifestyle of adolescents who migrate to work and college will largely determine their future. Concerns about economic conditions can cause problems with their behavior. This research has aimed to explore the most influential factors on Financial Behavior among graduate students in Indonesia. The Primary data collected by distributing questionnaires using a Likert scale. There are 239 samples have collected based on the combination of purposive and convenience sampling methods. The study used descriptive statistical techniques and path analysis techniques for data analysis. Based on path analysis results, study findings indicate that there is a significant influence of financial knowledge on financial self-efficacy; financial self-efficacy and https://www.cribfb.com/journal/index.php/afbr Australian Finance & Banking Review Vol. 5, No. 1; 2021 30 financial knowledge on financial behavior; financial attitude and financial self-efficacy on financial behavior but there is no significant influence of financial knowledge on financial behavior. The study results also showed that adolescent habits are still not good but can be improved through education such as character education and achievement of a better motivation to deal with economic problems. The study recommended that the good habits can be passed on to friends of his age, especially adolescents so they can have a good future.

beneficial for this generation to face the future. Thus, this research has aimed to explore the most influential factors on the Financial Behavior in among graduate students in Indonesia. It is hoped that the results of this study can be beneficial for the development of education both theoretically and practically. The theoretical benefit is that this research will be a scientific development in the field of personal financial management and human resource management. This research is also useful as reference material for academics and also this research can subsequently be a reference for future researchers.

LITERATURE REVIEW Financial Behavior
Financial behavior is human behavior related to financial management. Financial behavior is a combination of cash flow management, credit management, savings, and investment. Financial behavior is related to personal responsibility in financial management. Effective financial management such as setting a budget and assessing debt purchases and retirement needs in a reasonable time. Financial behavior is the attitude and behavior of someone in managing finances. Expenditures and savings behavior are used as benchmarks for research. Financial behavior is related to the way people treat, manage, and use available financial resources. Financial behavior can be measured in several ways: (1) expenses, (2) payment of bills, (3) financial planning, (4) providing money for yourself and family, (5) savings (Arifin, 2018).
Theory of Planned Behavior (TPB), which is related to rational actions on the assumption that humans take logical actions and consider all available information to directly or indirectly calculate the impact of their actions. In addition, this theory of planned behavior adds a third factor, control of the trust (Arifin, 2017). The theory of Planned Behavior explains that individual behavior arises because of intention. Behavioral intentions are determined by three factors, namely: (1) Behavioral beliefs, which are individual beliefs about the results to be obtained, and evaluation of results, (2) Normative beliefs, are motivations for achieving expectations for normative expectations together with others, and (3) Control of belief, namely the existence of things that support or hinder the behavior that arises, and how strong the support or resistance is (Arifin, 2018).
According to the theory of rational behavior, every time someone sees that the behavior is positive, and every time the individual thinks that someone wants it, he will act. A person's intention to do something or not to do something is influenced by two basic factors, namely attitudes derived from behavioral beliefs and subjective norms derived from normative beliefs (Arifin, 2017). The literature shows that financial behavior and financial management can influence the financial situation. Personal financial practices such as cash management, credit management, budgeting, financial planning, and general fund management have the greatest impact on personal financial satisfaction (Sabri, Paim, Falahati, & Masud, 2013).

Financial or Money Attitude
Individual attitudes towards money can determine their personality and management style. Attitude is a subjective tendency to do something and be expressed which will be demonstrated through the evaluation of favorable or unfavorable objects (Susan, 2018). In today's materialist environment, money is not limited to the medium of exchange, but also the means to achieve happiness and prosperity. Money has four iconic values, namely status, respect, freedom, and luxury. Materialistic or obsessed people with money are often more satisfied with their financial situation because of their ability to satisfy their material desires. The results showed that the perception of individuals who have welfare is determined by their life aspirations (Sabri & Zakaria, 2015).
Financial attitude plays an important role in determining the success or failure of one's financial behavior. Financial attitudes are defined as psychological tendencies and are most easily expressed by showing likes or dislikes. Financial attitudes that state the level of intelligence that agrees or disagrees can help individuals manage their finances. The higher the financial attitude of a person, the higher the awareness to be responsible for financial use, so that it will have a positive impact on financial behavior (Arifin, 2018). Financial attitude is defined as a person's state of mind, opinion, and judgment about finance. Based on the theory of social learning there is a three-way relationship that locks one another, namely behavior, environment, and events that affect perceptions and actions. Events in influencing perceptions and actions in this study are financial attitudes and financial management behaviors. Financial management behavior can be started properly and correctly by applying good and correct financial attitudes (Ameliawati & Setiyani, 2018).

Financial Knowledge
There are two main branches of financial knowledge, namely the ability of respondents to use and apply general financial knowledge or special financial knowledge as a synonym for financial literacy. Measurement of financial literacy mainly involves four aspects, namely personal financial knowledge, general financial literacy, investment, and financial and tax planning. There is a scale of knowledge that includes skills and knowledge related to deposits and debits, insurance and investment projects, and financial information. Another way to measure financial knowledge is through self-assessment of financial knowledge. In addition, financial management knowledge is used as an evaluation instrument (Susan, 2018).
To develop financial behavior, a person must have financial knowledge. Financial knowledge is the key to understanding finances and ideas needed that are useful for society. Financial knowledge in question is banking and savings, insurance, the use of credit, tax and investment. Every individual has financial knowledge depending on how deep the knowledge is possessed. Financial knowledge can be measured in several ways, such as (1) interest rates, financial costs and credit, (2) credit interest rates and credit data, (3) financial management, (4) investment, (5) credit reports (Arifin, 2018).Financial knowledge is the ability to understand, analyze, and manage finances to make correct financial decisions to avoid financial problems. To have financial knowledge, one must develop financial skills and learn to use financial tools, such as preparing a budget, choosing an investment, and choosing an insurance plan. Financial knowledge can be obtained from schools, seminars, training, and non-formal education.

Financial Self-Efficacy
Self-Efficacy can be understood as an individual's belief about his ability to organize and carry out a series of actions that are deemed necessary to achieve something desired. In relation to financial behavior, self-efficacy can be defined as a belief in a person's ability to change financial behavior for the better. Self-Efficacy is a key component in Bandura's social cognitive theory that characterizes a person's confidence in his ability to succeed in performing tasks. Individual confidence in his own ability can help in determining the expected results because individuals have confidence in anticipating all actions to achieve the desired goals. Someone who is confident sees difficult tasks as a challenge to be met rather than as a threat that must be avoided. He has a stronger interest and deep involvement in an activity carried out, writes challenging goals, and has a strong commitment to achieving the desired goals. Financial independence helps to act and change financial behavior for the better (Herawati et al., 2018).
Financial self-efficacy is defined as one's belief that someone is capable of certain behaviors. Self-efficacy is proportional to perceived personal abilities. Self-efficacy affects the challenges made, how much effort must be spent, how long to survive in the face of obstacles and failures, and whether the failure is motivating or discouraging. Thus, a person's sense of ability to engage in responsible financial behavior can also contribute to the individual's performance of that behavior (Serido, Shim, & Tang, 2013). Based on ), individuals who have high self-efficacy to carry out certain activities are more likely to try to do those activities and to develop a positive attitude towards them. Conversely, if individuals have low self-efficacy to do some activities, they tend to try to do those activities and they develop a negative attitude towards these actions.

Research Framework
To explain the influence of variables, a research framework can be formed as follows.

Figure 1. Financial Behavior Research Framework
Source: Self, 2020

METHOD Place and Time of Research
This research was conducted in the city of Pekanbaru and carried out in 2019 for the distribution of questionnaires and data processing in 2020.

Types of Research
This type of research is quantitative research with an objective descriptive approach using survey methods. Surveys are systems for gathering information from or about people to describe, compare, or explain their knowledge, attitudes, and behavior (Sekaran & Bougie, 2016). This research will look at factors that can influence Financial Behavior. This research is a crosssectional study.  (Weston & Gore, 2006). Endogenous variables in this study are Financial Self-Efficacy, Financial Attitude, and Financial Behavior.

Methods of Data Collection and Sampling
Research techniques using surveys with a questionnaire instrument using a Likert scale. The estimated population in this study (adolescents aged 18-25 years) was ± 800,000 people. Klein recommends a minimum of 10 cases for each estimated parameter (Streiner, 2005). From the 4 variables, there are 20 parameters, so a minimum sample of 20 x 10 = 200 samples is needed. From the 263 questionnaires distributed, a sample of 239 respondents could be used, with a combination of purposive sampling techniques (criteria for students of the Institut Bisnisdan Teknologi Pelita Indonesia at least in second semester) and convenience sampling.

Research Instruments
The instrument was given to respondents using the Likert scale 5-axis Likert scale technique to measure the research variables. Respondents will choose answers from positive statements with 5 alternative choices with the following scores: (1) Strongly Disagree; (2) Disagree; (3) Not Agree; (4) Agree; (5) Strongly Agree.

Questionnaire Indicator
Indicators of each variable need to be elaborated to find out the indicators forming latent variables. Indicators of each variable can be seen in table 1.  (Schwarzer & Jerusalem, 1995) FS5 I feel confident in my ability to manage my own finances (Serido et al., 2013) Source: Summary of various journals, 2020

Data Analysis Technique Descriptive Analysis
Descriptive analysis in this study contains a discussion of the characteristics of respondents related to respondent responses. First, the analysis of respondents' characteristics consisting of age, gender, marital status, employment, homeownership status, ethnicity, religion, income, placement of funds, and primary and secondary financial socialization agents. The analysis will be done using mode. Second, the analysis of respondents 'responses which contained a discussion of the respondents' responses related to the characteristics of respondents using the ANOVA method (Hafni, Renaldo, Chandra, & Thaief, 2020;Renaldo, Sudarno, & Hutahuruk, 2020).

Questionnaire Eligibility Test
Before conducting the influence test, the primary data preliminary test is performed. Validity explains how well the data collected covers the actual area of investigation. Validity basically means measuring what is meant to be measured. Items loaded (loading factor) above 0.40, which is the minimum value suggested in the study are considered for further analysis. The second test is reliability which involves the extent to which the measurement of a phenomenon provides stable and consistent results. Reliability is also related to repetition. For example, a scale or test is said to be reliable if repeated measurements made by it under constant conditions will give the same results. The most commonly used measure of internal consistency is the Cronbach's Alpha coefficient. It is recommended that reliability must be equal to or above 0.60 (Taherdoost, 2016).

Assumptions of Path Analysis
Because the path analysis is an extension of multiple linear regression, many of the same assumptions apply to these two techniques. First, the relationship between variables must be linear. Second, there should be no interaction between variables. Third, endogenous variables must be continuous and normally distributed, with coefficients of skewness and kurtosis below 1. Fourth, it is assumed that the covariance between the terms disturbances are zero (equivalent to assuming an error does not correlate between predictor variables in the regression), even though the analysis variant a more advanced path can deal with violations of this assumption. Ultimately, as mentioned earlier, path analysis is quite sensitive to the model specifications including variables that are not relevant, or more seriously, eliminating those that are relevant, can drastically affect the results (Streiner, 2005).

Descriptive statistics
The age of the most respondents is 20 years with a total of 36% and followed by the age of 19 years with the number of respondents 32%. The number of male respondents was 59% and 41% female. Unmarried respondents were 96%. As many as 57% of respondents have worked full time and 14% of respondents have been self-employed followed by 12% who work part-time with the record respondents still come from among the students. Ownership of houses inhabited by respondents as much as 66% owned by parents and 24% are still renting. As many as 75% of respondents are Chinese and 11% are Batak Tribes. The majority of religious respondents were Buddhist 67% and 17% were Protestant Christians. The length of work of respondents is mostly under 5 years. The income of respondents is 92% under Rp. 5,000,000. As many as 38% of respondents learn financially from primary socialization agents (31% parents) and the rest from secondary agents (schools by 27%). To put down funds as much as 67% of respondents prefer to place funds in savings and 16% more in gold. From the descriptive analysis there is an assumption that ethnicity influences behavior patterns. In this study, Chinese adolescents showed behavior in a larger number pattern for the activity of saving some of their money in the bank.

Analysis of Answers to Respondent Characteristics
The Financial Self-Efficacy variable has different respondents' responses on ethnicity, religion, income, and secondary socialization agents. Respondents from other ethnic groups and Minang Tribe groups gave higher scores than the Nias Tribe group and respondents who did not provide answers. Hindu and Protestant Christians respondents gave a higher score than Confucianism. Respondents whose income is above 10 million rupiahs give a higher score than those whose income is 5 to 10 million rupiah. Respondents who learn financially from print media score higher than respondents who do not have secondary agents. The indicator "I am difficult to stick to the expenditure plan when unexpected expenses arise" has a different response at the age where respondents aged 24-25 years and respondents who did not give a higher score than respondents aged 18-19 years. The Financial Attitude variable has different respondents' responses on marital status, ethnicity, and income. Unmarried respondents score higher than those who are separated. Respondents from other ethnic groups and Batak ethnic groups gave higher scores than Nias people. Respondents whose income is above 10 million give a higher score than those whose income is 5 to 10 million rupiah and respondents who do not provide answers. The indicator "I compare credit options when repayments" has different responses of respondents to primary socialization agents where respondents who learn financially from siblings give a higher score than those who do not have primary socialization agents. This gives the meaning that ethnicity contributes to the pattern of Financial Attitude so that this research will be even more interesting when exploring the social behavior of certain circles of society. The Financial Knowledge variable has different respondents' responses to gender. Male respondents give a higher score than women. Especially on the indicator "I understand how to minimize risk in investment". Psychologically, men are riskier than women. Men are born as if they are responsible for making "lots of money" so that men are considered as a source of energy earners. Whereas women are only considered as financial managers rather than what is produced by men.
Financial Behavior variables in general do not have differences in respondent responses. But on the indicator "I buy bonds, stocks, or mutual funds", respondents who like to put funds in securities give a higher score than those who put funds on digital assets. This means that men are more interested in physical than digital assets.  Based on table 2, validity testing uses Pearson correlation which shows significant results at 1% for all indicators. Whereas for reliability testing with the lowest Cronbach's Alpha 0.625 meets the requirements above 0.6. The next stage of analysis is path analysis.

Direct and Indirect Effects
Path analysis can analyze the direct and indirect effects between variables. The amount of direct and indirect influence can be seen in table 3 and the direction can be seen in figure 2. The direct effect of Financial Knowledge on Financial Attitude (0.223) is greater than the indirect effect of Financial Knowledge on Financial Attitude through Financial Self-Efficacy (0.110), then the direct influence that most influences which mean Financial Knowledge which will improve Financial Attitude. The direct influence of Financial Knowledge on Financial Behavior (0.061) is smaller than the indirect effect (0.201), then the most influential is the indirect effect which means through good Financial Knowledge, Financial Self-Efficacy, and Financial Attitude will improve financial behavior. The direct effect of Financial Self-Efficacy on Financial Behavior  Vol. 5, No. 1; (0.157) is smaller than the indirect effect of Financial Self-Efficacy on Financial Behavior through Financial Attitude (0.185), then the most influential indirect effect which means a good Financial Self-Efficacy will increase Financial Behavior.

DISCUSSION
The positive influences of Financial Knowledge on Financial Self-Efficacy are significant because, with adequate knowledge, a person will have the desire to develop into a better person. The result of the study is in line with (Serido et al., 2013). Understanding financial concepts such as money management, investment, and budgeting will enable a person to overcome difficult financial problems if he/she tries hard. The positive influences of Financial Knowledge on Financial Attitude is significant because good financial knowledge will make someone more preventive. This are in line with research from (Susan, 2018;Yong et al., 2018). Adolescent understanding of financial concepts will positively determine their financial attitudes. Accountability for financial well-being shows good results. Adolescents like to try new things and form their personalities who like challenges.
The positive influences of Financial Self-Efficacy on Financial Attitude is significant because individuals have a high Self-Efficacy to do some activities, they tend to try to do this activity and they develop a positive attitude towards this action. The result of this study is in line with research from . Individuals will be more mature and will not think too much about financial problems such as fighting with parents or family about finances. The indicator "I can always overcome difficult problems if I try hard" shows an independent personality that is very consistent and strengthens the character of individuals plus the indicator "I feel confident in my ability to manage my own finances" shows high confidence that will encourage someone's independence .The positive influences of Financial Knowledge on Financial Behavior is not significant because adolescents still do not have much experience in finance so they cannot behave properly. This are in line with research from (Yong et al., 2018)on Indian ethnic and (Joo & Grable, 2004) but not in line with research from (Arifin, 2017(Arifin, , 2018Ismail et al., 2017;Mien & Thao, 2015) and (Yong et al., 2018) on other ethnics. It is only natural if their knowledge is still lacking in financial analysis. Lack of knowledge about financial knowledge will lead to bankruptcy, credit problems, low savings rates, and the pleasure of impulsive purchases.
The positive influences of Financial Self-Efficacy on Financial Behavior are significant because good financial efficacy will be in line with adolescent financial habits. The results of this study are in line with research from Herawati et al., 2018;Ismail et al., 2017;Serido et al., 2013). Adolescents who are independent and dare to go outside the city/country to study or work. The lifestyle of saving for the necessities of living outside will make them more careful when shopping and will change their behavior slowly. The positive influences of Financial Attitude on Financial Behavior is significant because a person's attitude towards finances will affect the person's habits. The results of the study are in line with (Ameliawati & Setiyani, 2018;Arifin, 2018;Faique et al., 2017;Mien & Thao, 2015;Serido et al., 2013;Susan, 2018;Yap, Komalasari, & Hadiansah, 2016;Yong et al., 2018)and not in line with research (Falahati et al., 2012;Ismail et al., 2017). Adolescents who mostly wander allocate money from their parents (for those who are not yet working) depending on each other's behavior. Some of them even spend it and ask for extra and some set aside to save. This can form a personality that has prepared everything for its future, especially if there is an urgent need.

CONCLUSIONS AND RECOMMENDATIONS
This study aims to observe to explore the most influential factors on Financial Behavior among graduate students in Indonesia. The results of the study concluded that there is an influence that gives meaning to Financial Knowledge on Financial Self-Efficacy; Financial Self-Efficacy and Financial Knowledge of Financial Behavior; Financial Attitude and Financial Self-Efficacy towards Financial Behavior but there is no significant influence of Financial Knowledge on Financial Behavior for students in Indonesia. The results showed that adolescent habits are still not good but can be improved through education such as character education and achievement of a better motivation to deal with economic problems. Good habits can be passed on to friends of his age, especially adolescents so they can have a good future. The weakness of this study is that the sample size is small and homogeneous. The variables used are still limited to those commonly used in Human Resource Management research, and the analysis technique is still simple. It is hoped that future research can use a more diverse sample, use an interdisciplinary (interdisciplinary/cross-science) approach and methods that can strengthen the hypothesis to be tested.