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Abstract

Purpose: This study aims to analyze the relationships among financial literacy, lifestyle, self-control, peer environment, and e-wallet usage and college students’ financial management behavior, as well as the model’s ability to explain variation in that behavior.


Research Method: The study employed a cross-sectional survey design. A total of 152 responses were collected, but after screening, 150 undergraduate accounting students at STIE Wiyatamandala Jakarta—selected through purposive sampling—were analyzed using multiple linear regression.


Results and Discussion: The peer group environment is positively and significantly associated with financial management behavior, whereas financial literacy, lifestyle, self-control, and e-wallet usage are not significantly associated with it. The F-test indicates that the overall model is significant and explains 72.9% of the variation in financial management behavior. These results do not imply that all predictors contribute individually; however, the strength of the peer group coefficient warrants testing for discriminant validity and common-method bias.


Implications: Higher education institutions may consider group-based financial education and peer mentoring. Further research should strengthen construct validity and control for demographic and financial characteristics. Higher education institutions may consider group-based financial education and peer mentoring. Further research should strengthen construct validity and control for demographic and financial characteristics.


Originality: The study integrates cognitive, personal, social, lifestyle, and transactional technology usage factors into a single model of Generation Z college students’ financial behavior.

Keywords

financial literacy self-control peer group e-wallet financial management behavior

Article Details

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Hulu, Y., & Hardanti, O. K. (2026). The Influence of Financial Literacy, Lifestyle, Self-Control, Peer Group, and E-Wallet Use on College Students’ Financial Management Behavior. Advances: Jurnal Ekonomi & Bisnis, 4(4), 1393–1416. https://doi.org/10.60079/ajeb.v4i4.1042
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