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Parental Guidance and Self-Confidence Shape Students’ Financial Behavior, Study Finds
New research from Universitas Negeri Surabaya reveals that the way parents teach financial values at home plays a major role in shaping how university students manage money. The study, conducted by Khansa Adhena Salsabila and Mohamad Arief Rafsanjani, was published in 2026 in the Indonesian Journal of Society Development (IJSD) and focuses on economics education students at the State University of Surabaya.
The findings highlight that parental socialization—how parents introduce economic values, spending habits, and financial decision-making—directly influences students’ economic behavior. The research also shows that students’ economic self-efficacy, or confidence in their ability to manage financial decisions, plays a crucial role in shaping responsible financial behavior.
These insights matter as universities and policymakers increasingly recognize the importance of financial literacy and responsible economic behavior among young adults entering the workforce.
Why Student Economic Behavior Matters
Financial behavior among university students has become an important topic in education and public policy. As young adults gain financial independence—through allowances, scholarships, part-time work, or student loans—their decisions about spending, saving, and budgeting can shape long-term financial stability.
Poor financial habits during college years can lead to debt, poor saving practices, and limited financial planning later in life. For this reason, researchers and educators are exploring the factors that influence how students make economic decisions.
Family environment is often the first place where individuals learn about money. Parents may teach children how to budget, prioritize spending, and evaluate financial risks. However, the effectiveness of this early learning can depend on how strongly students believe in their own ability to manage financial decisions.
The study by Salsabila and Rafsanjani provides new evidence about how parental influence, financial knowledge, and personal confidence interact to shape economic behavior among university students.
How the Study Was Conducted
The research focused on students enrolled in the Economics Education Study Program at Universitas Negeri Surabaya. The researchers used a quantitative explanatory research design to analyze the relationships between several key variables:
- Parental socialization
- Economic literacy
- Economic self-efficacy
- Student economic behavior
Data were collected through questionnaires distributed to students in the program. The responses were then analyzed using Structural Equation Modeling (SEM) with the WarpPLS 7.0 statistical software.
This analytical method allowed the researchers to examine both direct and indirect relationships between variables—particularly whether financial knowledge and self-confidence act as mediators between parental influence and students’ economic behavior.
Key Findings
The study reveals several important patterns about how students develop economic behavior.
1. Parental socialization strongly influences students
Students who receive stronger economic guidance from their parents tend to show:
- Higher levels of economic literacy
- Greater economic self-efficacy
- Better economic behavior
This suggests that discussions about budgeting, saving, and financial responsibility at home can have a lasting impact on students’ financial decision-making.
2. Economic self-efficacy plays a decisive role
One of the study’s most significant findings is the strong relationship between economic self-efficacy and economic behavior.
Students who feel confident in their ability to manage finances are more likely to:
- Plan spending carefully
- Make rational financial decisions
- Demonstrate responsible economic behavior
3. Economic literacy alone does not guarantee good financial behavior
Surprisingly, the study found that economic literacy does not significantly influence economic behavior directly.
Although students may understand economic concepts, that knowledge alone does not necessarily translate into responsible financial decisions.
Similarly, economic literacy was not found to significantly affect economic self-efficacy.
4. Confidence matters more than knowledge
Overall, the findings suggest that self-confidence in financial decision-making is more important than knowledge alone when it comes to shaping economic behavior.
Students who believe they can successfully manage financial situations are more likely to apply economic principles in real life.
Real-World Implications
The study offers several insights for educators, families, and policymakers seeking to improve financial literacy and responsible economic behavior among young people.
Strengthening financial education at home
Parents play a key role in shaping children’s attitudes toward money. Regular conversations about financial decision-making—such as budgeting, saving, and responsible spending—can help students develop healthy economic habits.
Rethinking financial literacy programs
Many financial education initiatives focus heavily on teaching economic concepts. However, the research suggests that building students’ confidence in applying financial knowledge may be equally important.
Educational programs may need to include:
- Practical financial simulations
- Budgeting exercises
- Real-world financial decision-making scenarios
Supporting financial independence among students
Universities can also help students develop stronger economic self-efficacy by providing workshops on:
- Personal finance management
- Investment basics
- Responsible consumption habits
Programs that combine knowledge with practical experience may produce stronger behavioral outcomes.
Insight from the Researchers
According to the authors, the study highlights the importance of psychological factors in economic decision-making.
Khansa Adhena Salsabila and Mohamad Arief Rafsanjani from Universitas Negeri Surabaya explain that parental influence and personal confidence work together to shape students’ economic behavior.
Their findings indicate that economic self-efficacy acts as a key mechanism linking family financial socialization to responsible economic behavior among students.
In other words, the lessons students learn from parents become effective when students believe they can successfully apply them in real financial situations.
Author Profile
Khansa Adhena Salsabila is a researcher in economics education affiliated with Universitas Negeri Surabaya, Indonesia. Her work focuses on financial literacy, economic education, and student behavior.
Mohamad Arief Rafsanjani, M.Pd., is a lecturer and researcher in the Economics Education Study Program at Universitas Negeri Surabaya. His research expertise includes economic education, financial literacy, and behavioral economics in educational contexts.
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