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Parental Guidance and Self-Belief Shape Students’ Economic Behavior, Study Finds
A new study by researchers from Universitas Negeri Surabaya shows that parental socialization and students’ confidence in their economic abilities play a decisive role in shaping how university students manage economic decisions. The research, conducted by Khansa Adhena Salsabila and Mohamad Arief Rafsanjani from the Economics Education Study Program at Universitas Negeri Surabaya, was published in 2026 in the Indonesian Journal of Society Development. The findings highlight how family influence and personal confidence affect students’ financial attitudes and behaviors, offering insights for educators and policymakers seeking to improve financial literacy among young adults.
The research focuses on economic education students at the State University of Surabaya and examines how parental guidance during upbringing influences economic literacy, economic self-efficacy, and ultimately students’ economic behavior. The results show that while knowledge about economics is important, students’ belief in their ability to apply that knowledge is an even stronger predictor of responsible economic decision-making.
Why Student Economic Behavior Matters
Economic behavior refers to how individuals manage money, make purchasing decisions, save resources, and plan financial activities. For university students, these habits often begin to develop as they gain independence from their families and start managing personal finances.
In many countries, including Indonesia, concerns about youth financial management have grown alongside rising living costs, student expenses, and expanding access to digital financial services. Universities increasingly emphasize financial literacy, but research suggests that knowledge alone does not always translate into responsible economic behavior.
Family influence remains one of the earliest and most powerful sources of economic education. Parents shape children’s attitudes toward money through daily conversations, habits, and expectations. At the same time, psychological factors such as self-efficacy—the belief that one can successfully perform a task—may determine whether financial knowledge is actually applied in real life.
The Surabaya study addresses this gap by exploring how parental socialization, economic literacy, and economic self-efficacy interact to shape students’ economic behavior.
How the Study Was Conducted
The research used a quantitative explanatory design to analyze relationships between several key variables affecting students’ economic behavior.
Researchers collected data from students in the Economics Education Study Program at Universitas Negeri Surabaya. Participants responded to structured questionnaires measuring:
- Parental socialization related to financial habits and economic values
- Students’ level of economic literacy
- Students’ economic self-efficacy, or confidence in managing economic activities
- Students’ economic behavior in daily life
The data were analyzed using Structural Equation Modeling (SEM) with the WarpPLS 7.0 software package. This statistical method allowed the researchers to examine direct and indirect relationships between variables and identify which factors most strongly influence economic behavior.
Key Findings
The study reveals several important insights into how students develop economic decision-making habits.
1. Parental socialization strongly influences student economic behavior
Students who reported stronger parental guidance related to financial habits tended to demonstrate better economic behavior. Parents who discuss budgeting, saving, spending, and financial responsibility contribute to shaping students’ economic attitudes.
2. Parental influence also increases economic literacy
The research found that parental socialization positively affects students’ economic knowledge. Students exposed to financial discussions and guidance at home often develop stronger understanding of economic concepts.
3. Parental guidance builds economic self-efficacy
The study also found that parental influence strengthens students’ confidence in their ability to manage economic decisions. This confidence plays a crucial role in translating knowledge into action.
4. Economic literacy alone does not significantly shape behavior
One of the most striking findings is that economic literacy by itself did not significantly influence economic self-efficacy or economic behavior. Students may understand economic principles but still struggle to apply them in daily financial decisions.
5. Economic self-efficacy directly shapes economic behavior
The most significant predictor of positive economic behavior was economic self-efficacy. Students who believed they could manage financial decisions effectively were more likely to demonstrate responsible economic habits.
These findings suggest that confidence and psychological readiness are essential for turning financial knowledge into real behavior.
Why Self-Efficacy Matters More Than Knowledge
The research highlights a key challenge for financial education programs. While many initiatives focus on improving financial literacy, the study suggests that knowledge alone may not be enough.
Students must also develop confidence in their ability to use that knowledge in practical situations—such as budgeting monthly expenses, making purchasing decisions, or planning for future financial goals.
According to the researchers, family influence plays a major role in building this confidence.
In the study, Khansa Adhena Salsabila and Mohamad Arief Rafsanjani from Universitas Negeri Surabaya explain that parental socialization helps students internalize economic values and develop the confidence needed to apply economic principles in everyday life.
In other words, parents who actively discuss financial decisions and model responsible financial behavior help students develop both knowledge and the confidence to act on it.
Implications for Education and Policy
The findings carry important implications for universities, policymakers, and families seeking to strengthen financial responsibility among young people.
The study also suggests that educational institutions should focus on developing both economic literacy and economic self-efficacy simultaneously.
Author Profiles
Khansa Adhena Salsabila is a researcher in the field of economic education at Universitas Negeri Surabaya. Her work focuses on financial literacy, student economic behavior, and the role of family influence in shaping economic attitudes.
Mohamad Arief Rafsanjani, M.Pd. is a lecturer 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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