Financial Literacy Alone Is Not Enough: Research Reveals the Main Key for Surabaya Students to Save Money

Ilustration by AI 

FORMOSA NEWS

Having high financial knowledge turns out not to be a basic guarantee for a university student to regularly save money. A study published in May 2026 reveals that financial literacy does not have a significant direct effect on student saving behavior unless it is balanced by self-control and adequate parental socioeconomic status. This scientific research was authored by Aanisah Eka Wahyu R and Haryati Setyorini from Hayam Wuruk Perbanas University, Surabaya, to examine the dynamics of allowance management among young people in the digital era.

Background: Low Saving Rates Amidst a Digital Lifestyle

Young people and university students in Indonesia are growing up in a digital technology era that provides easy access to shopping and information. However, this convenience brings its own challenges in personal financial management due to the temptation of impulsive buying and a lack of expenditure control.

Nationally, the saving rate among Indonesians has experienced a decline. Data shows that the proportion of public savings in early 2025 dropped to 14.7%, marking the lowest figure in recent years. The Consumer Saving Index (IKM) also showed significant declines during specific months when university tuition expenses increased. This phenomenon highlights the importance of understanding the psychological and environmental factors that trigger saving habits among university students as future leaders.

Research Methodology: A Structural Survey on Private University Students

This quantitative research utilized a survey approach. Primary data collection was conducted via online questionnaires distributed to 175 active students from various private universities in Surabaya, including Hayam Wuruk Perbanas University, University of Surabaya, Narotama University, 17 Agustus 1945 University, Dr. Soetomo University, and Dinamika University.

Respondents were selected using a purposive sampling technique, focusing on students who receive an allowance or earn their own income and have engaging in saving activities. The collected data was then analyzed using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) method with SmartPLS software to test direct and indirect relationships between variables.

Main Findings: From Impulsive Buying Shock to the Vital Role of Self-Control

Data analysis revealed several intriguing insights regarding students' financial habits:

• Financial Literacy Has No Direct Influence: A high level of financial knowledge (reaching an average of 96% among respondents) does not automatically make students save consistently. Theoretical understanding without real intention and action fails to ensure consistent habits.
• Impulsive Buying Drives the Urge to Save: Researchers identified a positive relationship between impulsive buying and saving behavior. Students who engaged in spontaneous spending experienced an emotional awareness (learning curve) as their expenses surged, prompting them to save to restore their financial balance.
• Parental Socioeconomic Status Has a Positive Effect: Income levels, education, and asset ownership of parents contribute significantly and positively. Financially stable parents are able to provide sufficient allowances along with facilities and financial education that encourage children to set money aside.
• Self-Control as a Key Mediator: Self-control was proven to mediate the relationship between financial literacy and saving behavior. Financial knowledge becomes effective in translating into actual saving behavior only when students possess the self-discipline to restrain themselves from excessive consumption.

Research Implications for Education Policies and Student Finance

The findings offer valuable insights for university policymakers, parents, and students alike:

• Practice- and Behavior-Based Financial Education: Higher education institutions are advised not to focus solely on theoretical financial management, but also to train emotional regulation and the formation of healthy financial habits.
• Curbing Impulsive Spending through Strict Budgeting: Students are encouraged to create daily budget plans, distinguish needs from wants, and immediately allocate savings upon receiving their allowance from their parents.
• Active Communication from Parents: Parents are expected not merely to hand out allowances, but to actively guide and lead by example in allocating funds wisely.

"Vast financial knowledge will not have much of an impact on saving habits if an individual lacks strong self-control. Self-control serves as the main bridge so that financial understanding can be translated into real action for long-term financial well-being," stated Haryati Setyorini, Lecturer at Hayam Wuruk Perbanas University.

Author Profiles

• Aanisah Eka Wahyu R: Researcher and alumna of the Management Study Program at Hayam Wuruk Perbanas University, Surabaya, focusing on student financial behavior and personal finance management.
• Haryati Setyorini, S.E., M.M.: Lecturer and researcher at Hayam Wuruk Perbanas University, Surabaya, with expertise in financial management, consumer behavior, and financial literacy.

Research Source

Journal Article Title: The Influence of Financial Literacy, Impulsive Buying, and Parents' Socioeconomic Status on Saving Behavior Through Self-Control as a Mediation Variable
Journal Name: Jurnal Multidisiplin Madani (MUDIMA)
Publication Year: 2026 (Vol. 6, No. 5, pp. 1009–1022)
Official DOI: https://doi.org/10.55927/mudima.v6i7.104

URL : https://journalmudima.my.id/index.php/mudima