DAPATKAH FINANCIAL LITERACY BERFUNGSI SEBAGAI MEDIASI YANG BAIK UNTUK FAKTOR-FAKTOR PENENTU FINANCIAL MANAGEMENT DECISION

Penelitian ini bertujuan memberikan jawaban terhadap kontradiksi dalam hasil penelitian sebelumnya, serta memberikan sudut pandang baru dengan membagi kelompok usia responden di bawah dan di atas 40 tahun. Pembedaan ini bertujuan untuk menunjukkan bagaimana faktor usia berhubungan dengan tingkat kematangan berpikir dan bertindak seseorang, baik dalam pembuatan keputusan sehari-hari maupun financial management decision. Hal baru yang ditawarkan penelitian ini adalah mencari bukti efektivitas financial literacy sebagai mediasi yang baik untuk faktor-faktor penentu financial management decision seperti financial knowledge dan financial inclusion. Jika financial literacy memang diyakini memiliki arti penting maka financial literacy dapat berperan sebagai mediator. Penelitian ini telah memberikan jawaban yang jelas akan terdukungnya 3 hipotesis alternatif melalui signifikansi path coefficient yang dapat dilihat pada hasil uji bootstrapping level direct effect (H1 dan H2). Secara khusus, H3 yang juga terdukung pada hasil uji bootstrapping level indirect effect sekaligus membuktikan peran financial literacy sebagai mediator yang baik untuk mengintervensi pengaruh financial inclusion dan financial knowledge terhadap financial management decision. Temuan paling menarik dalam hasil uji bootstrapping level indirect effect adalah efek mediasi financial literacy pada pengaruh financial knowledge terhadap financial management decision ternyata lebih kuat daripada efek mediasi financial literacy pada pengaruh financial inclusion terhadap financial management decision. Efektivitas financial literacy sebagai mediator yang baik dalam mengintervensi pengaruh financial inclusion dan financial knowledge terhadap financial management decision dapat direalisasikan melalui model SEM yang ada. This study intends to provide answers to the contradictions in previous studies’ results, as well as provide a new perspective by dividing the age groups of respondents below and above 40 years. This distinction aims to show how the age factor is related to the level of maturity of one's thinking and acting, both in making daily decisions and financial management decisions. The new contribution which this research offers is to look for evidence of the effectiveness of financial literacy as a good mediator for the determinants of financial management decisions such as financial knowledge and financial inclusion. If financial literacy is believed to have an important meaning, then financial literacy can act as a mediation. This study has provided a clear answer to support the 3 alternative hypotheses through the significance of the path coefficient which can be seen in the results of the bootstrapping level direct effect test (H1 and H2). Specifically, the H3 hypotheses which is also supported by the results of the bootstrapping level indirect effect test also proves the role of financial literacy as a good mediator to intervene in the influence of financial inclusion and financial knowledge on financial management decisions. The most interesting finding in the results of the indirect effect bootstrapping level test is that the mediating effect of financial literacy on the influence of financial knowledge on financial management decisions is stronger than the mediating effect of financial literacy on the influence of financial inclusion on financial management decisions. The effectiveness of financial literacy as a good mediator in intervening the influence of financial inclusion and financial knowledge on financial management decisions can be realized through the existing SEM model.