Determinants of the Level of Sharia Financial
Literacy among Muslimah in Jabodetabek
Rosalina Saleh, Indra, Nurul Hilmiyah
Postgraduate Program, Faculty of Sharia Economics
and Business, Tazkia Islamic Institute, Indonesia
Email:
[email protected], [email protected],
|
Keywords: |
ABSTRACT |
|
financial
literacy, Islamic financial literacy, financial knowledge, financial
behavior, financial attitude, religiosity |
As being known, financial literacy by definition, is knowledge,
skills, and beliefs in which in many references influence attitudes and
behavior of an individual to improve the quality of decision-making and
financial management in order to achieve welfare. In Islamic financial
literacy, welfare is falah. This study aims to
determine the determinants of Islamic financial literacy levels in 391
productive age Muslim women in Jabodetabek. Methods
of data analysis in this research using purposive sampling method and using
SEM-PLS analysis. The results showed that of the four variables studied, the
financial knowledge variable had no significant influence on Islamic
financial literacy. While three other variables (financial attitude,
financial behavior and religiosity) show significant influence to Islamic
financial literacy. |
INTRODUCTION
In Islam, it is known that seeking
knowledge is highly recommended. Knowledge is very important in Islam as Allah
SWT says in the QS Al-Mujjadi verse 11:
"Allah will surely elevate those who believe among
you and those who have been given knowledge by several degrees."
The importance
of financial literacy, especially sharia, is increasing in Indonesia, in line
with the development of sharia financial instruments. Despite this, national
financial literacy still shows low figures, with sharia financial literacy at a
level of 8.93%. In the midst of this gap, Indonesia has the potential to become
a sharia economic and financial center, in line with its skyrocketing position
in the Islamic Finance Development Indicator (IFDI).
The Indonesian
government, through the OJK, has established a roadmap to increase sharia
financial literacy, recognizing the important role of Muslim women in economic
empowerment. Even though women's financial literacy is still below that of men,
this research is crucial for understanding and improving sharia financial
literacy, especially among Muslim women in Jabodetabek,
which demographically reflects the diversity of conditions in Indonesia. By
focusing on the productive age range, this research provides a more accurate
picture of the level of sharia financial literacy among Muslim women,
considering their key role in the family and society.
Several
studies on Sharia Financial Literacy have also been carried out to complete
data on Sharia financial literacy in Indonesia but are still limited to several
areas such
as Banda Aceh (Syifa et al., 1998) , Yogyakarta (Herdianti & Utama, 2017) , Makassar (Said & Amiruddin , 2017) , Bandung (Senjiati et al., 2018) . The study of
Financial Literacy among women was carried out by Khotimah
in Surabaya (Khotimah, 2019) , Zulfa
Hilmi and Dina Patrisia (Hilmi & Patrisia, 2020) . Dwilita
and Sari in North Sumatra (Dwilita & Sari, 2020) , in ASN Women in
Sumbawa Besar (Sari et al., 2020) and in the housewife
community in Depok (Lindiawatie & Shahreza, 2021) with various measurement variables and influencing
factors. Specifically measuring sharia financial literacy in women has not been
widely done. The latest research from Sari et al on the influence of financial
literacy and lifestyle on the financial behavior of female state civil servants
(ASN) in Sumbawa Besar shows the results that financial literacy
and lifestyle have a significant influence on financial behavior (Sari et al.,
2020 ) .
Regarding the
concept and parameters of Financial Literacy and Sharia Financial Literacy,
several studies have also been carried out, such as those carried out by
Huston, by proposing an approach concept to overcome obstacles to measuring
financial literacy by taking a standard construct approach, namely: knowledge,
behavior/abilities, and a combination of both (Huston , 2010) . Then Mahdzan
stated that the parameters used were Faith, Virtue and Obligation (Mahdzan et
al., 2016) . In 2017, Er and Mutlu measured Sharia Financial Literacy with Knowledge,
Attitude and Behavior Indicators with results in Turkey of 58%. OECD/INFE as an
international survey institution also measures financial literacy in adults
using the parameters of Financial Knowledge, Financial Attitudes and Financial
Behavior as outlined in the results of the 2020 International Survey of Adult
Financial Literacy (OECD/INFE, 2020), where Indonesian financial literacy data
was found . is at 63.5% with the results for each
parameter: Financial Knowledge 53.2%, Financial Attitude 66.8%, Financial
Behavior 69.7%.
From the information above, several gaps were found, where
Sharia Financial Literacy is currently felt to be very important and based on
the 2019 OJK survey, it was found that the level is still low in Indonesia and
there are large gaps between provinces and there is still little research
regarding measuring the level of Islamic financial literacy, especially on
Muslim women and their determinants. Several studies above mention several
potential determinants as indicators for measuring financial literacy such as
knowledge, attitudes, behavior and religiosity. On the other hand, specifically
regarding financial literacy among Muslim women, no
research has been specifically found that mentions the level of financial
literacy of Muslim women in the productive age range, while this should be a
research objective that wants to know the results because it is very important
in managing finances in the family. Even though there have been several
previous studies, research related to sharia financial literacy has been
carried out sporadically, the measurements carried out are still varied and
cannot provide a broad picture of the situation in Indonesia .
With the discovery of the gaps mentioned above, the
priority of conducting this research is because it discusses a nationally
important problem, namely the level of sharia financial literacy which is still
low, there is still little specific research regarding the level of financial
literacy among Muslim women, there are efforts to encourage increased sharia
financial literacy from the government. , and to find
out more comprehensive determinants. It is hoped that the results of this study
will provide additional information that is useful for increasing and
developing sharia financial literacy among Muslim women of productive age and
is expected to be useful in supporting efforts to increase and develop sharia
financial literacy in Indonesia in general.
Previous research highlights low levels of financial
literacy which can cause financial problems in various countries. Successful
financial literacy is proven to be essential to an understanding of sound
financial principles and the knowledge to avoid financial stress. Several studies
emphasize the importance of financial literacy, such as studies that state that
financial literacy plays a key role in investment decisions of women
entrepreneurs. The measurement of financial literacy involves general
knowledge, savings and loans, insurance, and investments, as well as factors
such as specific knowledge, ability to apply knowledge, and financial
experience. The Financial Services Authority (OJK) in the Indonesian National
Strategy for Financial Literacy and Inclusion (SNLKI) emphasizes three
strategic programs: Financial Capability, Wise Financial Attitudes and
Behavior, and Financial Access. Several studies also show a correlation between
Islamic financial literacy and factors such as attitudes, knowledge and
behavior. Even though there are differences in the results of previous studies,
basic knowledge of sharia financial literacy, especially related to the
concepts of money, business, banking, zakat and inheritance, is considered
important to support the sharia economy. The results of previous research show
that the level of sharia financial literacy can be influenced by factors such
as education level, gender, attitudes, perceptions and knowledge.
This research aims to fill the knowledge gap
regarding sharia financial literacy, especially among Muslim women in Jabodetabek, Indonesia. The research problem is focused
on two main questions, namely the level of sharia financial literacy among
Muslim women in the region, and what factors (determinants) have a significant
influence on sharia financial literacy in this group. Through an online survey
method among the Muslim population of productive age (15-64 years) in 2022,
this research seeks to measure sharia financial literacy and analyze factors
such as knowledge, attitudes, financial behavior and the influence of
religiosity factors. It is hoped that the results can become an important
reference for further research, help standardize research on determinant
factors, and provide priority information for interventions that can increase
sharia financial literacy among Muslim women throughout Indonesia. Apart from
that, this research has the benefit of increasing awareness of the big role of
Muslim women in forming Muslim households that are financially sustainable and
adhere to sharia principles.
Research methods
This research
uses descriptive quantitative methods with a survey approach to evaluate the
level of sharia financial literacy among Muslim women in Jabodetabek.
A quantitative approach was chosen to allow testing of previously established
hypotheses. The research sample was selected using a purposive sampling
technique, with a focus on Muslim women of productive age in Jabodetabek. Data was collected through an online survey
method using a questionnaire created in a Google form. The questionnaire is
divided into seven sections, covering respondents' personal information,
financial knowledge variables, financial behavior, financial attitudes,
religiosity, and sharia financial literacy. The questionnaire design was based
on previous research literature and was designed to ensure validity and
reliability.
The population
of this research is Muslim women of productive age in Jabodetabek,
with a sample of 384 respondents calculated based on the Krejcie
and Morgan tables. The data analysis technique used is Structural Equation
Modeling - Partial Least Square (SEM-PLS). Model evaluation includes convergent
validity, discriminant validity, and collinearity, significance of cross
coefficients, R-squared, effect size, and predictive relevance Q-squared. The
Sharia Financial Literacy Questionnaire includes five indicators, namely
knowledge of sharia finance, sharia banking, sharia loans, sharia insurance,
and zakat. Questionnaire scores will be normalized to 100 for reporting. The
religiosity factor is measured through faith, morals, sharia obligations, and
practical elements of Islam. Measurement of variables such as financial
knowledge, financial attitudes, and financial behavior is based on previous
studies. Data analysis using SEM-PLS is expected to provide in-depth insight
into the complexity of the relationships between variables in this conceptual
model. All research steps were directed to ensure the accuracy and validity of
the results of this research.
Results and
Discussion
The research results were obtained from
samples that have been collected through online questionnaires and descriptive
analysis and model analysis will be carried out. Descriptive analysis in this
case explains the characteristics of the respondents. Then the statistical
analysis will be processed with model analysis using SEM PLS.
A. Inner Model
Analysis (Measurement Model)
1.
Assessing Outer Loading Factor and Convergent
Validity
There
are two process steps in the SEM-PLS assessment that involve separate
assessments of the measurement of a structural model (Hair et al., 2021). Reflective measurement
models must be assessed by paying attention to reliability and validity (Asyraf & Afthanorhan, 2013). Even though
individual indicators are considered reliable with correlation values
above 0.70, from research at the scale development stage, a loading of
0.60 is still accepted (Ghozali, 2008).
Based
on the test results in this research, there are 9 (nine) indicators that must
be discarded because they have values below 0.60, namely the indicators FA1,
FA2, FA8, FA9, FA10, FB9, FKA2, FKR, and IFLA. The research measurement model
is presented in the following table:
Table 1. Measurement of Outer Loading
Factor Values
|
F.A |
FB |
FK |
IFL |
Religiosity |
|
|
FA3 |
0.746 |
|
|
|
|
|
FA4 |
0.724 |
|
|
|
|
|
FA5 |
0.617 |
|
|
|
|
|
FA6 |
0.739 |
|
|
|
|
|
FA7 |
0.753 |
|
|
|
|
|
FB1 |
|
0.693 |
|
|
|
|
FB2 |
|
0.790 |
|
|
|
|
FB3 |
|
0.685 |
|
|
|
|
FB4 |
|
0.673 |
|
|
|
|
FB5 |
|
0.722 |
|
|
|
|
FB6 |
|
0.803 |
|
|
|
|
FB7 |
|
0.717 |
|
|
|
|
FB8 |
|
0.742 |
|
|
|
|
FKA1 |
|
|
0.964 |
|
|
|
IFL PbS |
|
|
|
0.748 |
|
|
IFL PjS |
|
|
|
0.655 |
|
|
IFLKS |
|
|
|
0.793 |
|
|
IFLZ |
|
|
|
0.703 |
|
|
RF |
|
|
|
|
0.854 |
|
RO |
|
|
|
|
0.878 |
|
RVs |
|
|
|
|
0.798 |
Source: Author's Data Processing Results, 2023
And
the output results of the measurement model are presented in Figure 4 as follows:
Figure 1. Outer Loading Measurement Model Output Results
Source: Author's Data Processing Results, 2023
From
the picture above, in Financial Knowledge (FK) there are 3 indicators
that show the value of the outer model or correlation. One of the
indicators is fulfilled convergent validity, namely FKA1. This
means that the value of the outer loading factor of the Financial Knowledge (FK)
indicator has a correlation value above 0.6. However, the other indicators do
not meet the convergent validity criteria, so FKA2 and FKR are not used
(eliminated). The dominant indicator in forming the Financial Knowledge (FK)
construct is influenced by FKA1 of 0.964 (96.4%). The meaning is that Muslim
women of productive age in Jabodetabek know simple
arithmetic.
For
the Financial Behavior (FB) variable, there are 9 indicators that show the
outer model or correlation value. Of the 9 variable indicators, only 1
indicator (FB9) does not meet convergent validity. While the rest have met convergent
validity. This means that the value of the outer loading factor of the Financial
Behavior (FB) indicator has a correlation value above 0.6. The dominant
indicators in forming the Financial Behavior (FB) construct are influenced by
FB6 amounting to 0.803 (80.3%). This means that Muslim women of productive age
in Jabodetabek have and maintain savings for
emergencies.
In
the Financial Attitude (FA) variable there are 10 indicators that show the
outer model or correlation value. There are 5 indicators that meet convergent validity,
namely FA3, FA4, FA5, FA6, and FA7. This means that the value of the outer
loading factor of the five Financial Attitude (FA) indicators has a correlation
value above 0.6. However, the other 5 indicators did not meet the convergent
validity criteria, so FA1, FA2, FA8, FA9 and FA10 were not used (removed)
because their values were less than 0.6. The dominant indicators in forming the
Financial Attitude (FA) construct are influenced by FA7 amounting to 0.753
(75.3%). This means that Muslim women of productive age in Jabodetabek
have long-term financial goals and always try to achieve them.
In
the Religiousness variable, there are 3 indicators that show the outer model or
correlation value and all the indicators meet convergent validity. This means
that the value of the outer loading factor of the Religiousness indicator has a
correlation value above 0.6. The dominant indicator in forming the construct of
religiosity is influenced by RO of 0.878 (87.8%). This means that Muslim women
of productive age in Jabodetabek carry out religious
activities which are strongly influenced by the activities required by the
Islamic religion (obligation).
For
the Islamic Financial Literacy (IFL) variable, there are 5 indicators that show
the outer model or correlation value. There is only 1 indicator with a
correlation value below 0.6, namely IFLA. So this
indicator is not used. Meanwhile, the other 4 indicators have met convergent
validity. This means that the value of the outer loading factor of the IFL
indicator has a correlation value above 0.6. The dominant indicators in forming
the IFL construct are influenced by IFLKS amounting to 0.793 (79.3%). The
meaning is that Muslim women of productive age in Jabodetabek
have an understanding of sharia finance.
2.
Discriminant Validity
Discriminant
validity is
a process of comparing the square root average variance extracted (AVE)
value of each construct with the correlation between constructs in the model.
Apart from the outer loading factor value, the measurement model and convergent
validity test also look at the AVE value. If the AVE square root value for each
construct is greater than the correlation value between constructs in the
model, then it is said that the discriminant validity value is good (Fornell, C., &
Larcker, 2016; Hair et al., 2021) .
If
the AVE value is greater than 0.50, it means it is acceptable because it shows
a sufficient level of convergent validity, in this case the latent variable
explains more than half of the indicator diversity. The following table
describes the AVE values of several research variables
Table
2. Discriminant Validity
|
Average Variance Extracted (AVE) |
|
|
F.A |
0.521 |
|
FB |
0.537 |
|
FK |
1,000 |
|
IFL |
0.537 |
|
Religiosity |
0.712 |
Source: Author's
Processed Data, 2023
So the conclusion is
that because all variables have an AVE value above 0.5, it means that all
variables have a sufficient level for assessing convergent validity.
B.
Composite Reliability
The
level of measurement consistency (reliability) is tested using composite reliability.
High reliability shows that the indicator has high consistency in measuring
the latent variable. Apart from composite reliability, reliability can
also be seen from the composite reliability value and Cronbach's
alpha is declared good if it has a value of more than 0.6. Therefore, all
requirements for convergent testing, construct reliability, Cronbach's alpha
or internal reliability are achieved.
Table 3. Composite
Reliability
|
|
Cronbach's Alpha |
Composite Reliability |
|
F.A |
0.770 |
0.844 |
|
FB |
0.876 |
0.902 |
|
FK |
1,000 |
1,000 |
|
IFL |
0.717 |
0.822 |
|
Religiosity |
0.797 |
0.881 |
Source: Author's Processed Data, 2023
Based
on table 3 above, it can be seen that all latent variables in this study have composite
reliability values above 0.6 and Cronbach's Alpha values are also above
0.6, so it can be interpreted that the variables used are reliable. This
means that all indicators in this study have good consistency for measuring
latent variables.
C.
Outer Model Analysis (Measurement Model)
Evaluation of R-square,
t test and significance of parameter coefficients are used for the
dependent constructs of the structural path model. Latent variables in the PLS
model are assessed using R-square (Hair et al., 2021) .
Table 4. R-Square Analysis
Results
|
|
R-Square |
Adjusted R-Square |
|
IFL |
0.480 |
0.475 |
Source: Author's
Processed Data, 2023
As
previously mentioned, the structural model is tested by looking at the
R-square (goodness fit model) where in this study there is one endogenous
variable, namely Islamic Financial Literacy (IFL), which is bound by 4
exogenous variables, namely Financial Attitude, Financial Knowledge,
Financial Behavior and Religiosity. It was found that the R-square
value of these four variables was 0.480 (48%). The interpretation is that the
IFL construct variable that can be explained by the four variables FA, FK, FB and
Religiosity is 48% while the remaining 52% is explained
by other variables not included in the current research.
In
the structural model, analysis and discussion of the influence of
latent-exogenous variables on latent-endogenous variables are also carried out.
The results of the structural model analysis using the t-value and p- value are
in table 23 and figure 5 following:
Table 5. Structural Model Analysis Results
|
Coef. |
Mean |
STDEV |
T Statistics |
P Values |
Decision |
|
|
FA àIFL |
0.095 |
0.096 |
0.052 |
1,824 |
0.069 |
Reject H0* |
|
FB àIFL |
0.232 |
0.230 |
0.061 |
3,769 |
0,000 |
Reject H0*** |
|
FK àIFL |
0.043 |
0.047 |
0.038 |
1,126 |
0.261 |
Accept H0 |
|
IFL Religiosityà |
0.457 |
0.452 |
0.068 |
6,769 |
0,000 |
Reject H0*** |
Note: *10% significance, **5% significance,
***1% significance.
Source: Author's Processed
Data, 2023
Figure 2. P Value of Structural Model
Source:
Author's Processed Data, 2023
Based on Table 23 and Figure 5 above, it
can be seen that there is 1 endogenous latent variable, namely the Islamic
Financial Literacy (IFL) variable. Apart from that, there are 4 exogenous
latent variables, namely Financial Attitude (FA), Financial Knowledge (FK),
Financial Behavior (FB) and Religiosity.
Thus, in this case a
structural equation is formed. Based on this structural equation, 4 hypotheses
can be derived that relate to the direct relationship between latent variables
in the model (see Table 21).
Furthermore, by using a real level of
10%, it can be seen that of all the available hypotheses, there are 3
hypotheses giving the conclusion Reject H 0, which means that the
hypothesis that the exogenous latent variable has a significant effect on the
endogenous latent variable is accepted. Meanwhile, there is 1 other hypothesis
that gives the conclusion Accept H 0, which means the exogenous
latent variable has no significant effect on the endogenous latent variable.
Discussion
A. Analysis of
the Relationship between Financial
Knowledge and Islamic
Financial Literacy
This
research shows that the financial knowledge variable does
not significantly influence the Islamic Financial Literacy variable as
shown in table 22 below:
Table
6. Relationship between the financial knowledge
variable and the Islamic Financial Literacy variable
|
|
Coef. |
Mean |
STDEV |
T Statistics |
P Values |
Decision |
|
FK àIFL |
0.043 |
0.047 |
0.038 |
1,126 |
0.261 |
Accept H0 |
Source: Author's Processed Data, 2023
Based
on the table above, it can be seen that financial
knowledge has no influence on sharia financial literacy with a P value of 0.261.
If measured using a significance level of 10%, then the P value is above 0.10. So the financial knowledge variable does not directly
contribute to influencing sharia financial literacy. So
the decision is that the hypothesis is rejected.
Although
financial knowledge in this study was stated to have no influence on sharia
financial literacy, this may be contrary to the general view that financial
knowledge will influence financial literacy , so in
this case it can be assumed to include sharia financial literacy. However,
there are research results which apparently have conclusions in line with this
research, namely the conclusions from Justyn & Mahreni (Justyn & Marheni,
2020) which states
that financial knowledge (and financial education ) does not have a significant
influence on financial literacy. Several other studies also have results
showing that financial knowledge does not have a significant effect on
financial literacy (Dahlia et al., 2009;
Frijns et al., 2014; Rai et al., 2019) .
Islamic
financial literacy had been selected , namely subjective knowledge about sharia
compliance and knowledge about usury and the concept of profit sharing (Nazir Ahmad et al.,
2020) . So in this case the financial knowledge in question may not
be arithmetic parameters or knowledge about economics in general but more
specific ones.
On
the other hand, there are several possible factors that could influence why
financial knowledge has no effect on sharia financial literacy among Muslim
women of productive age in Jabodetabek. Firstly, from
the results of this research, it was found that the sharia financial literacy
level of productive age Muslim women in Jabodetabek
was in the medium category, meaning that respondents already had basic
financial knowledge but apparently still lacked skills in managing personal
finances. This can be seen from the survey results where almost half of the
respondents (45.5%) apparently have not/never used sharia financial
instruments.
Lack
of access to information about Islamic financial literacy that is easy to
understand could also be the cause. Even though someone has financial
knowledge, if the available information is difficult to understand, it will be
difficult for them to apply this financial knowledge in everyday life. Also nationally,
it can be seen that the level of Islamic financial literacy in 2019 is still
low, namely 8.93% (Financial Services
Authority, 2019) . The increase
in sharia financial literacy is also still considered insignificant in the 2022
survey, namely 9.14% with a real gap compared to the conventional financial
market share (Indonesian Financial
Services Authority (OJK), 2022) .
Second,
the innovation and competitiveness of the Islamic financial industry is still
far from being compared to the conventional financial industry. There are still
limitations in terms of sharia financial product innovation, product and
service prices are difficult to compete and the number of branch offices is not
as large as the conventional financial industry so access to people in remote areas
is still an obstacle. This is apparently also realized and is the government's
plan in accordance with the Indonesian Sharia Economic Masterplan (MEKSI)
2019-2024, the Indonesian Government's vision to make Indonesia a leading
sharia economic center in the world is carried out by seeking to increase the
level of sharia financial literacy and inclusion. And this can be achieved only
by expanding education and outreach to the community, continuing to innovate,
increasing the capability and competitiveness of the sharia financial services
industry (National Committee on
Sharia Finance, 2018) which has also been
planned in the Blueprint for Sharia Economic Development in Indonesia (Bank Indonesia, 2020)
Third,
in this research the results showed that sources of information regarding
sharia finance may need to be further improved, which currently only comes
mostly from information/advertising on TV/Radio/electronic media or social
media at 29.4% (table 16). The participation of others such as sharia
educational institutions/institutions, academics, ulama, majlis taklim, sharia financial practitioners, government support
through relevant ministries and government institutions, sharia financial
services industry players and also the active role of the community is felt to
be very important in efforts to accelerate improvement. Islamic financial
knowledge in Indonesia.
B.
Analysis of the Relationship between Financial
Attitude and Islamic Financial Literacy
This
research shows that the financial
attitude variable
has a significant effect on the Islamic Financial Literacy variable as
shown in the table below:
Table 7. Relationship
between the financial attitude variable and the
Islamic Financial Literacy variable
|
|
Coef. |
Mean |
STDEV |
T Statistics |
P Values |
Decision |
|
FA àIFL |
0.095 |
0.096 |
0.052 |
1,824 |
0.069 |
Reject H0* |
Source: Author's Processed Data, 2023
Based
on the table above, it can be seen that financial attitudes are related and
have a positive influence on sharia financial literacy with a P value of 0.069.
If measured using a significance level of 10%, then the P value is below
0.10. So the financial attitude variable directly
contributes to the influence on sharia financial literacy. So
the hypothesis decision is accepted.
Research
from Justyn & Mahreni (Justyn & Marheni, 2020) also states that financial
attitude and financial experience have a significant and positive
influence on Islamic financial literacy . This means that
attitude has a significant and positive influence on sharia financial literacy.
Bhushan & Medury (Bhushan & Medury,
2020) also stated
that better Islamic financial literacy in the younger generation can be
achieved by focusing on developing financial attitudes that are beneficial to
the people of the country.
Similar
things were said by Ibrahim & Alqaydi (Ibrahim &
Alqaydi, 2013) in their
research which showed that through education, a person can improve personal
financial attitudes, which in the end can reduce dependence on credit cards.
Apart from that, financial attitudes also influence a person's financial
well-being.
Many
other studies also support the positive influence of financial attitude on Islamic
financial literacy , including: namely Ajzen (Ajzen, 2001) , Shim (Shim et al., 2009) , Rai (Rai et al., 2019) , Indana
& Pambekti (Indana &
Pambekti, 2022) which have an
impact on the following:
First,
financial attitudes can influence sharia financial literacy among Muslim women
of productive age in Jabodetabek because a positive
financial attitude can motivate someone to study and learn more deeply about
sharia financial literacy and have a strong belief in sharia principles.
Second,
a positive financial attitude encourages someone to take the right action.
Someone with a positive financial attitude tends to be more careful and careful
in making financial decisions. By understanding sharia financial literacy, they
can make appropriate and wise financial decisions that are adjusted to sharia
principles.
In
this case, efforts need to be made to form a positive financial attitude among
Muslim women of productive age in Jabodetabek.
This can be done through education and counseling regarding sharia finance, as
well as providing examples of good financial management in accordance with
sharia principles.
C. Analysis of the
Relationship between Financial Behavior and Islamic Financial
Literacy
The
relationship between financial behavior variables and Islamic Financial
Literacy is shown in the table below:
Table 8. Relationship between Financial Behavior Variables and
Islamic
Financial Literacy Variables
|
|
Coef. |
Mean |
STDEV |
T Statistics |
P Values |
Decision |
|
FB àIFL |
0.232 |
0.230 |
0.061 |
3,769 |
0,000 |
Reject H0*** |
Source: Author's Processed Data, 2023
It
is clear that financial behavior has a positive influence on sharia financial
literacy with a P value of 0.000. If measured using a significance level
of 5%, then the P value is below 0.05. So, financial behavior variables
directly contribute to sharia financial literacy. So that the initial
hypothesis decision can be accepted.
Several
studies are related to women's financial literacy levels, which include
financial planning behavior, investing, paying bills, saving, credit cards, and
budgeting behavior. As in research by Bhushan & Medury
(Bhushan & Medury,
2014) , Kalekye & Memba (Kalekye & Memba,
2015) states that a
person's behavior will make good financial decisions and manage money, such as
preparing an effective budget and controlling it, paying bills appropriately.
time, and save regularly. This means that this behavior affects the level of
financial literacy. The same thing was said by Silva et al (Silva et al., 2012) , Antara, Hilmi & Patricia (Antara et al., 2016;
Hilmi & Patrisia, 2020) All of these journals state that financial
behavior has a positive effect on sharia financial literacy as follows:
First,
good financial behavior can strengthen management and discipline in managing
finances. Someone with good financial behavior tends to have more discipline in
managing their finances, including sharia financial management. This can
strengthen financial management in accordance with sharia principles and
strengthen understanding of sharia financial literacy.
Second,
good financial behavior can strengthen trust in sharia principles. A person
with good financial behavior tends to have strong belief and belief in sharia
principles. In this way, they will be more open and easier to accept the
concept of sharia financial literacy.
Third,
good financial behavior can strengthen skills in making financial decisions.
Someone with better financial behavior has a tendency to
be more careful and careful in making financial decisions. By understanding
sharia financial literacy, they can make more precise and wise financial
decisions in accordance with sharia principles.
D. Analysis of the relationship between the Religiosity variable and Islamic
Financial Literacy
This
research shows that the religiosity variable has a significant
effect on the Islamic Financial Literacy variable as shown in this table:
Table 9. Relationship between the religiosity variable
and the Islamic
Financial Literacy variable
|
|
Coef. |
Mean |
STDEV |
T Statistics |
P Values |
Decision |
|
IFL Religiosityà |
0.457 |
0.452 |
0.068 |
6,769 |
0,000 |
Reject H0*** |
Source: Author's Processed Data, 2023
Based
on the table above, it can be seen that religiosity has a positive influence on
sharia financial literacy with a P value of 0.000. If measured using a
significance level of 5%, then the P value is below 0.05. So the religiosity variable directly contributes to the
influence on sharia financial literacy. So the
hypothesis decision is accepted.
The
results of this research are in line with previously mentioned research (Mahdzan et al., 2016; Muslichah & Sanusi, 2019;
Nora & Jakarta, 2016; Pfeifer & Leon, 2017; Tiliouine & Belgoumidi,
2009; Wan Ahmad et al., 2008) which states that:
First,
the desire to use sharia financial products is influenced, among other things,
by religiosity. And religiosity also has a positive influence on attitudes
towards sharia financial products and can strengthen the desire to behave in
accordance with sharia principles. In this way, it will be more
open and easy to accept the concept of sharia financial literacy. If
sharia finance is considered as part of worship, understanding and practicing
sharia finance can increase faith and blessings. This can motivate someone to
learn sharia financial literacy and implement sharia principles in their
finances.
Second,
someone tends to be religious when they receive higher exposure to formal
religious education. One study from Wan Ahmad et al implies that Islamic
financing products should be marketed and targeted to this group because their
propensity to use them is higher. This means that when we carry out activities
to increase awareness about sharia instruments, if we want a better response
then the first target is the group mentioned in the research above. In the
analogy in this research, Muslim women of productive age who have moderate and
high education should also receive good formal religious education.
CONCLUSION
Of the 391 Muslim women respondents of
productive age in Jabodetabek, the sharia financial
literacy level reached 72.89%, indicating that the respondents had moderate
financial knowledge. However, there is still a need to improve skills and
expertise in managing personal finances. The analysis shows that the Financial
Knowledge factor does not have a significant relationship with the Islamic
Financial Literacy Level.
Financial Attitude and Financial
Behavior show a significant positive relationship with the Islamic Financial
Literacy Level. Religiosity also has a significant positive relationship with
the Islamic Financial Literacy Level, emphasizing that religious aspects play
an important role in understanding Islamic financial literacy.
With these findings, this research
provides valuable insight regarding the factors that influence Islamic
financial literacy among Muslim women in Jabodetabek.
The implications can be the basis for developing more effective financial
literacy programs, especially in improving financial management skills and
understanding of sharia aspects in the financial context. As a result, this
research makes a significant contribution in overcoming the challenges of
financial literacy among Muslim women.
BIBLIOGRAPHY
Acharjya, B., & Subhashree Natarajan. (2018). Review on the Theories
of Financial Planning. International Journal of Pure and Applied Mathematics
, 118 (18), 4347–4355.
Ajzen, I. (2001). Nature And Operation of Attitudes. Annu.
Rev. Psychol , 52 (2001), 27–58.
http://psych415.class.uic.edu/Readings/Ajzen, Attitude theory, AnnRevPsy,
2001.pdf
Akmal, H. & Saputra, Y. . (2017). Analysis of Student
Financial Literacy Levels. Journal of Chemical Information and Modeling ,
8 (9), 1–58.
Albaity, M., & Rahman, M. (2019). The intention to use
Islamic banking: an exploratory study to measure Islamic financial literacy. International
Journal of Emerging Markets , 14 (5), 988–1012.
https://doi.org/10.1108/IJOEM-05-2018-0218
Amaroh, S., & Istianah, I. (2020). Women and Islamic
Financial Literacy. PALASTREN Journal of Gender Studies , 13 (2),
259. https://doi.org/10.21043/palastren.v13i2.6523
Antara, PM, Musa, R., & Hassan, F. (2016). Bridging
Islamic Financial Literacy and Halal Literacy: The Way Forward in Halal
Ecosystem. Procedia Economics and Finance , 37 (16), 196–202.
https://doi.org/10.1016/S2212-5671(16)30113-7
Asyraf, WM, & Afthanorhan, BW (2013). A comparison of
partial least squares structural equation modeling (PLS-SEM) and covariance
based structural equation modeling (CB-SEM) for confirmatory factor analysis. International
Journal of Engineering Science and Innovative Technology (IJESIT) , 2 (5),
198–205.
Ateş, S., Coşkun, A., Şahin, M.A., & Demircan, M.L.
(2016). Impact of Financial Literacy on the Behavioral Biases of Individual
Stock Investors : Evidence from Borsa Istanbul. Business and Economics
Research Journal , 7 (3), 1–19.
Atkinson, A., & Messy, F. (2012). Measuring Financial
Literacy. Results of the OECD/International Network on Financial Education (INFE)
Pilot Study. In OECD Working Papers on Finance, Insurance and Private
Pensions, No. 15, OECD Publishing. (Issue 15).
http://dx.doi.org/10.1787/5k9csfs90fr4-en
Atkinson, A., & Messy, Fl.-A. (2013). Measuring
Financial Literacy : Results of the OECD / International Network on Financial
Education ( INFE ) Pilot Study (No. 15; OECD Working Papers on Finance,
Insurance and Private Pensions No. 15, Issue 15).
https://doi.org/https://doi.org/10.1787/20797117
Bank Indonesia. (2020). Blueprint for Indonesian Sharia
Economic Development .
https://www.bi.go.id/id/function-utama/moneter/pengembangan-
Ekonomi/cepat-biru/Default.aspx
Bhushan, P., & Medury, Y. (2014). An Empirical Analysis
on Inter Linkages Between Financial Attitudes, Financial Behavior and Financial
Knowledge of Salaried Individuals. Indian Journal of Commerce &
Management Studies , V (3), 58–64.
https://ijcms.in/index.php/ijcms/article/view/380
Bhushan, P., & Medury, Y. (2020). Financial Literacy and
its Determinants. International Journal for Research in Applied Science and
Engineering Technology , 8 (7), 1174–1179.
https://doi.org/10.22214/ijraset.2020.30445
Blair, J., Czaja, R. F., & Blair, E. A. (2014). Designing
Surveys. A Guide to Decisions and Procedures (3rd ed.). SAGE Publications
Inc.
https://books.google.com.bn/books?id=u0d1DRFZRfIC&printsec=frontcover&hl=ms&pli=1#v=onepage&q&f=false
Choudhury, M., & Alam Bhatti, I. (2017). Heterodox
Islamic Economics: the emergence of an ethico-economic theory (1st editio).
Routledge. https://doi.org/10.4324/9781315660172
Cole, D. A., & Preacher, K. J. (2014). Manifest
Variable Path Analysis: Potentially Serious and Misleading Consequences Due to
Uncorrected Measurement Error The Prevalence of Path Analyses: Literature
Review . 19 (2), 300–315. https://doi.org/10.1037/a0033805
Commonwealth Bank Foundation (CBF)ll. (2006). Australian Financial
Literacy Assessment Report
Corsini, L., & Spataro, L. (2013). Munich Personal
RePEc Archive Endogenous financial literacy, saving and stock market
participation Endogenous financial literacy, saving and stock market
participation . 44342 .
Dahlia, I., Rabitah, H., & Zuraidah, MI (2009). A Study
on financial literacy of Malaysian degree students. Canadian Academy of
Oriental and Occidental Culture , 5 (January), 51–59.
https://doi.org/10.3968/j.ccc.1923670020090504.006
Daradkah, D., & Aldaher, A. (2020). Islamic Financial
Literacy: Evidence from Jordan . 16 (1), 7–16.
https://doi.org/10.14665/1614-4007-27-2-009
Dewanti, H., & Muslimah, P. (2019). The Great
Muslimah, Becoming a Muslimah According to the Sunnah (1st ed.). Icon.
Dinc, Y., Çetin, M., Bulut, M., & Jahangir, R. (2021).
Islamic financial literacy scale: an amendment in the sphere of contemporary
financial literacy. ISRA International Journal of Islamic Finance , 13
(2), 251–263. https://doi.org/10.1108/IJIF-07-2020-0156
Dwilita, H., & Sari, PB (2020). Analysis of Family
Financial Management and Women's Financial Literacy in Dusun 20 Klambir Lima
Kebun Village Analysis of Family Financial Management and Women's Financial
Literacy in Dusun 20 Klambir Lima Kebun Village. Akmami , 1 (3),
184–197.
Dwivedi, M., Vidyapith, B., & Vidyapith, B. (2015).
Improving Financial Literacy among Women : The Role of Universities ' Bank of
America Center of Excellence for Financial Planning Training and Research for
Women at Banasthali Vidyapith ' Bank of America - CoE- FPTRW Acknowledgment :
We thankfully acknowledge. Economic Challenger , December .
Er, B., & Mutlu, M. (2017). Financial Inclusion and
Islamic Finance: A Survey of Islamic Financial Literacy Index. International
Journal of Islamic Economics and Finance Studies , 3 (2), 0–0.
https://doi.org/10.25272/j.2149-8407.2017.3.2.02
Fornell, C., & Larcker, D.F. (2016). Evaluating
structural equation models with unobservable variables and measurement error. Journal
of Marketing Research This , 18 (1), 39–50.
Frijns, B., Gilbert, A., & Tourani-Rad, A. (2014).
Learning by doing: The role of financial experience in financial literacy. Journal
of Public Policy , 34 (1), 123–154.
https://doi.org/10.1017/S0143814X13000275
Ghozali, I. (2008). Structural Equation Modeling
Alternative Method with Partial Least Square. UNDIP Publishing Agency 2008.
http://perpustakaan.unikal.ac.id//index.php?p=show_detail&id=25068
Gunawan, A., Asmuni, A., & Siregar, S. (2021). Islamic
Financial Literacy and Financial Behavior: The case of Muhammadiyah Community
in Medan City. Journal of Accounting and Investment , 22 (3),
500–516. https://doi.org/10.18196/jai.v22i3.10043
Hair, J.F., Hult, G.T.M., Ringle, C.M., Sarstedt, M., Danks,
N.P., & Ray, S. (2021). Partial Least Squares Structural Equation
Modeling (PLS-SEM) Using R (2021st ed.). Springer.
https://doi.org/10.1007/978-3-030-80519-7
Hardani, Auliya, NH, Andriani, H., Fardani, RA, Ustiawaty,
J., Utami, EF, Sukmana, DJ, & Istiqomah, RR (2020). Book Qualitative
& Quantitative Research Methods (H. Abadi (ed.); April Issue). CV.
Science Library.
Harrison, D. (2004). Personal Financial Planning: Theory
and Practice (1st ed.). Prentice Hall.
Hassan Al-Tamimi, H.A., & Anood Bin Kalli, A. (2009).
Financial literacy and investment decisions of UAE investors. Journal of
Risk Finance , 10 (5), 500–516.
https://doi.org/10.1108/15265940911001402
Herdianti, IF, & Utama, S. (2017). Analysis of the
Level of Student Sharia Finance and Its Influence on Students' Interest in
Becoming Customers at Sharia Financial Institutions [Faculty of Islamic
Religion, Yogyakarta Muhammadiyah University,].
http://repository.umy.ac.id/handle/123456789/17056?show=full
Hidajat, T., & Hamdani, M. (2017). Measuring Islamic
financial literacy. Advanced Science Letters , 23 (8), 7173–7176.
https://doi.org/10.1166/asl.2017.9321
Hidayat, SE, M, Q., Dewandaru, G., Swartidyana, FR, Sari, CA,
& Hidayati, N. (2022). KNEKS Sharia Economic and Financial Research
Directory Book (DIE Syariah & IAE Islam (eds.)). National Committee for
Sharia Economics and Finance.
Hilmi, Z., & Patrisia, D. (2020). Analysis of the level
of sharia financial literacy in productive age communities. Journal of
Management and Entrepreneurship Studies , 2 (3), 105–116.
https://doi.org/10.24036/jkmw02100290
Huda, A. (2013). The role of women in sharia economic
empowerment. De Jure, Journal of Sharia and Law , 5 (1), 42–51.
Hung, A. A., Parker, A. M., Yoong, J. K., Parker, A. M.,
& Yoong, J. (2009). Defining and Measuring Financial Literacy .
https://www.rand.org/content/dam/rand/pubs/working_papers/2009/RAND_WR708.pdf
Hung, A., Yoong, J., & Brown, E. (2012). Empowering Women
Through Financial Awareness and Education. In OECD Working Papers on
Finance, Insurance and Private Pensions (Issue 14). http://www.finlitedu.org/team-downloads/evaluation/hung-yoong-brown-2012pdf.pdf
Huston, S. J. (2010). Measuring Financial Literacy. The
Journal of Consumer Affairs , 44 (2), 296–316.
Ibrahim, ME, & Alqaydi, FR (2013). Financial Literacy,
Personal Financial Attitude, and Forms of Personal Debt among Residents of the
UAE. International Journal of Economics and Finance , 5 (7),
126–138. https://doi.org/10.5539/ijef.v5n7p126
Indana, R., & Pambekti, GT (2022). Does Financial
Attitude Mediate the Relationship Between Islamic Financial Knowledge, Internal
Locus of Control, and Islamic Financial Behavior? Scientific Journal of
Islamic Economics , 8 (03), 3599–3612. http://dx.doi.org/10.29040/jiei.v8i3.5644
Iram, T., Bilal, AR, & Latif, S. (2021). Is Awareness
That Powerful? Women's Financial Literacy Support to Prospects Behavior in
Prudent Decision-making. Global Business Review .
https://doi.org/10.1177/0972150921996185
Jakarta Central Statistics Agency. (2020). BPS Jakarta .
https://jakarta.bps.go.id/indicator/12/844/1/besar-penbangun-menrut-agama-dan-kabupaten-kota-di-provinsi-dki-jakarta.html
Justyn, F., & Marheni, D. K. (2020). The Influence of
Financial Attitude, Financial Education, Financial Knowledge, Financial
Experience, and Financial Behavior on Financial Literacy in Batam City
Students. Journal of Global Business and Management Review , 2 (1),
21. https://doi.org/10.37253/jgbmr.v2i1.790
Kalekye, P. N., & Memba, F. (2015). The Role of Financial
Literacy on the Profitability of Women Owned Enterprises in Kitui Town, Kitui
County, Kenya. International Journal of Science and Research (IJSR) , 4
(6), 2360–2365. https://www.ijsr.net/archive/v4i6/SUB155793.pdf
Kempson, E. (2009). Framework for the Development of
Financial Literacy Baseline Surveys : A First International Comparative
Analysis (No. 1; OECD Working Papers on Finance, Insurance and Private
Pensions No. 1, Issue 1). https://dx.doi.org/10.1787/5kmddpz7m9zq-en
Khotimah, K. (2019). Demographics, Individual Factors, and
Financial Literacy of Career Women in Surabaya. Journal of Management
Science , 7 (2), 551–563.
National Sharia Finance Committee. (2018). Indonesian Sharia
Economic Masterplan 2019-2024. Ministry of National Development
Planning/National Development Planning Agency , 1–443.
https://knks.go.id/storage/upload/1573459280-Masterplan Eksyar_Preview.pdf
Krishna, A., Rofaida, R., & Sari, M. (2010). Analysis of
Financial Literacy Levels (Survey on Indonesian Education University Students).
Proceedings of the 4th International Conference on Teacher Education; Join
Conference UPI & UPSI , November , 8–10.
http://file.upi.edu/Direktori/Proceeding/UPI-UPSI/2010/Book_3/
Analysis__Level_of_Financial_Literacy_Di_Among_Students_And_Factors_Which_Affect
It_ %28 Survey_on_Students_ Uni-versitas_Pendidikan_Indonesia%29.PDF
Lahsasna, A. (2016).
Framework-of-Islamic-Financial-Education-and-Literacy. In Journal of Wealth
Management and Financial Planning (Vol. 3, pp. 3–14).
Lindiawatie, & Shahreza, D. (2021). Financial Literacy
Counseling for Housewives in Depok as a Basis for Building Family Financial
Resilience. LPM News , 24 (3), 521–532.
Little, W., Vyain, S., Scaramuzzo, G., Cody-rydzewski, S.,
& Griffiths, H. (2016). Introduction to Sociology - 2nd Canadian Edition
(2nd editio). https://opentextbc.ca/introductiontosociology2ndedition/
Lusardi, A. (2006). Planning and Financial Literacy: How
Do Women Fare? (WP 2006-136).
https://deepblue.lib.umich.edu/handle/2027.42/49388
Lusardi, A., & Mitchell, O. S. (2008). Planning and
Financial Literacy: How Do Women Fare? American Economic Review: Papers
& Proceedings 2008 , 413–417. https://doi.org/10.1257/aer.98.2.413
Mahadi, N.A., Mazli, S.A., & Muneeza, A. (2019). Islamic
Financial Wealth Management: Empowering Women in Islamic Societies. International
Journal of Management and Applied Research , 6 (3), 116–129.
https://doi.org/10.18646/2056.63.19-008
Mahdzan, NS, Zainudin, R., Hashim, RC, & Sulaiman, NA
(2016). Islamic religiosity and portfolio allocation: the Malaysian context. International
Journal of Islamic and Middle Eastern Finance and Management .
https://doi.org/ernational Journal of Islamic and Middle Eastern Finance and
Management, https://doi.org/10.1108/IMEFM-11-2016-0162
Marcolin, S., & Abraham, A. (2006). Financial literacy
research: current literature and future opportunities. Proceedings of the
3rd International Conference on Contemporary Business, Australia , September
, 21–22.
Mc. Leod, S. (2008). Likert Scale Likert Scale Examples
How can you analyze data from a Likert Scale? https://www.simplypsychology.org/likert-scale.html
McDaniel, S. W., & Burnett, J. J. (1990). Consumer
religiosity and retail store evaluative criteria. Journal of the Academy of
Marketing Science , 18 (2), 101–112.
https://doi.org/10.1007/BF02726426
Mohamed, S., Goni, A., Alanzarouti, F., & Taitoon, J. Al.
(2020). Islamic Finance Development Report 2020 .
Muslichah, I., & Sanusi, S. (2019). The effect of
religiosity and financial literacy on intention to use Islamic banking
products. Asian Journal of Islamic Management (AJIM) , 1 (2),
85–92. https://doi.org/10.20885/ajim.vol1.iss2.art2
Nazir Ahmad, G., Widyastuti, U., Susanti, S., & Mukhibad,
H. (2020). Determinants of the Islamic financial literacy Gatot Nazir Ahmad. Accounting
, 6 , 961–966. https://doi.org/10.5267/j.ac.2020.7.024
Nora, L., & Jakarta, U.M. (2016). The role of
religiosity, lifestyle, attitude as determinants of purchase intention. The
2nd International Multidisciplinary Conference 2016 , October 2016 ,
135–148.
Novaria, N. (2020). The Influence of Sharia Financial
Literacy and the Implementation of Good Corporate Governance on the Decision to
Become a Customer of Sharia Commercial Banks in Ponorogo .
https://core.ac.uk/download/pdf/349495173.pdf
OECD/INFE. (2020). OECD/INFE 2020 International Survey of
Adult Financial Literacy .
OECD. (2011). Measuring Financial Literacy: Questionnaire
and Guidance Notes for Conducting an Internationally Comparable Survey of
Financial Literacy .
OECD. (2013). Barriers to women's financial empowerment and
factors influencing gender differences in financial literacy. Women and
Financial Education : Evidence, Policy Responses and Guidance @OECD 2013 ,
Chapter 3. https://doi.org/https://doi.org/10.1787/9789264202733-6-en
OECD. (2017). OECD/INFE Report on Adult Financial Literacy
in G20 Countries . 1–80.
OECD INFE. (2018). OECD/INFE Toolkit for Measuring
Financial Literacy And Financial Inclusion (Issue May).
https://www.oecd.org/financial/education/2018-INFE-FinLit-Measurement-Toolkit.pdf
Financial Services Authority. (2016). National Survey of
Financial Literacy and Inclusion .
Financial Services Authority. (2017). OJK Financial
Literacy Category .
https://www.ojk.go.id/id/kanal/edukasi-dan-perlindungan-konsumen/Pages/literasi-keuangan.aspx
Financial Services Authority. (2019). National Survey of
Indonesian Financial Literacy and Inclusion 2019. Survey Report , 1–26.
www.ojk.go.id
Financial Services Authority. (2021). Indonesia's National
Financial Literacy Strategy 2021-2025. In Financial Services Authority .
https://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/Documents/Pages/Strategi-Nasional-Literasi-Keuangan-Indonesia-2021-2025/National
Strategy for Financial Literacy Indonesia 2021-2025.pdf
Indonesian Financial Services Authority (OJK). (2022). Press
Release for the 2022 National Survey of Financial Literacy and Inclusion. Financial
Services Authority (OJK) , November , 10–12.
Pfeifer, C., & Leon, A. K. (2017). Religious activity,
risk-taking preferences and financial behavior: Empirical evidence from German
survey data. Journal of Behavioral and Experimental Economics , 69 ,
99–107. https://doi.org/10.1016/j.socec.2017.05.005
Rahmawati, F. (2017). Muslimah Center [Muhammadiyah
University Surabaya].
http://repository.um-surabaya.ac.id/2771/1/PENDAHULUAN_teknik_arsitek.pdf
Rai, K., Dua, S., & Yadav, M. (2019). Association of Financial
Attitude, Financial Behavior and Financial Knowledge Towards Financial
Literacy: A Structural Equation Modeling Approach. FIIB Business Review ,
8 (1), 51–60. https://doi.org/10.1177/2319714519826651
Robb, C. A., & Woodyard, A. S. (2011). Financial
Knowledge and Best Practice Behavior. Journal of Financial Counseling and
Planning , 22 (1), 60–70.
Rooij, M. Van, Lusardi, A., & Alessie, R. (2011).
Financial literacy and stock market participation. Journal of Financial
Economics , 101 (2), 449–472. https://doi.org/10.1016/j.jfineco.2011.03.006
Saadah, N. (2020). The effect of financial literacy and
financial efficacy on individual financial management. Journal of Islamic
Economics, Management, and Business (JIEMB) , 2 (1), 79–94.
https://doi.org/10.21580/jiemb.2020.2.1.7688
Said, S., & Amiruddin, AMA (2017). Sharia Financial
Literacy in Islamic Religious Universities (Case Study of UIN Alauddin Makasar)
Salmah Said and Andi Muhammad Ali Amiruddin Alauddin State Islamic University
Makassar Keywords: Literacy, Finance, Islam, Higher Education, UIN Alaud. Al-Ulum
, 17 (1), 44–64. https://doi.org/10.9744/jmk.17.1.76
Sanrego, Y. I. (2014). Islamic Economic Philosophy (Nashihin
Nizamuddin (ed.); 1st ed.). CV Karya Abadi Jakarta.
Sari, SR, Andriani, S., Reno, P., & Sari, K. (2020). The
Influence of Financial Literacy and Lifestyle on the Financial Behavior of
Female State Civil Servants (ASN) in Sumbawa Besar. Indonesian Journal of
Economics and Business , 05 (02), 33–37.
RI Cabinet Secretariat. (2020). 2020 Population Census
Results . RI Cabinet Secretariat.
https://setkab.go.id/hasil-sensus-penbangun-2020-bps-meski-lamb-ada-pergeseran-pendunia-antarbesar/
Senjiati, IH, Anshori, AR, Maulida, ISR, & Yadi. (2018).
Sharia Financial Literacy for School Age Children (Case Study of Grade 2
Students at Darul Hikam Elementary School Bandung). Journal of Islamic
Economics and Finance , 2 (2), 181–204.
Shim, S., Xiao, J. J., Barber, B. L., & Lyons, A. C.
(2009). Pathways to Life Success: A Conceptual Model of Financial Well-Being
for Young Adults. Ournal of Applied Developmental Psychology , 30 (November),
708–723. https://doi.org/10.1016/j.appdev.2009.02.003
Silva, B.D., Silva, S.D., & Bhuptani, R.S. (2012).
Assessing the Financial Literacy Level Among Women in India: An Empirical
Study. Journal of Entrepreneurship and Management , 1 (1), 46–52.
Sohn, S., Joo, S., Grable, J.E., Lee, S., & Kim, M.
(2012). Adolescents' financial literacy: The role of financial socialization
agents, financial experiences, and money attitudes in shaping financial
literacy among South Korean youth. Journal of Adolescence , 35 (4),
969–980. https://doi.org/10.1016/j.adolescence.2012.02.002
Sri Mendari, A., Soejono, F., & Fitria, I. (2022).
Analysis of Financial Literacy and Demographic Factors: Study of Young Couples.
Journal of Finance And Business , 20 (1), 27–42.
Statistics, BP (2010). 2010 Population Census .
https://sp2010.bps.go.id/index.php/site/tabel?tid=321&wid=0
Sugiyono. (2010). Quantitative, Qualitative and R&D
Research Methods (Sutopo (ed.); 2nd ed.). Alphabet.
Syifa, T., Nanda, F., Wahyu, R., Syariah, P., & Syariah,
K. (1998). Sharia Financial Literacy Level: Study in the Community of Banda
Aceh City. JIHBIZ: Global Journal of Islamic Banking and Finance , 1 (2),
141–152.
Tamanni, L., & Mukhlisin, M. (2013). Sakinah Finance (FL
Hasiem (ed.); 1st ed.). Medina Ink.
Tiliouine, H., & Belgoumidi, A. (2009). An Exploratory
Study of Religiosity, Meaning in Life and Subjective Wellbeing in Muslim
Students from Algeria. Applied Research in Quality of Life · , 4 (March),
109–127. https://doi.org/10.1007/s11482-009-9076-8
US Cencus Bureau Current Population 2022. (2022). US
Census Bureau . https://www.census.gov/popclock/print.php?component=counter
Wan Ahmad, WM, Rahman, AA, Seman, AC, & Ali, NA (2008).
Religiosity and Banking Selection Criteria Among Malays in Klang Valley. Sharia
Journal , 16 (2), 99–130.
Widityani, SF, Faturohman, T., Rahadi, RA, & Yulianti, Y.
(2020). Do Socio-Demographic Characteristics and Islamic Financial Literacy
Matter for Selecting Islamic Financial Products Among College Students in
Indonesia? Journal of Islamic Monetary Economics and Finance , 6 (1),
51–76. https://doi.org/10.21098/jimf.v6i1.1057
Xu, L., & Zia, B. (2012). Financial literacy around the
world : An Overview of the Evidence with Practical Suggestions for the Way
Forward. The World Bank Development Research Group Finance and Private
Sector Development Team , June , 1–56.
http://hdl.handle.net/10986/9322
Yulianto, A. (2018). The Influence of Sharia Financial
Literacy on Decisions to Use Products or Services of Sharia Financial
Institutions [Indonesian Islamic University, Yogyakarta].