Financial Well-Being Pelaku UMKM di Wilayah Kepulauan: Peran Mediasi Financial Behavior
DOI:
https://doi.org/10.47065/arbitrase.v7i1.3213Keywords:
Financial Literacy; Financial Self-Efficacy; Financial Behavior; Financial Well-Being; Archipelagic MSMEsAbstract
Micro, Small, and Medium Enterprises (MSMEs) in archipelagic regions face economic challenges, including limited economic access, high logistics costs and business instability, which may adversely affect financial well-being. Although research on financial well-being has grown substantially, studies examining the mediating role of financial behavior among MSMEs in archipelagic regions remain limited. Therefore, this study examines the effects of financial literacy and financial self-efficacy on financial well-being through financial behavior among MSME owners in Ambon City, Maluku Province. A quantitative explanatory research design was employed involving 120 MSME owners selected through purposive sampling. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0. The results indicate that financial literacy positively affects financial behavior (? = 0.216, p = 0.009), while financial self-efficacy also has a positive effect (? = 0.498, p < 0.001). Financial behavior positively affects financial well-being (? = 0.527, p < 0.001) and significantly mediates the relationships between financial literacy, financial self-efficacy, and financial well-being. Financial self-efficacy also exerts a stronger influence than financial literacy in shaping financial behavior. The novelty of this study lies in developing a behavioral mechanism-based financial well-being model for MSMEs in archipelagic regions. The findings contribute to the behavioral finance literature by providing empirical evidence on the behavioral mechanisms underlying financial well-being and offer practical implications for designing programs that strengthen financial literacy, financial self-efficacy and adaptive financial behavior to enhance MSMEs' financial resilience.
Downloads
References
Andini, P., & Mangifera, L. (2025). Determinasi Financial Well-Being UMKM: Peran Financial Literacy, Self-Efficacy Dan Behavior. Jurnal Lentera Bisnis, 15(1). Https://Doi.Org/10.34127/Jrlab.V15i1.2060
Anisyah, E. N., Pinem, D., & Hidayati, S. (2021). Pengaruh Literasi Keuangan, Inklusi Keuangan Dan Financial Technology Terhadap Perilaku Keuangan Pelaku UMKM Di Kecamatan Sekupang. Management And Business Journal, 5(2), 310–324. Https://Doi.Org/10.21067/Mbr.V5i2.6083
Azizah, F. H., Innayah, M. N., Tubastuvi, N., & Aryoko, Y. P. (2024). Factors Affecting Financial Behavior Of Micro, Small And Medium Enterprises (Msmes): The Role Of Financial Inclusion, Financial Literacy And Financial Technology. Jurnal Ilmu Manajemen Advantage, 8(2), 113–128. Https://Doi.Org/10.30741/Adv.V8i2.1333
Badan Pusat Statistik, P. M. (2026). Provinsi Maluku Dalam Angka 2026. Https://Maluku.Bps.Go.Id
Bandura, A. (2001). Social Cognitive Theory: An Agentic Perspective On Human Behavior. Annual Review Of Psychology, 52, 1–26. Https://Doi.Org/10.1146/Annurev.Psych.52.1.1
Bongomin, G. O. C., Ntayi, J. M., Munene, J. C., & Nabeta, I. N. (2020). Social Capital: Mediator Of Financial Literacy And Financial Inclusion In Rural Uganda. Review Of International Business And Strategy, 30(1), 95–116. Https://Doi.Org/10.1108/RIBS-06-2019-0079
Consumer Financial Protection Bureau. (2015). Financial Well-Being: The Goal Of Financial Education. Https://Www.Consumerfinance.Gov/Data-Research/Research-Reports/Financial-Well-Being/
Dew, J., & Xiao, J. J. (2011). The Financial Management Behavior Scale: Development And Validation. Journal Of Financial Counseling And Planning, 22(1), 43–59.
Dinas Perindustrian Dan Perdagangan, P. M. (2026). Laporan Perkembangan UMKM Dan Tenaga Kerja Provinsi Maluku Tahun 2026. Https://Disperindag.Malukuprov.Go.Id
Fadila, N., & Purnamawati. (2023). Financial Management Behavior Pelaku UMKM Daerah Wisata Pesisir Madura: Income, Financial Literacy, & Financial Self-Efficacy. AKUNTABILITAS: Jurnal Ilmiah Ilmu-Ilmu Ekonomi, 15(1), 48–60. Https://Doi.Org/10.35457/Akuntabilitas.V15i1.2686
Faturohman, T., Megananda, T. B., & Ginting, H. (2024). Improving Financial Wellbeing In Indonesia: The Role Of Social Media As A Mediating Factor In Financial Behavior. Cogent Social Sciences, 10(1). Https://Doi.Org/10.1080/23311886.2024.2319374
Fochmann, M., Müller, N., & Overesch, M. (2021). Less Cheating? The Effects Of Prefilled Forms On Compliance Behavior. Journal Of Economic Psychology, 83, 102365. Https://Doi.Org/10.1016/J.Joep.2021.102365
Ghozali, I., & Kusumadewi, R. (2023). Partial Least Squares Konsep, Teknik Dan Aplikasi Smartpls 4.0 Dalam Penelitian Bisnis. Badan Penerbit Universitas Diponegoro.
Gulati, A., & Singh, S. (2024). Financial Self-Efficacy Of Consumers: A Review And Research Agenda. International Journal Of Consumer Studies, 48(2), E13024. Https://Doi.Org/10.1111/Ijcs.13024
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2022). A Primer On Partial Least Squares Structural Equation Modeling (PLS-SEM) (3rd Ed.). SAGE Publications.
Herawati, N. T., & Gunawan, A. (2021). Pengaruh Perilaku Konsumtif Terhadap Pengelolaan Keuangan Pribadi Mahasiswa. Jurnal Ekonomi Dan Bisnis, 24(3), 233–245.
Herawati, N. T., Candiasa, I. M., & Yadnyana, I. K. (2022). Financial Literacy And Financial Behavior Among Indonesian Msmes. Jurnal Keuangan Dan Perbankan, 26(3), 211–223. Https://Doi.Org/10.26905/Jkdp.V26i3.7102
Jannah, M., & Setiyono, W. P. (2021). The Effect Of Financial Literacy And Financial Attitude On Financial Welfare Of MSME Actors In Sidoarjo City With Financial Management Behavior As An Intervening Variable. Journal Academia Open, 5, 1–15. Https://Doi.Org/10.21070/Acopen.5.2021.1667
Kumar, S., Watung, C., Eunike, J., & Liunata, L. (2021). The Influence Of Financial Literacy Toward Financial Behavior And Its Implication On Financial Decisions: A Survey Of President University Students In Cikarang-Bekasi. Firm Journal Of Management Studies, 6(1), 15–27. Https://Doi.Org/10.33021/Firm.V6i1.1538
Lone, U. M., & Bhat, S. A. (2022). Impact Of Financial Literacy On Financial Well-Being: A Mediational Role Of Financial Self-Efficacy. Journal Of Financial Services Marketing, 29(1), 122–137. Https://Doi.Org/10.1057/S41264-022-00183-8
Lown, J. M. (2011). Development And Validation Of A Financial Self-Efficacy Scale. Journal Of Financial Counseling And Planning, 22(2), 54–63.
Mahendru, M. (2021). Financial Well-Being For A Sustainable Society: A Road Less Travelled. Qualitative Research In Organizations And Management: An International Journal, 16(3/4), 572–593. Https://Doi.Org/10.1108/QROM-03-2020-1910
Margasari, N., Andhini, M. M., Musaroh, M., & Bandara, R. A. S. (2024). Student Financial Well-Being: Personal Factors And Financial Behavior As Antecedents Of Financial Well-Being. Jurnal Economia, 20(2), 313–327. Https://Doi.Org/10.21831/Economia.V20i2.58070
Netemeyer, R. G., Warmath, D., Fernandes, D., & Lynch, J. G. (2018). How Am I Doing? Perceived Financial Well-Being, Its Potential Antecedents And Its Relation To Overall Well-Being. Journal Of Consumer Research, 45(1), 68–89. Https://Doi.Org/10.1093/Jcr/Ucx109
OECD. (2020). OECD/INFE 2020 International Survey Of Adult Financial Literacy. Https://Www.Oecd.Org/Financial/Education/Launchoftheoecdinfeglobalfinancialliteracysurveyreport.Htm
Ramadhani, F., Sari, D., & Hidayat, M. (2023). Financial Behavior And Financial Well-Being Among Small Business Owners In Indonesia. Journal Of Asian Finance, Economics And Business, 10(5), 221–230. Https://Doi.Org/10.13106/Jafeb.2023.Vol10.No5.0221
Ratnawati, Sudarmiatin, Soetjipto, B. E., & Restuningdiah, N. (2022). The Role Of Financial Behavior As A Mediator Of The Influence Of Financial Literacy And Financial Attitudes On Msmes Investment Decisions In Indonesia. Journal Of Social Economics Research, 9(4), 193–203. Https://Doi.Org/10.18488/35.V9i4.3231
Rekha, I. S., Sriram, K. V., & Hungund, S. (2025). MSME/SME Financial Literacy: A Systematic Literature Review And Bibliometric Analysis. Journal Of The Knowledge Economy, 16(4), 14378–14405. Https://Doi.Org/10.1007/S13132-024-02472-0
Sabri, M. F., Hayatul, A. R., & Macdonald, M. (2022). The Role Of Financial Behavior And Financial Capability On Financial Well-Being Among Entrepreneurs. Journal Of Family And Economic Issues, 43(4), 789–803. Https://Doi.Org/10.1007/S10834-021-09789-2
Sitompul, P. N., Patni, N. L. P. S. S., Munir, S., Kraugusteeliana, & Indrianti, M. A. (2024). Peningkatan Financial Behavior Melalui Financial Literacy Dan Financial Experience (Studi Pada Pelaku UMKM Di Indonesia). Jurnal Ilmiah Edunomika, 8(2). Https://Doi.Org/10.29040/Jie.V8i2.13090
Sugih, F. A., & Fitriyah. (2024). Financial Behavior, Inclusion, And Technology In Msmes: The Mediating Impact Of Financial Literacy On Performance. Jurnal Riset Akuntansi Dan Keuangan, 12(3), 495–506. Https://Doi.Org/10.17509/Jrak.V12i3.76010
Xiao, J. J., & Porto, N. (2021). Financial Behavior And Financial Well-Being: Evidence From Consumer Finance Research. International Journal Of Consumer Studies, 45(5), 1147. Https://Doi.Org/10.1111/Ijcs.12736
Bila bermanfaat silahkan share artikel ini
Berikan Komentar Anda terhadap artikel Financial Well-Being Pelaku UMKM di Wilayah Kepulauan: Peran Mediasi Financial Behavior
ARTICLE HISTORY
How to Cite
Issue
Section
Copyright (c) 2026 Simon Hendrik Leasa, Hanifa Bennu Nur, Semuel Souhoka, Nur Azda
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under Creative Commons Attribution 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (Refer to The Effect of Open Access).
