Young Families' Financial Stress: The Importance of Financial Management Behavior with Income as Control Variable
DOI:
https://doi.org/10.23917/indigenous.v10i3.12291Keywords:
financial management behavior, financial stress, income, newly marriedAbstract
Abstract. Achieving financial well-being is a universal aspiration among families. However, data indicate that numerous families in Indonesia continue to experience financial stress, partially attributed to financial management behavior. This study aims to investigate the effect of financial management behavior dimensions on financial stress among young families, while controlling for income levels. Employing a quantitative approach, the study involved 186 newly married participants with a marriage duration of five years or less, selected using purposive non-probability sampling. Primary data were collected through an online questionnaire utilizing the APR Financial Stress Scale and the Financial Management Behavior Scale. The study proceeded in two phases: instrument validation and model testing. Confirmatory Factor Analysis (CFA) was used for validation, while path analysis was conducted using Mplus version 8.3. CFA results indicated good model fit based on RMSEA, CFI, TLI, SRMR, and factor loadings exceeding 0.30. Path analysis revealed that, after controlling for income, cash and credit management significantly predicted financial stress, whereas saving, investment, and insurance behaviors did not. These findings suggest that educational initiatives focusing on cash flow and credit management may assist newly married couples in adopting more prudent financial practices.
References
Alvarado, P. A. L (2021). Factors Associated with Financial Stressors, Financial Stress, and Financial Behaviors. https://doi.org/10.26076/F31C-3B66
Ambarwati, D., Sunarwan, A., & Nandavita, A. Y. (2023). Pengendalian financial distress pada keluarga muslim di Kota Metro. Adzkiya : Jurnal Hukum dan Ekonomi Syariah, 11(1), 66. https://doi.org/10.32332/adzkiya.v11i1.561
Beaton, D. E., Bombardier, C., Guillemin, F., & Ferraz, M. B. (2000). Guidelines for the process of cross-cultural adaptation of self-report measures: Spine, 25(24), 3186–3191. https://doi. org/10.1097/00007632-200012150-00014
Benyamin, A., Larosa, A. T., Afra, S. A., & Handayani, E. (2019). A qualitative study of marital satisfaction and the newlyweds of Depok. Proceedings of the 2nd International Conference on Intervention and Applied Psychology (ICIAP 2018), Depok, Indonesia. https://doi. org/10.2991/iciap-18.2019.15
Bergh, D. (2015). Sample size and chi-squared test of fit—a comparison between a random sample approach and a chi-square value adjustment method using Swedish adolescent data. In Q. Zhang & H. Yang (Ed.), Pacific Rim Objective Measurement Symposium (PROMS) 2014 Conference Proceedings (pp. 197–211). Springer. https://doi.org/10.1007/978-3-662 47490-7_15
Dew, J. P.,& Xiao, J. J. (2011). The Financial management behavior scale: Development and validation. Journal of Financial Counseling and Planning, 22 (1), 19–35. http://doi. org/1877/7328
Dowling, N. A., Corney, T., & Hoiles, L. (2009). Financial management practices and money attitudes as determinants of financial problems and dissatisfaction in young male Australian workers. Journal of Financial Counseling and Planning, 20(2), 5–13. Retrieved https:// awspntest.apa.org/record/2010-01029-001
Ersyafdi, I. R. (2021). Dampak covid-19 terhadap tabungan dan investasi. Jurnal Akuntansi Keuangan dan Bisnis, 14(2), 191–200. https://doi.org/10.35143/jakb.v14i2.4765
Fan, L., & Henager, R. (2022). A structural determinants framework for financial well-being. Journal of Family and Economic Issues, 43(2), 415–428. https://doi.org/10.1007/s10834021 09798-w
French, D., & McKillop, D. (2017). The impact of debt and financial stress on health in Northern Irish households. Journal of European Social Policy, 27(5), 458–473. https://doi. org/10.1177/0958928717717657
Guan, N., Guariglia, A., Moore, P., Xu, F., & Al-Janabi, H. (2022). Financial stress and depression in adults: A systematic review. PLOS ONE, 17(2), e0264041. https://doi.org/10.1371/ journal.pone.0264041
Gutierrez, S. (2024, April 2). CNBC | SurveyMonkey your money international financial security survey. SurveyMonkey. https://www.surveymonkey.com/curiosity/cnbc-internationalfinancial security-2024/
Heo, W., Cho, S. H., & Lee, P. (2020). APR financial stress scale: development and validation of a multidimensional measurement. Journal of Financial Therapy, 11(1). https://doi. org/10.4148/1944-9771.1216
Heo, W., Rabbani, A., Grable, J. E., & Roszkowski, M. (2022). The alpha and omega of financial risk-tolerance assessment. Financial Planning Review, 5(1), e1138. https://doi.org/10.1002/ cfp2.1138
Hernandez-Perez, J., & Cruz Rambaud, S. (2025). Uncovering the factors of financial well-being: The role of self-control, self-efficacy, and financial hardship. Future Business Journal, 11(1), 70. https://doi.org/10.1186/s43093-025-00498-7
Hidayati, I. A., Nurul Aisyah, Farha Isna Nur Abidah, Prima Afifah, Amalia Putri Hasna, & Husain Ali As-Syafi’i. (2025). The Atti-tude of Birrul Waalidain Javanese Muslim Teenagers. Indigenous: Jurnal Ilmiah Psikologi, 10(1). https://doi.org/10.23917/indigenous.v10i1.6724
Iskandar, A. (2017). Teknik analisis validitas konstruk dan reliabilitas instrument test dan non test dengan software LISREL. INA-Rxiv. https://doi.org/10.31227/osf.io/nbhxq
Jayasekara, B. E. A., Fernando, P. N. D., & Ranjani, R. P. C. (2020). A systematic literature review on financial stress of small and medium entrepreneurs. Applied Economics & Business, 4(1), 45–59. https://doi.org/10.4038/aeb.v4i1.44
Khairunnisa, T. K., Ahmad, G. N., & Gurendawati, E. (2020). Pengaruh religiusitas, preferensi risiko, dan locus of control terhadap perilaku keuangan dan dampaknya terhadap personal financial distress pada pekerja muda di DKI Jakarta. JRMSI - Jurnal Riset Manajemen Sains Indonesia, 11(2), 381–403. https://doi.org/10.21009/JRMSI.011.2.010
Mohajan, H. K. (2018). Qualitative research methodology in social sciences and related subjects. Journal of Economic Development, Environment and People, 7(1), 23. https://doi. org/10.26458/jedep.v7i1.571
Moon, K., Heo, W., Lee, J. M., & Grable, J. E. (2023). Financial stress and COVID-19: A comprehensive analysis of the factors associated with the pandemic. Risks, 11(12), 218. https://doi.org/10.3390/risks11120218
Muthén, L. K., & Muthén, B. O. (2002). How to Use a Monte Carlo Study to Decide on Sample Size and Determine Power. Structural Equation Modeling: A Multidisciplinary Journal, 9(4), 599–620. https://doi.org/10.1207/S15328007SEM0904_8
OCBC NISP. (2021, August 19). OCBC NISP paparkan riset Financial Fitness Index Indonesia: Hasilnya generasi muda perlu segera check-up dan perbaiki kesehatan finansial. Retrieved April 27, 2025, from https://www.ocbc.id/id/tentang-ocbc-nisp/informasi/siaranpers/2021/08/20/ financial-fitness-index-indonesia
Osman, Z., Madzlan, E. M., & Ing, P. (2018). In pursuit of financial well-being: The effects of financial literacy, financial behaviour, and financial stress on employees in Labuan. International Journal of Service Management and Sustainability, 3(1), 1-40. https://doi. org/10.24191/ijsms.v3i1.8041
Ozyuksel, S. (2022). Financial stress and its relationship with work-life and financial well-being. European Scientific Journal, ESJ, 18(6), 87. https://doi.org/10.19044/esj.2022.v18n6p87 Pradiningtyas, T. E., & Lukiastuti, F. (2019). Pengaruh pengetahuan keuangan dan sikap keuangan terhadap locus of control dan perilaku pengelolaan keuangan mahasiswa ekonomi. Jurnal Minds: Manajemen Ide dan Inspirasi, 6(1), 96. https://doi.org/10.24252/minds.v6i1.9274
Prihartono, M. R. D., & Asandimitra, N. (2018). Analysis of factors influencing financial management behaviour. International Journal of Academic Research in Business and Social Sciences, 8(8), 308-326. https://doi.org/10.6007/IJARBSS/v8-i8/4471
Pusat Data dan Informasi Kesejahteraan. (2009). Glosarium penyelenggaraan kesejahteraan sosial. Pusdatin Kesos, Departemen Sosial, Republik Indonesia. https://www.slideshare.net/ slideshow/buku-glosarium-kesos/4754022
Putra G, A., Tiro, M. A., & Aidid, M. K. (2019). Metode boostrap dan jackknife dalam mengestimasi parameter regresi linear ganda (Kasus: data kemiskinan Kota Makassar tahun 2017). VARIANSI: Journal of Statistics and Its Application on Teaching and Research, 1(2), 32. https://doi.org/10.35580/variansiunm12895
Raharjo, I. T., Puspitawati, H., & Krisnatuti, D. (2015). Tekanan ekonomi, manajemen keuangan, dan kesejahteraan pada keluarga muda. Jurnal Ilmu Keluarga dan Konsumen, 8(1), 38–48. https://doi.org/10.24156/jikk.2015.8.1.38
Ranyard, R., Mchugh, S., & Mcnair, S. (2017). The psychology of borrowing and over‐indebtedness. In R. Ranyard (Ed.), Economic Psychology (1 ed., pp. 222–238). Wiley. https://doi. org/10.1002/9781118926352.ch14
Roll, S. P., Taylor, S. H., & Grinstein-Weiss, M. (2016). Financial anxiety in low-and moderateSina, P. G., & Raturomon, L. T. (2015). Analisis stres finansial pada gender. Jurnal Ekonomi dan Pendidikan, 9(1), 102-112. https://doi.org/10.21831/jep.v9i1.4157
Seaman, K. L., Abiodun, S. J., Fenn, Z., Samanez-Larkin, G. R., & Mata, R. (2022). Temporal discounting across adulthood: A systematic review and meta-analysis. Psychology and Aging, 37(1), 111–124. https://doi.org/10.1037/pag0000634
Sina, P. G., & Raturomon, L. T. (2015). Analisis stres finansial pada gender. Jurnal Ekonomi dan Pendidikan, 9(1), 102-112. https://doi.org/10.21831/jep.v9i1.4157
Smith, T. E., Richards, K. V., Shelton, V. M., & Malespin, T. S. (2015). Sirens' call: Understanding poor financial decision-making and credit card misuse. Journal of Human Behavior in the Social Environment, 25(8), 897–906. https://doi.org/10.1080/10911359.2015.1039156
Statman, M. (2008). Countries and culture in behavioral finance. CFA Institute Conference Proceedings Quarterly, 25(3), 38–44. https://doi.org/10.2469/cp.v25.n3.6
Sun, S., Chen, Y.-C., Ansong, D., Huang, J., & Sherraden, M. S. (2022). Household financial capability and economic hardship: An empirical examination of the financial capability framework. Journal of Family and Economic Issues, 43(4), 716–729. https://doi.org/10.1007/ s10834-022-09816-5
Swarup, S. S., P., A. K., Padhi, B. K., Satapathy, P., Shabil, M., Bushi, G., Gandhi, A. P., Khatib, M. N., Gaidhane, S., Zahiruddin, Q. S., Rustagi, S., Barboza, J. J., & Sah, R. (2024). Cardiovascular consequences of financial stress: A systematic review and meta-analysis. Current Problems in Cardiology, 49(2), 102153. https://doi.org/10.1016/j.cpcardiol.2023.102153
Sweet E. (2021). Debt-related financial hardship and health. Health education & behavior: the official publication of the Society for Public Health Education, 48(6), 885–891. https://doi. org/10.1177/1090198120976352
Turton, J., Gill, A., Harrald, P., & Demuth, E. (2021). A review of the psychological factors affecting the acquisition and outcomes of credit. PsyArXiv. https://doi.org/10.31234/osf.io/qa73h
Wang, J., & Wang, X. (2019). Structural Equation Modeling: Applications Using Mplus (1st ed.). Wiley. https://doi.org/10.1002/9781119422730
Webley, P., Burgoyne, C., Lea, S., & Young, B. (2002). The Economic Psychology of Everyday Life (1 st ed.). Psychology Press. https://doi.org/10.4324/9780203138038
Wolfe, J. D., Baker, E. H., Uddin, J., & Kirkland, S. (2022). Varieties of financial stressors and midlife health problems, 1996–2016. The Journals of Gerontology: Series B, 77(1), 149–159. https://doi.org/10.1093/geronb/gbab108
Downloads
Submitted
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Indigenous: Jurnal Ilmiah Psikologi
This work is licensed under a Creative Commons Attribution 4.0 International License.
