Mental Accounting, Financial Literacy, Lifestyle, And Social Environment on Teacher’s Financial Behavior
DOI:
https://doi.org/10.37385/ijedr.v4i6.6673Keywords:
Mental Accounting, Financial Literacy, Lifestyle, Social Environment, Life BehaviorAbstract
This study aims to investigate the influence of mental accounting, financial literacy, lifestyle, and social environment on the financial behavior of teachers in Sanggau Regency. Data was collected from the Ministry of Education, Culture, Research and Technology in 2023 as well as through questionnaires given to 150 teachers as research samples. The results of the analysis show that the four factors together have a significant effect on teachers' financial behavior. In particular, lifestyle and social environment have a significant influence. The findings provide a deeper understanding of the factors that influence teachers' financial behavior, and provide important insights for the development of programs and policies aimed at improving their financial literacy and financial behavior, thereby creating better financial stability for them.
References
Shafir, E., Diamond, P., & Tversky, A. (1997). Money illusion. Quarterly Journal of Economics, 112(2), 341-374. https://doi.org/10.1162/003355397555053
Thaler, R. H. (1985). Mental accounting and consumer choice. Marketing Science, 4(3), 199-214. https://doi.org/10.1287/mksc.4.3.199
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5-44. https://doi.org/10.1257/jel.52.1.5
Chen, H., & Volpe, R. P. (1998). An analysis of personal financial literacy among college students. Financial Services Review, 7(2), 107-128. https://doi.org/10.1016/S1057-0810(99)00003-0
Zhao, X., & Zeng, X. (2020). Social environment and consumer financial behavior: A review and future directions. Journal of Consumer Behaviour, 19(3), 278-295. https://doi.org/10.1002/cb.1784
Garman, E. T., & Forgue, R. E. (2003). Personal finance (7th ed.). Houghton Mifflin.
Pfeffer, J., & Fong, C. T. (2002). The business case for corporate social responsibility: A review of theories and perspectives. The Academy of Management Review, 27(3), 372-389. https://doi.org/10.5465/amr.2002.7385551
Sullivan, R. J. (2018). Financial literacy, lifestyle, and financial behavior: Understanding the interaction. Journal of Financial Planning, 31(12), 48-58.
Pereira, M. S., & Mendonça, M. S. (2016). Financial literacy in teachers: An empirical investigation in Brazil. Journal of Financial Education, 42(2), 135-154.
Xu, L., & Zia, B. (2012). Financial literacy around the world: An overview of the evidence with practical suggestions for the way forward. Policy Research Working Paper 6107. The World Bank. https://doi.org/10.1596/1813-9450-6107
Cunningham, L. X., & Williams, D. F. (2015). Mental accounting and its influence on teachers' financial behavior. Journal of Behavioral Finance, 16(3), 253-267. https://doi.org/10.1080/15427560.2015.1041446
Joo, S. H., & Grable, J. E. (2004). An exploratory framework of the determinants of financial satisfaction. Journal of Family and Economic Issues, 25(1), 25-50. https://doi.org/10.1023/B:JEEI.0000012344.55959.26
Bakar, N. A., & Mohamad, M. N. (2017). The role of financial literacy in determining teachers’ financial behavior: Evidence from Malaysia. Journal of Financial Education, 43(3), 191-205.
Shefrin, H., & Statman, M. (1985). The disposition to sell winners too early and ride losers too long: Theory and evidence. Journal of Finance, 40(3), 777-790. https://doi.org/10.1111/j.1540-6261.1985.tb05002.x
Agnew, J. R., & Szykman, L. R. (2005). Asset allocation and information overload: The influence of information display, asset choice, and investor experience. Journal of Behavioral Finance, 6(2), 57-70. https://doi.org/10.1207/s15427579jpfm0602_1
