THE EFFECT OF PSYCHOSOCIAL FACTORS ON ISLAMIC FINANCIAL LITERACY: STRUCTURAL EQUATION MODELLING-PARTIAL LEAST SQUARE (SEM-PLS) APPROACH
DOI:
https://doi.org/10.21111/jiep.v4i02.6359Abstract
has the potential and opportunity to become the world’s Islamic financial center. But, the financial sector of Indonesia is still dominated by conventional finance. The existence of a very wide gap between conventional finance and Islamic finance, charge for Indonesian society to get a high level of Islamic financial literacy. One of the factors that affect the level of Islamic financial literacy is psychosocial factors. This research aims to analyze the direct effect of hopelessness, religiosity, and financial satisfaction factors on Islamic financial literacy and the indirect effect of religiosity on Islamic financial literacy through the hopelessness and financial satisfaction of traders in the Shubuh Market, Dusun Dadung, Sambirejo Village, Mantingan District. This research is quantitative research. The population in this research were 37 traders. The sampling technique used purposive sampling with the number of selected samples is 30 traders. This research uses Structural Equation Modelling (SEM) analysis technique with Partial Least Square (PLS) method by smartPLS 3.0. The result of this research showed that the Islamic financial literacy rate of Shubuh market traders is high with a percentage of 87.25%, financial satisfaction has a positive effect significantly on Islamic financial literacy, hopelessness has a negative effect significantly on Islamic financial literacy, religiosity has a positive effect significantly on financial satisfaction, religiosity has a negative effect significantly on hopelessness, religiosity does no effect or insignificantly on Islamic financial literacy, but religiosity has a positive effect significantly on Islamic financial literacy through the financial satisfaction and hopelessness.References
Ab Rahman, Sazanab, et al. 2018. The Significant Role of Islamic Financial Literacy among College Students in Malaysia. International Journal of Managerial Studies and Research, Vol. 6 Issue 11 November.
Anriza. Marlya. 2019. Analisis Faktor Kesadaran Literasi Keuangan Islam Mahasiswa Keuangan dan Perbankan Islam. EQUILIBRIUM: Jurnal Ekonomi Islam Vol. 7 No. 1.
Ashal, Akrim. 2017. Analisis Aspek Religiusitas Terhadap Etika Bisnis Pedagang Pasar Muslim Pusat Pasar Kota Medan. Jurnal Hukum Islam, Perundang-undangan dan Pranata Sosial Vol. 7 No. 1 January-June.
Azmi Mohamad. Anderson Alex. 2015. Islamic Financial Literacy Among Bankers in Kuala Lumpur. Journal of Emerging Economies and Islamic Research Vol. 3 No. 2.
Bashir, et al. 2013. Financial Literacy and Influence of Pschosocial Factors. European Scientific Journal Vol. 9 No. 28.
Diana. Ayus. 2018. Tingkat Literasi Keuangan Syariah di Kalangan UMKM dan Dampaknya Terhadap Perkembangan Usaha. Jurnal Al-Amwal Vol. 10 No. 1.
Eliza, Any. 2019. Literasi Keuangan Islam dan Faktor yang Mempengaruhinya. Valid Jurnal Ilmiah Vol. 16 No. 1 January.
Falahati, Leila. 2012. Assesment a Model of Financial Satisfaction Predictors: Examining the Mediate Effect of Financial Behaviour and Financial Strain. World Applied Sciences Journal Vol. 20 No. 2.
Ghozali. Hengky. 2015. Partial Least Squares Konsep, Teknik dan Aplikasi Menggunakan Program SmartPLS 3.0 2nd Edition. Semarang: UNDIP.
Ghozali, Imam. 2014. Structural Equation Modelling Metode Alternatif Dengan Partial Least Squares (PLS) 4th edition. Semarang: UNDIP.
Hardina, Fadilah. 2019. Pengaruh Literasi Keuangan Terhadap Kepuasan Keuangan dengan Perilaku Keuangan sebagai Variabel intervening pada Masyarakat Kota Makassar. Skripsi: Jurusan Manajemen Fakultas Ekonomi & Bisnis UIN Alauddin Makassar.
Harwianti, Siti. 2017. Analisis Faktor-Faktor yang mempengaruhi Financial Satisfaction pada Masyarakat di Kota Makassar. Skripsi: Jurusan Manajemen Fakultas Ekonomi dan Bisnis UIN Alauddin Makassar.
Hiyanti, Hida, et al. 2020. Pengaruh Literasi dan Religiusitas Terhadap Intensi Berwakaf pada Cash Waqf Linked Sukuk. Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Vol. 4 No. 3.Thomson Reuters. 2018. An Inclusive Ethical Economy State of the Global Islamic Economy Report 2018/2019. Dubai: Dubai International Financial Center.
Indonesian Ministry of National Development Planning. 2018. Indonesia Islamic Masterplan 2019-2024. Indonesia: PT Zahir Syariah Indonesia.
Insap, Paulus. 2018. Metode Kuantitatif Pengembangan Hipotesis dan Pengujiannya Menggunakan SmartPLS. Yogyakarta: ANDI.
Joseph, et al. 2017. A Primer on Partial Least Squares Structural Equation Modelling (PLS-SEM) 2nd edition. Califronia: SAGE Publications.
KemenkopUKM. 2018. Perkembangan Data Usaha Mikro, Kecil, Menengah (UMKM) dan Usaha Besar (TB) 2017-2018. Kementrian Koperasi dan Usaha Kecil Menengah.
Kiki. 2019. Determinan Tingkat Literasi Keuangan Pelaku UMKM Perempuan di Pasar Tanjung Kabupaten Jember. Prosiding the 5th Seminar Nasional & Call for Paper.
Laili, Rofiqoh. 2018. Pengaruh Religiusitas Terhadap Stres Pada Mahasiswa di Universitas Negeri Jakarta. Skripsi: Jurusan Psikologi Fakultas Pendidikan Psikologi UIN Jakarta.
Mohomed, Nabee. 2015. Research Paper: Islamic Financial Literacy among QFIS Students. Hamad bin Khalifa University, Qatar Faculty of Islamic Studies MSc Islamic Finance 8 December.
Murphy, John L. 2013. Psychosocial Factors and Financial Literacy. Social Security Bulletin Vol. 73 No. 1.
Nurul, Anna. 2020. Pengaruh Faktor Psikososial terhadap Kineja Keuangan UMKM: Peran Literasi Keuangan Islam sebagai Varibel Intervening. Inovbiz: Jurnal Inovasi Bisnis.
OJK. 2019. Siaran Pers Survei OJK 2019 Indeks Literasi dan Inklusi Keuangan Meningkat. <http://www.ojk.go.id/id/berita-dan kegiatan/siaran-pers/Pages/Siaran-Pers-Market-Share-Keuangan-Islam-Capai-8-Persen.aspx>.
Putu, Ayu. Djinar, Nyoman. 2018. Analisis Determinan Tingkat Literasi Keuangan Pedagang Pada Pasar Tradisional di Kota Denpasar. E-Jurnal Ekonomi Pembangunan Universitas Udayana Vol. 7 No. 2 February.
Rahim. 2016. Psychosocial Factros and Gender Influencing the Level of Islamic Financial Literacy. Research Paper Submitted to Othman Yeop Abdullah Graduates School of Business Universiti Utara Malaysia.
Rahim, et al. 2016. Islamic Financial Literacy and Its Determinants among University Students: An Exploratory Factor Analysis. International Journal of Economics and Financial Issues.
Ramadhani, Husniah. 2017. Memaknai Putus Asa Dalam Paradigma Henti. Jurnal Kajian Ilmu-Ilmu Keislaman Vol. 03 No. 1 June.
Rini. Ghufron. 2018. Hubungan antara Orientasi Religiusitas Dengan Kepuasan Hidup. TAZKIYA Journal of Psychology Vol. 6 No. 1.
Rusdini, Arfiana. 2020. Faktor yang Mempengaruhi Financial Satisfaction pada Masyarakat Kabupaten Pamekasan. Jurnal Ilmu Manajemen UNESA Vol. 9 No. 1.
Winurini, Sulis. 2019. Hubungan Religiositas dan Kesehatan Mental pada Remaja Pesantren di Tabanan. Jurnal Masalah-Masalah Sosial Vol. 10 No. 2 December.
World Population Review. 2020. Muslim Population By Country 2020. <https://worldpopulationreview.com/country-rankings/muslim-population-by-country>.
Anriza. Marlya. 2019. Analisis Faktor Kesadaran Literasi Keuangan Islam Mahasiswa Keuangan dan Perbankan Islam. EQUILIBRIUM: Jurnal Ekonomi Islam Vol. 7 No. 1.
Ashal, Akrim. 2017. Analisis Aspek Religiusitas Terhadap Etika Bisnis Pedagang Pasar Muslim Pusat Pasar Kota Medan. Jurnal Hukum Islam, Perundang-undangan dan Pranata Sosial Vol. 7 No. 1 January-June.
Azmi Mohamad. Anderson Alex. 2015. Islamic Financial Literacy Among Bankers in Kuala Lumpur. Journal of Emerging Economies and Islamic Research Vol. 3 No. 2.
Bashir, et al. 2013. Financial Literacy and Influence of Pschosocial Factors. European Scientific Journal Vol. 9 No. 28.
Diana. Ayus. 2018. Tingkat Literasi Keuangan Syariah di Kalangan UMKM dan Dampaknya Terhadap Perkembangan Usaha. Jurnal Al-Amwal Vol. 10 No. 1.
Eliza, Any. 2019. Literasi Keuangan Islam dan Faktor yang Mempengaruhinya. Valid Jurnal Ilmiah Vol. 16 No. 1 January.
Falahati, Leila. 2012. Assesment a Model of Financial Satisfaction Predictors: Examining the Mediate Effect of Financial Behaviour and Financial Strain. World Applied Sciences Journal Vol. 20 No. 2.
Ghozali. Hengky. 2015. Partial Least Squares Konsep, Teknik dan Aplikasi Menggunakan Program SmartPLS 3.0 2nd Edition. Semarang: UNDIP.
Ghozali, Imam. 2014. Structural Equation Modelling Metode Alternatif Dengan Partial Least Squares (PLS) 4th edition. Semarang: UNDIP.
Hardina, Fadilah. 2019. Pengaruh Literasi Keuangan Terhadap Kepuasan Keuangan dengan Perilaku Keuangan sebagai Variabel intervening pada Masyarakat Kota Makassar. Skripsi: Jurusan Manajemen Fakultas Ekonomi & Bisnis UIN Alauddin Makassar.
Harwianti, Siti. 2017. Analisis Faktor-Faktor yang mempengaruhi Financial Satisfaction pada Masyarakat di Kota Makassar. Skripsi: Jurusan Manajemen Fakultas Ekonomi dan Bisnis UIN Alauddin Makassar.
Hiyanti, Hida, et al. 2020. Pengaruh Literasi dan Religiusitas Terhadap Intensi Berwakaf pada Cash Waqf Linked Sukuk. Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Vol. 4 No. 3.Thomson Reuters. 2018. An Inclusive Ethical Economy State of the Global Islamic Economy Report 2018/2019. Dubai: Dubai International Financial Center.
Indonesian Ministry of National Development Planning. 2018. Indonesia Islamic Masterplan 2019-2024. Indonesia: PT Zahir Syariah Indonesia.
Insap, Paulus. 2018. Metode Kuantitatif Pengembangan Hipotesis dan Pengujiannya Menggunakan SmartPLS. Yogyakarta: ANDI.
Joseph, et al. 2017. A Primer on Partial Least Squares Structural Equation Modelling (PLS-SEM) 2nd edition. Califronia: SAGE Publications.
KemenkopUKM. 2018. Perkembangan Data Usaha Mikro, Kecil, Menengah (UMKM) dan Usaha Besar (TB) 2017-2018. Kementrian Koperasi dan Usaha Kecil Menengah.
Kiki. 2019. Determinan Tingkat Literasi Keuangan Pelaku UMKM Perempuan di Pasar Tanjung Kabupaten Jember. Prosiding the 5th Seminar Nasional & Call for Paper.
Laili, Rofiqoh. 2018. Pengaruh Religiusitas Terhadap Stres Pada Mahasiswa di Universitas Negeri Jakarta. Skripsi: Jurusan Psikologi Fakultas Pendidikan Psikologi UIN Jakarta.
Mohomed, Nabee. 2015. Research Paper: Islamic Financial Literacy among QFIS Students. Hamad bin Khalifa University, Qatar Faculty of Islamic Studies MSc Islamic Finance 8 December.
Murphy, John L. 2013. Psychosocial Factors and Financial Literacy. Social Security Bulletin Vol. 73 No. 1.
Nurul, Anna. 2020. Pengaruh Faktor Psikososial terhadap Kineja Keuangan UMKM: Peran Literasi Keuangan Islam sebagai Varibel Intervening. Inovbiz: Jurnal Inovasi Bisnis.
OJK. 2019. Siaran Pers Survei OJK 2019 Indeks Literasi dan Inklusi Keuangan Meningkat. <http://www.ojk.go.id/id/berita-dan kegiatan/siaran-pers/Pages/Siaran-Pers-Market-Share-Keuangan-Islam-Capai-8-Persen.aspx>.
Putu, Ayu. Djinar, Nyoman. 2018. Analisis Determinan Tingkat Literasi Keuangan Pedagang Pada Pasar Tradisional di Kota Denpasar. E-Jurnal Ekonomi Pembangunan Universitas Udayana Vol. 7 No. 2 February.
Rahim. 2016. Psychosocial Factros and Gender Influencing the Level of Islamic Financial Literacy. Research Paper Submitted to Othman Yeop Abdullah Graduates School of Business Universiti Utara Malaysia.
Rahim, et al. 2016. Islamic Financial Literacy and Its Determinants among University Students: An Exploratory Factor Analysis. International Journal of Economics and Financial Issues.
Ramadhani, Husniah. 2017. Memaknai Putus Asa Dalam Paradigma Henti. Jurnal Kajian Ilmu-Ilmu Keislaman Vol. 03 No. 1 June.
Rini. Ghufron. 2018. Hubungan antara Orientasi Religiusitas Dengan Kepuasan Hidup. TAZKIYA Journal of Psychology Vol. 6 No. 1.
Rusdini, Arfiana. 2020. Faktor yang Mempengaruhi Financial Satisfaction pada Masyarakat Kabupaten Pamekasan. Jurnal Ilmu Manajemen UNESA Vol. 9 No. 1.
Winurini, Sulis. 2019. Hubungan Religiositas dan Kesehatan Mental pada Remaja Pesantren di Tabanan. Jurnal Masalah-Masalah Sosial Vol. 10 No. 2 December.
World Population Review. 2020. Muslim Population By Country 2020. <https://worldpopulationreview.com/country-rankings/muslim-population-by-country>.
Downloads
Submitted
2021-07-03
Accepted
2021-07-03
Published
2021-05-06
How to Cite
[1]
A. Triyawan and F. Salsabila, “THE EFFECT OF PSYCHOSOCIAL FACTORS ON ISLAMIC FINANCIAL LITERACY: STRUCTURAL EQUATION MODELLING-PARTIAL LEAST SQUARE (SEM-PLS) APPROACH”, JIEP, vol. 3, no. 4, May 2021.
Issue
Section
Articles
