The Role of Self-Control in Moderating the Effects of Hedonistic Lifestyles and Financial Literacy on Students’ Financial Management

Abstract

This study aims to examine the role of self-control in moderating the influence of hedonistic lifestyle and financial literacy on students’ financial management in Malang City. The study was motivated by the increasing consumptive behavior among Generation Z students influenced by digital lifestyles, social media trends, and easy access to financial services. This research employed a quantitative explanatory approach involving 156 active students in Malang City selected using the Slovin sampling method. Data were collected through a five-point Likert scale questionnaire and analyzed using Partial Least Square-Structural Equation Modeling (PLS-SEM) with SmartPLS software. The results indicate that hedonistic lifestyle negatively affects students’ financial management, while financial literacy has a positive effect on financial management. In addition, self-control strengthens the relationship between financial literacy and financial management, indicating that students with higher self-control are more capable of applying financial knowledge effectively in daily financial decision-making. This study contributes to the behavioral finance literature by highlighting the importance of financial literacy and self-control in shaping financial management behavior among Generation Z students. The findings also provide practical implications for universities and related institutions in developing financial education programs for students.