The Money Trap and Impulsive Behavior of Generation Z: A Case Study of Accounting Students at Malang State Polytechnic

Muhammad Rizky Arifandi; Meirna Puspita Permatasari; Ima Kristanti

doi:10.33474/jimmu.v11i1.24801

Authors

Muhammad Rizky Arifandi Politeknik Negeri Malang
Meirna Puspita Permatasari Universitas Negeri Malang
Ima Kristanti Politeknik Negeri Malang

DOI:

https://doi.org/10.33474/jimmu.v11i1.24801

Keywords:

Financial literacy paradox, Intention-behavior gap, Money traps, Self-control, Generation Z.

Abstract

This study examines money traps, financial awareness, self-control, and the intention–behavior gap among Generation Z accounting students at Accounting Students. Previous studies on student financial literacy have mainly emphasized financial knowledge, while limited research has explored the behavioral and psychological factors influencing students’ daily financial practices in the digital financial era. This study addresses that gap by focusing on money trap experiences among vocational higher education students exposed to digital consumption and fintech services. Using a convergent parallel mixed-methods design with a descriptive-exploratory approach, data were collected from 80 accounting students through a Mentimeter survey combining four-point scale and open-ended questions. Data were analyzed using descriptive statistics, Spearman’s correlation, and thematic analysis. The findings reveal a financial literacy paradox. Although 45% of respondents considered their financial condition before shopping, 38.75% frequently or always ran out of money before month-end. Only 11.25% saved regularly, and 7.5% consistently tracked expenses. Common money traps included snacks, coffee, delivery fees, and social spending influenced by peer pressure, which were intensified by digital promotions and fintech accessibility. Correlation analysis showed that lower self-control was associated with higher unplanned shopping frequency, indicating a clear intention–behavior gap. The study concludes that financial knowledge alone is insufficient to promote healthy financial behavior. Therefore, accounting education should integrate behavioral-based financial literacy through practical budgeting, mindful spending, fintech literacy, and financial planning activities to strengthen students’ financial resilience.

References

Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T

Bank Indonesia. (2022). Survei Nasional Literasi dan Inklusi Keuangan (SNLIK) 2022. Bank Indonesia. https://www.bi.go.id

Baumeister, R. F. (2002). Yielding to temptation: Self-control failure, impulsive purchasing, and consumer behavior. Journal of Consumer Research, 28(4), 670–676. https://doi.org/10.1086/338209

Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77–101. https://doi.org/10.1191/1478088706qp063oa

Creswell, J. W., & Creswell, J. D. (2018). Research design: Qualitative, quantitative, and mixed methods approaches (5th ed.). SAGE Publications.

Dew, J., & Xiao, J. J. (2011). The financial management behavior scale: Development and validation. Journal of Financial Counseling and Planning, 22(1), 43–59. https://ssrn.com/abstract=2061143

Dwidienawati, D., & Gandasari, D. (2020). Understanding Indonesian Gen Z’s behavior in digital era: A study of the digital native. Journal of Asian Finance, Economics and Business, 7(10), 679–685. https://doi.org/10.13106/jafeb.2020.vol7.no10.679

Etikan, I., Musa, S. A., & Alkassim, R. S. (2016). Comparison of convenience sampling and purposive sampling. American Journal of Theoretical and Applied Statistics, 5(1), 1–4. https://doi.org/10.11648/j.ajtas.20160501.11

Gliem, J. A., & Gliem, R. R. (2003). Calculating, interpreting, and reporting Cronbach’s alpha reliability coefficient for Likert-type scales. Midwest Research-to-Practice Conference in Adult, Continuing, and Community Education, Columbus, OH.

Gollwitzer, P. M., & Sheeran, P. (2006). Implementation intentions and goal achievement: A meta-analysis of effects and processes. Advances in Experimental Social Psychology, 38, 69–119. https://doi.org/10.1016/S0065-2601(06)38002-1

Hausman, A. (2000). A multi-method investigation of consumer motivations in impulse buying behavior. Journal of Consumer Marketing, 17(5), 403–426. https://doi.org/10.1108/07363760010341045

Lantara, I. W. N., & Kartini, N. K. R. (2015). Financial literacy among university students: Empirical evidence from Indonesia. Journal of Indonesian Economy and Business, 30(3), 247–256. https://doi.org/10.22146/jieb.10309

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

Priporas, C. V., Stylos, N., & Fotiadis, A. K. (2017). Generation Z consumers' expectations of interactions in smart retailing: A future agenda. Computers in Human Behavior, 77, 374–381. https://doi.org/10.1016/j.chb.2017.01.058

Rasyid, R. (2020). Perilaku konsumtif generasi Z di era digital. Jurnal Ilmiah Manajemen dan Bisnis, 5(2), 45–58. https://doi.org/10.38043/jimb.v5i2.2712

Sabri, M. F., Rahim, H. A., & Wijekoon, R. (2020). Financial management, savings and investment behavior, and financial well-being of working women in Malaysia. Women's Studies International Forum, 83, Article 102416. https://doi.org/10.1016/j.wsif.2020.102416

Setiyani, R., & Solichatun, I. (2019). Financial behavior of students in Indonesian universities. Journal of Consumer Sciences, 4(2), 56–68. https://doi.org/10.29244/jcs.4.2.56-68

Sheeran, P., & Webb, T. L. (2016). The intention–behavior gap. Social and Personality Psychology Compass, 10(9), 503–518. https://doi.org/10.1111/spc3.12265

Tangney, J. P., Baumeister, R. F., & Boone, A. L. (2004). High self-control predicts good adjustment, less pathology, better grades, and interpersonal success. Journal of Personality, 72(2), 271–324. https://doi.org/10.1111/j.0022-3506.2004.00263.x

Widlastuti, I. G. A. D., Sari, M. M. R., & Utami, E. S. (2022). The influence of fintech on financial behavior and financial well-being of Generation Z. Journal of Financial Services Marketing, 27(3), 201–215. https://doi.org/10.1057/s41264-021-00115-w

Xiao, J. J. (2008). Applying behavior theories to financial behavior. In J. J. Xiao (Ed.), Handbook of consumer finance research (pp. 69–81). Springer. https://doi.org/10.1007/978-0-387-75734-6_5