A Multi-Theoretical Analysis Of Financial Behavior: Evidence From Indonesian Housewives

Abstract

This study examines the determinants of household financial management behavior among Indonesian housewives using an integrated multi-theoretical framework combining Theory of Planned Behavior, Human Capital Theory, and Social Cognitive Theory. A cross-sectional survey was conducted with 300 housewives in West Java Province using stratified random sampling. Multiple linear regression analysis revealed significant positive effects of financial literacy (β = 0.389, p < 0.001), financial knowledge (β = 0.267, p < 0.001), and financial attitudes (β = 0.245, p < 0.001) on financial management behavior. The model explains 55.5% of the variance in financial behavior (R² = 0.555, F = 122.678, p < 0.001). Financial literacy emerged as the strongest predictor, highlighting its critical importance in emerging economies with limited formal financial infrastructure. The study provides the first comprehensive multi-theoretical analysis of financial behavior among Indonesian women, demonstrating universal applicability of established theories while revealing context-specific patterns. Results offer valuable insights for policymakers and financial institutions designing targeted financial education programs in developing economies