The Effect of Mental Accounting and Heuristics on Financial Behavior with Self-Efficacy as Moderator

Titya Advianti P. Barek; Meykel  Djuuna; Surya  Danang

doi:10.55885/jmap.v5i3.711

Authors

Titya Advianti P. Barek Akademi Bisnis dan Keuangan Primaniyarta, Indonesia
Meykel Djuuna Akademi Bisnis dan Keuangan Primaniyarta, Indonesia
Surya Danang Akademi Bisnis dan Keuangan Primaniyarta, Indonesia

DOI:

https://doi.org/10.55885/jmap.v5i3.711

Keywords:

Mental Accounting, Heuristic, Self-Efficacy, Financial Behavior, SEM-PLS

Abstract

This study aims to analyze the effect of mental accounting and heuristics on financial behavior, with self-efficacy as a moderating variable in Insan Corporation Manado employees. This research is motivated by the empirical phenomenon that the majority of employees show financial behavior that does not reflect the principles of good financial management, such as the tendency to make impulsive purchases, lack of budget planning and the dominance of emotional decisions. The method used is a quantitative approach with survey techniques using online questionnaires (google form) distributed to 131 respondents. Data analysis was carried out using Structural Equation Modeling - Partial Leas Squares (SEM-PLS). The results showed that mental accounting has a positive and significant influence on financial behavior with a sig. value of 0.000, as well as heuristics have a positive and significant influence on financial behavior with a sig. value of 0.000. Furthermore, self-efficacy is proven to positively and significantly moderate the relationship between mental accounting and financial behavior (sig. value of 0.045), and negatively moderate the relationship between heuristics and financial behavior (sig. value of 0.043). Thus, it can be concluded that mental accounting and heuristics play a significant role in shaping employees' financial behavior, while self-efficacy is the main psychological factor that can strengthen or weaken their influence. A person's level of confidence in managing their finances plays an important role in encouraging more adaptive and rational financial behavior.

References

Abdallah, W., Tfaily, F., & Harraf, A. (2025). The impact of digital financial literacy on financial behavior: customers’ perspective. Competitiveness Review: An International Business Journal, 35(2), 347-370. https://doi.org/10.1108/CR-11-2023-0297

Abrigo, L. K. C., & Ferrer, R. C. (2016). The effect of management compensation and debt requirements on earnings management concerning the impairment of assets. Journal of Accounting and Investment, 17(1), 1-21. https://doi.org/10.18196/jai.2016.0041.1-21

Antonides, G., & Ranyard, R. (2017). Mental accounting and economic behaviour. Economic psychology, 123-138. https://doi.org/10.1002/9781118926352.ch8

Asmin, E. A., Ali, M., Nohong, M., & Mardiana, R. (2021). The Effect of Financial Self-Efficacy and Financial Knowledge on Financial Management Behavior. Golden Ratio Financial Management, 1(1), 15-26. https://doi.org/10.52970/grfm.v1i1.59

Atikah, A., & Kurniawan, R. R. (2021). The Effect of Financial Literacy, Locus of Control, and Financial Self Efficacy on Financial Management Behavior. JMB: Journal of Management and Business, 10(2), 284-297. https://doi.org/10.31000/jmb.v10i2.5132

Azi, M. F., Wiguna, C., & Meiah, K. N. (2022). User Interface Analysis on Kampiun ITTP Website with Heuristic Method and System Usability Scale (SUS). Journal of Budidarmatika Informatics Media, 6(2), 1080. https://doi.org/10.30865/mib.v6i2.3802

Blumenthal-Barby, J. S., & Krieger, H. (2015). Cognitive biases and heuristics in medical decision making: a critical review using a systematic search strategy. Medical decision making, 35(4), 539-557. https://doi.org/10.1177/0272989X14547740

Denkowska, S., Fijorek, K., & Wegrzyn, G. (2020). Formal and non-formal education and training as an instrument fostering innovation and competitiveness in EU member countries. Journal of Competitiveness, 12(3), 82. https://doi.org/10.7441/joc.2020.03.05

Dewi, I. A. K., & Rochmawati, R. (2020). The Effect of Money Attitude on Personal Financial Management Behavior: Knowledge and Financial Self-Efficacy as Moderators. Journal of Social Science Education, 30(2), 123-134. https://doi.org/10.23917/jpis.v30i2.10956

Dwiastanti, A. (2017). Analysis of financial knowledge and financial attitude on locus of control and financial management behavior. MBR (Management and Business Review), 1(1), 1-8. https://doi.org/10.21067/mbr.v1i1.2043

Dwiastanti, A., & Wahyudi, A. (2022). The Role of Intellectual Intelligence, Emotional Intelligence, and Spiritual Intelligence on Financial Management of Micro, Small, and Medium Enterprises (MSMEs) in Malang City. INOBIS: Indonesian Journal of Business Innovation and Management, 5(2), 241-254. https://doi.org/10.31842/jurnalinobis.v5i2.227

Faizal, S. M., Jaffar, N., & Muyop, N. A. (2025). Investigating spending behaviour using a mental accounting approach. Asian Economic and Financial Review, 15(2), 241. https://doi.org/10.55493/5002.v15i2.5310

Jumady, E., Alam, S., Hasbiyadi, H., Fajriah, Y., & Anggraini, Y. (2024). The effect of financial planning on consumer debt management: the role of financial literacy, self-efficacy, and financial motivation. Atestasi: Jurnal Ilmiah Akuntansi, 7(1), 340-368. https://doi.org/10.57178/atestasi.v7i1.793

Khairiyah, I. (2025). Personal Finance Strategies to Achieve Long-Term Financial Goals and Economic Independence. Journal Of Multi Currency, 1(1), 64-79.

Khumsamart, S. (2022). Innovative management strategies for the office of non-formal and informal education in the digital age. Journal of Management in Business, Healthcare, and Education, 1(2), 1-21.

Kusnandar, D. L., Kurniawan, D., & Sahroni, N. (2022). The Effect of Mental Accounting in Generation Z on Financial Behavior during the Covid 19 Pandemic mediated by Lifestyle. Valid: Scientific Journal, 19(2), 97-106. https://doi.org/10.53512/valid.v19i2.213

Lathiifah, D. R., & Kautsar, A. (2022). Pengaruh financial literacy, financial technology, financial self-efficacy, income, life style, dan emotional intelligence terhadap financial management bahavior pada remaja di Kabupaten Ponorogo. Jurnal Ilmu Manajemen, 10(4), 1211-1226. https://doi.org/10.26740/jim.v10n4.p1211-1226

Loris, R. P., & Jayanto, P. Y. (2021). The Effect of Representativeness, Availability, Anchoring, Perceived Risk, and Herding on Sharia Investor Investment Decisions. Journal of Accounting, 11(1), 81-92. https://doi.org/10.33369/j.akuntansi.11.1.81-92

Maradona, A. F. (2020). A qualitative exploration of heuristics and cognitive biases in auditor judgements. Accountability, 9(2), 94-112.

Mawaddah, H. (2019). Analisis efikasi diri pada mahasiswa psikologi unimal. Jurnal Psikologi Terapan, 2(2), 19-26. https://doi.org/10.29103/jpt.v2i2.3633

Mawardi, M. C., Handayati, P., Mukhlis, I., Hermawan, A., & Soetjipto, B. E. (2025). Financial behavior, self-efficacy, and entrepreneurial skills: Uncovering the determinants of culinary business performance. The Economics and Finance Letters, 12(2), 306-313. https://doi.org/10.18488/29.v12i2.4230

Oskouei, Z. H., & Sureshjani, Z. H. (2021). Studying the relationship between managerial ability and real earnings management in economic and financial crisis conditions. International Journal of Finance & Economics, 26(3), 4574-4589. https://doi.org/10.1002/ijfe.2031

Pitthan, F., & De Witte, K. (2024). Do heuristics matter for financial literacy? The impact of better heuristics awareness to financial literacy. Finance Research Letters, 67, 105854. https://doi.org/10.1016/j.frl.2024.105854

Praditha, R., Bahtiar, B., & Razak, L. A. (2024). The Role of Experience as a Reducer of Heuristic Bias and Herding Effect in Investment Decisions. Indonesian Accounting and Business Review, 8(2), 171-184. https://doi.org/10.18196/rabin.v8i2.21477

Prayuda, R. Z., & Purwanto, A. (2024). The Role of Locus of Control, Financial Knowledge and Income on Financial Management Behavior: PLS-SEM Analysis. PROFESOR: Professional Education Studies and Operations Research, 1(02), 1-5. https://doi.org/10.7777/t758dc49

Putri, E. A. A.-Z. F. K. S., Widyaningsih, A., & S. Purnomo, B. (2025). The Effect of Financial Literacy, Financial Behavior and Mental Accounting on the Consumptive Behavior of Mobile Legends Game Players. Management Economics and Accounting, 6(1), 83-99. https://doi.org/10.37012/ileka.v6i1.2590

Radianto, W. E. D., & Pramudita, N. A. (2024). Interaction of mental accounting, financial self-efficacy, and financial attitude on financial behavior. Enrichment: Journal of Management, 14(2), 156-167. https://doi.org/10.35335/enrichment.v14i2.1886

Ramatni, A. (2024). Implications of education for entrepreneurial abilities: Formal versus non-formal education. International Journal of Education, Social Studies, And Management (IJESSM), 4(1), 154-168. https://doi.org/10.52121/ijessm.v4i1.218

Rashid, N. M. N. N. M., Noor, R. M., Matsuki, N., AbRahman, N. A., & Omar, N. (2016). The Longitudinal Study of Earnings Management: Analysis on Companies Financial Abilities. Procedia Economics and Finance, 35, 136-145. https://doi.org/10.1016/S2212-5671(16)00018-6

Setianingsih, D., Dewi, M., & Chanda, A. (2022). The effect of financial knowledge, financial planning, internal locus of control, and financial self-efficacy on financial management behaviour: A case study of SMEs Grocery Stores. Jurnal Samudra Ekonomika, 6(1), 19-30. https://doi.org/10.33059/jse.v6i1.5068

Shi, W., Ali, M., & Leong, C. M. (2025). Dynamics of personal financial management: a bibliometric and systematic review on financial literacy, financial capability and financial behavior. International Journal of Bank Marketing, 43(1), 125-165. https://doi.org/10.1108/IJBM-06-2023-0359

Shih, T. Y., & Ke, S. C. (2014). Determinates of financial behavior: insights into consumer money attitudes and financial literacy. Service Business, 8(2), 217-238. https://doi.org/10.1007/s11628-013-0194-x

Sjamsuri, A., & Muliyani, N. (2019). Pengaruh Efikasi Diri Terhadap Kinerja Guru Di SMA PGRI 3 Jakarta. Faktor: Jurnal Ilmiah Kependidikan, 6(1), 1-6. http://dx.doi.org/10.30998/fjik.v6i1.3094

Syaputri, C. F., & Pradesyah, R. (2023). The Effect of Sharia Financial Literacy and Mental Accounting on Generation Z's Financial Behavior in Building MSMEs (Case Study of Halal MSME Actors in Medan City). Al-Sharf: Journal of Sharia Economics, 4(2), 151-164. https://doi.org/10.56114/al-sharf.v4i2.7758

Thaler, R. H. (1999). Mental accounting matters. Journal of Behavioral decision making, 12(3), 183-206. https://doi.org/10.1002/(SICI)1099-0771(199909)12:3%3C183::AID-BDM318%3E3.0.CO;2-F

West, R. F., Toplak, M. E., & Stanovich, K. E. (2008). Heuristics and biases as measures of critical thinking: associations with cognitive ability and thinking dispositions. Journal of educational psychology, 100(4), 930.