The Effect of Family Financial Socialization on Financial Self-Efficacy Mediated by Financial Knowledge and Financial Skills


  • Reza April Department of Accounting, Politeknik Negeri Padang, Padang, Indonesia
  • Novrina Chandra Department of Accounting, Politeknik Negeri Padang, Padang, Indonesia
  • Amy Fontanella Department of Accounting, Politeknik Negeri Padang, Padang, Indonesia
  • Sukartini Sukartini Department of Accounting, Politeknik Negeri Padang, Padang, Indonesia



Financial Socialization, Financial Knowledge, Financial Skills, Financial Self-Efficacy, Financial Literacy


This study aims to explore and provide empirical evidence on how financial socialization directly affects financial knowledge, financial skills, and financial self-efficacy. Additionally, it investigates the relationships between financial knowledge, financial skills, and financial self-efficacy, while also examining the indirect influence of financial socialization on financial self-efficacy through the mediation of financial knowledge and skills. The research focused on a sample of 208 millennials from West Sumatra, selected through non-probability accidental random sampling. The data analysis utilized the partial least square structural equation modeling technique (SEM PLS) with SmartPLS 3.0. The findings revealed that the direct impact of financial socialization on financial knowledge and skills was statistically significant. However, the direct effect of financial socialization on financial self-efficacy was not deemed significant. The study also established the statistically significant impacts of financial knowledge and financial skills on financial self-efficacy, along with confirming the indirect influence of financial socialization on financial self-efficacy through the mediation of financial knowledge and skills.


Abdallah, L., Alsharif, A., Khalil, E., Mohammad, M., Ebbini, A., Alzboun, N., Turki, M., Ibraheem, S., & Al-hawary, S. (2024). International Journal of Data and Network Science How digital financial literacy impacts financial behavior in Jordanian millennial generation. 8, 117–124.

Abu Daqar, M. A. M., Arqawi, S., & Karsh, S. A. (2020). Fintech in the eyes of Millennials and Generation Z (the financial behavior and Fintech perception). Banks and Bank Systems, 15(3), 20–28.

Akbar, R. P., & Armansyah, R. F. (2023). Perilaku Keuangan Generasi Z Berdasarkan Literasi Keuangan, Efikasi Diri, Dan Gender. Jurnal Ilmiah Manajemen Dan Bisnis (JIMBis), 2(2), 107–124.

Amagir, A., Groot, W., van den Brink, H. M., & Wilschut, A. (2020). Financial literacy of high school students in the Netherlands: knowledge, attitudes, self-efficacy, and behavior. International Review of Economics Education, 34(April 2019), 100185.

Arquero, J. L., Fernández-Polvillo, C., & Jiménez-Cardoso, S. M. (2024). Financial literacy in tourism and management & business administration entry-level students: A comparative view. Journal of Hospitality, Leisure, Sport and Tourism Education, 34(February 2023).

Bhutta, N., Blair, J., & Dettling, L. (2023). The smart money is in cash? Financial literacy and liquid savings among U.S. families. Journal of Accounting and Public Policy, 42(2), 107000.

Bucciol, A., Quercia, S., & Sconti, A. (2021). Promoting financial literacy among the elderly: Consequences on confidence. Journal of Economic Psychology, 87(July), 1–6.

Callis, Z., Gerrans, P., Walker, D. L., & Gignac, G. E. (2023). The association between intelligence and financial literacy: A conceptual and meta-analytic review. Intelligence, 100(July), 101781.

Chen, F., Yu, D., & Sun, Z. (2023). Heliyon Investigating the associations of consumer financial knowledge and financial behaviors of credit card use. 9(June 2022).

Chin, W. W., & Todd, P. A. (1995). On the use, usefulness, and ease of use of structural equation modeling in mis research: A note of caution. MIS Quarterly: Management Information Systems, 19(2), 237–246.

Choung, Y., Chatterjee, S., & Pak, T. Y. (2023). Digital financial literacy and financial well-being. Finance Research Letters, 58(PB), 104438.

Dewi, V. I., Febrian, E., Effendi, N., & Anwar, M. (2020). Financial literacy among the millennial generation: Relationships between knowledge, skills, attitude, and behavior. Australasian Accounting, Business and Finance Journal, 14(4), 24–37.

Eka Rosalina, Wiwik Andriani, Elfitri Santi, & Asratul Rahmi. (2022). Household financial management with personality factors and locus of control through mental budgeting. Economics, Business, Accounting & Society Review, 1(3), 132–141.

Farrell, L., Fry, T. R. L., & Risse, L. (2016). The significance of financial self-efficacy in explaining women’s personal finance behaviour. Journal of Economic Psychology, 54, 85–99.

Feng, X., & Du, G. (2023). Does financial knowledge contribute to the upgrading of the resident’s consumption? Finance Research Letters, 58(PC), 104535.

Gerrans, P. (2021). Undergraduate student financial education interventions: Medium term evidence of retention, decay, and confidence in financial literacy. Pacific Basin Finance Journal, 67(August 2020), 101552.

Gignac, G. E., & Stevens, E. M. (2024). Attitude toward numbers: A better predictor of financial literacy and intelligence than need for cognition. Intelligence, 103(December 2023), 101808.

Gilenko, E., & Chernova, A. (2021). Saving behavior and financial literacy of Russian high school students: An application of a copula-based bivariate probit-regression approach. Children and Youth Services Review, 127(September 2020), 106122.

Gudmunson, C. G., & Danes, S. M. (2011). Family Financial Socialization: Theory and Critical Review. Journal of Family and Economic Issues, 32(4), 644–667.

Ha, D., & Ahmet, S. (2023). Borsa Istanbul Review Empowering mobile money users : The role of financial literacy and trust in Vietnam. 23(October), 1367–1379.

Hanson, T. A., & Olson, P. M. (2018). Financial literacy and family communication patterns. Journal of Behavioral and Experimental Finance, 19, 64–71.

Joshua, N. A., & Nuryasman. (2021). Perilaku, sikap dan pengetahuan keuangan terhadap kepuasan keuangan. Jurnal Manajerial Dan Kewirausahaan, 3(77), 61–71.

Kumar, P., Pillai, R., Kumar, N., & Tabash, M. I. (2023). The interplay of skills, digital financial literacy, capability, and autonomy in financial decision making and well-being. Borsa Istanbul Review, 23(1), 169–183.

LeBaron, A. B., & Kelley, H. H. (2021). Financial Socialization: A Decade in Review. Journal of Family and Economic Issues, 42(s1), 195–206.

Li, P., Li, Q., & Du, S. (2024). Does digital literacy help residents avoid becoming victims of frauds? Empirical evidence based on a survey of residents in six provinces of east China. International Review of Economics and Finance, 91(January), 364–377.

Madi, R. A., & Rauf, R. (2023). Pengaruh Pengetahuan Keuangan Dan Sosialisasi Keuangan Terhadap Kepuasan Keuangan Ibu Rumah Tangga Dengan Stres Keuangan Sebagai Variabel Intervening. Center for Open Science, 1–14.

Marchant, C., & Harrison, T. (2020). Emerging adults’ financial capability: A financial socialization perspective. International Journal of Consumer Studies, 44(2), 99–110.

Martono, & Sudarma. (2019). Influence of Life Style and Financial Literacy to Consumptive Behavior through Self-Control of Unisnu FEB College Students Jepara. 8(37), 75–80.

Pradinaningsih, N. A., & Wafiroh, N. L. (2022). Pengaruh Literasi Keuangan, Sikap Keuangan dan Self-Efficacy terhadap Pengelolaan Keuangan Ibu Rumah Tangga. E-Jurnal Akuntansi, 32(6), 1518.

Rea, J. K., Danes, S. M., Serido, J., Borden, L. M., & Shim, S. (2019). “Being Able to Support Yourself”: Young Adults’ Meaning of Financial Well-Being Through Family Financial Socialization. Journal of Family and Economic Issues, 40(2), 250–268.

Tambunan, D., Hou, A., Nasib, Hs, W. H., & Pasaribu, D. (2024). The Role of Financial Literacy and Self-Motivation in Fostering Entrepreneurial Interest and Self-Efficacy among University Students. Journal of Logistics, Informatics and Service Science, 11(1), 136–145.

Utkarsh, Pandey, A., Ashta, A., Spiegelman, E., & Sutan, A. (2020). Catch them young: Impact of financial socialization, financial literacy and attitude towards money on financial well-being of young adults. International Journal of Consumer Studies, 44(6), 531–541.

Yang, J., Wu, Y., & Huang, B. (2023). Digital finance and financial literacy : Evidence from Chinese households ☆. 156(February 2021).

Zhao, H., & Zhang, L. (2020). Talking money at home: the value of family financial socialization. International Journal of Bank Marketing, 38(7), 1617–1634.

Zhao, H., Zhang, L., & Anong, S. (2023). Financial socialization and financial distress: The role of cognitive and noncognitive abilities. Journal of Consumer Affairs, 57(3), 1236–1257.

Zhao, T., Chen, K., Wang, Q., & Luo, C. (2023). Financial literacy , liquidity constraits and household risk asset allocation. Finance Research Letters, 58(PC), 104555.




How to Cite

April, R., Chandra, N., Fontanella, A., & Sukartini, S. (2024). The Effect of Family Financial Socialization on Financial Self-Efficacy Mediated by Financial Knowledge and Financial Skills. Economics, Business, Accounting & Society Review, 3(1), 1–10.