The Influence of Financial Knowledge, Financial Attitude, Financial Behavior on the Growth of MSMEs with Financial Literacy as a Mediation Variable

Sahda Marissa, Fitriyah Fitriyah


Small, Micro, and Medium Enterprises (MSMEs) play an important role in various economic activities globally. The success of an MSME depends on the manager or manager of the MSME. Financial literacy enables MSME managers and owners to decide well on the financial decisions that must be taken. This research aims to determine the influence of financial knowledge, financial attitudes, financial behavior, financial literacy on the growth of MSMEs. The sample for this research is MSMEs assisted by the Department of Cooperatives and Trade and Micro Enterprises in Trenggalek Regency which already has Business Identification Numbers for 91 MSMEs. The analysis tool used is PLS-SEM with WarPLS 8.0 software. The research results show that financial knowledge and financial attitudes do not influence the growth of MSMEs, while financial behavior and financial literacy influence the growth of MSMEs. Financial attitudes, financial knowledge, and financial behavior have a significant effect on financial literacy. Financial literacy is not able to mediate financial attitudes towards financial growth, financial literacy is able to mediate the relationship between financial knowledge and financial behavior towards the growth of MSMEs


Keywords: Financial Knowledge; Financial Attitude; Financial Behavior; Financial Literacy; MSMEs Growth

Full Text:



Abdul Razak, D., & Amin, H. (2020). the Effects of Financial Knowledge, Socialisation, Attitude and Skill on Malaysian Smes’ Performance. International Journal of Industrial Management, 8(1), 1–11.

Agus Zainul Arifin. (2018). Influence Factors toward Financial Satisfaction with Financial Behavior as Intervening Variable on Jakarta Area Workforce. European Research Studies Journal, 21(1), 90–103.

Akoto, G. O., Appiah, K., & Turkson, J. (2017). Financial Literacy of Cocoa Farmers in Ghana. International Journal of Accounting and Finance, 7(1), 11–30.

Chen, H., & Volpe, R. P. (1998). An Analysis of Personal Financial Literacy Among College Students. Financial Services Review, 7(2), 107–128.

Garg, N., & Singh, S. (2018). Financial Literacy Among Youth. International Journal of Social Economics, 45(1), 173.

Haekal, F. (2021). Pengaruh Literasi Keuangan terhadapPengelolaan Keuangan UMKM di Kota Palopo. 168–183.

Halim, Y. K. E., & Astuti, D. (2015). Financial Stressors, Financial Behavior, Risk Tolerance, Financial Solvecy, Financial Knowledge, dan Kepuasan Finansial. Jurnal Finesta, 3(1), 19–23.

Joseph F. Hair, J., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2021). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM). Sage.

Kholilah, N. Al, & Iramani, R. (2013). Studi Financial Management Behavior Pada Masyarakat Surabaya. Journal of Business and Banking, 3(1), 25–33.

Lusardi, A., & Mitchell, O. (2013). The Economic Importance of Financial Literacy: Theory and Evidence.

Manurung, E. M., & Barlian, I. (2012). “From Small To Significant”: Innovation Process in Small-Medium Busineses. International Journal of Innovation and Technology Management, 3(6), 788.

Meldona, & Rochayatun, S. (2022). Resiliensi UMKM Religiusitas Budaya, Penggunaan Teknologi, Karakteristik Manajemen. PT. LIterindo Berkar Karya.

Moko, W., Sudiro, A., & Kurniasari, I. (2022). the Effect of Financial Knowledge and Financial Attitude on Financial Management Behavior of Students in Surabaya. 11(9), 33–43.

Normawati, R., Rahayu, S., & Worokinasih, S. (2021). Financial Knowledge, Digital Financial Knowledge, Financial Attitude, Financial Behaviour and Financial Satisfaction on Millennials.

Reeg, C. (2013). Micro, Small and Medium Enterprise Upgrading in Low- and Middle-Income Countries.

Reijonen, H., & Komppula, R. (2007). Perception of Success and its Effect on Small Firm Performance. Journal of Small Business and Enterprise Development, 14(4), 689–701.

Remund, D. (2010). Financial Literacy Explicated: The Case for a Clearer Definition in an Increasingly Complex Economy.

Sabilla, S. O., & Wijayangka, C. (2019). Pengaruh literasi keuangan terhadap pertumbuhan usaha pada UMKM. Jurnal Manajemen Dan Bisnis, 3(1), 145–152.

Safitry, R. F. K. M. (2020). Does Financial Literacy Effect to Performance and Sustainability of Culinary MSMEs in Greater Jakarta? Ekonomi Bisnis. Jurnal Ekobis Ekonomi Bisnis & Manajemen, 25(1), 1–13.

Saskia, D., & Yulhendri. (2020). Pengaruh Tingkat Literasi Keuangan terhadap Pengelolaan Keuangan pada Pelaku UMKM Binaan Rumah Kreatif BUMN. Journal Ecogen, 3(3), 365–374.

Setya Aqida, M., & Fitria, S. (2019). Pengaruh Akses Keuangan terhadap Pertumbuhan UMKM dengan Moderasi Literasi Keuangan di Kota Semarang. Diponegoro Journal of Management, 8(2), 121.

Suryanto. (2017). Pola Perilaku Keuangan Mahasiswa Di Peguruan Tinggi. Jurnal Ilmu Politik Dan Komunikasi, VII(1), 11–20.

Susan, M. (2020). Financial literacy and growth of micro, small, and medium enterprises in west java, indonesia. International Symposia in Economic Theory and Econometrics, 27, 39–48.

Tanjung, M. A. (2017). Koperasi dan UMKM sebagai Fondasi Perekonomian Indonesia (A. M. Oktaviani Mutiara Dwisari (ed.)). PT. Gelora Aksara Pratama.

Tufano, A. L. P. (2015). Debt Literacy, Financial Experiences, and Overindebtedness. Journal of Pension Economics and Finance, 332–368.

Tuffour, J. K., & Amoako, A. A. (2020). Assessing the Effect of Financial Literacy Among Managers on the Performance of Small-Scale Enterprises.

Vanessa G Perry, & Morris, M. D. (2005). Who is in control? The role of self-perception, knowledge, and income in explaining consumer financial behavior. Journal of Consumer Affairs, 39(2), 299–313.



  • There are currently no refbacks.

Copyright (c) 2023 Sahda Marissa, Fitriyah Fitriyah

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Editorial Office:
Faculty of Economics,
State Islamic University of Maulana Malik Ibrahim Malang
Gajayana Street 50, Malang-East Java, Indonesia 65144
Phone (+62) 341 558881, Facsimile (+62) 341 558881



P-ISSN 2599-3402
E-ISSN 2598-9537

Lisensi Creative Commons

MEC-J is licensed under CC-BY-SA
© All rights reserved 2017.




Member of:


View My Stats