The role of financial behavior in mediating the influence of socioeconomic characteristics and neurotic personality traits on financial satisfaction

Figures & data

Figure 1. Conceptual research model.

Figure 2. Empirical research model.

Table 1. Variables, measurements, and indicators

Variables	Measurements
Gender (X1)	1 = Female 2 = Male
Ages (X2)	1 = < 20 years 2 = 20–29.9 years 3 = 30–39.9 years 4 = 40–49.9 years 5 = 50–59.9 years 6 = 60–69.9 years 7 = > 70 years
Education Level (X3)	1 = Senior High School 2 = Diploma 3 = Undergraduate Program 4 = Graduate Program 5 = Postgraduate Program
Marital Status (X4)	1 = Not Married 2 = Married 3 = Widow/Widower
Income per month (X5)	1 = < IDR 5,000,000 2 = IDR 5,000,000—IDR 9,999,999 3 = IDR 10,000,000—IDR 14,999,999 4 = IDR 15,000,000—IDR 19,999,999 5 = IDR 20,000,000—IDR 24,999,999 6 = IDR 25,000,000—IDR 30,000,000 7 = > IDR 30,000,000
Neuroticism Personality (X6)	This measurement uses instruments commonly used by professional psychologists to evaluate respondents’ personalities. With the help of a psychologist and a 60-question survey, a neuroticism score will be generated for each respondent.
Variables	Indicators
Investment Behavior (Y1.1)	Investment in the future well-being Looks for information regarding investments before deciding to invest Considers the return on investment Considers the investment risks
Debt Behavior (Y1.2)	Pays debts on time (including credit card debt) Pays bills on time (for example, electricity, water, telephone, children’s school fees)
Spending Behavior (Y1.3)	Prefers to buy things according to function rather than for pleasure (for example, buying shoes because they need them rather than buying them because of the brand) Purchases made within financial capabilities.
Herding Behavior (Y1.4)	Buys goods, services, or investment products because of trends Buys goods, services, or investment products because friends buy them
Financial Satisfaction (Y2)	Satisfied with the amount saved now Satisfied with the current investment Not worried about liabilities because they think they can pay for them Satisfied with the current financial situation
Financial Well-being (Y3)	Feels prosperous with the current financial situation Feels comfortable with the current financial situation Not worried about monthly living expenses Monthly income is sufficient for monthly expenses. Do not stress about personal finances

Figure 3. Path diagram based on loading factor value.

Table A1. Results of hypothesis testing

	Original Sample (O)	Sample Mean (M)	Standard Deviation (STDEV)	T Statistics (|O/STDEV|)	P-Values
X1 Y11	0.128	0.128	0.042	3.035	0.003***
X1 Y12	0.071	0.069	0.042	1.694	0.091*
X1 Y13	0.047	0.046	0.041	1.166	0.244
X1 Y14	−0.084	−0.081	0.039	2.157	0.032**
X1 Y2	0.007	0.002	0.041	0.178	0.859
X1 Y3	−0.062	−0.063	0.026	2.335	0.020**
X2 Y11	−0.107	−0.112	0.063	1.695	0.091*
X2 Y12	−0.161	−0.162	0.062	2.590	0.010
X2 Y13	−0.024	−0.023	0.052	0.457	0.648
X2 Y14	−0.133	−0.130	0.049	2.731	0.007***
X2 Y2	0.088	0.089	0.049	1.796	0.073*
X2 Y3	0.009	0.003	0.041	0.207	0.836
X3 Y11	0.035	0.033	0.048	0.730	0.466
X3 Y12	−0.002	−0.003	0.041	0.060	0.952
X3 Y13	−0.154	−0.154	0.039	3.890	0.000***
X3 Y14	0.116	0.116	0.040	2.872	0.004***
X3 Y2	0.130	0.131	0.044	2.959	0.003***
X3 Y3	0.062	0.060	0.027	2.267	0.024**
X4 Y11	−0.027	−0.028	0.056	0.479	0.632
X4 Y12	0.160	0.157	0.061	2.624	0.009***
X4 Y13	−0.086	−0.088	0.051	1.679	0.094*
X4 Y14	0.001	0.002	0.049	0.023	0.982
X4 Y2	−0.126	−0.128	0.050	2.553	0.011**
X4 Y3	0.023	0.024	0.037	0.616	0.538
X5 Y11	0.063	0.064	0.046	1.362	0.174
X5 Y12	0.120	0.120	0.039	3.090	0.002***
X5 Y13	−0.092	−0.094	0.047	1.961	0.050*
X5 Y14	0.101	0.101	0.046	2.189	0.029**
X5 Y2	0.175	0.176	0.042	4.143	0.000***
X5 Y3	0.118	0.118	0.030	3.934	0.000***
X6 Y11	−0.120	−0.124	0.038	3.124	0.002***
X6 Y12	−0.118	−0.121	0.044	2.662	0.008***
X6 Y13	−0.060	−0.061	0.033	1.857	0.064*
X6 Y14	0.138	0.146	0.042	3.279	0.001***
X6 Y2	−0.149	−0.150	0.045	3.314	0.001***
X6 Y3	−0.060	−0.066	0.031	1.959	0.051*
Y11 Y2	0.061	0.064	0.052	1.178	0.239
Y11 Y3	0.097	0.092	0.040	2.415	0.016**
Y12 Y2	0.038	0.041	0.050	0.762	0.446
Y12 Y3	0.094	0.091	0.034	2.784	0.006***
Y13 Y2	0.288	0.291	0.049	5.944	0.000***
Y13 Y3	0.115	0.116	0.034	3.371	0.001***
Y14 Y2	0.023	0.026	0.047	0.486	0.627
Y14 Y3	−0.053	−0.052	0.032	1.645	0.101
Y2 Y3	0.623	0.626	0.032	19.684	0.000***

*, **, *** significant at alpha 10%, 5%, and 1%

Table A2. Coefficient of determination

	R Square
Y11	0.047
Y12	0.056
Y13	0.049
Y14	0.073
Y2	0.194
Y3	0.631

Table A3. The results of testing the hypothesis about the role of Y11 as a mediating variable

	Original Sample (O)	Sample Mean (M)	Standard Deviation (STDEV)	T Statistics (|O/STDEV|)	P-Values
X1 Y11 Y2	0.025	0.025	0.010	2.401	0.017**
X2 Y11 Y2	−0.021	−0.022	0.013	1.606	0.109
X3 Y11 Y2	0.007	0.007	0.010	0.682	0.496
X4 Y11 Y2	−0.005	−0.005	0.010	0.490	0.624
X5 Y11 Y2	0.012	0.011	0.009	1.280	0.201
X6 Y11 Y2	−0.023	−0.024	0.009	2.512	0.012**

*, **, *** significant at alpha 10%, 5%, and 1%

Table A4. The results of testing the hypothesis about the role of Y12 as a mediating variable

	Original Sample (O)	Sample Mean (M)	Standard Deviation (STDEV)	T Statistics (|O/STDEV|)	P-Values
X1 Y12 Y2	0.011	0.011	0.007	1.572	0.117
X2 Y12 Y2	−0.026	−0.026	0.013	2.009	0.045**
X3 Y12 Y2	0.000	−0.001	0.007	0.053	0.957
X4 Y12 Y2	0.026	0.025	0.014	1.906	0.057
X5 Y12 Y2	0.019	0.019	0.009	2.254	0.025**
X6 Y12 Y2	−0.019	−0.020	0.009	2.048	0.041**

*, **, *** significant at alpha 10%, 5%, and 1%

Table A5. The results of testing the hypothesis about the role of Y13 as a mediating variable

	Original Sample (O)	Sample Mean (M)	Standard Deviation (STDEV)	T Statistics (|O/STDEV|)	P-Values
X1 Y13 Y2	0.016	0.016	0.015	1.127	0.260
X2 Y13 Y2	−0.007	−0.007	0.017	0.442	0.658
X3 -> Y13 -> Y2	−0.049	−0.051	0.015	3.235	0.001***
X4 -> Y13 -> Y2	−0.027	−0.028	0.017	1.609	0.108
X5 -> Y13 -> Y2	−0.031	−0.031	0.016	1.897	0.058*
X6 -> Y13 -> Y2	−0.020	−0.020	0.011	1.799	0.073*

*, **, *** significant at alpha 10%, 5%, and 1%

Table A6. The results of testing the hypothesis about the role of Y14 as a mediating variable

	Original Sample (O)	Sample Mean (M)	Standard Deviation (STDEV)	T Statistics (|O/STDEV|)	P-Values
X1 Y14 Y2	0.009	0.009	0.007	1.222	0.222
X2 Y14 Y2	0.014	0.014	0.009	1.586	0.113
X3 Y14 Y2	−0.011	−0.012	0.008	1.497	0.135
X4 Y14 Y2	0.000	0.000	0.006	0.031	0.975
X5 Y14 Y2	−0.010	−0.011	0.007	1.450	0.148
X6 Y14 Y2	−0.014	−0.015	0.009	1.522	0.129

*, **, *** significant at alpha 10%, 5%, and 1%

Table A7. The results of testing the hypothesis about the role of Y2 as a mediating variable

	Original Sample (O)	Sample Mean (M)	Standard Deviation (STDEV)	T Statistics (|O/STDEV|)	P-Values
X1 Y3	0.002	0.000	0.029	0.063	0.950
X2 Y3	0.065	0.064	0.038	1.689	0.092*
X3 Y3	0.094	0.093	0.030	3.167	0.002***
X4 Y3	−0.092	−0.096	0.039	2.383	0.018**
X5 Y3	0.129	0.129	0.030	4.349	0.000***
X6 Y3	−0.109	−0.111	0.031	3.481	0.001***
Y11 Y3	0.074	0.079	0.035	2.101	0.036**
Y12 Y3	0.020	0.020	0.037	0.534	0.594
Y13 Y3	0.203	0.201	0.037	5.414	0.000***
Y14 Y3	0.015	0.013	0.034	0.425	0.671

*, **, *** significant at alpha 10%, 5%, and 1%