Relationship between individual characteristics, neurotic personality, personal financial distress, and financial behavior

Figures & data

Table 1. Operational definition and measurement of variables

Variables	Measurements and Scale
Gender (X1)	Measured on a nominal scale where 1 is female and 2 is male
Ages (X2)	Measured with an ordinal scale as follows:1 = < 20 years old2 = 20–29.93 = 30–39.94 = 40–49.95 = 50–59.96 = 60–69.97 = > 70
Education Level (X3)	Measured by the ordinal scale as follows:1 = Senior High School2 = Diploma3 = Undergraduate Program4 = Graduate Program5 = Postgraduate Program
Marital Status (X4)	Measured with an ordinal scale as follows:1 = Not Married2 = Married3 = Widow/Widower
Income (X5)	It is income per month which is measured by interval scale, namely:1 = < IDR 5,000,0002 = IDR 5,000,000—IDR 9,999,9993 = IDR 10,000,000—IDR 14,999,9994 = IDR 15,000,000—IDR 19,999,9995 = IDR 20,000,000—IDR 24,999,9996 = IDR 25,000,000—IDR 30,000,0007 = > IDR 30,000,000
Neuroticism Personality (X6)	Measured through 60 questions to measure five personality traits or OCEAN (Openness to experience, Conscientiousness, Extraversion, Agreeableness, and Neuroticism). In this case only the Neuroticism score is taken, which has a ratio scale.
Variables	Indicators and Scale
Financial Behavior (Y1)	Interval scale questionnaire. Measured by indicators that have passed the reliability and validity test as follows:Considerations in investingInvestment return considerationsInvestment risk considerationsPunctuality in paying debtsPunctuality in paying bills
Personal Financial Distress (Y2)	Interval scale questionnaire. It is measured by indicators that have passed the reliability and validity tests as follows:Suffering about current financial situationDiscomfort with the current financial situationWorries about monthly living expensesInsufficient monthly incomeStress about personal finances

Table 2. Description of the respondents’ characteristics

		Count	Percentage
Gender (X1)	1 = Female	329	54.83%
	2 = Male	271	45.17%
Age (X2)	1 = < 20 year	8	1.33%
	2 = 20 – 29.9 years	203	33.83%
	3 = 30 – 39.9 years	149	24.83%
	4 = 40 – 49.9 years	141	23.50%
	5 = 50 – 59.9 years	82	13.67%
	6 = 60 – 69.9 years	14	2.33%
	7 = > 70 years	3	0.50%
Educational Level (X3)	1 = Senior High School	59	9.83%
	2 = Diploma	31	5.17%
	3 = Undergraduate Programmed	275	45.83%
	4 = Graduate Programmed	208	34.67%
	5 = Postgraduate Programmed	27	4.50%
Marital Status (X4)	1 = Not Married	210	35.00%
	2 = Married	356	59.33%
	3 = Widow/Widower	34	5.67%
Income (X5)	1 = < IDR 5,000,000	233	38.83%
	2 = IDR 5,000,000 – IDR 9,999,999	161	26.83%
	3 = IDR 10,000,000 – IDR 14,999,999	105	17.50%
	4 = IDR 15,000,000 – IDR 19,999,999	41	6.83%
	5 = IDR 20,000,000 – IDR 24,999,999	20	3.33%
	6 = IDR 25,000,000 – IDR 30,000,000	15	2.50%
	7 = > IDR 30,000,000	25	4.17%
Neurotic Personality (X6)	Neurotic score	Min	0%
		Max	98%
		Average	35.5%
		St. Dev	26.16%
Financial Behavior (Y1)	Behavior in investing and debt	Min	1
		Max	5
		Average	4.34
		St. Dev	0.83
Personal Financial Distress (Y2)	Financial difficulties faced by individuals	Min	1
		Max	5
		Average	2.82
		St. Dev	1.17

Table 3. Validity testing based on the second stage loading factor and AVE

	X1	X2	X3	X4	X5	X6	Y1	Y2	AVE
X1	1.000
X2		1.000
X3			1.000
X4				1.000
X5					1.000
X6						1.000
Y.1.5							0.750
Y1.2							0.763
Y1.3							0.760
Y1.4							0.821
Y1.6							0.773
Y2.2								0.871
Y2.3								0.861
Y2.4								0.832
Y2.5								0.807
Y2.6								0.838

Table 4. Discriminant validity test

	X1	X2	X3	X4	X5	X6	Y1	Y2
X1	1.000
X2	0.123	1.000
X3	0.021	−0.146	1.000
X4	0.050	0.680	−0.100	1.000
X5	0.228	0.287	0.289	0.226	1.000
X6	−0.067	−0.271	−0.055	−0.251	−0.213	1.000
Y1	0.106	−0.051	0.101	0.017	0.132	−0.139	0.774
Y2	−0.044	−0.083	−0.166	−0.045	−0.287	0.236	−0.342	0.842

Table 5. Effects of significance test

	Original Sample (O)	Sample Mean (M)	Standard Deviation (STDEV)	T Statistics (|O/STDEV|)	P Values
X1 → Y1	0.090	0.088	0.042	2.137	0.033**
X1 → Y2	0.050	0.050	0.036	1.399	0.1125
X2 → Y1	−0.176	−0.181	0.061	2.879	0.004***
X2 → Y2	−0.072	−0.072	0.050	1.457	0.101
X3 → Y1	0.045	0.044	0.046	0.672	0.232
X3 → Y2	−0.071	−0.070	0.039	1.807	0.071*
X4 → Y1	0.079	0.081	0.057	1.394	0.114
X4 → Y2	0.084	0.087	0.047	1.803	0.072*
X5 → Y1	0.071	0.073	0.039	2.613	0.009***
X5 → Y2	−0.204	−0.203	0.037	5.460	0.000***
X6 → Y1	−0.137	−0.140	0.042	3.233	0.001***
X6 → Y2	0.152	0.156	0.041	3.699	0.000***
Y1 → Y2	−0.297	−0.299	0.040	7.523	0.000***
R Square: Y1 = 0.057; Y2 = 0.208

X₂ = Gender; X₂ = Age; X₃ = Educational Level; X₄ = Marital Status; X₅ = Income Per Month; X₅ = Neurotic Personality; Y₁ = Financial Behavior; Y₂ = Personal Financial Distress

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

Figure 1. Structural model with loading factor and path coefficients.

Table 6. Mediating test

	Original Sample (O)	Sample Mean (M)	Standard Deviation (STDEV)	T Statistics (|O/STDEV|)	P Values
X1 → Y1 → Y2	−0.027	−0.026	0.013	2.077	0.038**
X2 → Y1 → Y2	0.052	0.054	0.019	2.805	0.005***
X3 → Y1 → Y2	−0.013	−0.014	0.015	0.631	0.253
X4 → Y1 → Y2	−0.024	−0.024	0.017	1.345	0.124
X5 → Y1 → Y2	−0.030	−0.031	0.012	2.525	0.012**
X6 → Y1 → Y2	0.041	0.042	0.014	2.967	0.003***

X₂ = Gender; X₂ = Age; X₃ = Educational Level; X₄ = Marital Status; X₅ = Income Per Month; X₅ = Neurotic Personality; Y₁ = Financial Behavior; Y₂ = Personal Financial Distress

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