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Journal : Quantitative Economics and Management Studies

Financial Literacy’s Moderating Role in Savings and MSME Sustainability: Evidence from Central Java, Indonesia Efriyani sumastuti; C. Tri Widiastuti; Rizka Ariyanti; Ali Imron
Quantitative Economics and Management Studies Vol. 6 No. 4 (2025)
Publisher : PT Mattawang Mediatama Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35877/454RI.qems4107

Abstract

The objective of This investigation is to investigate the influence of financial inclusion and financial literacy on the sustainability of businesses, with business savings serving as a mediating factor and financial literacy acting as a moderator. The study involved 150 culinary MSMEs in Central Java and utilized a quantitative method with the SmartPLS 3.0 analytical tool. The findings suggest that financial literacy and financial inclusion significant direct influences on business sustainability. Additionally, Financial literacy significantly influences business savings, highlighting its important role in shaping the financial behaviors of MSMEs. On the other hand, business savings do not show a statistically significant direct impact on business sustainability, and their mediating role receives only partial support. The moderating effect of financial literacy on the connection between business savings and business sustainability is significant but in a negative direction. These results suggest that while financial literacy is generally advantageous, it can change the role of savings if not integrated with effective financial planning. This research provides a theoretical contribution to the comprehension of financial behavior models in MSMEs and supports the achievement of SDG 8 (Decent Work and Economic Growth) and SDG 9 (Industry, Innovation, and Infrastructure) through inclusive financial empowerment.
Co-Authors Aan Fardani Ubaidillah Aang Wahidin Abdul Majid Abdullah Khasan Achmad Subhi Amirul Hakim Achmad Supriyanto Ade Prabowo Agung Aditya Utomo Agung Husada Setiyo Nugroho Agus Mastrianto Ahmad Rafii Ahmad Rofiq Ahyad Bagas Nur Hidayatulloh Akhmat Khoiri Akrom, Akrom Alexander Prabu Sadewo Alfarizqi Abdillah Mita Alif Laifudin Alvin Fahmi Addini Andi Novrianto Andrian Rifa'i Anis Fitriana Anis Marestiana Anisah Anisah Anita Annisa Rukhil Balqis Arip Purkon Arumia Fairuz Husna Arya Praditya Aryan Sugara Astri Kurnia Dewi Atikah Rahmawati A’ifatuzzahro A’ifatuzzahro Bagus Fatahhillah Bambang Pujiasmanto Beatric Alfira Damayanti Benedekta May Indrasari Berta Safitri Bety Istif Fani BUSTANUL ARIFIN C. Tri Widiastuti Cahyaning Azami Fahmi Churi Wardah Nihayati Wardah Nihayati Cici Mei Lani Cici Putri Febriyani Damateja Andika Daniswara Dannu Purwanto Danu Ranu Setiawan Desi Fitri Susanti Desi Wulan Dari Desy Miranda Dewi Ayu Sakdiyyah Dhika Aditya Purnomo Dina Damayanti Edi Makmur Efriyani Sumastuti Eka Putriana Eka Setyo Rini El Syam, Robingun Suyud Elis Novitasari Fani Kartikasari Farida Nugrahani Fatiatun, Fatiatun Fildzah Aptanta Henanda Sari Fina Kartika Wati Fipka Bisono Fuji Salimah Halimatussadiah, Halimatussadiah Hamid Sakti Wibowo Hantari, Winda Harun Rasyid Hendrayanto Wahyu Nugroho Hendry Susanto Henry Susanto Herwin Muryantoro I Putu Sindhu Asmara Iftitah Chayati Imam Taulabi Imron Arifin Indah Mustika Dewi Indra Fitri Yuliana Iqbal Nur Hamza Irwan Yudianto Iskandar Syah Joko Saganta Juniardi, Alya Diva Kamarusdiana Ketut Leni Yanti Khairani Khairani Khamdan Nahi Asrofi Khofifah Irnaza Laely Nur Wahidah Lulu Muthoharoh M Andi Firmansyah M. Al Haris M. Andi Firmansyah M. Arif Khoiruddin M. Basri M. Iqbal Notoatmojo M.Iqbal Notoatmojo Maftuchin Maftuchin Marcelinus Wahyu Putra Kristianto Marzius Insani Maskun Maskun Maxima Rino Al-Falah Mirna Octayani Mohamad Ali Syaifudin Muahammad Basri Mudinillah, Adam Mufti Nawang Prastiko Muh Khusairi Arief Fitriyanto Muhammad Basri Muhammad Habib Abdu Kafi MUHAMMAD ILHAM Muhammad Rinaldy Mukromin Mukromin Mulianti Murdiati Murdiati Muslimah M Mustopa Nafhan Taufikul Khakim nasikhin Nasokah Nasokah Nawang Prastiko Ni Komang Windari Purnani Niken Ayu Safitri Notoatmojo, Iqbal Novita Suparmi Ntimuk, Petronela Nuansa Bayu Segara Nunik Syamsyiah Nur Rokhman Nurul Mubin Pakpahan, Afniria Patrik Atena Pratignya Sunu Prihatin Nurul Fitriah RA. Qonita Syalsabilla Handayani Rafika Lasya Ningrum Rahmida Erliyani Raisa Ayuningtyas Reki Fahlevi Reni Hudiya Resi Irmayati Ria Maretha Rian Dwi Purnomo Rifki Muntaqo Rifqi Muntaqo Rini Usniatuti Risma Qurana Tinandri Rita Wulan Sari Rizka Ariyanti Rochmawati Rochmawati Rosyid, Maskur Rudi Salam Sarah M. Zehr Sekar Indah Ningtyas Septiana Septiana Shobirin Shobirin Silvi Nur Afifah Siti Muarifah Soesanti Soesanti Sri Haryanto Sri Susanti Tjahja Dini Sryang Tera Sarena Sugiantoro Suhanda Suhanda Suhendar Suhendar, Suhendar Suma, M. Amin Sumargono Suparman Arif Susanti, Maulida Rahma SUSANTO Syahrul Amin Syaiful M Syifa Aqias Ignacia Teguh Marhendi Tiwi Susanti Toeranto Toeranto Tri Andi Setiawan Tri Tiyasmihadi Turnya Tutut Suryaningsih Ummu Jauharin Farda Wahyuni Atika Wakidi Wakidi Wakidi Wakidi Wakidi Wakidi Wulandari, Putri Cahya Yance Anas Yeni Agustin Yudi Putra Ardiansyah Yuni Istiani Yuni Suprapto Yuniar Wike Wulandari Yustika Sri Ekwandari Yustina Sri Ekwandari Zulham