The Effect of Financial Literacy on MSME Financial Management in the Gunungpring Religious Tourism Area
Downloads
How to Cite
MSMEs play a strategic role in the Indonesian economy, yet many business owners continue to face challenges in managing business finances, particularly in financial recording, reporting, control, and the separation of personal and business finances. This study aims to analyze the effect of financial literacy on the financial management of MSME actors in the Gunungpring religious tourism area, Magelang. Gunungpring provides an important research context because MSME activities in this area are shaped by the characteristics of religious tourism businesses, including daily cash transactions, fluctuating tourist visits, and strong social and family-based economic practices. This study employed a quantitative approach with a causal research design. Convenience sampling was applied due to limited access to respondents during the tourist season. The sample consisted of 30 MSME actors. Primary data were collected using a five-point Likert-scale questionnaire. Financial literacy was measured through indicators of financial knowledge, financial behavior, financial attitude, and financial capability. Financial management was measured through indicators of financial planning, financial recording, financial reporting, financial control, and separation of personal and business finances. The data were analyzed using validity and reliability tests, classical assumption tests, simple linear regression, coefficient of determination, and t-test. The results show that financial literacy has no significant effect on MSME financial management, as indicated by a significance value of 0.228 > 0.05. The Adjusted R Square value of 0.017 indicates that financial literacy explains only 1.7% of the variation in financial management. These findings suggest that MSME financial management in the Gunungpring religious tourism area may be more strongly influenced by factors outside the model, such as business experience, family habits, access to informal capital, and mutual-help practices.
ACCA. (2014). Financial education for entrepreneurs: What next? The Association of Chartered Certified Accountants, 1–20.
AKMAL, H., & SAPUTRA, Y. E. (2016). Analisis tingkat literasi keuangan. Jurnal Ekonomi dan Bisnis Islam, 1(2), 235–244.
Angilella, S., & Mazzù, S. (2015). The financing of innovative SMEs: A multicriteria credit rating model. European Journal of Operational Research, 244(2), 540–554. https://doi.org/10.1016/j.ejor.2015.01.033
Changwesha, M., & Mutezo, A. T. (2023). The relationship between financial literacy and financial access among SMEs in the Ekurhuleni municipality. Acta Commercii, 23(1). https://doi.org/10.4102/ac.v23i1.1142
Chen, X., Wang, X., & Wu, D. D. (2010). Credit risk measurement and early warning of SMEs: An empirical study of listed SMEs in China. Decision Support Systems, 49(3), 301–310. https://doi.org/10.1016/j.dss.2010.03.005
Gunawan, A., Pirari, W. S., & Sari, M. (2021). Pengaruh literasi keuangan dan gaya hidup terhadap pengelolaan keuangan mahasiswa Prodi Manajemen Universitas Muhammadiyah Sumatera Utara. Jurnal Humaniora, 4(2), 23–35.
Harahap, Z. I., Lubis, S. N., Erlina, & Aritonang, E. Y. (2025). Impect of financial literacy, financial inclusion to SMEs growth and welfaer in Indonesia. In Studies in Big Data (Vol. 171, pp. 315–328). Springer Science and Business Media Deutschland GmbH. https://doi.org/10.1007/978-3-031-83911-5_28
Humaira, I., & Sagoro, E. M. (2018). Pengaruh pengetahuan keuangan, sikap keuangan, dan kepribadian terhadap perilaku manajemen keuangan pada pelaku UMKM Sentra Kerajinan Batik Kabupaten Bantul. Jurnal Nominal: Barometer Riset Akuntansi dan Manajemen, 7(1), 96–110. https://doi.org/10.21831/nominal.v7i1.19363
Kholilah, N. Al, & Iramani, Rr. (2013). Studi financial management behavior pada masyarakat Surabaya. Journal of Business and Banking, 3(1), 69–80. https://doi.org/10.14414/jbb.v3i1.255
Kou, G., Xu, Y., Peng, Y., Shen, F., Chen, Y., Chang, K., & Kou, S. (2021). Bankruptcy prediction for SMEs using transactional data and two-stage multiobjective feature selection. Decision Support Systems, 140, 113429. https://doi.org/10.1016/j.dss.2020.113429
Liu, B., Wang, J., Chan, K., & Fung, A. (2020). The impact of entrepreneurs’s financial literacy on innovation within small and medium-sized enterprises. International Small Business Journal: Researching Entrepreneurship, 39, 026624262095907. https://doi.org/10.1177/0266242620959073
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Martinez, L. B., Scherger, V., & Guercio, M. B. (2018). SMEs capital structure: Trade-off or pecking order theory: A systematic review. Journal of Small Business and Enterprise Development, 26(1), 105–132. https://doi.org/10.1108/JSBED-12-2017-0387
Mendari, A. S., & Kewal, S. S. (2013). Tingkat literasi keuangan di kalangan mahasiswa STIE Musi. Jurnal Economia, 9(2), 130–140.
Mutamimah, M., & Indriastuti, M. (2023). Fintech, financial literacy, and financial inclusion in Indonesian SMEs. International Journal of Entrepreneurship and Innovation Management, 27(1–2), 137–150. https://doi.org/10.1504/IJEIM.2023.129331
Okello Candiya Bongomin, G., Mpeera Ntayi, J., Munene, J. C., & Akol Malinga, C. (2017). The relationship between access to finance and growth of SMEs in developing economies: Financial literacy as a moderator. Review of International Business and Strategy, 27(4), 520–538. https://doi.org/10.1108/RIBS-04-2017-0037
Raharja, S. J., & Kostini, N. (2021). Financial literacy of SMEs in Citarum Watershed Area, Indonesia. International Journal of Monetary Economics and Finance, 14(2), 142–151. https://doi.org/10.1504/IJMEF.2021.114017
Roscoe, J. T. (1975). Fundamental research statistics for the behavioral sciences (2nd ed.). Holt, Rinehart and Winston. https://books.google.com/books?id=f_YQAQAAMAAJ
Sharma, S. (2022). Financial literacy: An imperative approach for SMEs growth. World Review of Entrepreneurship, Management and Sustainable Development, 18(4), 388–403. https://doi.org/10.1504/WREMSD.2022.123765
Wijaya, A., Jiuhardi, J., Zainurossalamia, S. Z. A., Nurjanana, N., & Kurniawan, E. A. (2023). Determinants on small scale business: An empirical evidence from Indonesia. International Journal of Sustainable Development and Planning, 18(1), 305–314. https://doi.org/10.18280/ijsdp.180132
Ye, J., & Kulathunga, K. M. M. C. B. (2019). How does financial literacy promote sustainability in SMEs? A developing country perspective. Sustainability, 11(10). https://doi.org/10.3390/su11102990
Yuan, G. X., Wang, H., Tu Zeng, Wu, T., Gao, S., & Ma, H. (2019). The dynamical mechanism for SMEs evolution under the hologram approach. SSRN Scholarly Paper No. 3325013. Social Science Research Network. https://doi.org/10.2139/ssrn.3325013
Copyright (c) 2026 Yacobo P Sijabat, Heni Hirawati
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
