The Role of Intellectual Capital in Intervening Financial Behavior and
Financial Literacy on Financial Inclusion
NUR FADJRIH ASYIK1*, WAHIDAHWATI2, NUR LAILY3
1,2Senior Lecture, Department of Accounting, Sekolah Tinggi Ilmu Ekonomi Indonesia Surabaya
(STIESIA), INDONESIA
3Senior Lecture, Department of Management, Sekolah Tinggi Ilmu Ekonomi Indonesia Surabaya
(STIESIA), INDONESIA
Abstract: -Education is very important to reduce the percentage rate of the number of unbanked people. This
research was conducted by focusing and convincing many people about the importance of financial behavior in
reducing financial inclusion in developing countries, such as Indonesia. The number of samples are use 500
respondents. The analysis method uses the Partial Least Square (PLS) method and structural equation model (SEM)
based on variance. This research found that financial behavior and financial literacy have a positive and significant
influence on financial inclusion. Intellectual capital also detected capable of intervening a strong relationship
between financial behavior and financial literacy on financial inclusion. This discovery contributing is very
important for stakeholders who want to improve financial access for all unbanked people in developing countries
through the concept of financial behavior. There needs to cooperation from various elements, such as the
central bank of each country, academics, practitioners, digital financial institutions, and social elements of
the community to foster good financial behavior with each other, so that financial inclusion can be
resolved in a directed manner.
Key-Words: - economics, environmental management, financial literacy, intellectual capital.
Received: June 28, 2021. Revised: February 13, 2022. Accepted: February 27, 2022. Published: March 17, 2022.
1 Introduction
The financial inclusion movement is carried out to
suppress and reduce the number of unbanked people
around the world, one of which is in Indonesia [1].
The primary reason people are classified as unbanked
is the level of education, so this condition also affects
their knowledge [1]–[5]. Education is very important
to reduce the percentage rate of the number of
unbanked people. This statement is supported by
some old literature that an educated and financially
knowledgeable society can succeed in financial
inclusion [1], [3], [6], [7]. Financial knowledge
includes knowledge of basic financial concepts, such
as the basis of compound interest, the difference
between nominal value and real value, basic
knowledge of risk diversification, time value, value
of money, and others [8]–[10]. Some of the literature
shows that knowledge through education (Intellectual
capital) is very important to reduce financial
inclusion today.
Various countries in the world have planned
several ways to reduce financial exclusion using two
approaches, namely comprehensively by formulating
a national strategy such as Indonesia, Nigeria,
Tanzania or through various separate programs, for
example financial education as carried out by the
United States government after the 2008 crisis. The
approach through a national strategy includes 3
(three) aspects, namely the provision of service
facilities, the provision of suitable products,
responsible finance through financial education and
consumer protection. Implementing financial
inclusion is carried out in stages, starting with
obvious targets such as thorough recipients of
government social program help or migrant workers,
before gradually being used by the public [11]. If we
look at several financial inclusion indicators between
developed and developing countries, it can be seen
that account ownership in developed countries, such
as Europe, the United States, and OECD countries is
currently above 50% of the total population and is
inversely proportional with developing countries,
such as Africa, Latin America, Indonesia, and East
Asia, which are still around 30 percent on average.
Percentage of account ownership in developed
countries is also directly proportional to the level of
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income per capita, which is above US$20,000 on
average. The higher the GDP per capita, the higher
the percentage of account ownership in formal
financial institutions. The lower the GDP per capita
in developing countries, the lower the percentage of
account ownership [12].
The comparison of financial access is also very
different between developed and developing
countries. In developed countries, only 8% of the
population does not have access to finance, while in
developing countries it still reaches 59% of the total
population. To lend in developing countries, it is only
between of 35% of Gross Domestic Product (GDP),
while in Malaysia it has reached 100%. Meanwhile,
in Indonesia, only 20% of the Indonesian population
aged over 15 years has access to the financial sector.
Only 2 million people or fewer than 1 percent of
Indonesia's 230 million population can access the
capital market. Data from the Financial Services
Authority in 2016 shows that the level of financial
knowledge of the Indonesian people is still at 28%
while Malaysia is 66%, Thailand reached 73% and
Singapore reached 98%. One factors causing the low
level of financial knowledge is the geographical
condition of Indonesia, which is around 60% in rural
areas. This condition shows that, currently, the
government still needs support from other parties in
order to reduce the level of financial inclusion [1].
Financial knowledge theory has a close relationship
with financial literacy because it can be taught and
understood through financial education. The
provision of financial education can also increase
financial knowledge, and can reduce the occurrence
of financial problems in the future, and increasing
financial knowledge will also increase the ability of
entrepreneurs to use financial services at existing
financial institutions [13].
Someone who has good financial behavior, then
he will be responsible for his finances by using
money effectively and budgeting, saving money and
controlling expenses, making investments, and
paying debts on time [2]. Behavioral finance results
from of putting expectations and values into action,
expecting behavioral finance will mediate the
relationship of expectations to financial well-being
[14]. Financial behavior emerged in the 1990s in line
with the demands of the development of the business
and academic world, which addressed behavioral
aspects or elements in making financial and
investment decisions. Behavioral finance describes
how a person treats, manages, and uses the financial
resources.
Financial knowledge, skills, and beliefs
possessed by an individual affect his financial
attitudes and behavior. An increase in one's
knowledge can affect active participation in
financial-related activities, as well as more positive
financial behavior in an individual [3]. In addition,
the relationship between behavior and a person's
attitude is seen in his positive attitude for the long
term, which is likely to show better financial
behavior compared to someone who has financial
attitudes and behavior in the short term. Financial
literacy and financial inclusion are important things
for the government to pay attention to. This is
because financial literacy and financial inclusion
impact on people's welfare [6], [15], [16]. The higher
the financial literacy index and the financial inclusion
index in Indonesia, the higher the level of community
welfare. Therefore, this research was conducted by
focusing and convincing many people about the
importance of financial behavior and financial
literacy for the succession of financial inclusion
through the intellectual capital of the people in
Indonesia.
This writing then discusses the grand theory used
in understanding the flow of thought in writing this
article. Then the next chapter will discuss the
research methods used and the discussion of the test
results. In the last section, the novelty of this research
will be concluded, which can be used as a variety of
new concepts in overcoming financial inclusion in
developing countries, such as Indonesia.
2 Literature Review
This sub-chapter will describe the grand theory that
underlies this research, as well as some literature that
is used as a reference for preparing of this research
hypothesis. Early theories that can explain a person's
behavior, focused on two possibilities (1) behavior is
gained from heredity as biological instincts-then
known as "nature" explanations and (2) behavior is
not inherited but got from experience during life. The
various alternatives that developed from the two
approaches then gave rise to various perspectives in
social psychology as a set of basic assumptions about
the most important things that can be considered as
something that can understand social behavior [17].
This study considers several grand theories that are
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appropriate for explaining the understanding of
human, financial behavior, namely:
2.1 Field Theory
This theory examines social behavior through the
concept of "field" or "space of life" - life space. This
concept emphasizes that individual character
(instincts and habits) is very independent from the
influence of the situation in which the individual
carries out activities in his life space (past, present,
future). Living space contains all facts that can
determine individual behavior. Living space includes
everything that must understand the concrete
behavior of individual humans in a certain
psychological environment at a certain time. A
person's behavior or movement will occur if there is
sufficient force to push it. When the unbanked
community gets a positive boost, financial inclusion
will also decline, and vice versa [18].
Psychologically, a person's basic needs will arise
because of the influence of the surrounding
environment in which the person is located.
2.2 Theory of Reasoned Action
This theory is related to belief, attitude, intention and
behavior [17]. Will is the best predictor of behavior,
meaning that the best way to know what someone
will do is to know that person's will. However,
basically everyone will make judgments based on
different reasons (not always based on will). An
important concept in this theory is the focus of
attention (salience), which is considering something
that is important. Intention is determined by
subjective attitudes and norms on specific attitudes
towards something, a person's behavior is not only
influenced by attitudes but also by subjective norms,
namely believes in ourselves about what other people
want us to do and attitudes toward a behavior that is
accompanied by subjective norms, thus forming an
intention or intention to behave in a certain way.
Intention or intention one function of two basic
determinants: an individual's attitude towards a
behavior (personal aspect) and a person's perception
of a social pressure in doing or not doing that
behavior. Behavior is also influenced by a person's
intentions, which are also influenced by the attitude
carried out by that person, while his own attitude is
influenced by beliefs about the opinions of others and
the motivation to obey those opinions. Individual
attitude towards a behavior (personal aspect) and a
person's perception of a social pressure in doing or
not doing the behavior.
Behavior is also influenced by a person's
intentions, which are also influenced by the attitude
carried out by that person, while his own attitude is
influenced by beliefs about the opinions of others and
the motivation to obey those opinions. Individual
attitude towards a behavior (personal aspect) and a
person's perception of a social pressure in doing or
not doing the behavior. Behavior is also influenced
by a person's intentions, which are also influenced by
the attitude carried out by that person, while his own
attitude is influenced by beliefs about the opinions of
others and the motivation to obey those opinions
[19]. Simply put, this theory explains that someone
will do an action when it is positive and other people
will also do it.
Behavioral finance is a new paradigm of a
financial theory. This theory seeks to make it easier
to understand and predict systematic financial
markets [20]. This theory is implicated when
someone makes psychological decisions. Simply put,
behavioral finance focuses on the concept of human
behavior from the point of view of psychology that
influences the individual's human decisions.
Psychology can also be referred to as money
psychology. This is because there is evidence that
psychological influences can bury the character of
each individual as homo economics. Homo
economics is a term which states that humans are
economic creatures who aim to fulfill all their needs,
including their desires [21], [22]. Homo economics
theory only thinks rationally about all its actions, but
it is not always under the reality in human life,
especially to prioritize needs [22].
2.3 Financial Behavior and Financial
Inclusion
Someone who has good financial behavior will be
responsible for his finances by using money
effectively by budgeting, saving money and
controlling expenses, making investments, and
paying debts on time. Behavioral finance result from
putting expectations and values into action, expecting
behavioral finance will mediate the relationship of
expectations to financial well-being [14]. According
to [23], the keys to having a basic understanding of
behavioral finance include:
a) Psychology is the scientific study of behavior and
mental processes that are influenced by one's
physical, mental and external environment.
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b) Sociology is a systematic study of behavior and
social groups that focuses on the influence of social
relations between people's attitudes and behavior.
c) Finance is concerned with determining value and
making decisions that function to allocate capital,
including acquisitions, investments, and financial
management.
Fig. 1: Aspects in Financial Behavior
Sources: Ricciardi, Victor & Simon (2008)
Research conducted [4], [24] states that individual
financial planning responsibilities need to be carried
out as early as possible, because financial
management errors will be very detrimental and
difficult to correct in the future.
2.4 Financial Literacy and Financial Inclusion
Financial literacy is a basic need for everyone to
avoid financial problems [1]. Financial difficulties
can arise if there is an error in financial management
(mismanagement). Having financial literacy is the
most important thing to get a prosperous life [6].
With proper financial management supported by
good financial literacy, the community's standard of
living is expected to improve and increase. This is
because even though a person's income level is high,
without proper financial management, financial
security will definitely be difficult to achieve.
The need for education to the public on financial
products, both bank and non-bank, is very urgent so
that the public is not easily deceived by irresponsible
parties. The importance of financial literacy as all
aspects of personal finance is not because it makes it
difficult to use the money they have, but it is hoped
that individuals can enjoy life by using the financial
resources they have appropriately. Those who are
literate will have many advantages. Statements
submitted [11] show that financial literacy programs
can be a cure for various diseases related to financial
crises. Some of the positive sides for those who have
high financial literacy include having skills in
financial management, making financial decisions
that apply to information and minimizing
opportunities for making financial mistakes, having
investments in the capital market, and being able to
minimize and overcome financial problems that arise.
In the future, it will be beneficial for a prosperous,
healthy and happy life.
2.5 Financial Behavior and Financial Literacy
to Reduce Financial Inclusion through
Intellectual Capital
Intellectuals are abilities possessed by individuals
from birth, so that intellectuals will develop to adapt
to their environment and move by themselves to all
changes in situations and conditions [3]. This
person's ability is seen when he is doing activities.
The activities that he does can show that the
individual is mastered in a certain field and not, so
that the intellectual development of this individual
will adapt to the situations and conditions that exist
around his environment [16]. For the ability to
understand a certain concept, an individual needs a
process, such as learning or training, over a certain
period. This proves that an individual can receive
learning when they practice and evaluate in a
structured manner. Thus, this intellectual concept
with financial inclusion assumes that when the
government or cooperative educational institutions
conduct training or coaching for some people who
are classified as unbanked, they will understand
financial services until finally they are separated
from the unbanked group [3]. Of course, this result
can affect on the succession of financial inclusion
programs from the government for a better future.
Another opinion states that financial inclusion needs
to be encouraged so that economic growth can grow
[15]. Financial inclusion will provide benefits to the
community that will enable them to improve their
standard of living, especially for those who live in
remote areas and in border areas [25]. Financial
inclusion is an important element in supporting sped
up economic growth. This action is carried out by
optimizing the contribution of the financial sector
and opening access to financial services as widely as
possible to the public, especially also for business
actors [4]. From the various theoretical explanations
and opinions above, this research plans the following
hypotheses.
H1: Financial behavior is important to reduce
financial inclusion
H2: Financial literacy is important to reduce financial
inclusion
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H3: Financial behavior and financial literacy are
important in reducing financial inclusion through
intellectual capital.
Fig. 2: Research framework
3 Method
The research was conducted using quantitative
methods. The data collection technique uses a
questionnaire and literature study [26]. Thus, the data
collected will be classified as secondary data. The
population in this study are all Indonesian citizens
who live in urban Surabaya and have the status of
immigrants. The sampling method applied purposive
sampling technique. The criteria used in determining
the suitability of the sample in this study include:
1. Indonesian citizens who have migrated to urban
Surabaya and have savings or loans at banks.
2. Indonesian citizens who have migrated to urban
Surabaya with a minimum education of Senior
High School and income.
3. Indonesian citizens who have migrated to urban
Surabaya are at least 35 years old and married.
4. Indonesian citizens who have migrated to the city
of Surabaya who have jobs.
5. Indonesian citizens who have migrated to the
urban area of Surabaya, but whose place of
residence is over 10 km (kilometers) from the
city center.
So, based on the above criteria, the number of
samples set in this study was 500 immigrants in
Surabaya. Determination of the value of each answer
using a Likert scale. The descriptions are: Strongly
agree (5); Agree (4); Neutral (3); Disagree (2);
Strongly Disagree(1) [26].
Table 1. Operational Definition and Measurement of
Variables
No.
Variable
Indicator
1.
Financial
1) Create and record
expense and expenditure
budgets,
2) Provide funds for
unexpected expenses,
3) The habit of saving once
every month,
4) Perform price
comparisons before
making a purchase
5) Pay bills on time.
2.
1) Economic transactions
and the like
2) Economic resources
3) Shopping concept
4) Save concept
5) Tax
6) Financial crime
7) Beliefs regarding
financial institutions, their
products and services
[27].
3.
1) Financial Knowledge
2) Financial Behavior
3) Financial Attitude
4) Future planning [1].
4.
1) Curiosity and motivation
2) Experience
3) Innovation and Creativity
4) Competency ability [3].
The analytical method in this study uses the Partial
Least Square (PLS) method through a variance-based
structural equation model (SEM) statistical test tool.
Data analysis of this research was carried out using
Smart PLS and applying verification analysis
comprised three stages, namely measuring the outer
model, evaluating the structural model (inner model),
and testing the research hypothesis.
4 Results and Discussions
4.1 Characteristics of Respondents
The descriptive results of the characteristics of the
respondents in this study used the number of male
respondents 175 people, less than the number of
female respondents, 325 people. Respondents in this
study were 455 people aged 22-25 years, while those
aged 26-29 years were 30 people and respondents
aged 30-42 years were 15 people. The educational
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background of the respondents used is only Senior
Highschool graduates. The current occupations of
respondents are diverse, ranging from self-employed,
contract employees, and permanent employees. This
condition causes the amount of income he gets to
vary from IDR 2,500,000 - IDR 4,500,000 every
month. The needs of life are high enough to make
their consumption power is also high. This resulted in
their ability to save only about 12.88% of the total
income of respondents (unbaked people).
Fig. 3: Gender respondents
Fig. 4: Respondent’s age
4.2 Validity and Reliability Test
Table 2. Research Instrument Test Results
Based on Table 2, all question items have a
correlation value (r) greater than 0.3, while the alpha
coefficient is greater than 0.6. Thus, it means that all
question items for each variable are valid and reliable
for further testing.
4.3 SEM (Structural Equation Model) Test
The stages before carrying out the SEM test will test
the outer model and inner model. This outer model
test uses composite reliability data, which measures a
construct. Dimensions are reliable if they have a
composite reliability value above 0.7, as follows.
Table 3. Composite reliability calculation results
Dimension
Composite Reliability
R-Square
Financial Behavior (X1)
0.884
-
Financial Literacy (X2)
0.834
-
Financial inclusion (Y)
0.863
0.780
Intellectual Capital (Z)
0.939
0.208
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The inner model is evaluated using R-Square for
the dependent construct. The results of the
calculations that have been carried out to find that the
R-Square value for the influence of financial
behavior and financial literacy variables on financial
inclusion is 0.780 or 78%, While the influence of
financial behavior and financial inclusion variables
through intellectual capital on financial inclusion is
0.208 or 20.8%.
Fig. 5: Test results
Hypothesis testing is done by comparing the t-count
value with the t-table value, if the t-count value is
greater than t-table, then the relationship is
significant between the variables and vice versa when
t-count is less than t-table, then there is no significant
relationship between the variables. The amount of
data tested is 500, then the value of t table (
= 5%)
got 1,964. The presentation is as follows.
Table 4. Influence between research variables
The test results shown in table 4 will then be presented and carried out with wetting and discussion with some of the previous
literature. The explanation is as follows.
4.4 Discussions
Financial behavior has a positive and significant
influence on financial inclusion with a CR value (t
count > t table (2,913 > 1,964) and a path coefficient
of -0.691, this coefficient shows that there is a
significant negative relationship between financial
behavior and financial inclusion. The increasing
public financial behavior in developing countries this
will also suppress the level of financial inclusion.
Conversely, when the financial behavior of people in
developing countries is still low, the level of financial
inclusion will be higher. This condition will certainly
make it difficult for the country to prosper and
prosper its people [13], [28]. This result also shows
that the first hypothesis is not rejected.
Financial literacy has a positive and significant
influence on financial inclusion with a CR value (t
count > t table (4,272 > 1,964) and a path coefficient
of 1,136, this coefficient shows that there is a
significant positive relationship between financial
literacy and financial inclusion. The better the level
of public financial literacy, this will also increase
inclusion finance [29]. These results also show that
the second hypothesis is not rejected.
Intellectual capital can intervene strongly in the
relationship between financial behavior and financial
literacy on financial inclusion with a CR value (t
count > t table (5.513 > 1.996) and a path coefficient
of 0.416, this coefficient shows that there is a
significant positive relationship between financial
behavior and financial literacy with financial
inclusion. These results also show that a person's
intellectual capital ability regarding financial
behavior and financial literacy can grow access to
finance for the community, so that financial inclusion
can be reduced [2]. This result also shows that the
third hypothesis is not rejected.
The findings of this research are certainly
different from several previous studies [1], [3], [31]–
[33], [6], [8], [9], [13], [16], [27], [28], [30]. This
difference is not only a research gap, but leads to a
recent finding on the development of a science
Hypothesis
Influence
t count
koef.path
Information
H1
Financial behavior
Financial inclusion
2,913*
-0.691
Significant
H2
Financial literacy
Financial inclusion
4,272*
1.136
Significant
H3
Financial behavior
& Financial literacy
Intellectual capital
Financial
inclusion
5,513*
0.416
Significant
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between psychology, social science and finance that
gave rise to the current concept of financial behavior.
5 Conclusions
Data collection, calculation, testing and analysis of
data that have been carried out found findings that
financial behavior and financial literacy have a
positive and significant influence on financial
inclusion. These results prove that a person's
behavior and intellectuality about finances plays a
very important role in the difficulties of financial
inclusion in developing countries. These two
variables also depend on the level of public education
that he takes. When a person has received a proper
education, then he will be smarter in behavior to
maintain his financial ability [31], [32]. Of course,
this finding contributing is very important for
stakeholders who want to improve financial access
for all unbanked people in developing countries,
through the concept of financial behavior.
We give great appreciation to the respondents for
helping in obtaining opinions and data for carrying
out this research in the new normal period. We
realize it is difficult to conduct research in the new
normal because many parties keep their distance
from each other for the sake of mutual health. This
updated concept is still difficult to apply and translate
into learning curricula for the unbaked community in
developing countries today. This is because the
differences in behavior and intellectuality of the
unbanked people in each developing country are
unique and not the same as Indonesia. There needs to
be cooperation from various elements, such as the
central bank of each country, academics,
practitioners, digital financial institutions, and social
elements of the community to foster good financial
behavior with each other, so that financial inclusion
can be resolved in a directed manner.
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Contribution of Individual Authors to the
Creation of a Scientific Article (Ghostwriting
Policy)
Wahidahwati has carried out the simulation and the
optimization.
Nur Fadjrih Asyik has implemented the Algorithm,
organized and executed the experiments of all
sections.
Nur Laily handled for the Statistics.
Sources of Funding for Research Presented in
a Scientific Article from
Sekolah Tinggi Ilmu Ekonomi Indonesia
(STIESIA), Surabaya, Indonesia.
Creative Commons Attribution License 4.0
(Attribution 4.0 International, CC BY 4.0)
This article is published under the terms of the
Creative Commons Attribution License 4.0
https://creativecommons.org/licenses/by/4.0/deed.en_
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