Behavior of Personal Financial Management in Tourism Sector for Millennial Generation in Supporting Halal Economy Development in Madura

Abstract

This study aims to examine the factors that influence personal financial management behavior in the tourism sector by examining the relationship between four factors including personal financial attitudes, financial knowledge, locus of control and financial management behavior in the tourism sector. The research model was tested using a quantitative approach. Data was taken by purposive sampling and collected through a field survey of the millennial generation in Madura including Bangkalan and Sampang districts with years of birth from 1993-2001. The data that can be obtained from the field are 360 ​​and coincidentally the share of men and women is the same. In this study, the use of testing and analysis is carried out in stages starting from the validity and reliability test, and the path analysis test. It is hoped that this research will produce findings of three key factors that have a direct influence on financial management behavior. The results obtained that financial attitudes, financial knowledge, and locus of control have a positive effect on financial management behavior. On the other hand, financial knowledge is not capable of being a mediator of financial attitudes towards the financial management behavior of the tourism sector. Likewise, the external locus of control is not able to mediate the financial management behavior of the tourism sector. This finding can be a useful reference for developing behavioral theories related to personal financial management in the tourism sector in the Madura region.