Empowered Money Management: The Mediating Role of Financial Self-Efficacy in Women's Financial Behavior

In today's rapidly evolving financial landscape, managing personal finances effectively is an essential skill for achieving financial independence and security. However, women, particularly in developing countries, often face unique challenges in managing money due to socio-cultural factors, limited access to financial resources, and a lack of financial literacyThis study uses an associative quantitative approach to analyze the role of financial self-efficacy in mediating the influence of financial literacy, self- control, and money attitude on women's financial management behavior in Denpasar City. The population used in this study was 333,682 women in Denpasar City. The sample was determined based on the Slovin formula with cluster sampling technique so that a sample of 100 respondents was obtained. Data were collected using a survey method with a questionnaire as a research instrument. The data analysis used in this research is SEM-PLS. The results showed that financial literacy and money attitude have a positive and significant effect on financial self-efficacy, while self-control has no significant effect on the financial self-efficacy of women in Denpasar City. Financial literacy, self-control, and financial self-efficacy have a positive and significant effect on women's financial management behavior, while money attitude has no significant effect on women's financial management behavior in Denpasar City. Financial self-efficacy is able to mediate the effect of financial literacy and money attitude on women's financial management behavior but is unable to mediate the effect of self-control on women's financial management behavior in Denpasar City. The findings suggest that interventions aimed at increasing women's financial self-efficacy could play a pivotal role in improving their overall financial well-being. This study contributes to the literature on financial empowerment and provides valuable insights for policymakers and financial educators seeking to support women's financial autonomy