Opening the black box of students’ economic behavior in higher education: do formal and informal education really matter?

Rafsanjani, Mohamad Arief; Subroto, Waspodo Tjipto; Hakim, Luqman; Wahyudi, Handri Dian; Srisuk, Prattana

doi:10.11591/ijere.v15i5.39135

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Opening the black box of students’ economic behavior in higher education: do formal and informal education really matter?

International Journal of Evaluation and Research in Education (IJERE) · Vol. 15 No. 5 (2026) · hlm. 3820–3831

DOI: 10.11591/ijere.v15i5.39135
ISSN: 2620-5440, 2252-8822
Terbit: 2026-10-01
Penerbit: Institute of Advanced Engineering and Science
Bahasa: eng
Lisensi: creativecommons.org/licenses/by-nc/4.0

Abstrak

Poor economic behavior and low levels of economic literacy (EL) among university students remain persistent concerns in developing countries, where young adults must navigate increasingly complex economic decisions. Previous studies often conceptualize education as a single construct or examine formal education and family-based learning separately, leaving the psychological mechanisms linking these educational experiences to economic behavior insufficiently understood. Drawing on social cognitive theory (SCT), this study examines the influence of instructional quality as a form of formal education and parental economic socialization as a form of informal education on students’ economic behavior, while investigating the mediating roles of EL and self-efficacy (SE). Data were collected from 291 undergraduate students from faculties of economics and business in East Java, Indonesia, and analyzed using partial least squares structural equation modeling (PLS-SEM). The results show that instructional quality and parental economic socialization significantly influence students’ economic behavior both directly and indirectly through EL and SE. These findings indicate that students’ economic behavior is shaped not only by educational environments but also by cognitive and psychological processes. The study highlights the importance of strengthening collaboration between universities and families to foster EL, SE, and responsible economic decision-making among students.

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Universitas Negeri Surabaya
State University of Semarang
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Organisasi sama
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Tampilkan sebagai tabel

Rekan penulis	Organisasi	Artikel bersama
Riza Yonisa Kurniawan	Universitas Negeri Surabaya	1
Abelia Paramista	Universitas Negeri Surabaya	1
Muhammad Abdul Ghofur	Universitas Negeri Surabaya	1
Aprilia Dwi Marta Anindya	Afiliasi tidak diketahui	1
Awwalu Meiliana Salsabiila	Afiliasi tidak diketahui	1
Putut Marwoto	State University of Semarang	1
Bambang Subali	Afiliasi tidak diketahui	1
Fianti Fianti	Afiliasi tidak diketahui	1
Durrotun Nafisah	Afiliasi tidak diketahui	1
Azizah Mutiarani	Afiliasi tidak diketahui	1
Siti Ulfah	Afiliasi tidak diketahui	1
Mustaji Mustaji	Afiliasi tidak diketahui	1
Albrian Fiky Prakoso	Afiliasi tidak diketahui	1
Waspodo Tjipto Subroto	Afiliasi tidak diketahui	1
Eka Hendi Andriansyah	Afiliasi tidak diketahui	1
Norida Canda Sakti	Afiliasi tidak diketahui	1
Ardhita Eko Ginanjar	Afiliasi tidak diketahui	1
Dyah Nugraheny Priastuti	Afiliasi tidak diketahui	1
Ety Youhanita	Afiliasi tidak diketahui	1

Afiliasi berasal dari OpenAlex; metadata OAI-PMH jurnal tidak memuatnya. Penulis tanpa ID OpenAlex dicocokkan berdasarkan nama, sehingga dua orang bisa tergabung atau satu orang bisa terpisah.

Sumber metadata: OAI-PMH (metadata jurnal) http://ijere.iaescore.com/index.php/IJERE/oai, pertama di-harvest 8 Nov 2026, terakhir terlihat 8 Nov 2026.

Metadata asli (oai_dc)

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	<dc:title xml:lang="en-US">Opening the black box of students’ economic behavior in higher education: do formal and informal education really matter?</dc:title>
	<dc:creator>Rafsanjani, Mohamad Arief</dc:creator>
	<dc:creator>Subroto, Waspodo Tjipto</dc:creator>
	<dc:creator>Hakim, Luqman</dc:creator>
	<dc:creator>Wahyudi, Handri Dian</dc:creator>
	<dc:creator>Srisuk, Prattana</dc:creator>
	<dc:subject xml:lang="en-US">Economic behavior; Economic literacy; Instructional quality; Parental economic socialization; Self-efficacy; Undergraduate students</dc:subject>
	<dc:description xml:lang="en-US">Poor economic behavior and low levels of economic literacy (EL) among university students remain persistent concerns in developing countries, where young adults must navigate increasingly complex economic decisions. Previous studies often conceptualize education as a single construct or examine formal education and family-based learning separately, leaving the psychological mechanisms linking these educational experiences to economic behavior insufficiently understood. Drawing on social cognitive theory (SCT), this study examines the influence of instructional quality as a form of formal education and parental economic socialization as a form of informal education on students’ economic behavior, while investigating the mediating roles of EL and self-efficacy (SE). Data were collected from 291 undergraduate students from faculties of economics and business in East Java, Indonesia, and analyzed using partial least squares structural equation modeling (PLS-SEM). The results show that instructional quality and parental economic socialization significantly influence students’ economic behavior both directly and indirectly through EL and SE. These findings indicate that students’ economic behavior is shaped not only by educational environments but also by cognitive and psychological processes. The study highlights the importance of strengthening collaboration between universities and families to foster EL, SE, and responsible economic decision-making among students.</dc:description>
	<dc:publisher xml:lang="en-US">Institute of Advanced Engineering and Science</dc:publisher>
	<dc:contributor xml:lang="en-US"></dc:contributor>
	<dc:date>2026-10-01</dc:date>
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	<dc:identifier>https://ijere.iaescore.com/index.php/IJERE/article/view/39135</dc:identifier>
	<dc:identifier>10.11591/ijere.v15i5.39135</dc:identifier>
	<dc:source xml:lang="en-US">International Journal of Evaluation and Research in Education (IJERE); Vol 15, No 5: October 2026; 3820-3831</dc:source>
	<dc:source>2620-5440</dc:source>
	<dc:source>2252-8822</dc:source>
	<dc:source>10.11591/ijere.v15i5</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://ijere.iaescore.com/index.php/IJERE/article/view/39135/15222</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2026 Mohamad Arief Rafsanjani, Waspodo Tjipto Subroto, Luqman Hakim, Handri Dian Wahyudi, Prattana Srisuk</dc:rights>
	<dc:rights xml:lang="en-US">http://creativecommons.org/licenses/by-nc/4.0</dc:rights>
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