Antecedents of Saving Decision at Sharia Banks: Islamic Financial Literacy, Religiosity and Service Quality (Studies on Millennial Generation)
Keywords:
Islamic Financial Literacy, Religiosity, Service Quality, Investment Decisions
Abstract
This article describes the antecedents of saving decisions in Islamic banks which are influenced by knowledge of Islamic finance, understanding of religiosity and service quality. The purpose of this study is to determine the behavior of the Indonesian millennial generation with Islamic financial literacy variables, religiosity and service quality towards the decision to save in Islamic banks. This research is quantitative research by using online questionnaires to respondents who are qualified as millennial generation or their birth years are from 1980 to 1999. The sample used is 170 respondents from the Indonesian millennial generation. The analysis in this research used multiple linear regressions. The results of this study indicated that the Islamic financial literacy variable and service quality had a significant effect on saving decisions. Meanwhile, the religiosity variable did not significantly influence the decision to save. It showed that the millennial generations’ decision to save at Islamic banks has shown their rationality in behavior in the way of increasing financial literacy and choosing good service quality. Meanwhile, their high level of religiosity did not necessarily affect their decision to save at the Islamic Bank.
References
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Abdurrahman, N. H. (2015). Manajemen Strategi Pemasaran. Bandung: Pustaka Setia.
Abiah, F. K., & Wabekwa, B. (2012). People’s Perception Towards Islamic Banking: A Field Work-Study in Gombe Local Government Area, Nigeria. International Journal of Business, Humanities and Technology, 02(07), 121.
Almahy, J., Al-Sahn, F., & Beloucif, A. (2014). The Corporate Reputation of Islamic Banks: A Measurement Scale. International Journal of Marketing Studies, 06(06), 91–103.
Antara, P. B. M., Musa, R., & Faridah, H. (2016). Bridging Islamic Financial Literacy and Halal Literacy: The Way Forward In Halal Ecosystem. In Procedia Economics and Finance (Vol. 37, pp. 196–202). Penang: Fifth International Conference on Marketing and Retailing (5th INCOMaR) 2015.
Ates, S., Coskun, A., Sahin, M. A., & Demircan, M. L. (2016). Impact of Financial Literacy on the Behavioral Biases of Individual Stock Investors: Evidence from Borsa Istanbul. Business and Economics Research Journal, 07(03), 1–19.
Cahyanti, D. H. (2018). Skripsi: Analisis Pengaruh Tingkat Literasi Keuangan Syariah, Religiusitas Masyarakat, dan Keterjangkauan Akses Layanan Terhadap Penggunaan Jasa Perbankan Syariah. Yogyakarta: UIN Sunan Kalijaga.
Carraso-Gallego, J. A. (2017). Introducing Economics to Millennials. International Review of Economics Education, 26(C), 19–29.
Dusuki, A. W. (2008). Banking For The Poor: The Role of Islamic Banking in Microfinance Initiatives. Humanomics, 24(01), 49–66.
Echchabi, A., & Olaniyi, O. N. (2012). Malaysian Consumers’ Preferences for Islamic Banking Attributes. International Journal of Social Economics, 39(11), 859–874.
Glock, C. Y., & Stark, R. (1965). Religion and Society in Tensio. Chicago: Rand McNally and Company.
Gordad, G. J. (2011). Book Review: Islamic Finance Principles and Practice by Hans Visser. Journal Asia-Pacific Business, 12(03), 304–312.
Hair, J. F., Black, B., Babin, B. J., & Anderson, R. E. (1995). Multivariate Data Analysis-6/E. New Jersey: Pearson Education.
Khairunnisa, T. K., Ahmad, G. N., & Gurendawati, E. (2020). Pengaruh Religiusitas, Preferensi Risiko, dan Locus of Control Terhadap Perilaku Keuangan dan Dampaknya Terhadap Personal Financial Distress Pada Pekerja Muda di DKI Jakarta. Jurnal Riset Manajemen Sains Indonesia, 11(02), 381–403.
Lajante, M., & Ladhari, R. (2019). Generation Y and Online Fashion Shopping: Orientations and Profiles. Journal of Retailing and Consumer Services, 48(03), 113–121.
Lajuni, N., Bujang, I., Karia, A. A., & Yacob, Y. (2017). The Role of Educators and the Influence of Financial Behavior on Personal Financial Distress Among Undergrad Students of Public Universities in Sabah. International Journal of Education, Psychology and Counseling, 02(06), 121–130.
Muslichah, I., & Sanusi, S. (2019). The Effect of Religiosity and Financial Literacy On Intention to Use Islamic Banking Products. Asian Journal of Islamic Management (AJIM), 01(02), 85–92.
Ningtyas, M. N. (2019). Financial Literacy on Millennials. Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 13(01), 20–27.
Otoritas Jasa Keuangan. (2020). Statistik Perbankan Syariah - Desember 2020. Jakarta.
Parasuraman, A. P., Zeithami, V. A., & Berry, L. L. (1988). Servqual : a Multiple-item Scale for Measuring Consumer Perception of Service Quality. Journal of Retailing, 64(01), 12–40.
Peter, J. P., & Olson, J. C. (2013). Consumer Behavior: Perilaku konsumen dan Strategi Pemasaran. Jakarta: Erlangga.
Rahim, S. H. A., Rashid, R. A., & Hamed, A. B. (2016). Islamic Financial Literacy and Its Determinants Among University Students: An Exploratory Factor Analysis. International Journal of Economics and Financial Issues, 06(7S), 32–35.
Setyawati, I., & Suroso, S. (2016). Sharia Financial Literacy and Effect On Social Economic Factors (Survey On Lecturer In Indonesia). International Journal of Scientific & Technology Research, 06(02), 92–102.
Shamsudin, M. Y., Salamon, H. Bin, Abu-Hussin, M. F., & Hisyam, N. (2015). Islamic Banking and Finance: Traders not Mere Financial Intermediary. Mediterranean Journal of Social Sciences, 06(03), 181–188.
Shuib, M. S., Bakar, A. A., Osman, A. F., Hashim, H., & Fadzil, A. bin. (2016). Implementation of Al-Wadiah (saving instrument) Contract in Contemporary Gold Transaction. Journal of Business, 01(04), 35–38.
Sobaya, S., Hidayanto, M. F., & Safitri, J. (2016). Pengaruh Literasi Keuangan Dan Lingkungan Sosial Terhadap Perencanaan Keuangan Pegawai Di Universitas Islam Indonesia Yogyakarta. Madania: Jurnal Keislaman, 20(01), 115–1128.
Soma, A. M., Primiana, I., Wiryono, S. K., & Febrian, E. (2017). Religiosity and Islamic Banking Product Decision: Survey on Employees of PT Telekomunikasi Indonesia. Etikonomi, 16(01), 25–42.
Tatiana, N., Igor, K., & Liliya, S. (2015). Principles and Instruments of Islamic Financial Institutions. In Procedia Economics and Finance (Vol. 24, pp. 479–484). Kazan: International Conference on Applied Economics (ICOAE).
Tyas, R. R., & Setiawan, A. (2012). Pengaruh Lokasi dan Kualitas Pelayanan terhadap Keputusan Nasabah untuk Menabung di BMT Sumber Mulia Tuntang. Jurnal Muqtasid, 03(02), 277–297.
Utami, W., Sangen, M., & Rachman, M. Y. (2015). Analisis Pengaruh Religiusitas, Kelompok Referensi dan Motivasi Terhadap Keputusan Menabung di Bank Syariah. JWM (Jurnal Wawasan Manajemen), 03(01), 79–90.
Walidah, I. Al. (2017). Tabayyun di Era Generasi Millenial. Jurnal Living Hadis, 02(02), 317–344.
Welly, Kardinal, & Juwita, R. (2016). Analisis Pengaruh Literasi Keuangan Terhadap Keputusan Investasi Di STIE Multi Data Palembang. Palembang: STMIK GI MDP.
Yulianto, A. (2018). Skripsi: Pengaruh Literasi Keuangan Syariah Terhadap Keputusan Penggunaan Produk atau Jasa Lembaga Keuangan Syariah. Yogyakarta: Universitas Islam Indoonesia.
