The Role of Lifestyle as a Mediator of The Influence of Financial Knowledge on Career Women’s Financial Behavior

Women's financial knowledge is lower than men's paying attention because women control 80% of financial management. How well behaved in managing finances is determined by the level of financial knowledge. This study aims to understand how financial behavior is influenced by the level of financial knowledge and the role of lifestyle. The study focused on career women. Methods of quantitative approach and primary data were used in the study—data collection techniques by distributing questionnaires. A purposive sampling technique determined the total sample of 120 career women in Surabaya. Data analysis test with Structural Equation Modelling (SEM) technique using Smart PLS analyst tool Version 3.0. After the data analysis test was carried out, the results proved that financial knowledge affects financial behavior, lifestyle affects financial behavior and the existence of intermediaries from the lifestyle on the influence of financial knowledge on financial behavior. This research implies that the higher the financial knowledge career women have, the better their financial behavior, and they can improve their lifestyles to form appropriate and directed financial behaviors.


INTRODUCTION
The presence of such technologies is increasingly sophisticated and continues to develop rapidly, bringing changes to the order and system of life. These changes are marked by human life, which is now close to digital technology, so various aspects of life have also undergone digitalization. For example, changes in human activities regarding shopping through the use of advanced technology, such as Smartphones, tablets, and computers connected to the internet, make purchase transactions able to be completed efficiently, quickly, and practically without any obstacles to time and space. This activity encourages the digitalization of the payment system, which certainly increases the rapid pace of digital purchase transactions. From year to year, it is estimated that the projection of digital buyers continues to grow as in 2019, around 35.1 million buyers; in 2020, it was 39.2 million buyers; in 2021, it was 42.1; and in 2022, it is estimated to increase to 44 million digital buyers (databoks, 2019). The high number of digital purchases makes people more consumptive. If it is not balanced with the ability to manage finances intelligently, it will experience economic difficulties in the future. Financial problems occur regarding how individuals manage their finances.
Financial behavior explains the responsibility of individuals to manage money by estimating short-term, and long-term living needs through decisions made today as a financial goal in the future to keep economic conditions stable. Financial behavior relates to managing and spending on such income [1]. In Indonesia, people tend to spend more than their income because of spending money on short-term needs without considering long-term needs. This behavior describes financial irresponsibility, such as reduced interest in saving, investing, and doing various financial planning [2]. It was also revealed in the Survey by BPS that in the third quarter of 2021, spending money on public consumption increased by almost 53% (bps, 2020). In line with the results of Bank Indonesia, the survey reported that people's income set aside for savings was only 14.1%, while the level of public consumption was up to 75.0% (bisnis.com, 2021).
Considering the increasing social and economic life, the development of the modern era requires all circles of society to find solutions. No exception for women in today's era makes the gender perspective no longer valid and starts to shift. A survey reveals that 83% of women in Indonesia already have their income, where 54% of these women work and 46% of women own businesses (mrbfinance, 2021). It proves that a woman's role is no longer just as a homemaker who depends on the couple's income. But she is required to actualize herself to earn her income to support the family economy.
However, when women have their income, many of their ways of making ends meet are driven by desire, not need. This motive is based on lifestyle demands on women who have a career, so they are prone to JEM17: Jurnal Ekonomi Manajemen Volume 8, Nomor 1, Mei 2023, Halaman 001 -024 3 have consumptive behavior. Women are the main targets of high lifestyle demands because they view lifestyle as an identity and self-existence over social status [3].
One of the efforts so that people are not trapped in high-will behavior is to carry out financial management [4]. How well individuals manage their finances can be measured by their financial knowledge level. Financial knowledge is the primary basis for proper financial knowledge. Financial Knowledge is an integral dimension of financial literacy and one of the elements of increasing financial literacy through education in the field of finance. The third national survey related to financial literacy and inclusion by the Financial Services Authority (OJK) showed that in 2019, financial literacy was 38.03%, and the financial inclusion index was 76.19%. There was an increase from the previous survey in 2013 of only 21.84% and 2016 of 29.7%, with a financial inclusion index of 67.8% (OJK, 2020). When viewed in terms of gender, the three periods of survey results are still generally dominated by men.   4 (povertyactionlab.org), as it has been known that a woman is the highest holder of control in the daily management of finances compared to a man. If women's financial literacy is low, of course, the financial knowledge that women have is also insufficient. It is an issue that is quite worrying, which will make it difficult for women to manage their finances in the right and appropriate way, risking poor financial decision-making. The inherent view that career women are women with higher education and a broader mindset than homemakers should have better skills and responsibilities for their financial behavior.
Regarding lifestyle, the behavior of career women is often irrational and always follows the developing fashion trends; as a result, the behavior in the financial decisions formed is unhealthy and ineffective. The turmoil of lifestyle changes are caused by a desire that must be fulfilled, causing problems inability to manage finances properly. In this case, we can say that modernization has shifted a woman's attitudes and mentality, influencing changes in his financial behavior.
This research is based on the theory of planned behavior by adding constructs of perceived behavioral control to predict behavior, specifically referring to a person's perception of a condition to predict planned behavior in attitude and considering its impact [5]. Also, some factors influence a person's behavior, namely personal, social, and informational factors. Financial knowledge is one of the essential information factors in forming good financial behavior. Financial knowledge is defined as individual skills regarding finance, or it can be said to be a situation that describes how individuals understand the financial design that is the basis for managing and making decisions regarding, How good an individual's financial behavior is determined by how much financial knowledge they have. When individuals have sound financial knowledge, they can form behaviors based on the goals to be achieved, namely financial well-being in the future. In line with the research, there is an influence formed by financial knowledge on financial behavior [6]. However, other studies found different results; namely, financial knowledge did not significantly affect financial behavior [7]. It was also revealed in the research, there was no relationship between financial knowledge and financial behavior [8]. The research gap explains that one of the causes is the different backgrounds of respondents, so not everyone has good financial knowledge.
In addition to financial knowledge, other psychological factors influence financial behavior, namely lifestyle. Lifestyle is a picture of a person's self-expression related to life patterns with their interaction with the surrounding environment. From the economic side, lifestyle is related to how a person spends the money he has-supported by research, which revealed the positive influence of lifestyle on financial behavior, where the lifestyle that appears tends to be ordinary and still tries to do good financial management [6]. In this case, if the individual has a reasonable and appropriate lifestyle pattern, he can apply financial behavior wisely and purposefully. Regarding the relationship between lifestyle and financial behavior, revealed lifestyle factors do not influence financial behavior. In the findings of these JEM17: Jurnal Ekonomi Manajemen Volume 8, Nomor 1, Mei 2023, Halaman 001 -024 5 gaps, this study considers that the good and bad financial behavior formed is not directly caused by each person's high or low financial knowledge level. Still, other factors arise when financial knowledge shapes financial behavior. Therefore, this study raises the role of mediation, a lifestyle that acts as a mediator when financial knowledge affects financial behavior.
Departing the background described, including phenomena, problems, and previous research that produced research gaps, the purpose of this study is to determine the influence of financial knowledge directly on financial behavior and the direct result of lifestyle on financial behavior, as well as the role of lifestyle as a mediator of the influence of financial knowledge on economic behavior, especially in career women in Surabaya.

Formulation of The Problem
Based on the previous explanation of the background above, the formulation of the research problem can be made, namely: 1. Does financial knowledge affect financial behavior in career women in Surabaya?
2. Does lifestyle affect financial behavior in career women in the city of Surabaya?
3. Does lifestyle mediate the influence of financial knowledge on financial behavior in career women in Surabaya?

Writing Purpose
As the formulation of the problem above is made, this research aims as follows: 1. To determine and analyze the effect of financial knowledge on financial behavior in career women in Surabaya.
2. To determine and analyze the influence of lifestyle on financial behavior in career women in Surabaya.
3. To determine and analyze the role of lifestyle as a mediator of the influence of financial knowledge on financial behavior in career women in Surabaya.
Also, this research is expected to contribute ideas supporting the study of the relationship between financial knowledge and financial behavior.

Theory of Planned Behavior
The Theory of Planned Behavior is a development of the Theory of Reasoned Action; it assumes that individual behavior is not only based on self-controlled reasons (complete control of the individual) but that there is a control that is considered capable of influencing intentions and behaviors. The Theory JEM17: Jurnal Ekonomi Manajemen Volume 8, Nomor 1, Mei 2023, Halaman 001 -024 6 of Planned Behavior emphasizes the rationality of behavior based on preferences and beliefs under perceived self-control. This theory also explains that there is always a reason underlying the intention to behave and consider the goals and results to be obtained, so that perceived behavioral control is added.
Thus, there are three components in the Theory of Planned Behavior, namely (1) Attitude Toward Behavior; (2) Subjective Norm; and (3) Perceived Behavioral Control to predict more specific behaviors.

Financial Behavior
In the 1990s, behavioral finance was recognized, studied, and developed as a new theory as the business and academic world developed, which began to respond to elements of individual behavior in the financial decision-making process [10]. Financial behavior is related to how individuals are responsible for their financial management. There are several stages in responsible financial management: planning, budgeting, and controlling funds on income, expenditure, loans, savings, and protection [11]. The financial behavior that everyone has varies depending on how the psychological effects it has, such as the nature and character of everyone [4]. Financial behavior can grow well in each individual if followed by knowledge and understanding of sound finances [12]. If an individual's understanding or financial knowledge is high, in this case, it can lead to good financial behavior. Good financial behavior reflects the success of individuals in applying financial knowledge to various financial decisions that can improve the quality and well-being of life now and in the future [13].

Financial Knowledge
Financial knowledge can be interpreted as a condition where individuals understand the concepts needed to manage personal financial decisions about finances. On the other hand, financial knowledge is related to intimate knowledge of the products and services of formal financial service institutions related to delivery channels and their characteristics. In its sense, financial knowledge is a person's mastery of how far financial skills and financial tools he has [14]. That a person can have good financial knowledge through formal and informal education. The more a person gets an education, the greater their financial knowledge level [10] [15].

Lifestyle
Lifestyle is a person's living pattern expressed in his activities, interests, and opinions. That 7 external factors that influence them [16]. It can call a reflection of a person who follows the changing times, or can say that a person's desire to change his lifestyle is developing behaviors [17]. Thus, lifestyle describes a person's "whole self" in interacting with his environment. The interaction is inseparable from other people's influence and the surrounding environment's conditions.

Hypothesis The Influence of Financial Knowledge on Financial Behavior
The effect of financial knowledge on financial behavior is based on the theory of planned behavior, which states that behavioral changes based on intentions and beliefs are under conscious control. One of the three influencing components is perceived behavioral control, where behavior is based on perceived power. Also, there are three factors behind changes in a person's behavior, 1) personal factors, 2) social factors, and 3) information factors [9]. Furthermore, that one of the information factors that influence changes in a person's financial behavior is financial knowledge [7]. When making decisions about finances, financial knowledge acts as a control of self-control in determining behavior through a lot of financial information related to finance. It has been believed that the greater the level of financial knowledge a person has, the greater the level of financial behavior, and the more it will lead to good financial behavior. The research results revealed that the greater the level of personal financial knowledge, the better their financial behavior will be [6].
Meanwhile, analysis demonstrated that the positive influence given by financial knowledge did not significantly affect changes in individual behavior [8]. It is possible because not everyone has a good financial understanding. From this description, we can make a hypothesis: H1: Financial Knowledge Affects Financial Behavior.

The Influence of Lifestyle on Financial Behavior
Changes in behavior regarding a person's finances can also depend on his lifestyle. The Theory of Planned Behavior says that three factors can change a person's behavior, including personal factors [9]. 8 that holds prestige, it will form a consumptive lifestyle pattern to influence changes in bad financial behavior. Research proves that lifestyle positively affects a person's economic behavior. That is a lifestyle that appears to be ordinary and still tries to manage finances well [6] [3].

Research Design
This research includes research with quantitative approach methods using primary data types.
Preliminary data are obtained from measurements directly by researchers based on their sources (research subjects) in the field. The data collection method uses a questionnaire with a Likert scale technique. The study population is career women in Surabaya. The sample selected was 120 respondents to this study.

Variable Identification
In this study, several variables were used, including: 1. The dependent variable used is financial behavior (Y) 2. The independent variable used is financial knowledge (X)

Financial Behavior
Financial behavior is a way for everyone to treat, manage, and use the financial resources he has to meet the needs of life. The five indicators used to measure economic behavior variables are:

Participants & Setting
The population of this study is career women in Surabaya. However, because the researchers did not know the exact data on the people in the form of sampling, they chose samples based on criteria. The purposive sampling method is used to select models based on the requirements. These criteria include career women who live and work in the city of Surabaya with a minimum fixed income equivalent to regional wage and who are 20-25 years old and productive. The number of samples refers to the measurement guidelines as follows: 1. The number of parameters is ten times the most enormous scale of formative (casual) indicators (the scale for constructs designed with indicator reflection is negligible).
2. The number of parameters used in this study is ten from the sample measurement guidelines, which is 5-10 times the number of indicators.
Referring to the sample measurement guidelines, the number of samples in this study was 120 respondents from the total number of indicators of each variable multiplied by 10, namely (12 x 10 = 120). Thus, as many as 120 career women in Surabaya were selected as a research sample; then, the questionnaires were distributed to as many as 120. The distribution of questionnaires was carried out online using Google Form Media. The questionnaire was broadcast from 14-19 April 2022 to Career

Data Collection
This study uses primary data types. The questionnaire distribution technique was used to collect preliminary data from the results of direct filling by the informants (career women in Surabaya) to obtain immediate answers related to the questions or statements posed. The data were grouped, tabulated, and analyzed.

Data Analysis
Data analysis in quantitative research is an activity carried out after the data obtained from all respondents are collected. These activities include grouping, tabulating, and presenting data based on

Characteristics of Respondents
The characteristics of the respondents is to find out an overview of the diversity of the respondents' conditions. The data shows that as many as 58 respondents are in the young and productive age range, namely 20-25 years, with 48.3%. Regarding education, it shows the educational background of the respondents, the most of respondents are Bachelors (S1), with a proportion of 58 people or 48.3%. It can be categorized as a higher education level, so it is hoped that respondents will understand the statements related to finances submitted in the questionnaire well. Meanwhile, the respondents' status was mainly unmarried, with 56 people or 46.7%. Based on their work, private employees dominated with a proportion of 59 respondents, or 49.2%, followed by elements of private work agencies, as many as 87 respondents, or 72.5%. This condition occurs considering that questionnaires are distributed widely in private institutions because there are many private companies in Surabaya. 12 Furthermore, regarding income, most respondents are still in the range of the Surabaya minimum wage, IDR 4,300,000 -4,999,000, with a frequency of 64 respondents or 53.3%. This condition allows respondents to pay attention to their financial behavior wisely and purposefully. Based on their work, private employees dominated with a proportion of 59 respondents, or 49.2%, followed by elements of private work agencies, as many as 87 respondents, or 72.5%. This condition occurs considering that questionnaires are distributed widely in private institutions because there are many private companies in Surabaya. Furthermore, regarding income, most respondents are still in the range of the Surabaya minimum wage, IDR 4,300,000 -4,999,000, with a frequency of 64 respondents or 53.3%. This condition allows respondents to pay attention to their financial behavior wisely and purposefully. 13

Assessing the Outer Model
The outer model ensures indicators in measuring variables can be declared reliable and valid by conducting an assessment through validity and reliability testing. The validity test is a stage of testing to determine the value between the construct and the construct-forming indicator showing a strong correlation. There are two types of validity tests, namely convergent validity as a testing stage to determine the correlation between score items and constructs by assessing the loading factor or outer loading weights produced by each indicator to measure each construct [19]. A loading factor with a value between 0.5 to 0.6 can be said to be enough and adequate. In addition to observing the outer loading value, it can also be assessed through the Average Variance Extracted (AVE) value. A model with an AVE value of more than 0.50 can explain that it has a construct of more than half of its indicator variance [20]. 14 Furthermore, in the validity test, a discriminant validity test is also carried out by looking at the cross-loading value to understand the extent to which the construct is different from other constructs, where the loading value of the construct in question must be greater than the other constructs. The following shows the cross-loading value generated for the discriminant validity test. Thus, all instruments can be declared to have good discriminants.

Table 2. Convergent Validity Test Results
Furthermore, at the test stage, reliability is measured in composite reliability values and reinforced by Cronbach's alpha of the indicators that measure the construct. Reliability tests are carried out to determine whether each hand of all variables is a good construct in forming a latent variable. If a construct has Cronbach's alpha and composite reliability > 0.70, then it is declared reliable, as will be presented in the reliability test results in table 4 below:

Table 4. Reliability Test Results
The test results presented in table 4. above show that the coefficient value of all variables' Cronbach's Alpha and Composite Reliability is above 0.70. That is, each instrument is declared to have high reliability

Inner Model Test
After evaluating the model (Outer Model) and obtaining the results according to the criteria, we can continue the structural model testing phase (inner model). The aim is to determine whether exogenous and endogenous constructs have provided answers to statements about the relationship between latent variables that have been previously hypothesized.

R-Square (R 2 )
The quality criteria of the R-Square value are categorized as vital when the value is more than 0.63; organized as moderate with a value of 0.55; and classified as weak with a value of 0.29. Table 5. shows the results of R 2 (R-Square) lifestyle variables is 0.026, which can be interpreted as a weak model. In contrast, financial behavior variables show an R 2 (R-square) value of 0.829, which can be interpreted as a robust model. The value indicates that the financial knowledge variable can explain lifestyle variables by 26%, and then 74% is influenced by other variables that are not contained in the study. Likewise, 82.9% of financial behavior variables were affected by financial knowledge and lifestyle variables, and 17.1% were influenced by other variables that did not found in the study. Furthermore, the Prediction Relevance (Q²) or Stone-Geisser's test was carried out with a blindfolding test procedure on smartPLS to validate the model's predictive ability. In evaluating the inner model, Q-Square is intended to observe how well can measure the observation value generated by the model, and its parameter estimates can be measured through the value of Q-Square (Q 2 ). If the value of Q 2 > 0 indicates the model has a predictive relevance value, while if the value of Q 2 < 0, then the model is declared to have no predictive relevance.

Table 6. Q-Square Value
Based on the results of the Q 2 test, table 6. shows the Q 2 value for the lifestyle variable of 0.009 and the Q 2 value for the financial behavior variable of 0.605, so that the predictive ability of the dependent variable model and mediation is declared appropriate and reasonable.

Uji Fit Model
Standardized Root Mean Square (SRMR) looks at the exact model fit index to avoid model specification errors. It is considered suitable if the SRMR result through the bootstrapping procedure shows a value of < 0.10 or 0.08. In addition to going through the SRMR criteria, we can also observe the model match at the Normal Fit Index (NFI) value with a value criterion between 0 and 1; if the size of the NFI value is closer to the number 1, the better the match.  Table 7. shows the SRMR value of 0.075 < 0.10 or 0.08. So it is said that the applied model obtained a match between the correlations and indicated an NFI value of 0.830 or close to 1, so the model is acceptable and has been appropriate.

Hypothesis Test Analysis
A hypothesis test is performed to find out whether all variables statistically have an influence or may reject the previously proposed hypothesis. There are two hypothesis tests in this study: direct testing and indirect testing. The direct testing stage is intended to determine the immediate effect of financial knowledge and lifestyle as independent variables on financial behavior as the dependent variable.
Meanwhile, the role of the mediating variable, namely lifestyle, is known in the indirect testing stage. The stages of hypothesis testing were carried out using the SmartPLs version 3.0 tool using the Structural Equation Modeling (SEM) method, and the calculation results were obtained as follows:

Figure 3. PLS Model Test Results
Meanwhile, the calculation results can be seen based on the output in the direct and indirect influence testing table as follows:

Direct Testing
Based on the calculation of the direct test produced by the Smart PLS output, we can analyze that each variable relationship states as follows:  can conclude that financial knowledge (X) affects financial behavior (Y) by producing a positive value, meaning that the higher the level of financial knowledge, it can form good financial behavior. On the other hand, the influence given by the lifestyle variable (Z) is negative, meaning that the lifestyle that appears in this study forms terrible financial behavior. While the results of the indirect effect test will be shown in the table below as follows:

The Effect of Financial Knowledge on Financial Behavior
Based on the results of the first hypothesis test, it is known that financial knowledge has a direct effect on financial behavior. The results support the first hypothesis to be acceptable. From the presence of such influences produces positive and significant values. The presence of such effects has positive and significant values. It means that the higher the financial knowledge career women earn in Surabaya, the better their financial behavior will be. In line, which proves that financial behavior is influenced by financial knowledge, research reveals a positive influence of financial knowledge on financial behavior [6] [8]. The positive results illustrate that the level of financial knowledge of career women in Surabaya is relatively high, so the financial behavior formed is good. The results of this study explain that career women's answers related to financial aspects have a high value, so the financial knowledge that appears is also high, meaning that knowledge and understanding of finance can be said to be good. Thus, the financial behavior of career women in Surabaya leads them to the behavior of managing, organize, and use money appropriately.
The results of testing the PLS model, as presented in Figure 3 are, known the indicator with the most significant outer loading value is the X.4 indicator, which is about personal financial application knowledge, so we can interpret that the indicator is the main factor measuring the level of financial knowledge in forming good financial behavior. It means that when career women in the city of Surabaya play a role in managing, managing, and using financial resources while being able to have their income, of course, the experience gained is more so that it is used as knowledge to be able to control their financial behavior towards income and expenses so that they can be set aside for savings and investments for the needs of life in the future. Suppose the knowledge and understanding of finances possessed by career women in the city of Surabaya are good, of course. In that case, they can use personal finance applications appropriately and wisely.

The Effect of Lifestyle on Financial Behavior
The following hypothesis test showed results that proved lifestyle variables had a direct effect on 20 affects changes in individual financial behavior [6]. However, it differs from the research, which reveals the influence of a positive lifestyle on financial behavior [3].
In addition to financial knowledge that can influence financial behavior, lifestyle also affects financial behavior. The demands of career women who are required to follow fashion development make it impossible to distinguish between needs and desires alone. A negative result on the influence of lifestyle on financial behavior indicates that the changes lead to poor financial behavior. It is because career women in Surabaya describe a lifestyle pattern of liking to spend money instead of setting it aside.
In other words, lifestyle is still a priority for career women in Surabaya.
When viewed from the model test results shown in figure 3. the Z.3 indicator has the most considerable external loadings value of 0.955. This indicator describes the lifestyle pattern of Surabaya city career women as primarily caused by their opinion that using branded or expensive goods can support their appearance. Of course, this indicator is the main factor for career women in Surabaya to have a high lifestyle because they also consume high-value goods. Thus, the influence exerted is negative, where his financial behavior leads to irrational behavior because his lifestyle is driven by the desire to get attention is no longer a necessity.

Lifestyle Mediates the Influence of Financial Knowledge on Financial Behavior
The last part of the hypothesis testing stage proves that the role of lifestyle can be an intermediary in the influence of financial knowledge on financial behavior. Such results support the acceptance of the third hypothesis. The resulting mediation effect is positive and significant, meaning that the higher the individual's financial knowledge will lead to a better lifestyle and ability to suppress high lifestyles, the formation of directed financial behavior. Research supported, that financial knowledge and lifestyle variables positively and significantly influence financial behavior [6]. Study also states that lifestyle positively affects financial behavior [3].
After the mediation effect on this research model, the existence of lifestyle variables can mediate or be an intermediary in the relationship of financial knowledge to financial behavior. It means that the higher the financial knowledge the individual has, the higher the financial knowledge will lead him to a better lifestyle, so with a reasonable and appropriate lifestyle, he will be able to form directed financial behavior. High financial knowledge of career women in the city of Surabaya certainly makes her know and understand the processes of managing and managing finances, both personally and thoroughly, thus encouraging her to have a suitable lifestyle between her needs and existing financial conditions; thus, will carry out behavior toward financial decisions consistently in the future. is categorized as high, if they have good financial knowledge, they will be able to direct them to directed financial behavior. Meanwhile, if the lifestyle is high but lacks knowledge and understanding related to finance, it can impact changes in bad financial behavior. Therefore, financial knowledge becomes the primary basis for determining a person's behavior.

SUGGESION
The suggestions put forward by researchers to be considered or used as reference material for the development or perfection of further research are (1) carried out only on career women in the city of Surabaya, further researchers should expand the range of research focus, and area coverage so that research results can generalized more wholly and accurately, (2) Departing this study as a reference, it is better for further researchers to modify the research model by adding other research models. Variable outside the last variable.