Unveiling the Dark Side of Student Finances: A Case Study of Academic Fraud Behavior and Its Impact on Personal Financial Management
Article Sidebar
Main Article Content
Abstract
Academic integrity and personal financial management are generally examined as separate domains, despite increasing evidence that unethical academic behavior may extend into broader aspects of individual decision-making. This study investigates the behavioral relationship between academic fraud and personal financial management among university students by examining how rationalization mechanisms developed in academic settings influence financial decision-making. A qualitative critical case study design was employed involving twelve undergraduate students from the Faculty of Economics and Business who admitted engaging in academic fraud and simultaneously experienced financial difficulties associated with excessive consumption, Buy Now Pay Later (BNPL), and peer-to-peer lending. Data were collected through semi-structured in-depth interviews and supported by indirect observations of participants’ digital behavior. The findings reveal that rationalization, as conceptualized in Fraud Triangle Theory, represents the strongest behavioral bridge connecting academic dishonesty with irresponsible financial practices. Students who normalized plagiarism, assignment outsourcing, and examination cheating demonstrated similar cognitive justifications when misusing educational funds, accumulating unsustainable digital debt, and prioritizing hedonic consumption over essential educational needs. Self-Regulation Theory further explains that weakened self-control reinforces the transfer of unethical behavior across academic and financial contexts. These findings indicate that academic misconduct is not merely an institutional issue but reflects broader deficiencies in ethical self-regulation affecting financial behavior. The study contributes to the behavioral accounting literature by introducing academic fraud as a precursor to maladaptive personal financial management and recommends integrating ethics education with financial literacy programs to strengthen students’ integrity and long-term financial responsibility.
Article Details
References
Amrizal, A. (2018). Pencegahan kecurangan (fraud) dalam perspektif Fraud Triangle. Jurnal Akuntansi dan Keuangan Indonesia, 15(2), 120–135.
Al-Khouri, R. (2020). Behavioral finance and consumer culture among university students: The shield of financial knowledge and self-regulation. Journal of Behavioral and Experimental Finance, 26, 100–115.
Awasthi, V. (2019). Academic dishonesty and its transfer to workplace fraud: A behavioral analysis of business students. Journal of Business Ethics, 157(2), 341–358.
Baird, J. S. (1980). Current trends in college cheating. Psychology in the Schools, 17(4), 515–522.
Baumeister, R. F., & Heatherton, T. F. (1996). Self-regulation failure: An overview. Psychological Inquiry, 7(1), 1–15.
Budiman, A., & Setiawan, H. (2021). Perilaku konsumtif dan kegagalan manajemen keuangan pribadi Generasi Z di era pandemi. Jurnal Keuangan dan Perbankan, 25(3), 512–527.
Cressey, D. R. (1953). Other people's money: A study in the social psychology of embezzlement. Free Press.
Dorminey, J., Fleming, A. S., Kranacher, M. J., & Riley, R. A. (2012). The evolution of fraud theory. Issues in Accounting Education, 27(2), 555–579. https://doi.org/10.2308/iace-50131
Free, C. (2015). Looking through the fraud triangle: A review and call for new directions. Meditari Accountancy Research, 23(2), 175–196. https://doi.org/10.1108/MEDAR-02-2015-0009
Jones, E. (2021). The dark side of student personal finance: Academic integrity and impulsive financial behaviors. Journal of Behavioral and Experimental Economics, 92, 101–114.
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
McCabe, D. L., Treviño, L. K., & Butterfield, K. D. (2001). Cheating in academic institutions: A decade of research. Ethics & Behavior, 11(3), 219–232.
Miles, M. B., Huberman, A. M., & Saldaña, J. (2014). Qualitative data analysis: A methods sourcebook (3rd ed.). SAGE Publications.
Muda, I., et al. (2020). Behavioral finance anomalies: How moral hazards in academic affects digital wallet mismanagement among Gen Z. International Journal of Financial Studies, 8(3), 44–59.
Purnamasari, D. (2019). Menguak praktik academic fraud di kalangan mahasiswa akuntansi: Studi fenomenologi. Jurnal Ilmiah Akuntansi dan Bisnis, 14(1), 45–56.
Saurabh, K., & Nandan, T. (2018). Role of financial literacy, psychological traits and financial well-being on financial capability. International Journal of Social Economics, 45(12), 1642–1654.
Sudarisman, E., & Utami, T. (2022). Pengaruh gaya hidup hedonis dan literasi keuangan terhadap perilaku finansial mahasiswa masa kini. Jurnal Akuntansi Keperilakuan, 5(2), 98–112.
Tangney, J. P., Baumeister, R. F., & Boone, A. L. (2004). High self-control predicts good adjustment, less pathology, better grades, and interpersonal success. Journal of Personality, 72(2), 271–324. https://doi.org/10.1111/j.0022-3506.2004.00263.x
Vousinas, G. L. (2019). Advancing theory of fraud: The S.C.O.R.E. model. Journal of Financial Crime, 26(1), 372–381. https://doi.org/10.1108/JFC-12-2017-0128
Wicaksono, G., & Rahayu, S. (2020). Analisis faktor pemicu kecurangan akademik mahasiswa akuntansi melalui perspektif Fraud Diamond. Jurnal Akuntansi Aktual, 7(1), 33–46.
Xiao, J. J., & Porto, N. (2017). Financial education and financial satisfaction. International Journal of Consumer Studies, 41(5), 456–464.
Yin, R. K. (2018). Case study research and applications: Design and methods (6th ed.). SAGE Publications.
Younas, W., & Farooq, M. (2019). Impact of self-control, financial literacy and financial behaviour on financial well-being. The Journal of Social Sciences Research, 5(51), 211–218.
Zainal, N., et al. (2023). Internal control deficiencies in personal life: Connecting academic dishonesty with financial fraudulence in higher education students. Journal of Financial Crime, 30(4), 980–995.
Zimmerman, B. J. (2002). Becoming a self-regulated learner: An overview. Theory Into Practice, 41(2), 64–70. https://doi.org/10.1207/s15430421tip4102_2
Zulkifli, M., & Handayani, R. (2023). Persepsi mahasiswa terhadap penggunaan fitur Paylater: Antara kemudahan transaksi atau jebakan konsumtif. Jurnal Riset Akuntansi Kontemporer, 15(1), 89–99.