Why does the level of financial satisfaction high during the covid-19 pandemic? The role of income, financial knowledge, financial stress, Covid-19 omicron awareness, and financial behavior on the financial satisfaction of master of management students

This study aims to analyze and investigate the impact of income, financial knowledge, financial stress, COVID-19 omicron awareness, and behavior on financial satisfaction. This study uses explanatory research with a quantitative approach. The population in this study was all students with a study status still enrolled in the master of management program at Brawijaya University from 2018–2022, totaling around 353 students. The sampling technique used in the study was purposive sampling. The sample in the study was 79 students. Surveys and documentation were used to collect data


Introduction
The COVID-19 pandemic that occurred in 2019 has affected the world economy. Almost all countries, including Indonesia, have felt the effects of the COVID-19 pandemic. One of the consequences of Indonesia's economic decline from upper-middle to lower-middle class was a decrease in income (World Bank, 2020. The decline is partly due to the declining income of the Indonesian population. In addition to decreased income in Indonesian society, household expenditure per capita has also decreased. Household expenditure depicts households' real purchasing power and can also be used to describe households' ability to meet their daily needs (Izzati, 2021). The decline in household income certainly has an impact on the financial condition of each individual. A decrease in income will affect the decrease in financial satisfaction, implying that the lower a person's income level, the lower the level of 203 financial satisfaction (Sahi, 2013;Owusu, 2021). Individuals who successfully achieve financial satisfaction will gain happiness (Xiao & O'neill, 2018;Oquaye et al., 2022).
Financial satisfaction is defined as an individual's subjective measure of achieving financial well-being and happiness in life (Oquaye et al., 2022). The difference in the level of financial satisfaction possessed by each individual is due to differences in perceptions and interpretations that are felt to be related to a sense of satisfaction in owning sufficient financial resources (Hira & Mugenda, 1998;Vera-Toscano et al., 2006). Financial satisfaction is inseparable from the behavior it forms in each human being, so each human being must strive to form good behavior which means having a good impact on his life in order to achieve satisfaction and life success. COVID-19 will undoubtedly have an impact not only on an increasingly uncertain economy and a decrease in income but also on each individual's psychological condition (Panayiotou et al., 2021). Economic uncertainty will have an impact on a person's emotional disorders, such as anxiety, fear, and depression, as a response to the stress that occurs (Zajacova et al., 2020;Florin et al., 2020). Millennials and Z-generations will undoubtedly face the most difficult financial challenges because they are the youngest generation in the proportion of productive people in Indonesia and around 82% of this group of people have experienced a decrease in income due to the COVID-19 pandemic (BPS, 2020).
The level of income is closely related to financial satisfaction (Delafrooz & Paim, 2011;Rahman et al., 2021). Salaries, wages, and other business activities can generate income before taxes and other costs are deducted (Archuleta et al., 2013;Lestari, 2020). Income has a significant and positive effect on financial satisfaction, implying that a high level of income will affect the achievement of higher financial satisfaction as well (Sahi, 2013;Owusu, 2021), but this differs from (Sadiq et al., 2018). In addition to constantly striving to increase their income, each individual must also increase their level of knowledge about the concept of financial management. Financial knowledge predicts and has a significant positive effect on financial satisfaction (Joo Grable, 2004;Saurabh & Nandan, 2018;Ali et al., 2019;Lee & Dustin, 2021). A person with a high level of financial knowledge will tend to understand more about their financial situation and have perceptions and ways of assessing it that are different from ordinary people in general, so they will be prepared to deal with various aspects of their financial condition and have an impact on increasing financial satisfaction.
Aside from income and financial knowledge, emotional and psychological factors such as stress on financial conditions can influence decision-making to achieve financial satisfaction (Sabri & Falahati, 2013). Stress on the financial conditions that individuals face can occur due to psychological factors formed by individuals who feel insufficient to meet their needs (Rahman et al., 2021). This anxiety is a reaction to the stress caused by the uncertainty of economic conditions (Zajacova, 2020;Florin et al., 2020;Mutia, 2021;Panaiyotou et al., 2021). Financial stress reduces financial satisfaction significantly (Lee & Dustin, 2021;Rahman et al., 2021). The higher the level of financial stress that individuals have, the lower their level of financial satisfaction, contrary to Lim et al. (2014).
In addition to the three previously mentioned factors, it is known that the experience factor, in the form of the COVID-19 pandemic, impacts financial satisfaction. The impact of a pandemic on the global economy and families can reduce each individual's level of financial satisfaction (Yuesti et al., 2020). The increased financial satisfaction during the COVID-19 pandemic may be due to increased individual awareness of the disease. This can trigger individuals to behave well financially, thus increasing financial satisfaction (Rogers, 1974;Anand et al., 2021). The COVID-19 awareness that each individual has will be able to change individual perceptions, thoughts, and behaviors in responding to their financial conditions. Anand et al. (2021) explained that COVID-19 awareness significantly affects each individual's financial health indirectly.
The theory of planned behavior, which states that individual characteristics, attitudes, norms, and self-control all contribute to the formation of behavior (Ajzen, 2005: 133), supports the effect of financial behavior on financial satisfaction. Financial behavior has a significant and direct impact on financial satisfaction and is even the best predictor (joo Grable, 2004;Gutter & Copur, 2011;Falahati et al., 2012;Xiao et al., 2014;Chikizie & Sabri, 2017;Lee & Dustin, 2021;Rahman et al., 2021;Oquaye et al., 2022). Good financial behavior has a priority scale for its needs and desires. It tends to be vigilant and prepared to make financial decisions appropriately and productively so that it does not experience difficulties in the future and has an impact on increasing the level of financial satisfaction. Financial behavior is a mediating variable in the relationship between income, financial knowledge, financial stress, awareness of COVID-19 omicron variants, and financial satisfaction.
This research builds on the work of Lee and Dustin (2021) and Rahman et al. (2021). This study differs from previous studies in that it includes the omicron variant COVID-19 awareness variable as a variable examined for its effect on financial satisfaction. This study will focus on unmarried people, whereas previous research has focused on married couples. Furthermore, financial behavior will be used as a mediating variable to improve and bridge the relationship between income, financial knowledge, financial stress, and awareness of covid-19 omicron variants and financial satisfaction. Financial satisfaction at the individual level in the environment of master of management students at Universitas Brawijaya will be an exciting subject to study because they have advantages and challenges related to a series of complex financial decisions in balancing life, career, and education (Goetz et al., 2011). The advantage of Master of Management students is that they have gained knowledge about financial management through formal education, where the level of education will affect the achievement of individual financial satisfaction (Owusu, 2021). Financial satisfaction research will vary because it is subjective, so differences may occur if conducted at different times and with different groups of people (Falahati et al., 2012).

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Based on the research gap and theoretical support in the research background, this study aims to examine the effect of income, financial knowledge, financial stress, and awareness of covid-19 omicron variants on financial satisfaction as mediated by financial behavior.

Financial Satisfaction
Financial satisfaction is defined by Ali et al. (2015) as an individual's perception of his current financial situation. This financial condition can be satisfied with the savings, assets, and debt currently owned. In contrast, in Xiao and O'neill (2018) and Oquaye et al. (2022), financial satisfaction is closely related to happiness because it is frequently described as a subjective measure of each individual's progress toward well-being and happiness. Financial satisfaction can be defined as a person's perception of their satisfaction with various aspects of their financial situation. According to Sabri and Falahati (2013), each individual's financial satisfaction is influenced by the values he or she holds. Financial knowledge, management, and stress can all impact an individual's values. The degree or level of perceived satisfaction that individuals feel about the adequacy of their money in meeting their needs and desires is referred to as financial satisfaction (Hira & Mugenda, 1998;Xiao et al., 2006;Ali et al., 2015).

Income
Income is defined as a source of money from wages, salaries, bonuses, tips, royalties, commissions, and other types of income (Lestari, 2020). Archuleta et al. (2013) calculates income by combining the income of the head of the family with the income of the spouse or parents, who receive monthly salaries, wages, or business results. Individuals can fulfill all of their needs and desires as their income rises. The satisfaction with their finances is triggered by fulfilling their life's needs and desires. Income has a significant relationship with financial satisfaction (Joo & Grable, 2004;Lee & Dustin, 2021). Lee and Dustin (2021) discovered that sociodemographic characteristics such as income level are predictors of financial satisfaction. The higher an individual's monthly income, the higher the level of financial satisfaction (Sahi, 2013;Owusu, 2021;Lee & Dustin, 2021;Rahman et al., 2021).

H1:
Increasing individual income levels will increase the level of financial satisfaction.

Financial Knowledge
Financial knowledge is an individual's understanding of financial management concepts to make informed financial decisions and avoid financial problems (Chen & Volpe, 1998;Owusu, 2021). Personal financial management understanding includes (1) general basic knowledge of personal finance, (2) money management, (3) credit and debt management, (4) savings and investment, and (5) risk management (Chen & Volpe, 1998;LaBorde et al., 2013;Adiputra, 2021). Every individual requires financial knowledge to achieve financial well-being (Kaur et al., 2013). When people have confidence in their ability to understand and apply their financial knowledge, it guides them toward financial behavior that has a positive impact on their lives, allowing them to avoid financial problems in the future and have a high level of financial satisfaction (Ricciardi & Simon, 2000;Shim et al., 2009;Xiao et al., 2014;Saurabh & Nandan, 2018;Lee & Dustin, 2021;Owusu, 2021).
H2: increasing the level of financial knowledge will increase the level of financial satisfaction

Financial Stress
Financial stress is defined as a person's perception of his psychological-emotional state in the form of worry, anxiety, and fear concerning his current financial sufficiency and debt ownership (Campbell, 2021;Rahman et al., 2021). Financial stress occurs when a person does not have enough money to meet their responsibilities and needs (Rahman et al., 2021). Financial stressors can also cause financial stress (Joo and Grable, 2004). These occurrences can result from personal, family, or financial shocks (Rahman et al., 2021). The higher the level of personal financial stress, the lower the level of financial satisfaction (Joo and Grable, 2004). The greater an individual's level of financial stress, the more dissatisfied they will be with their financial situation. This dissatisfaction stems from financial insecurity caused by an inability to meet all needs, desires, and financial obligations. Previous research corroborates the significant negative relationship between financial stress and financial satisfaction (Joo Grable, 2004;Lee & Dustin, 2021;Rahman et al., 2021).
H3: increasing levels of financial stress will reduce levels of financial satisfaction.

Omicron Variant Covid-19 Awareness
Awareness is an individual's concern, perception, and sensitivity to what is happening (Onder, 2006). Awareness of the COVID-19 omicron variant refers to a person's sensitivity to events involving the COVID-19 omicron variant. Individuals with a high awareness of the COVID-19 omicron variant are expected to pay closer attention, be more vigilant, and prepare to overcome the negative impact on their financial situation. Anand et al. (2021) investigated the effect of COVID-19 awareness on financial health and discovered a relationship that affects people indirectly. The study explains that COVID-19 awareness does not guarantee individual financial health because it still requires a mediating variable between these relationships. An individual with COVID-19 awareness is expected to have a good level of health which health is an essential factor so that a person can work well to generate income and quickly obtain financial satisfaction (Singh & Verma, 2022;Memarista et al., 2022).

Financial Behavior
Financial behavior refers to an individual's attitude and ability to manage finances to succeed (Hira & Mugenda, 1998;Loix et al., 2005;Xiao, 2008;Falahati et al., 2012). Good behaviors include: having the attitude and ability to control and manage spending, having savings for emergency funds, maintaining saving and investing behaviors, and planning for the future (Owusu, 2021;Lee & Dustin, 2021). Suppose a person has a high-income level and sounds likely to have good financial knowledge. In that case, They can control the psychological emotions that arise from financial stress, triggering the correct financial decision-making for him. Good financial management will result from making sound financial decisions. Individuals' financial behavior becomes more positive as their income rises (Joo & Grable, 2004;Owusu, 2021;Lee & Dustin, 2021;Rahman et al., 2021). Increased financial knowledge, as reflected by increased confidence in their financial knowledge, is related to individuals' proclivity to behave better financially (Clark et al., 2017;Lee & Dustin, 2021).
The theory of planned behavior (Ajzen, 2005) explains that an individual's behavior will involve personal elements and information about how the individual perceives what is around him through his behavior. When people are under financial stress, it can affect their thoughts, feelings, behavior, and relationships with others (Lee & Dustin, 2021). The financial stress that individuals have can make individuals more inclined toward financial behavior that is bad for themselves, meaning that it can cause losses in the future (Joo & Grable, 2004;Lee & Dustin, 2021;Rahman et al., 2021). The more concerned, anxious, and fearful a person is about money and debt, the less likely they are to engage in good financial behavior (Lee & Dustin, 2021). The global relationship between awareness and behavior explains how awareness influences a person to behave in a way that benefits himself and the environment (Onder, 2006). The presence of covid-19 awareness is expected to allow a person to continue carrying out their activities to generate income, which will encourage the formation of good financial behavior in order to achieve financial satisfaction (Memarista et al., 2022). Covid-19 awareness has been shown to increase behavior that leads to satisfaction (Singh & Verma, 2022). The presence of individual awareness of the covid-19 omicron variant is expected to make individuals increasingly behave financially well.
H5: the increase in financial behavior will increase the level of financial satisfaction H6: Increasing income levels will improve financial behavior.

H7:
Increasing the level of financial knowledge will improve financial behavior.
H8: increasing levels of financial stress will further reduce financial behavior H9: increasing the level of individual awareness of covid-19 omicron variants will improve financial behavior.
H10: increasing the income mediated by financial behavior will increase the level of financial satisfaction H11: increasing the level of financial knowledge mediated by financial behavior will increase the level of financial satisfaction.
H12: increasing levels of financial stress mediated financial behavior will increase levels of financial satisfaction H13: increasing the level of awareness of covid-19 omicron variants mediated by financial behavior will increase the level of financial satisfaction

Research and Methodology
This study employs an explanatory research approach to objectively test the theory by examining the relationship between each variable using statistical procedures and a quantitative approach. The population in this study was all students who had a study status and were still registered in the master of management program at Brawijaya University starting from the 2018-2022 batch and numbered around 353 students based on data from the academic department at the beginning of the odd semester of 2022.
The sampling technique used in this study is non-probability sampling using purposive sampling. Sampling with purposive sampling is limited to certain people to provide the desired information because they are parties who have or meet the criteria determined by the researcher (Sekaran & Bougie, 2016). The number of samples used in this study was 79 students, the following sample selection criteria are students with registered status in the master of management program, namely not participating in graduation, having studied financial management courses, having a job, and being unmarried. The data used in the study was derived from survey results and documentation. A Likert scale is used in the submitted questionnaire to determine the extent to which respondents give their opinions on a predetermined scale. The data were analyzed using structural equation modeling with partial least squares (SEM-PLS). The concept of using pls data analysis is to test the modified results of several research models to provide an overview of the variables under study (Garson, 2016). In this study, the income variable is calculated from its definitions from (Archuleta et al., 2013;Lestari, 2020) and based on East Java's minimum wage standard (Upah Minimum Provinsi) in 2022. Financial knowledge is based on indicators from (Chen & Volpe, 1998;LaBorde et al., 2013;Adiputra, 2021). In addition, awareness of COVID-19 omicron variants was measured using indicators from (Anand et al., 2021), financial behavior using indicators from (Joo and Grable, 2004;Rahman et al., 2021;Gunawan et al., 2021), and financial satisfaction using indicators from (Hira and Mugenda, 1998;Adiputra, 2021;Lee & Dustin, 2021;Oquaye et al., 2022).

Finding and Discussion
The Master of Management program at Brawijaya University abbreviated as UB, is the subject of this study. This study's gender characteristics included 49 female and 30 male students in the management master's program. The gender proportion shows that Master of Management students at Universitas Brawijaya who are unmarried and have jobs are more likely to be female, or that more female respondents meet the sample selection criteria than male respondents. According to the table above, the age group between 26-30 years (58.2%) outnumbers those between 31-35 (14%). The age of the respondent is the age calculated in 2022. This age category shows that millennials dominated the respondents in this study, while Gen-Z only amounted to 27.8%. This illustrates that the respondents in this study are still in the productive age category and are synonymous with having a high level of consumption because they were born in the era of globalization, technology, and the internet, so they have high challenges in achieving financial satisfaction. Meanwhile, judging from the year of entering college, 2022 has the most significant number compared to other batches, namely with a percentage of 35.4%, while the smallest percentage is in the 2019 batch of 8.8%. Then, the characteristics of respondents based on the type of work in this study, respondents with the type of work as non-entrepreneur (Government sector, BUMN, BUMD, Private Employee) were found to have the most significant percentage, namely 57%, meanwhile the others work as entrepreneurs (self-employed) is 43%. This illustrates that a large proportion of Master of Management students at Brawijaya University has stable or permanent jobs. Based on observations in the field, they tend not to feel too much impact significantly from the decline in income during the COVID-19 pandemic.

Descriptive statistic and correlation
This study employs the variables of income, financial knowledge, financial stress, awareness of COVID-19 omicron variants, financial behavior, and financial satisfaction, which can be seen in Table 2 along with the results of the average value of respondents' answers supplemented by the standard deviation of each variable.

Measurement Model Analysis
This study uses convergent validity and discriminant validity tests with the constructs to be measured for the initial research scale development, and a value between 0.50 and 0.60 is considered sufficient (Ghozali, 2021). The results of the validity and reliability tests are detailed in Table 3 below.  Table 3 shows the results of the convergent validity test by looking at the loading factor value of each variable indicator (income, financial knowledge, financial stress, awareness of COVID-19 omicron variants, financial behavior, and financial satisfaction) that has a value greater than 0.70 (Ghozali, 2021). Furthermore, the discriminant validity can be seen in the root value of the average variance extracted (ave) by comparing the coefficient value of each variable with the correlation value of each variable relationship in the research model; each root AVE value is more significant than 0.50. As a result, the items used in this study can be valid. Following validity testing, reliability testing is performed using Cronbach's alpha and composite reliability values. Table 4 displays the results of the reliability test. According to Table 4, the data used in this study are reliable. The reliability threshold is 0.70 (Ghozali, 2021). Each variable has a Cronbach's alpha and composite reliability value greater than 0.7, as shown in Table 4. As a result, the items used in this study are reliable.

Structural Model Analysis
The structural model is a model that describes the causal relationship between latent variables that are constructed based on the theory's substance (Ghozali, 2021). The PLS structural model is validated by calculating the R 2 and path coefficient by comparing the t-statistic in the Smart PLS output to the t-table. First, examine the direct relationship between income, financial knowledge, financial stress, COVID-19 omicron variant awareness, financial behavior, and financial satisfaction. Then there was a direct effect on the financial behavior of income, financial knowledge, financial stress, and awareness of COVID-19 omicron variants. As well as indirect tests involving financial behavior mediation. The results of structural model testing are shown in Figure 1 below, along with the t-statistic value for each hypothesis. The figure above explains the results of the direct effect test. The results of the direct effect of income on financial satisfaction (β = 0.229, t = 2.005, p <0.05) indicate that income has a significant and positive effect on financial satisfaction, so hypothesis 1 is accepted. In addition, the effect of financial knowledge on financial satisfaction is obtained (β = 0.422 t = 2.841, p <0.05) that financial knowledge has a significant and positive effect on financial satisfaction, so hypothesis 2 is accepted. The effect of financial stress on financial satisfaction (β = -0.144, t = 1.409, p <0.05) shows that financial stress has an insignificant effect but has a negative direction on financial satisfaction. Thus, hypothesis 3 is rejected. Furthermore, the effect of COVID-19 omicron awareness on financial satisfaction is obtained (β = -0.164 t = 1.370, p <0.05); this indicates that COVID-19 omicron awareness has an insignificant effect but has a negative direction on financial satisfaction, meaning that the higher the level of COVID-19 omicron awareness will not affect financial satisfaction. Thus, hypothesis 4 is rejected.
Furthermore, the direct effect of financial behavior on financial satisfaction (β = 0.485 t = 3.234 p 0.05) is obtained, indicating that financial behavior has a significant and positive effect on financial satisfaction. Thus, hypothesis 5 is accepted. The effect of income on financial behavior obtained (β = 0.265 t = 2.633 p <0.05) shows that income significantly and positively affects financial behavior. Thus, hypothesis 6 is accepted. In addition, the effect between financial knowledge on financial behavior is obtained (β = 0.227 t = 2.626 p <0.05) that financial knowledge has a significant and positive effect on financial behavior. Thus, hypothesis 7 is accepted. In addition, the effect of financial stress on financial behavior (β = 0.310 t = 2.941 p>0.05) shows that financial stress has a significant and positive effect on financial behavior, so it can be concluded that hypothesis 8 is rejected. Furthermore, the effect of covid-19 omicron awareness on financial behavior is obtained (β = 0.237 t = 2.827 p <0.05), indicating that covid-19 omicron awareness has a significant and positive effect on financial behavior. Thus, hypothesis 9 is accepted. Based on this explanation, it can be obtained that the direct testing hypotheses, namely H1, H2, H5, H6, H7, and H9, are accepted, but H3, H4, and H8 are rejected. For the results of indirect hypothesis testing can be seen in Table 5 below The indirect test or the mediating role of financial behavior variables is explained in Table 5 above. The test results of the indirect effect of income on financial satisfaction mediated by financial behavior (β = 0.129 t = 2.096 p0.037 0.05). These findings indicate that income has a significant and positive effect on financial satisfaction via financial behavior, and thus thesis 10 is accepted. Furthermore, financial behavior results in mediating the effect of financial knowledge on financial satisfaction (β = 0.110 t = 1.984 p0.048 0.05). This indicates that financial behavior can mediate the relationship between financial knowledge and financial satisfaction. Based on the indirect effect path coefficient value obtained by multiplying the direct effect of financial knowledge on financial behavior and the direct effect of financial behavior on financial satisfaction, 0.227 x 0.485 = 0.110 is obtained, indicating that financial behavior acts as a partial mediator, and thus hypothesis 11 is accepted.
Financial behavior in mediating the effect of financial stress on financial satisfaction obtained a path coefficient of (β =0.151, t= 2.035, p-value= 0.048 <0.05) so that financial behavior can mediate the relationship between financial stress and financial satisfaction. Based on the indirect effect path coefficient value obtained from multiplying the direct effect of financial stress on financial behavior and the direct effect of financial behavior on financial satisfaction, 0.310 x 0.485 = 0.150 is obtained, so financial behavior acts as a complete mediation. Thus, hypothesis 12 is accepted. The role of financial behavior in mediating the effect of COVID-19 omicron awareness on financial satisfaction obtained a path coefficient of 0.115 with a t-statistic value of 1.991> 1.96 and a significance value (p-value) of 0.047 <0.05 so that financial behavior can mediate the relationship between covid-19 omicron awareness and financial satisfaction. These results indicate that covid-19 omicron awareness has a significant and positive effect on financial satisfaction through financial behavior, based on the indirect effect path coefficient value obtained from multiplying the direct effect of financial stress on financial behavior and the direct effect of financial behavior on financial satisfaction, so that 0.237 x 0.485 = 0.115 is obtained, so that financial behavior acts as a complete mediation, thus hypothesis 13 is accepted.
The overall PLS structural model was evaluated by calculating the R2 value and path coefficient. The R-square for the financial satisfaction variable is 0.794. This graph shows that the financial satisfaction variable can be influenced by independent variables such as income, financial knowledge, financial stress, awareness of covid-19 omicron variants, and financial behavior, with the model's predictive power being 79.40%. In addition, the GoF value is 0.778. It can be concluded that the structural model used in this study has high gof predictive properties (Ghozali, 2019). This means that the model is very good at explaining empirical data.
Income has a significant and positive effect on financial satisfaction. The income that each individual has will make it easier for that individual to meet all of their needs and desires. The fulfillment of all life needs fundamental needs (clothing, food, shelter, and education) triggers a sense of satisfaction with the perception of the sufficiency of money owned (Hira & Mugenda, 1998). This study's results align with the financial satisfaction concept presented by Zemtsov and Osipova (2016) and Brüggen, et al. (2017). Income levels will describe an objective measure of individual financial satisfaction. (Sahi, 2013;Owusu, 2021;Lee & Dustin, 2021 also describe that income affects financial satisfaction. However, this study's results differ from the research conducted by Joo and Grable (2004) and Sadiq et al. (2018). Income shows that the average student of the master of management at Brawijaya University has a medium level of income, which means that it is still in the category of being entirely capable because it is more than the provincial minimum wage standard (UMP) of East Java province, which ranges from approximately Rp. 2,000,000, -on average. 2,000,000 -in 2022, so it can be interpreted that the respondents of the master of management students at Universitas Brawijaya in This condition reflect that the income earned by Brawijaya University master of management students can make them tend to be entirely satisfied with the sufficiency of money they have during the post-pandemic COVID-19 omicron variant.
Financial knowledge has a significant and positive effect on financial satisfaction. Students majoring in business are known to have higher perceptions of financial knowledge than other majors (Chen & Volpe, 1998;LaBorde et al., 2013). This study's results are supported by previous studies, which explain that financial knowledge significantly and positively affects financial satisfaction (Joo & Grable, 2004;Saurabh & Nandan, 2018;Lee & Dustin, 2021). However, this study's results differ from the research conducted by Owusu (2021). The response from the Master of Management students at Brawijaya University shows that the indicator of general understanding of personal finance received a low response, especially when asked about interest rates and personal net worth. Understanding interest rates is significant because it is related to the level of risk and return needed to plan the financial management of each individual (Parry et al., 2021). An understanding of net worth is needed to assist individuals in providing insight into how many assets they must acquire to anticipate the uncertainty of meeting their obligations (Lestari, 2020). To improve their financial knowledge through an understanding of the general basis and personal financial system to be able to carry out careful calculations and planning to bring out rationality in every financial decision-making to be precise and productive, so that they will avoid financial problems in the future.
Financial stress has an insignificant and negative effect on financial satisfaction. This means that financial stress has no relationship to financial satisfaction, meaning that the high and low levels of financial stress that individuals have will not be able to increase or decrease their financial satisfaction. The results of this study contradict the theory of life span development (Baltes, 1987in Santrock, 2012) that factors from an individual's social-emotional process can trigger the achievement of life satisfaction. Financial stress in each individual can occur if they have financial problems caused by a lack of money in fulfilling their obligations and needs (Rahman et al., 2021). Financial stress can occur when an individual lacks money to meet their needs. This is in line with the definition of financial stress itself, which is an individual's psychological state in the form of worry, anxiety, excessive fear, or emotional tension related to money, debt, and future or current expenses (Lee & Dustin, 2021;Rahman et al., 2021). The results of this study are supported by the research of Sherlyani and Pamungkas (2022). The insignificant relationship between financial stress and financial satisfaction explains that not everyone, especially those with stable jobs, will experience financial stress during a crisis such as the COVID-19 pandemic. Master of Management students at Brawijaya University has a relatively low level of worry, meaning they can suppress their worry at this time or in the short term. In other words, they have high optimism along with the easing of various activities. Optimism is the best survival strategy in the face of difficult times (Hirnoven, 2018). Someone who has optimism will be able to face and accept reality by looking at the situation as positively as possible so that they can increase their financial satisfaction (Strömbäck et al., 2017;Hirnoven, 2018;Talwar et al., 2020). The sense of optimism that they have is able to direct them to things that are more rational in assessing their financial satisfaction.
The relationship between Covid-19 omicron awareness and financial satisfaction is insignificant. The results of this study mean that COVID-19 omicron awareness has no direct influence on financial satisfaction, meaning that the high and low levels of COVID-19 omicron awareness that individuals have will not be able to increase or decrease their financial satisfaction. Omicron's COVID-19 awareness does not significantly affect financial satisfaction, this is in line with previous research that awareness of COVID-19 can affect financial health indirectly (Anand et al., 2021). The results of this study are not comparable to the research of Memarista et al. (2022). Awareness of the COVID-19 omicron variant does not significantly affect financial satisfaction because people are more aware that this virus has specific symptoms and can spread quickly. However, most of them do not seriously realize that variants of this virus can cause effects up to death. Awareness of the seriousness of how dangerous this virus tends to decrease along with the loosening of daily activities, so the presence of high awareness of the COVID-19 omicron variant that they have will not directly be able to increase or decrease their level of financial satisfaction because they think they are still able to work and generate income as a reference point to obtain financial satisfaction in fulfilling their needs and desires. It can be seen that they have high optimism because they are able to have a lot of good hopes for the future (Hirnoven, 2018). The sense of optimism that they have is able to direct them to things that are more rational in assessing their financial satisfaction.
Financial behavior is significantly and positively related to financial satisfaction. The presence of financial behavior that is reflected in sound money management is expected to be able to create a sense of satisfaction with the sufficiency of money owned in meeting basic needs and desires because fundamental human nature is never satisfied with what he has (Hira & Mugenda, 1998;Falahati et al., 2012). Good money management will enable individuals to enjoy whatever income they get because they can control and manage their expenses, not only to be spent entirely but also to be used in saving and investing activities. The results of this study are also supported by previous research (Joo & Grable, 2004;Gutter & Copur, 2011;Falahati et al., 2012;Xiao et al., 2014;Chikizie & Sabri, 212 2017;Lee & Dustin, 2021;Rahman et al., 2021;Oquaye et al., 2022) which explains that financial behavior is the most significant factor and has a direct effect on financial satisfaction. This makes someone less likely to experience difficulties in the future and increases their financial satisfaction. The financial behavior of master of management students at Brawijaya University, reflected through long-term and short-term financial planning, controlling spending, and carrying out saving and investing activities, can increase financial satisfaction through indicators of being satisfied with their overall financial condition. Financial satisfaction with overall financial conditions can occur if someone feels that they have achieved satisfaction with achieving net worth, meaning that someone has more income and or assets when compared to their expenses and or liabilities (Lestari, 2020;Parry et al., 2021).
Income is significantly and positively related to financial behavior. The higher a person's income, the easier it is for that person to manage money freely through financial activities that positively impact his life, such as saving, investing, saving on expenses, and planning so that he can finance all of his living expenses. The results of this study are supported by previous research (Joo & Grable, 2004;Owusu, 2021;Lee & Dustin, 2021;Rahman et al., 2021). This means that Master of Management students at Brawijaya University already exhibit good financial behavior, as evidenced by their ability to save money, manage expenses, and plan for the future in short-and long-term activities. So that it is thus expected to be able to continue to strive to constantly increase their income in order to have the flexibility to manage their funds properly so that they will be able to improve their increasingly good financial behavior, which is shown through making financial decisions rationally, appropriately, productively, and have a priority scale so that they can have a good impact on their lives, as reflected through increased saving and investing activities.
Financial knowledge is also significantly and positively related to financial behavior. The presence of financial knowledge gives a person the knowledge to be able to manage money properly so that they will be able to make financial decisions appropriately and productively and avoid financial problems in the future. Knowledge of money management owned by individuals will trigger the formation of more rational money management behavior by applying the financial knowledge theory they already have. The results of this study are supported by previous research (Chen & Volpe, 1998;Falahati & Paim, 2011;LaBorde et al., 2013;Lee & Dustin, 2021), which explains that increased financial knowledge, which is reflected by increased individual confidence in their financial knowledge, has a relationship to the tendency of individuals to behave financially with a good impact. This study found that someone with a higher educational background will have high self-confidence in their financial knowledge so that they will be more responsible in applying their knowledge by increasing good money management, these are in line with previous studies (Ouchani, 2021). Increased financial knowledge, as evidenced by a general understanding of personal finance, savings and investment, credit and debt, risk management, and money management, is critical to individuals' tendency to behave better financially.
Financial stress is significantly related to financial behavior. Individuals' financial stress can shape behavior in managing money better by preferring saving and investing activities and doing financial planning. The results of this study contradict the theory of financial behavior, which explains that in every decision-making, every human is often colored by the psychological influence of emotions that will cause irrational financial decision-making (Ricciardi & Simon, 2000;Ajzen, 2005;Housel, 2020). When individuals are experiencing financial stress, it can impact their thoughts, feelings, behaviour, and relationships with others (Lee & Dustin, 2021). Along with current developments in technology and information, it will make it easier for them to control and manage their finances properly through the use of financial technology (eg m-banking) so that they are able to reduce their level of financial stress (Heo et al., 2020), this is also in line with the results of research from (Lim et al., 2014). Concerns owned by individuals with an excellent financial education background will trigger solutions that positively impact their lives, which are reflected in financial behavior through preferring saving activities and doing more careful financial planning.
Financial behavior is significantly and positively related to COVID-19 omicron awareness. With awareness of the importance of implementing preventive measures and symptoms of COVID-19 omicron, it is hoped that it will be able to bring preparation, protection, and vigilance to managing money more appropriately and productively (Capuano & Ramsay, 2011;Widyastuti et al., 2016). The results of this study are supported by previous research related to awareness and behavior, which shows that awareness can impact positive behavior (Onder, 2006). Other research also supports the results of this study, which explains that COVID-19 awareness can improve workers' behavior and produce satisfaction with work (Singh & Verma, 2022). These results explain that the awareness of COVID-19 omicron possessed by the master of management students at Brawijaya University, which is reflected through awareness of preventive actions, symptoms, seriousness, and the spread of COVID-19 omicron, will be able to provide preparation and protection so that it will increase vigilance for more financial behavior that has a good impact, which is reflected through better financial planning, controlling spending levels, and saving and investing activities. Healthy individuals can move, work, and earn better (Singh & Verma, 2022). Healthy individuals tend to act rationally in every financial decision. The COVID-19 awareness individuals possess will be able to change perceptions and thoughts and form individual behavioral habits in responding to their financial conditions to manage money better and more appropriately.
The relationship between income and financial satisfaction has been partially mediated by financial behavior. The findings of this study indicate that financial behavior can mitigate the effect of income on financial satisfaction. However, without financial behavior, the income earned by the Master of Management students at Brawijaya University increased their financial satisfaction. The results of this study are supported by previous research showing that financial behavior can mediate the relationship between income and financial satisfaction (Joo & Grable, 2004;Lee & Dustin, 2021). Financial behavior as a partial mediator implies that an individual's income level, when balanced with better money management behavior reflected in saving and investing habits, impacts increasing 213 financial satisfaction through increased satisfaction with achieving net worth. A person with good money management can allocate a specific portion of his income to finance his spending needs, allowing him to achieve financial satisfaction quickly.
Financial behavior is known to mediate the relationship between financial knowledge and financial satisfaction partially. This indicates that financial behavior can bridge the influence of financial knowledge on financial satisfaction. However, in the absence of financial behavior, respondents' level of financial knowledge increased their financial satisfaction. The results of this study are supported by previous research showing that financial behavior acts as a partial mediation in the relationship between financial knowledge and financial satisfaction (Saurabh & Nandan, 2018;Ali et al., 2019;Lee & Dustin, 2021;Owusu, 2021). Financial behavior as a partial mediator means that increasing the level of personal financial knowledge through efforts to continue to increase knowledge about the general basis of personal finance will make the individual able to prepare and plan his financial goals carefully so that he will be better able to control and manage his expenses and income and will have an impact on increasing the achievement of financial satisfaction with his overall financial condition through increased satisfaction with the achievement of net worth obtained. Students with a high level of financial education feel confident in their financial knowledge, which is considered higher than others, so they will automatically form good financial behavior habits.
Financial stress has an indirect effect on financial satisfaction through financial behavior. Financial behavior mediates perfectly or entirely the relationship between financial stress and financial satisfaction. The findings of this study indicate that financial behavior can reduce the impact of financial stress on the financial satisfaction of individual Master of Management students at Brawijaya University. If an individual's financial behavior in managing money improves, it is easier to achieve a high level of financial satisfaction (Joo & Grable, 2004;Rahman et al., 2021). This shows that Master of Management students at Brawijaya University have a level of financial stress in the medium or even relatively low category due to their high financial education background which triggers high optimism as well. If someone can make rational decisions, it will result in high financial satisfaction because they are satisfied with the adequacy of the money, they have to meet their basic needs and desires (Rahman et al., 2021;Lee & Dustin, 2021). Therefore, the problem of increasing financial satisfaction through increasing the achievement of net worth can be solved through the habit of forming good money management behavior, which is reflected through increased saving activities. This is where having a high educational background comes into play so that awareness arises when he is experiencing financial stress, which is reflected in the perception of having a high level of concern about his financial situation, triggering him to overcome it by finding solutions that have a positive impact on his life. Awareness of COVID-19 Omicron has an indirect effect on financial satisfaction. Increasing awareness of COVID-19 Omicron in individuals mediated by financial behavior will further increase their level of financial satisfaction. The relationship between Omicron's COVID-19 awareness and financial satisfaction is perfectly or entirely mediated by financial behavior (complete mediation). Financial behavior can bridge the influence of Omicron's COVID-19 awareness on the financial satisfaction of individual master of management students at Brawijaya University, allowing them to increase their financial satisfaction. COVID-19 awareness can improve worker behavior and job satisfaction (Singh & Verma, 2022). The presence of COVID-19 awareness is expected to allow a person to continue carrying out their activities to generate income, thereby encouraging the formation of good financial behavior in order to achieve financial satisfaction (Memarista et al., 2022). The high awareness of COVID-19 Omicron possessed by each master of management student at Brawijaya University is insufficient to increase their financial satisfaction. However, it must also be balanced by implementing good money management behaviors, as reflected through saving and investing activities, managing expenses, and carrying out good financial planning to achieve financial goals (Lestari, 2020). Good money management behavior entails having the attitude and ability to make financial decisions that are appropriate, productive, and rational, as well as having a priority scale. Increasing good financial behavior through the habit of forming saving and investing activities, controlling expenses, and planning their finances more, will have an impact on increasing their financial satisfaction, which is shown through increased satisfaction with the achievement of net worth.

Conclusions
Based on the results of research and discussion regarding the effect of income, financial knowledge, financial stress, and awareness of COVID-19 omicron variants on financial satisfaction with the mediation of financial behavior, it can be concluded that income, financial knowledge, and sound financial behavior can increase financial satisfaction. In contrast, financial stress and awareness of COVID-19 omicron cannot increase financial satisfaction. Better money management behavior, reflected through attitudes and habitual ability to carry out saving activities, financial planning both short and long term, and minimizing spending activities, can increase individual financial satisfaction through achieving the net worth he gets. Income, financial knowledge, stress, and omicron COVID-19 awareness can improve good financial behavior. Better financial behavior habits will be able to increase financial satisfaction, which is reflected through an increase in the achievement of the net worth obtained. Better financial behavior habits will be able to increase financial satisfaction, which is reflected through an increase in the achievement of the net worth obtained. The role of financial behavior as mediation can mediate between financial stress and Covid-19 awareness on financial satisfaction. The presence of better financial behavior, meaning being able to make financial decisions that have a good impact on their lives on a more rational, precise, productive, and priority scale, can occur if individuals have a high educational background. Besides that, on average, they generally have high optimism for the future, which also triggers the formation of better financial behavior.
This study provides a theoretical contribution, namely supporting theory and previous research, and it is hoped that the results of this study will become reference material for future research. The practical contribution of financial planners and advisors by providing information about areas that need improvement and helping individuals achieve high financial satisfaction, such as adequately managing and managing finances. it is hoped that insurance service managers will provide more educational information to entice the younger generation to want insurance as a form of risk protection. Furthermore, managers of banking savings services are expected to provide more information education to attract the attention of the younger generation, where the younger generation has a high level of financial knowledge but prefers to save money through investment rather than cash savings. In addition, policymakers in the Brawijaya University environment must pay attention to student income and financial knowledge literacy education because it will form habits in students' behavior before designing policies for the general welfare.
The limitation of this study is the possibility of biased responses from respondents, which means that the answers may not be objective. Furthermore, given the emphasis on management students, it cannot represent the overall condition of students at Brawijaya University. Third, this study employs more Google forms that are distributed via Whatsapp, which limits respondents' opinions, implying that the responses provided do not entirely reflect their opinions. As a result, the findings of this study cannot be generalized. For further research, it can explore a larger sample by expanding and integrating the research model by including several other indicators considered appropriate to the object taken. Moreover, it can use other variables to measure financial satisfaction in the future, making it an update to increase financial satisfaction.