Kesejahteraan Finansial Generasi Muda: Pengaruh Financial Literacy, Financial Socialization, dan Financial Behavior

Monik Cindy Fiona, Tannia Tannia

Abstract


This study aims to analyze the determinants of financial literacy and socialization on the financial well-being of young people in Indonesia, by positioning financial behavior as a mediating variable. The importance of these two factors is based on the increasing complexity and economic dynamics faced by today's young age group. Using a quantitative approach and purposive sampling technique, 220 qualified respondents were recruited. Hypothesis evaluation was executed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) techniques in SmartPLS 4.0 software. Empirical findings confirm several fundamental points: The level of financial literacy has a significant impact on the formation of financial behavior; Financial socialization makes a significant positive contribution to financial behavior; Financial behavior has been shown to significantly influence the level of financial well-being; Financial literacy has a direct and significant impact on financial well-being; Financial socialization significantly strengthens financial well-being; Financial behavior acts as a significant mediating variable in the relationship between financial literacy and financial well-being; and Financial behavior effectively mediates the influence of financial socialization on the financial well-being of Indonesia's young generation. The findings indicate that financial literacy and financial socialization contribute to financial behaviors that support the financial well-being of young people. These findings highlight the need for coordinated efforts among government, families, educational institutions, and financial institutions to foster an accessible and sustainable financial learning environment for Indonesia’s younger generation.

Keywords


financial literacy; financial socialization; financial behavior; financial well-being

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DOI: http://dx.doi.org/10.30813/bmj.v22i2.10397

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