The Predictors of Financial Well-Being: A Test of Financial Socialization, Literacy, and Attitude Among Digital Natives
Keywords:
Financial Well-Being, Literacy, Financial Socialization, Attitude
Abstract
This study examines the predictors of financial well-being among Generation Z, focusing on three key antecedents: financial socialization, financial literacy, and financial attitudes. Data were collected from 153 respondents via an online questionnaire, and subsequent analysis was performed in Excel and EViews. The novelty is that the respondents focused on Gen Z workers. The empirical results indicate that both financial socialization, the process of acquiring financial norms and behaviors from family, peers, and the media, and objective financial literacy contribute significantly and positively to the financial well-being of Gen Z workers. In contrast, the research finds that self-reported financial attitudes do not exert a statistically significant influence on their financial well-being. These findings highlight the distinct importance of early experiential learning and factual financial knowledge over general attitudes in shaping financial outcomes for this demographic. Practical implications suggest that programs designed to enhance young employees' financial health should prioritize educational initiatives and social learning channels. This study implies that enhancing the financial well-being of Generation Z in the workforce requires a dual-focused approach. First, institutions must develop targeted educational interventions that build practical financial literacy. Second, they should create environments that foster positive financial socialization, recognizing the influential role of learned behaviors from key social networks. The finding that financial attitudes were not a significant predictor suggests that merely promoting positive financial mindsets, without concurrently strengthening foundational knowledge and supportive social frameworks, is insufficient for achieving tangible improvements in financial wellness for this demographic.
References
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Strömbäck, C., Lind, T., Skagerlund, K., Västfjäll, D., & Tinghög, G. (2017). Does self-control predict financial behavior and financial well-being? Journal of Behavioral and Experimental Finance, 14, 30–38. https://doi.org/10.1016/j.jbef.2017.04.002
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Thung, C. ming, Kai, C. Y., Nie, F. S., Chiun, L. W., & Tsen, T. C. (2012). DETERMINANTS OF SAVING BEHAVIOUR AMONG THE UNIVERSITY STUDENTS IN MALAYSIA.
Ullah, S., & Yusheng, K. (2020). Financial Socialization, Childhood Experiences and Financial Well-Being: The Mediating Role of Locus of Control. Frontiers in Psychology, 11. https://doi.org/10.3389/fpsyg.2020.02162
Utkarsh, Pandey, A., Ashta, A., Spiegelman, E., & Sutan, A. (2020). Catch them young: Impact of financial socialization, financial literacy and attitude towards money on financial well-being of young adults. International Journal of Consumer Studies, 44(6), 531–541. https://doi.org/10.1111/ijcs.12583.
Wulan, Merry. (2024). Milenial dan Gen Z Menghadapi Tantangan Keuangan, Judol jadi Ancaman?. IDN Times. Dikutip pada tanggal 17 Oktober 2025 pada link berikut https://www.idntimes.com/business/finance/milenial-dan-gen-z-menghadapi-tantangan-keuangan-00-1pgpp-dpry4m.
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Younas, W., & Farooq, M. (2019). Impact of Self-Control, Financial Literacy and Financial Behavior on Financial Well-Being. The Journal of Social Sciences Research, 5(51), 211–218. https://doi.org/10.32861/jssr.51.211.218
Yuliani, A. M. A. B. S. (2021). Developing a Scale of Financial Attitudes in Emergency Fund Ownership Decision Making. Jurnal Manajemen, 25(1), 141. https://doi.org/10.24912/jm.v25i1.708
Ajzen, I. (1985). From Intentions to Actions: A Theory of Planned Behavior. In J. Kuhl & J. Beckmann (Eds.). In Action-control: From cognition to behavior (pp. 11–39). Heidelberg: Springer.
Ajzen, I. (1991). The Theory of Planned Behavior. Organizational Behavior and Human Decision Process, 50, 179–211.
Asad, A., Hayat, U., & Kanwal, A. (2017). Impact of Financial Literacy and Financial Attitude on Financial Decisions: Mediating Role of Financial Socialization. J Manag Sci, 12(3).
Atkinson, A. (2012). Measuring Financial Literacy: Results of the OECD / International Network on Financial Education (INFE) Pilot Study Flore-Anne Messy. OECD Working Papers on Insurance and Private Pensions, 15, 9. https://doi.org/10.1787/5k9csfs90fr4-en
Balasubramnian, B., & Sargent, C. S. (2020). Impact of inflated perceptions of financial literacy on financial decision making. Journal of Economic Psychology, 80(January), 102306. https://doi.org/10.1016/j.joep.2020.102306
Brüggen, E. C., Hogreve, J., Holmlund, M., Kabadayi, S., & Löfgren, M. (2017). Financial well-being: A conceptualization and research agenda. Journal of Business Research, 79, 228–237. https://doi.org/10.1016/j.jbusres.2017.03.013
Dangol, J., & Maharjan, S. (2018). Parental and Peer Influence on the Saving Behavior of the Youth. In The International Research Journal of Management Sceince (Vol. 3, Issue 1).
Deloitte. (2025). Deloitte Global’s 2025 Gen Z and Millenial Survey Finds these Generations Focused on Growth as They Seek Money, Meaning, and Well-being. Deloitte. Dikutip pada tanggal 17 Oktober 2025 pada link berikut https://www.deloitte.com/nz/en/about/media-room/deloitte-global-2025-gen-z-and-millennial-survey.html.
Diener, E. (1984). Subjective Well-Being. In Psychological Bulletin (Vol. 95, Issue 3).
Ergün, K. (2018). Financial literacy among university students: A study in eight European countries. International Journal of Consumer Studies, 42(1), 2–15. https://doi.org/10.1111/ijcs.12408
Kadoya, Y., & Rahim Khan, M. S. (2020). Financial literacy in Japan: New evidence using financial knowledge, behavior, and attitude. Sustainability (Switzerland), 12(9). https://doi.org/10.3390/su12093683
Lusardi, A., Mitchell, O. S., & Curto, V. (2010). Financial Literacy among the Young. Journal of Consumer Affairs, 44(2), 358–380.
Mawad, J. L., Athari, S. A., Khalife, D., & Mawad, N. (2022). Examining the Impact of Financial Literacy, Financial Self-Control, and Demographic Determinants on Individual Financial Performance and Behavior: An Insight from the Lebanese Crisis Period. Sustainability (Switzerland), 14(22). https://doi.org/10.3390/su142215129.
Mazaya. (2024). Cara Tepat Bagi Gen Z Untuk Mencapai Financial Freedom. Firstmedia. Dikutip pada tanggal 17 Oktober 2025 pada link berikut https://www.firstmedia.com/article/cara-tepat-bagi-gen-z-untuk-mencapai-financial-freedom.
Netemeyer, R. G., Warmath, D., Fernandes, D., & Lynch, J. G. (2018). How Am i Doing? Perceived Financial Well-Being, Its Potential Antecedents, and Its Relation to Overall Well-Being. Journal of Consumer Research, 45(1), 68–89. https://doi.org/10.1093/jcr/ucx109
OECD. (2014). PISA 2012 Results: Students and Money (Volume VI). OECD. https://doi.org/10.1787/9789264208094-en.
OJK. (2025). Siaran Pers Bersama: Indeks Literasi dan Inklusi Keuangan Masyarakat Meningkat, OJK dan BPS Umumkan Hasil Survei Nasional Literasi Dan Inklusi Keuangan (SNLIK) Tahun 2025. Dikutip pada tanggal 17 Oktober 2025 pada link berikut https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/OJK-dan-BPS-Umumkan-Hasil-Survei-Nasional-Literasi-Dan-Inklusi-Keuangan-SNLIK-Tahun-2025.aspx.
Otoritas Jasa Keuangan (OJK). (2021a). Strategi Nasional Literasi Keuangan Indonesia 2021 - 2025 1. 1–130.
Otoritas Jasa Keuangan (OJK). (2021b). Strategi Nasional Literasi Keuangan Indonesia 2021-2025. 1, 1–130.
Potrich, A. C. G., & Vieira, K. M. (2018). Demystifying financial literacy: a behavioral perspective analysis. Management Research Review, 41(9), 1047–1068. https://doi.org/10.1108/MRR-08-2017-0263
Rai, K., Dua, S., & Yadav, M. (2019). Association of Financial Attitude, Financial Behaviour and Financial Knowledge Towards Financial Literacy: A Structural Equation Modeling Approach. FIIB Business Review, 8(1), 51–60. https://doi.org/10.1177/2319714519826651
Strömbäck, C., Lind, T., Skagerlund, K., Västfjäll, D., & Tinghög, G. (2017). Does self-control predict financial behavior and financial well-being? Journal of Behavioral and Experimental Finance, 14, 30–38. https://doi.org/10.1016/j.jbef.2017.04.002
Sumarna, A. D. (2022). FINANCIAL TECHNOLOGY SEBAGAI SOLUSI DAN RESOLUSI NEW NORMAL PADA INDUSTRI JASA KEUANGAN. 15(01).
Thung, C. ming, Kai, C. Y., Nie, F. S., Chiun, L. W., & Tsen, T. C. (2012). DETERMINANTS OF SAVING BEHAVIOUR AMONG THE UNIVERSITY STUDENTS IN MALAYSIA.
Ullah, S., & Yusheng, K. (2020). Financial Socialization, Childhood Experiences and Financial Well-Being: The Mediating Role of Locus of Control. Frontiers in Psychology, 11. https://doi.org/10.3389/fpsyg.2020.02162
Utkarsh, Pandey, A., Ashta, A., Spiegelman, E., & Sutan, A. (2020). Catch them young: Impact of financial socialization, financial literacy and attitude towards money on financial well-being of young adults. International Journal of Consumer Studies, 44(6), 531–541. https://doi.org/10.1111/ijcs.12583.
Wulan, Merry. (2024). Milenial dan Gen Z Menghadapi Tantangan Keuangan, Judol jadi Ancaman?. IDN Times. Dikutip pada tanggal 17 Oktober 2025 pada link berikut https://www.idntimes.com/business/finance/milenial-dan-gen-z-menghadapi-tantangan-keuangan-00-1pgpp-dpry4m.
Yap, R. J. C., Komalasari, F., & Hadiansah, I. (2016). The Effect of Financial Literacy and Attitude on Financial Management Behavior and Satisfaction. Bisnis & Birokrasi Journal, 23(3), 3–5. https://doi.org/10.20476/jbb.v23i3.9175
Younas, W., & Farooq, M. (2019). Impact of Self-Control, Financial Literacy and Financial Behavior on Financial Well-Being. The Journal of Social Sciences Research, 5(51), 211–218. https://doi.org/10.32861/jssr.51.211.218
Yuliani, A. M. A. B. S. (2021). Developing a Scale of Financial Attitudes in Emergency Fund Ownership Decision Making. Jurnal Manajemen, 25(1), 141. https://doi.org/10.24912/jm.v25i1.708
Published
2026-09-12
How to Cite
Sumarna, A. D. (2026). The Predictors of Financial Well-Being: A Test of Financial Socialization, Literacy, and Attitude Among Digital Natives. Jurnal Manajemen Dan Keuangan, 15(1), 388-407. https://doi.org/10.33059/jmk.v15i1.14138
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