The antecedence of financial well-being: insights from financial behavior, attitude, and knowledge among Indonesian youth
Main Article Content
Abstract
This study aims to examine the determinants of financial well-being among young Indonesians by analyzing the direct influence of financial behavior, financial attitudes, and financial knowledge. This study involved 348 respondents aged 20 to 34 years who participated by completing a questionnaire using a Likert scale with a value range of 1 to 7. Data analysis was conducted using WarpPLS 8.0 software. The results showed that financial behavior, financial attitudes, and financial knowledge have a positive and significant effect on financial well-being. This finding strengthens the relevance of behavioral finance theory and confirms that financial intelligence plays a significant role in determining the level of financial well-being of young individuals. Therefore, this study emphasizes the importance of planning and implementing comprehensive financial education to improve the financial well-being of young people in the digital era.
Article Details
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
References
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T
Azzahra, L. F., & Suryadi, E. (2025). The influence of financial knowledge, financial technology and financial self-efficacy on the financial behavior of QRIS users among students in Pontianak City. Journal of Advanced Research in Economics and Administrative Sciences, 6(2), 15–24. https://doi.org/10.47631/jareas.v6i1.928
Jonathan, I., & Bertuah, E. (2025). Predicting financial well-being in millennial workers: A test of the theory of planned behavior and the role of financial literacy. Jurnal Manajemen Teori Dan Terapan | Journal of Theory and Applied Management, 18(1), 97–114. https://doi.org/10.20473/jmtt.v18i1.69245
Karim, M. W., Haque, A., Ulfy, M. A., Hossain, M. A., & Anis, M. Z. (2020). Factors influencing the use of e-wallet as a payment method among Malaysian young adults. Journal of International Business and Management, 3(2), 1-12. https://doi.org/10.37227/jibm-2020-2-21
Lind, T., Ahmed, A., Skagerlund, K., Strömbäck, C., Västfjäll, D., & Tinghög, G. (2020). Competence, confidence, and gender: The role of objective and subjective financial knowledge in household finance. Journal of Family and Economic Issues, 41(4), 626–638. https://doi.org/10.1007/s10834-020-09678-9
Muat, S., Mahdzan, N. S., & Sukor, M. E. A. (2024). What shapes the financial capabilities of young adults in the US and Asia-Pacific region? A systematic literature review. Humanities and Social Sciences Communications, 11(1), 1-15. https://doi.org/10.1057/s41599-023-02588-9
Muat, S., Mahdzan, N. S., & Sukor, M. E. A. (2025). How do family financial socialization and financial literacy dimensions shape the financial well-being of Indonesian millennials? A serial mediation analysis. Journal of Family and Economic Issues, 46, 867–886. https://doi.org/10.1007/s10834-025-10047-7
Putri, K. N., & Mangifera, L. (2023). Analisis peran financial capability terhadap financial well-being dengan mediasi pengguna QRIS. Jurnal Riset Manajemen Dan Ekonomi (JRIME), 2(1), 286–305. https://doi.org/10.54066/jrime-itb.v2i1.1150
Ramadhini, P. A., Zoraya, I., & Kamaludin, K. (2023). The effect of financial behavior, financial knowledge and self-control on the financial well-being of Generation Z in Indonesia. In Proceedings of the 1st Bengkulu International Conference on Economics, Management, Business and Accounting (BICEMBA 2023) (pp. 63–71). https://doi.org/10.2991/978-94-6463-328-3_8
Respati, D. K., Widyastuti, U., Nuryati, T., Musyaffi, A. M., Handayani, B. D., & Ali, N. R. (2023). How do students’ digital financial literacy and financial confidence influence their financial behavior and financial well-being? Nurture, 17(2), 40–50. https://doi.org/10.55951/nurture.v17i2.154
Sabri, M. F., & Zakaria, N. F. (2015). The influence of financial literacy, money attitude, financial strain and financial capability on young employees’ financial well-being. Pertanika Journal of Social Sciences & Humanities, 23(4), 827–848.
Sabri, M. F., Wahab, R., Mahdzan, N. S., Magli, A. S., Rahim, H. A., Suhaimi, S. S. A., & Nazuri, N. S. (2023). An enigma of Malaysia’s low-income young adults: Mediation of financial behaviour on financial well-being and locus of control cohesion. PLOS ONE, 18(7), e0288204. https://doi.org/10.1371/journal.pone.0288204
Sajuyigbe, A. S., Adegun, E. A., Adeyemi, F., Johnson, A. A., Oladapo, J. T., & Jooda, D. T. (2024). The interplay of financial literacy on the financial behavior and well-being of young adults: Evidence from Nigeria. Jurnal Ilmu Ekonomi Terapan, 9(1), 120–136. https://doi.org/10.20473/jiet.v9i1.56411
Selvia, G., Rahmayanti, D., Afandy, C., & Zoraya, I. (2021). The effect of financial knowledge, financial behavior and financial inclusion on financial well-being. In Proceedings of the 1st Bisic Conference 2020 (BISIC 2020). https://doi.org/10.4108/eai.3-10-2020.2306600
Siregar, S. R., Zulpahmi, Larasati, M., Enciso, R. C., Sumardi, Setiawan, E., & Nugroho, A. W. (2024). Measuring financial well-being in Generation Z in Indonesia. Salud, Ciencia y Tecnología – Serie de Conferencias, 3. https://doi.org/10.56294/SCTCONF2024.995
Statman, M., & Klimek, G. (2008). What is behavioral finance? [PDF]. Retrieved from https://whatinvestorswant.files.wordpress.com/2010/08/statman-what-is-bf-cfa.pdf
Wendy, W. (2021). Efek interaksi literasi keuangan dalam keputusan investasi: Pengujian bias-bias psikologi. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 10(1), 36-54. https://doi.org/10.26418/jebik.v10i1.43403