Financial Literacy In The Millennium Generation

Amanda Latifah, Rosalia Nansih Widhiastuti, Faizah Syihab


Financial literacy is defined as a person's understanding and knowledge of financial concepts or risks, as well as their skills, beliefs, and motivation in making effective financial decisions, participating in the economy, and improving their financial well-being. The purpose of this study is to determine the level of financial literacy in the millennial generation in Bogor, Depok, Tangerang, and Bekasi City using the Structural Equation Modelling (SEM) method and statistical software AMOS 24. The data used is primary data, and the sample size is 200 respondents. Locus of Control, Financial Knowledge, Financial Behaviour, Financial Attitude, and Financial Literacy are the variables examined in this study. According to the findings of this study, Locus of Control, Financial Behaviour, and Financial Attitude can all be used to assess Financial Literacy. The Locus of Control variable generates an R2 value of 55.8%, Financial Behaviour is 46.4%, and Financial Attitude is 27.4%. This demonstrates that these three variables can and do contribute to measuring the millennial generation's financial literacy. Meanwhile, Financial Knowledge cannot measure Financial Literacy, implying that the millennial generation in this study has poor financial knowledge, necessitating further research.

Keywords: Financial Literacy, Locus of Control, Financial Knowledge, Financial Behaviour, Financial Attitude, Millennial.

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