FAKTOR-FAKTOR YANG MEMPENGARUHI FINANCIAL WELLBEING GENERASI Z BERPENGHASILAN DI SURABAYA, INDONESIA
Abstract
Financial wellbeing generasi muda Indonesia yang berpenghasilan merupakan isu yang mendesak dimana sering kali dipengaruhi oleh financial literacy yang terbatas, pola pikir YOLO dan FOMO, serta gaya hidup hedonistik yang lebih mengutamakan kepuasan sesaat daripada stabilitas finansial jangka panjang. Maka, penelitian ini bertujuan untuk mengidentifikasi faktor-faktor penting yang memengaruhi financial wellbeing, dengan berfokus pada financial literacy, self-control, dan financial behavior, dan financial stress, serta membangun kerangka kerja untuk membimbing Generasi Z, khususnya yang berdomisili di Surabaya, menuju stabilitas keuangan yang berkelanjutan. Dengan pendekatan kuantitatif, data dikumpulkan dari total 203 responden melalui metode Snowball Sampling dengan kuesioner terstruktur. Studi ini menggunakan analisis SEM-PLS dengan software Smart PLS 4 untuk meneliti determinan financial wellbeing Generasi Z yang berpenghasilan di kota Surabaya. Hasil penelitian menunjukkan bahwa financial literacy, self-control, dan financial behavior secara signifikan memengaruhi financial wellbeing. Self-control secara positif memengaruhi financial behavior, yang menekankan peran pentingnya dalam mendorong pengambilan keputusan keuangan yang bijak, sementara financial behavior memediasi hubungan antara financial literacy, self-control, financial stress, dan financial wellbeing. Secara praktis, hal ini menunjukkan bahwa Generasi Z dan pemerintah harus mengambil langkah-langkah konkret; Generasi Z dapat memperoleh manfaat dari pendidikan keuangan tentang pengeluaran, manajemen utang, dan investasi. Sementara pemerintah dapat mendukung program financial literacy sebagai sumber daya yang mudah diakses bagi Generasi Z di Indonesia.
References
Amaliyah, E. D. E., Prabasari, B., & Rohmawati, L. (2023). The Role of Financial Literacy and Grit in Good Financial Behavior. JBMP (Jurnal Bisnis, Manajemen Dan Perbankan), 9(2), 150–171. https://doi.org/10.21070/jbmp.v9i2.1731
Ann, Q. J. (2023). Say goodbye to retirement? A ‘soft saving’ trend is emerging among young people. CNBC. https://www.cnbc.com/2023/10/23/soft-saving-trends-reshape-gen-z-millennials-personal-finance-goals.html
Anthony, M., Sabri, M. F., Wijekoon, R., Abdul Rahim, H., Abdullah, H., Othman, M. A., & Md. Yusoff, I. S. (2021). The Influence of Financial Socialization, Financial Behavior, Locus of Control and Financial Stress on Young Adults’ Financial Vulnerability. International Journal of Academic Research in Business and Social Sciences, 11(19). https://doi.org/10.6007/IJARBSS/v11-i19/11738
Bai, R. (2023). Impact of financial literacy, mental budgeting and self control on financial wellbeing: Mediating impact of investment decision making. PLOS ONE, 18(11), e0294466. https://doi.org/10.1371/journal.pone.0294466
Bailey, S. M. (2019). Financial Well-Being: An Opportunity to Have Profound Impact With Solutions That Match Needs. American Journal of Health Promotion, 33(1), 147–151. https://doi.org/10.1177/0890117118812822b
Binekasri, R. (2024). Gen Z dan Milenial Dominasi Investor Pasar Modal RI. CNBC Indonesia. https://www.cnbcindonesia.com/market/20241028114222-17-583541/gen-z-dan-milenial-dominasi-investor-pasar-modal-ri
Burhan, F. A. (2024). Top! Gen Z Kuasai Jumlah Investor Pasar Modal Indonesia. Market Bisnis. https://market.bisnis.com/read/20240812/7/1790313/top-gen-z-kuasai-jumlah-investor-pasar-modal-indonesia
Burhan, N. S., Noviani, L., & Sangka, K. B. (2023). Pengaruh Kemudahan Belanja Online dan Pengendalian Diri Terhadap Perilaku Konsumtif dengan Peminatan Ekonomi Sebagai Variabel Moderator. Journal on Education, 05(04), 15058–15068.
Coulaud, P., Salway, T., Jesson, J., Bolduc, N., Ferlatte, O., Bertrand, K., Desgrées du Loû, A., Jenkins, E., Jauffret-Roustide, M., & Knight, R. (2022). The effect of financial support on depression among young adults during the COVID-19 pandemic. European Journal of Public Health, 32(Supplement_3). https://doi.org/10.1093/eurpub/ckac129.746
Fachrudin, K. A., & Latifah, S. (2022). Relationship between individual characteristics, neurotic personality, personal financial distress, and financial behavior. Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2105565
Faturohman, T., Megananda, T. B., & Ginting, H. (2024). Improving financial wellbeing in Indonesia: the role of social media as a mediating factor in financial behavior. Cogent Social Sciences, 10(1). https://doi.org/10.1080/23311886.2024.2319374
García, D. B., Bucciol, A., & Manfrè, M. (2022). The role of financial socialization and self-control on saving habits. Journal of Behavioral and Experimental Economics, 100, 101903. https://doi.org/https://doi.org/10.1016/j.socec.2022.101903
Ghozali, I. (2016). Aplikasi Analisis Multivariate dengan Program IBM SPSS 23. IOSR Journal of Economics and Finance, 3(1), 98.
Gosal, G. G., & Nainggolan, R. (2023). The Influence of Digital Financial Literacy on Indonesian SMEs’ Financial Behavior and Financial Well-Being. International Journal of Professional Business Review, 8(12), e04164. https://doi.org/10.26668/businessreview/2023.v8i12.4164
Guan, N., Guariglia, A., Moore, P., Xu, F., & Al-Janabi, H. (2022). Financial stress and depression in adults: A systematic review. PLoS ONE, 17(2 Febuary), 1–20. https://doi.org/10.1371/journal.pone.0264041
Hair, J. F., Black, W. C., Babin, B. J., & Seventh, R. E. A. (2014). Multivariate Data Analysis: Pearson New International Edition. In Neuromarketing in India: Understanding the Indian Consumer (7th ed.). Pearson Education Limited.
Hale, M. (2022). Peran Orang Tua dalam Mendampingi Generasi Z. Discreet: Journal Didache of Christian Education, 2(1), 1–9. https://doi.org/10.52960/jd.v2i1.108
Hashmi, F., Aftab, H., Martins, J. M., Nuno Mata, M., Qureshi, H. A., Abreu, A., & Mata, P. N. (2021). The role of self-esteem, optimism, deliberative thinking and self-control in shaping the financial behavior and financial well-being of young adults. PLOS ONE, 16(9), e0256649. https://doi.org/10.1371/journal.pone.0256649
Hoffmann, A. O. I., & Risse, L. (2020). Do good things come in pairs? How personality traits help explain individuals’ simultaneous pursuit of a healthy lifestyle and financially responsible behavior. Journal of Consumer Affairs, 54(3), 1082–1120. https://doi.org/10.1111/joca.12317
Hussain, B., Ullah, K., & Haider, S. (2021). Determinants of Financial Behavior and Financial Wellbeing in District Kohat. Journal of Archaeology of Egypt/Egyptology, 18(18), 1667–1690.
IDN Research Institute. (2024). Indonesia Gen Z Report 2024. In IDN Research Institute. https://cdn.idntimes.com/content-documents/indonesia-gen-z-report-2024.pdf
Jawa Pos. (2021). Milenial dan Gen Z “Kuasai” Jawa Timur. Jawa Pos. https://www.pressreader.com/indonesia/jawa-pos/20210210/282093459432382
Joo, S., & Grable, J. E. (2004). An Exploratory Framework of the Determinants of Financial Satisfaction. Journal of Family and Economic Issues, 25(1), 25–50. https://doi.org/10.1023/B:JEEI.0000016722.37994.9f
Karakara, A. A.-W., Sebu, J., & Dasmani, I. (2022). Financial literacy, financial distress and socioeconomic characteristics of individuals in Ghana. African Journal of Economic and Management Studies, 13(1), 29–48. https://doi.org/10.1108/AJEMS-03-2021-0101
Kim, J., & Chatterjee, S. (2021). Financial Debt and Mental Health of Young Adults. Journal of Financial Counseling and Planning, JFCP-18-00048. https://doi.org/10.1891/JFCP-18-00048
Kumar, J., Rani, V., Rani, G., & Sarker, T. (2023). Determinants of the financial wellbeing of individuals in an emerging economy: an empirical study. International Journal of Bank Marketing, 41(4), 860–881. https://doi.org/10.1108/IJBM-10-2022-0475
Laturette, K., Widianingsih, L. P., & Subandi, L. (2021). Literasi Keuangan Pada Generasi Z. Jurnal Pendidikan Akuntansi (JPAK), 9(1), 131–139. https://doi.org/10.26740/jpak.v9n1.p131-139
Lee, Y. G., & Dustin, L. (2021). Explaining Financial Satisfaction in Marriage: The Role of Financial Stress, Financial Knowledge, and Financial Behavior. Marriage & Family Review, 57(5), 397–421. https://doi.org/10.1080/01494929.2020.1865229
Lone, U. M., & Bhat, S. A. (2024). Impact of financial literacy on financial well-being: a mediational role of financial self-efficacy. Journal of Financial Services Marketing, 29(1), 122–137. https://doi.org/10.1057/s41264-022-00183-8
Luis, L., & MN, N. (2020). Pengaruh Pengendalian Diri, Literasi serta Perilaku Keuangan Terhadap Kesejahteraan Keuangan. Jurnal Manajerial Dan Kewirausahaan, 2(4), 994. https://doi.org/10.24912/jmk.v2i4.9883
Lusardi, A., & Messy, F.-A. (2023). The importance of financial literacy and its impact on financial wellbeing. Journal of Financial Literacy and Wellbeing, 1(1), 1–11. https://doi.org/DOI: 10.1017/flw.2023.8
Lusardi, A., & Mitchell, O. S. (2023). The Importance of Financial Literacy: Opening a New Field. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4420560
Maslow, A. H. (1943). A theory of human motivation. Psychological Review, 50(4), 370.
Mehta, V. (2024). Financial Literacy : Promoting Fundamentals to Improve Financial Wellbeing among the Youth. International Journal For Multidisciplinary Research, 6(2). https://doi.org/10.36948/ijfmr.2024.v06i02.17636
Mejia, C. E., Mejía, D., & Córdoba, P. (2023). Financial literacy and financial wellbeing: Evidence from Peru and Uruguay. Journal of Financial Literacy and Wellbeing, 1(2), 403–429. https://doi.org/10.1017/flw.2023.15
Mireku, K., Appiah, F., & Agana, J. A. (2023). Is there a link between financial literacy and financial behaviour? Cogent Economics & Finance, 11(1). https://doi.org/10.1080/23322039.2023.2188712
Murhadi, W. R., Kencanasar, F. R., & Sutedjo, B. S. (2023). The Influence of Financial Literacy and Financial Interest on the Financial Risk Tolerance of Investor in Indonesia. Journal of Law and Sustainable Development, 11(2), 1–16. https://doi.org/10.55908/sdgs.v11i2.310
Murillo, M. M., Franco, P. B. Á., & Tobón, D. A. R. (2020). The role of cognitive abilities on financial literacy: New experimental evidence. Journal of Behavioral and Experimental Economics, 84, 101482. https://doi.org/https://doi.org/10.1016/j.socec.2019.101482
Nasr, R., Rahman, A. A., Haddad, C., Nasr, N., Karam, J., Hayek, J., Ismael, I., Swaidan, E., Salameh, P., & Alami, N. (2024). The impact of financial stress on student wellbeing in Lebanese higher education. BMC Public Health, 24(1), 1809. https://doi.org/10.1186/s12889-024-19312-0
Nisaputra, R. (2023). Ekonomi Tak Pasti, 67% Masyarakat Malah Antusias Belanja Online. InfoBankNews.Com. https://infobanknews.com/ekonomi-tak-pasti-67-masyarakat-malah-antusias-sambut-promosi-belanja-online/
OECD. (2023). OECD/INFE 2023 International Survey of Adult Financial Literacy. In OECD Business and Finance Policy Papers (Issue 39). https://www.oecd-ilibrary.org/content/paper/56003a32-en
Ohorella, M. R. A. (2024). Cinta Diri Sendiri, Fokus Utama Generasi Z dalam Menjalani Hidup. Liputan 6. https://www.liputan6.com/hot/read/5667000/cinta-diri-sendiri-fokus-utama-generasi-z-dalam-menjalani-hidup
OJK. (2024a). Membekali Generasi Z dengan Digital Financial Literacy (DFL). OJK. https://sikapiuangmu.ojk.go.id/FrontEnd/CMS/Article/40851
OJK. (2024b). OJK dan BPS Umumkan Hasil Survei Nasional Literasi dan Inklusi Keuangan Tahun 2024. https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/OJK-dan-BPS-Umumkan-Hasil-Survei-Nasional-Literasi-dan-Inklusi-Keuangan-Tahun-2024.aspx
OJK. (2024c). Statistik P2P Lending Periode Juni 2024. OJK. https://ojk.go.id/id/kanal/iknb/data-dan-statistik/fintech/Pages/Statistik-P2P-Lending-Periode-Juni-2024.aspx
Osman, Z., Madzlan, E. M., & Ing, P. (2018). In Pursuit of Financial Well-being: The Effects of Financial Literacy, Financial Behaviour and Financial Stress on Employees in Labuan. International Journal of Service Management and Sustainability, 3(1). https://doi.org/10.24191/ijsms.v3i1.8041
Peña, H. Dela, Puzon, H. J., Villamil, C., & Culajara, C. L. B. (2024). Financial Literacy and Financial Stress among College Students within Davao Region. Asian Journal of Education and Social Studies, 50(6), 509–522. https://doi.org/10.9734/ajess/2024/v50i61428
Prakash, N., Alagarsamy, S., & Hawaldar, A. (2022). Demographic characteristics influencing financial wellbeing: a multigroup analysis. Managerial Finance, 48(9–10), 1334–1351. https://doi.org/10.1108/MF-09-2021-0466
Raaij, W. F. van, Riitsalu, L., & Põder, K. (2023). Direct and indirect effects of self-control and future time perspective on financial well-being. Journal of Economic Psychology, 99, 102667. https://doi.org/https://doi.org/10.1016/j.joep.2023.102667
Rahman, M., Isa, C. R., Masud, M. M., Sarker, M., & Chowdhury, N. T. (2021). The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia. Future Business Journal, 7(1), 52. https://doi.org/10.1186/s43093-021-00099-0
Ramadhania, S., & Krisnawati, A. (2024). Pengaruh Literasi Keuangan terhadap Kesejahteraan Finansial dengan Perilaku Keuangan sebagai Variabel Mediasi dan Gender sebagai Variabel Moderasi. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 8(3), 633–654.
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. Proceedings of the 1ST Bengkulu International Conference on Economics, Management, Business and Accounting, 63–71. https://doi.org/10.2991/978-94-6463-328-3_8
Remund, D. L. (2010). Financial Literacy Explicated: The Case for a Clearer Definition in an Increasingly Complex Economy. Journal of Consumer Affairs, 44(2), 276–295. https://doi.org/10.1111/j.1745-6606.2010.01169.x
Renaldo, N., Sudarno, S., & Marice, H. B. (2020). The Improvement Of Generation Z Financial Well-Being in Pekanbaru. Jurnal Manajemen Dan Kewirausahaan, 22(2), 142–151. https://doi.org/10.9744/jmk.22.2.142-151
Riswan, K. K. (2022). OneAset terus kembangkan fitur Komunitas dukung literasi keuangan. Antara News. https://www.antaranews.com/berita/3087253/oneaset-terus-kembangkan-fitur-komunitas-dukung-literasi-keuangan
Rizaty, M. A. (2022). KIC: Mayoritas Gen Z dan Y Akui Pengeluaran Bulanan Lebih Besar dari Pendapatan. Databoks. https://databoks.katadata.co.id/datapublish/2022/01/13/kic-mayoritas-gen-z-dan-y-akui-pengeluaran-bulanan-lebih-besar-dari-pendapatan
Sabri, M. F., Anthony, M., Law, S. H., Rahim, H. A., Burhan, N. A. S., & Ithnin, M. (2023). Impact of financial behaviour on financial well-being: evidence among young adults in Malaysia. Journal of Financial Services Marketing, 0123456789. https://doi.org/10.1057/s41264-023-00234-8
Sajid, M., Mushtaq, R., Murtaza, G., Yahiaoui, D., & Pereira, V. (2024). Financial literacy, confidence and well-being: The mediating role of financial behavior. Journal of Business Research, 182, 114791. https://doi.org/https://doi.org/10.1016/j.jbusres.2024.114791
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
Setiawan, S. R. D. (2024). Apa Itu “Soft Saving,” Tren Keuangan yang Populer di Kalangan Gen Z? Kompas. https://money.kompas.com/read/2024/03/05/223816126/apa-itu-soft-saving-tren-keuangan-yang-populer-di-kalangan-gen-z?page=all
Setiawati, S. (2024). Utang Pinjol Menggunung, Gen Z & Milenial Paling Demen Ngutang. CNBC Indonesia. https://www.cnbcindonesia.com/research/20241104062333-128-585270/utang-pinjol-menggunung-gen-z-milenial-paling-demen-ngutang
Setyowati, D. (2024). Kredit Macet Pinjol Rp 1,8 Triliun, Paling Banyak Gen Z dan Milenial. KataData. https://katadata.co.id/digital/fintech/66541ce429817/kredit-macet-pinjol-rp-1-8-triliun-paling-banyak-gen-z-dan-milenial
Sharif, S. P., Naghavi, N., Sharif Nia, H., & Waheed, H. (2020). Financial literacy and quality of life of consumers faced with cancer: a moderated mediation approach. International Journal of Bank Marketing, 38(5), 1009–1031. https://doi.org/10.1108/IJBM-10-2019-0355
She, L., Rasiah, R., Turner, J. J., Guptan, V., & Sharif Nia, H. (2022). Psychological beliefs and financial well-being among working adults: the mediating role of financial behaviour. International Journal of Social Economics, 49(2), 190–209. https://doi.org/10.1108/IJSE-07-2021-0389
Shefrin, H. M., & Thaler, R. H. (1988). The Behavioral Life‐Cycle Hypothesis. Economic Inquiry, 26(4), 609–643. https://doi.org/10.1111/j.1465-7295.1988.tb01520.x
Singh, D., Barreda, A. A., Kageyama, Y., & Singh, N. (2019). The Mediating Effect of Financial Self-Efficacy on the Financial Literacy-Behavior Relationship: A Case of Generation Y Professionals. The Economics and Finance Letters, 6(2), 120–133. https://doi.org/10.18488/journal.29.2019.62.120.133
Sorgente, A., Zambelli, M., & Lanz, M. (2023). Are Financial Well-Being and Financial Stress the Same Construct? Insights from an Intensive Longitudinal Study. Social Indicators Research, 169(1–2), 553–573. https://doi.org/10.1007/s11205-023-03171-0
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/https://doi.org/10.1016/j.jbef.2017.04.002
Tangney, J. P., Baumeister, R. F., & Boone, A. L. (2004). High Self‐Control Predicts Good Adjustment, Less Pathology, Better Grades, and Interpersonal Success. Journal of Personality, 72(2), 271–324. https://doi.org/10.1111/j.0022-3506.2004.00263.x
West, T., Cull, M., & Johnson, D. (2020). Does Financial Literacy Reduce Money Stress? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3671178
Winarta, S., & Pamungkas, A. S. (2021). The Role of Financial Behavior, Financial Attitude, Financial Strain, and Risk Tolerance in Explaining Financial Satisfaction. Proceedings of the Ninth International Conference on Entrepreneurship and Business Management. https://doi.org/10.2991/aebmr.k.210507.077
Wutun, M. B. M. G., Niha, S. S., & Manafe, H. A. (2023). Financial attitude and financial behavior analysis towards student financial literacy in Kupang City. Enrichment : Journal of Management, 13(1), 644–653. https://doi.org/10.35335/enrichment.v13i1.1304
Xiao, J. J., & Porto, N. (2019). Present bias and financial behavior. FINANCIAL PLANNING REVIEW, 2(2). https://doi.org/10.1002/cfp2.1048
Xu, X., & Rashid, I. M. A. (2023). Financial Literacy, Financial Stress, Financial Anxiety, Financial Self-Efficacy and Financial Emotional Well-Being among University Students in Malaysia. International Journal of Academic Research in Business and Social Sciences, 13(2). https://doi.org/10.6007/IJARBSS/v13-i2/16301
Younas, W., Raju, M. F., Khalil, F., & Raju, V. (2019). Impact of Self-Control, Financial Literacy and Financial Behavior on Financial Well-Being. The Journal of Social Sciences Research, 51, 211–218. https://doi.org/10.32861/jssr.51.211.218
Zhang, Y., & Chatterjee, S. (2023). Financial Well-Being in the United States: The Roles of Financial Literacy and Financial Stress. Sustainability (Switzerland), 15(5). https://doi.org/10.3390/su15054505
Zunairoh, Z., Silalahi, M. A. R., & Wijaya, L. I. (2023). Family Financial Socialization and Financial Behavior on the Covid-19 Perspective. Proceedings of the 19th International Symposium on Management (INSYMA 2022), 28–35. https://doi.org/10.2991/978-94-6463-008-4_5
Ann, Q. J. (2023). Say goodbye to retirement? A ‘soft saving’ trend is emerging among young people. CNBC. https://www.cnbc.com/2023/10/23/soft-saving-trends-reshape-gen-z-millennials-personal-finance-goals.html
Anthony, M., Sabri, M. F., Wijekoon, R., Abdul Rahim, H., Abdullah, H., Othman, M. A., & Md. Yusoff, I. S. (2021). The Influence of Financial Socialization, Financial Behavior, Locus of Control and Financial Stress on Young Adults’ Financial Vulnerability. International Journal of Academic Research in Business and Social Sciences, 11(19). https://doi.org/10.6007/IJARBSS/v11-i19/11738
Bai, R. (2023). Impact of financial literacy, mental budgeting and self control on financial wellbeing: Mediating impact of investment decision making. PLOS ONE, 18(11), e0294466. https://doi.org/10.1371/journal.pone.0294466
Bailey, S. M. (2019). Financial Well-Being: An Opportunity to Have Profound Impact With Solutions That Match Needs. American Journal of Health Promotion, 33(1), 147–151. https://doi.org/10.1177/0890117118812822b
Binekasri, R. (2024). Gen Z dan Milenial Dominasi Investor Pasar Modal RI. CNBC Indonesia. https://www.cnbcindonesia.com/market/20241028114222-17-583541/gen-z-dan-milenial-dominasi-investor-pasar-modal-ri
Burhan, F. A. (2024). Top! Gen Z Kuasai Jumlah Investor Pasar Modal Indonesia. Market Bisnis. https://market.bisnis.com/read/20240812/7/1790313/top-gen-z-kuasai-jumlah-investor-pasar-modal-indonesia
Burhan, N. S., Noviani, L., & Sangka, K. B. (2023). Pengaruh Kemudahan Belanja Online dan Pengendalian Diri Terhadap Perilaku Konsumtif dengan Peminatan Ekonomi Sebagai Variabel Moderator. Journal on Education, 05(04), 15058–15068.
Coulaud, P., Salway, T., Jesson, J., Bolduc, N., Ferlatte, O., Bertrand, K., Desgrées du Loû, A., Jenkins, E., Jauffret-Roustide, M., & Knight, R. (2022). The effect of financial support on depression among young adults during the COVID-19 pandemic. European Journal of Public Health, 32(Supplement_3). https://doi.org/10.1093/eurpub/ckac129.746
Fachrudin, K. A., & Latifah, S. (2022). Relationship between individual characteristics, neurotic personality, personal financial distress, and financial behavior. Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2105565
Faturohman, T., Megananda, T. B., & Ginting, H. (2024). Improving financial wellbeing in Indonesia: the role of social media as a mediating factor in financial behavior. Cogent Social Sciences, 10(1). https://doi.org/10.1080/23311886.2024.2319374
García, D. B., Bucciol, A., & Manfrè, M. (2022). The role of financial socialization and self-control on saving habits. Journal of Behavioral and Experimental Economics, 100, 101903. https://doi.org/https://doi.org/10.1016/j.socec.2022.101903
Ghozali, I. (2016). Aplikasi Analisis Multivariate dengan Program IBM SPSS 23. IOSR Journal of Economics and Finance, 3(1), 98.
Gosal, G. G., & Nainggolan, R. (2023). The Influence of Digital Financial Literacy on Indonesian SMEs’ Financial Behavior and Financial Well-Being. International Journal of Professional Business Review, 8(12), e04164. https://doi.org/10.26668/businessreview/2023.v8i12.4164
Guan, N., Guariglia, A., Moore, P., Xu, F., & Al-Janabi, H. (2022). Financial stress and depression in adults: A systematic review. PLoS ONE, 17(2 Febuary), 1–20. https://doi.org/10.1371/journal.pone.0264041
Hair, J. F., Black, W. C., Babin, B. J., & Seventh, R. E. A. (2014). Multivariate Data Analysis: Pearson New International Edition. In Neuromarketing in India: Understanding the Indian Consumer (7th ed.). Pearson Education Limited.
Hale, M. (2022). Peran Orang Tua dalam Mendampingi Generasi Z. Discreet: Journal Didache of Christian Education, 2(1), 1–9. https://doi.org/10.52960/jd.v2i1.108
Hashmi, F., Aftab, H., Martins, J. M., Nuno Mata, M., Qureshi, H. A., Abreu, A., & Mata, P. N. (2021). The role of self-esteem, optimism, deliberative thinking and self-control in shaping the financial behavior and financial well-being of young adults. PLOS ONE, 16(9), e0256649. https://doi.org/10.1371/journal.pone.0256649
Hoffmann, A. O. I., & Risse, L. (2020). Do good things come in pairs? How personality traits help explain individuals’ simultaneous pursuit of a healthy lifestyle and financially responsible behavior. Journal of Consumer Affairs, 54(3), 1082–1120. https://doi.org/10.1111/joca.12317
Hussain, B., Ullah, K., & Haider, S. (2021). Determinants of Financial Behavior and Financial Wellbeing in District Kohat. Journal of Archaeology of Egypt/Egyptology, 18(18), 1667–1690.
IDN Research Institute. (2024). Indonesia Gen Z Report 2024. In IDN Research Institute. https://cdn.idntimes.com/content-documents/indonesia-gen-z-report-2024.pdf
Jawa Pos. (2021). Milenial dan Gen Z “Kuasai” Jawa Timur. Jawa Pos. https://www.pressreader.com/indonesia/jawa-pos/20210210/282093459432382
Joo, S., & Grable, J. E. (2004). An Exploratory Framework of the Determinants of Financial Satisfaction. Journal of Family and Economic Issues, 25(1), 25–50. https://doi.org/10.1023/B:JEEI.0000016722.37994.9f
Karakara, A. A.-W., Sebu, J., & Dasmani, I. (2022). Financial literacy, financial distress and socioeconomic characteristics of individuals in Ghana. African Journal of Economic and Management Studies, 13(1), 29–48. https://doi.org/10.1108/AJEMS-03-2021-0101
Kim, J., & Chatterjee, S. (2021). Financial Debt and Mental Health of Young Adults. Journal of Financial Counseling and Planning, JFCP-18-00048. https://doi.org/10.1891/JFCP-18-00048
Kumar, J., Rani, V., Rani, G., & Sarker, T. (2023). Determinants of the financial wellbeing of individuals in an emerging economy: an empirical study. International Journal of Bank Marketing, 41(4), 860–881. https://doi.org/10.1108/IJBM-10-2022-0475
Laturette, K., Widianingsih, L. P., & Subandi, L. (2021). Literasi Keuangan Pada Generasi Z. Jurnal Pendidikan Akuntansi (JPAK), 9(1), 131–139. https://doi.org/10.26740/jpak.v9n1.p131-139
Lee, Y. G., & Dustin, L. (2021). Explaining Financial Satisfaction in Marriage: The Role of Financial Stress, Financial Knowledge, and Financial Behavior. Marriage & Family Review, 57(5), 397–421. https://doi.org/10.1080/01494929.2020.1865229
Lone, U. M., & Bhat, S. A. (2024). Impact of financial literacy on financial well-being: a mediational role of financial self-efficacy. Journal of Financial Services Marketing, 29(1), 122–137. https://doi.org/10.1057/s41264-022-00183-8
Luis, L., & MN, N. (2020). Pengaruh Pengendalian Diri, Literasi serta Perilaku Keuangan Terhadap Kesejahteraan Keuangan. Jurnal Manajerial Dan Kewirausahaan, 2(4), 994. https://doi.org/10.24912/jmk.v2i4.9883
Lusardi, A., & Messy, F.-A. (2023). The importance of financial literacy and its impact on financial wellbeing. Journal of Financial Literacy and Wellbeing, 1(1), 1–11. https://doi.org/DOI: 10.1017/flw.2023.8
Lusardi, A., & Mitchell, O. S. (2023). The Importance of Financial Literacy: Opening a New Field. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4420560
Maslow, A. H. (1943). A theory of human motivation. Psychological Review, 50(4), 370.
Mehta, V. (2024). Financial Literacy : Promoting Fundamentals to Improve Financial Wellbeing among the Youth. International Journal For Multidisciplinary Research, 6(2). https://doi.org/10.36948/ijfmr.2024.v06i02.17636
Mejia, C. E., Mejía, D., & Córdoba, P. (2023). Financial literacy and financial wellbeing: Evidence from Peru and Uruguay. Journal of Financial Literacy and Wellbeing, 1(2), 403–429. https://doi.org/10.1017/flw.2023.15
Mireku, K., Appiah, F., & Agana, J. A. (2023). Is there a link between financial literacy and financial behaviour? Cogent Economics & Finance, 11(1). https://doi.org/10.1080/23322039.2023.2188712
Murhadi, W. R., Kencanasar, F. R., & Sutedjo, B. S. (2023). The Influence of Financial Literacy and Financial Interest on the Financial Risk Tolerance of Investor in Indonesia. Journal of Law and Sustainable Development, 11(2), 1–16. https://doi.org/10.55908/sdgs.v11i2.310
Murillo, M. M., Franco, P. B. Á., & Tobón, D. A. R. (2020). The role of cognitive abilities on financial literacy: New experimental evidence. Journal of Behavioral and Experimental Economics, 84, 101482. https://doi.org/https://doi.org/10.1016/j.socec.2019.101482
Nasr, R., Rahman, A. A., Haddad, C., Nasr, N., Karam, J., Hayek, J., Ismael, I., Swaidan, E., Salameh, P., & Alami, N. (2024). The impact of financial stress on student wellbeing in Lebanese higher education. BMC Public Health, 24(1), 1809. https://doi.org/10.1186/s12889-024-19312-0
Nisaputra, R. (2023). Ekonomi Tak Pasti, 67% Masyarakat Malah Antusias Belanja Online. InfoBankNews.Com. https://infobanknews.com/ekonomi-tak-pasti-67-masyarakat-malah-antusias-sambut-promosi-belanja-online/
OECD. (2023). OECD/INFE 2023 International Survey of Adult Financial Literacy. In OECD Business and Finance Policy Papers (Issue 39). https://www.oecd-ilibrary.org/content/paper/56003a32-en
Ohorella, M. R. A. (2024). Cinta Diri Sendiri, Fokus Utama Generasi Z dalam Menjalani Hidup. Liputan 6. https://www.liputan6.com/hot/read/5667000/cinta-diri-sendiri-fokus-utama-generasi-z-dalam-menjalani-hidup
OJK. (2024a). Membekali Generasi Z dengan Digital Financial Literacy (DFL). OJK. https://sikapiuangmu.ojk.go.id/FrontEnd/CMS/Article/40851
OJK. (2024b). OJK dan BPS Umumkan Hasil Survei Nasional Literasi dan Inklusi Keuangan Tahun 2024. https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/OJK-dan-BPS-Umumkan-Hasil-Survei-Nasional-Literasi-dan-Inklusi-Keuangan-Tahun-2024.aspx
OJK. (2024c). Statistik P2P Lending Periode Juni 2024. OJK. https://ojk.go.id/id/kanal/iknb/data-dan-statistik/fintech/Pages/Statistik-P2P-Lending-Periode-Juni-2024.aspx
Osman, Z., Madzlan, E. M., & Ing, P. (2018). In Pursuit of Financial Well-being: The Effects of Financial Literacy, Financial Behaviour and Financial Stress on Employees in Labuan. International Journal of Service Management and Sustainability, 3(1). https://doi.org/10.24191/ijsms.v3i1.8041
Peña, H. Dela, Puzon, H. J., Villamil, C., & Culajara, C. L. B. (2024). Financial Literacy and Financial Stress among College Students within Davao Region. Asian Journal of Education and Social Studies, 50(6), 509–522. https://doi.org/10.9734/ajess/2024/v50i61428
Prakash, N., Alagarsamy, S., & Hawaldar, A. (2022). Demographic characteristics influencing financial wellbeing: a multigroup analysis. Managerial Finance, 48(9–10), 1334–1351. https://doi.org/10.1108/MF-09-2021-0466
Raaij, W. F. van, Riitsalu, L., & Põder, K. (2023). Direct and indirect effects of self-control and future time perspective on financial well-being. Journal of Economic Psychology, 99, 102667. https://doi.org/https://doi.org/10.1016/j.joep.2023.102667
Rahman, M., Isa, C. R., Masud, M. M., Sarker, M., & Chowdhury, N. T. (2021). The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia. Future Business Journal, 7(1), 52. https://doi.org/10.1186/s43093-021-00099-0
Ramadhania, S., & Krisnawati, A. (2024). Pengaruh Literasi Keuangan terhadap Kesejahteraan Finansial dengan Perilaku Keuangan sebagai Variabel Mediasi dan Gender sebagai Variabel Moderasi. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 8(3), 633–654.
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. Proceedings of the 1ST Bengkulu International Conference on Economics, Management, Business and Accounting, 63–71. https://doi.org/10.2991/978-94-6463-328-3_8
Remund, D. L. (2010). Financial Literacy Explicated: The Case for a Clearer Definition in an Increasingly Complex Economy. Journal of Consumer Affairs, 44(2), 276–295. https://doi.org/10.1111/j.1745-6606.2010.01169.x
Renaldo, N., Sudarno, S., & Marice, H. B. (2020). The Improvement Of Generation Z Financial Well-Being in Pekanbaru. Jurnal Manajemen Dan Kewirausahaan, 22(2), 142–151. https://doi.org/10.9744/jmk.22.2.142-151
Riswan, K. K. (2022). OneAset terus kembangkan fitur Komunitas dukung literasi keuangan. Antara News. https://www.antaranews.com/berita/3087253/oneaset-terus-kembangkan-fitur-komunitas-dukung-literasi-keuangan
Rizaty, M. A. (2022). KIC: Mayoritas Gen Z dan Y Akui Pengeluaran Bulanan Lebih Besar dari Pendapatan. Databoks. https://databoks.katadata.co.id/datapublish/2022/01/13/kic-mayoritas-gen-z-dan-y-akui-pengeluaran-bulanan-lebih-besar-dari-pendapatan
Sabri, M. F., Anthony, M., Law, S. H., Rahim, H. A., Burhan, N. A. S., & Ithnin, M. (2023). Impact of financial behaviour on financial well-being: evidence among young adults in Malaysia. Journal of Financial Services Marketing, 0123456789. https://doi.org/10.1057/s41264-023-00234-8
Sajid, M., Mushtaq, R., Murtaza, G., Yahiaoui, D., & Pereira, V. (2024). Financial literacy, confidence and well-being: The mediating role of financial behavior. Journal of Business Research, 182, 114791. https://doi.org/https://doi.org/10.1016/j.jbusres.2024.114791
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
Setiawan, S. R. D. (2024). Apa Itu “Soft Saving,” Tren Keuangan yang Populer di Kalangan Gen Z? Kompas. https://money.kompas.com/read/2024/03/05/223816126/apa-itu-soft-saving-tren-keuangan-yang-populer-di-kalangan-gen-z?page=all
Setiawati, S. (2024). Utang Pinjol Menggunung, Gen Z & Milenial Paling Demen Ngutang. CNBC Indonesia. https://www.cnbcindonesia.com/research/20241104062333-128-585270/utang-pinjol-menggunung-gen-z-milenial-paling-demen-ngutang
Setyowati, D. (2024). Kredit Macet Pinjol Rp 1,8 Triliun, Paling Banyak Gen Z dan Milenial. KataData. https://katadata.co.id/digital/fintech/66541ce429817/kredit-macet-pinjol-rp-1-8-triliun-paling-banyak-gen-z-dan-milenial
Sharif, S. P., Naghavi, N., Sharif Nia, H., & Waheed, H. (2020). Financial literacy and quality of life of consumers faced with cancer: a moderated mediation approach. International Journal of Bank Marketing, 38(5), 1009–1031. https://doi.org/10.1108/IJBM-10-2019-0355
She, L., Rasiah, R., Turner, J. J., Guptan, V., & Sharif Nia, H. (2022). Psychological beliefs and financial well-being among working adults: the mediating role of financial behaviour. International Journal of Social Economics, 49(2), 190–209. https://doi.org/10.1108/IJSE-07-2021-0389
Shefrin, H. M., & Thaler, R. H. (1988). The Behavioral Life‐Cycle Hypothesis. Economic Inquiry, 26(4), 609–643. https://doi.org/10.1111/j.1465-7295.1988.tb01520.x
Singh, D., Barreda, A. A., Kageyama, Y., & Singh, N. (2019). The Mediating Effect of Financial Self-Efficacy on the Financial Literacy-Behavior Relationship: A Case of Generation Y Professionals. The Economics and Finance Letters, 6(2), 120–133. https://doi.org/10.18488/journal.29.2019.62.120.133
Sorgente, A., Zambelli, M., & Lanz, M. (2023). Are Financial Well-Being and Financial Stress the Same Construct? Insights from an Intensive Longitudinal Study. Social Indicators Research, 169(1–2), 553–573. https://doi.org/10.1007/s11205-023-03171-0
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/https://doi.org/10.1016/j.jbef.2017.04.002
Tangney, J. P., Baumeister, R. F., & Boone, A. L. (2004). High Self‐Control Predicts Good Adjustment, Less Pathology, Better Grades, and Interpersonal Success. Journal of Personality, 72(2), 271–324. https://doi.org/10.1111/j.0022-3506.2004.00263.x
West, T., Cull, M., & Johnson, D. (2020). Does Financial Literacy Reduce Money Stress? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3671178
Winarta, S., & Pamungkas, A. S. (2021). The Role of Financial Behavior, Financial Attitude, Financial Strain, and Risk Tolerance in Explaining Financial Satisfaction. Proceedings of the Ninth International Conference on Entrepreneurship and Business Management. https://doi.org/10.2991/aebmr.k.210507.077
Wutun, M. B. M. G., Niha, S. S., & Manafe, H. A. (2023). Financial attitude and financial behavior analysis towards student financial literacy in Kupang City. Enrichment : Journal of Management, 13(1), 644–653. https://doi.org/10.35335/enrichment.v13i1.1304
Xiao, J. J., & Porto, N. (2019). Present bias and financial behavior. FINANCIAL PLANNING REVIEW, 2(2). https://doi.org/10.1002/cfp2.1048
Xu, X., & Rashid, I. M. A. (2023). Financial Literacy, Financial Stress, Financial Anxiety, Financial Self-Efficacy and Financial Emotional Well-Being among University Students in Malaysia. International Journal of Academic Research in Business and Social Sciences, 13(2). https://doi.org/10.6007/IJARBSS/v13-i2/16301
Younas, W., Raju, M. F., Khalil, F., & Raju, V. (2019). Impact of Self-Control, Financial Literacy and Financial Behavior on Financial Well-Being. The Journal of Social Sciences Research, 51, 211–218. https://doi.org/10.32861/jssr.51.211.218
Zhang, Y., & Chatterjee, S. (2023). Financial Well-Being in the United States: The Roles of Financial Literacy and Financial Stress. Sustainability (Switzerland), 15(5). https://doi.org/10.3390/su15054505
Zunairoh, Z., Silalahi, M. A. R., & Wijaya, L. I. (2023). Family Financial Socialization and Financial Behavior on the Covid-19 Perspective. Proceedings of the 19th International Symposium on Management (INSYMA 2022), 28–35. https://doi.org/10.2991/978-94-6463-008-4_5
Published
2025-01-19
How to Cite
Oktavianus, J., Wijaya, L., & Sutejo, B. (2025). FAKTOR-FAKTOR YANG MEMPENGARUHI FINANCIAL WELLBEING GENERASI Z BERPENGHASILAN DI SURABAYA, INDONESIA. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(1), 333-359. https://doi.org/10.31955/mea.v9i1.4899
Section
Articles
Copyright (c) 2025 Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
