Financial Literacy as an Effort to Achieve Financial Well Being: A Perspective from Generation Z
DOI:
https://doi.org/10.36636/dialektika.v9i1.3975Keywords:
Financial Literacy , Financial Well Being, Generation ZAbstract
Having the ability to use various types of technology, being quick in accessing information, being able to do many things at once compared to previous generations, and being responsive to social phenomena around them are some of the advantages of Generation Z growing into a generation that is intelligent, skilled, creative and critical in using technology. This effort can be started by preparing the quality of human resources from the next generation (Gen Z) to become a superior and skilled workforce. One way is to increase financial literacy so that financial prosperity can be achieved. Prosperous Society, Prosperous Country. Responding to the challenges and potential of Gen Z, researchers want to explore their views regarding the existence of the concept of financial well-being and what factors influence financial well-being. This research uses a qualitative research method using a phenomenological approach. Our research results show that Gen Z's view of financial well-being is more focused on having enough to meet their needs
Downloads
References
Andarsari, P. R., & Ningtyas, M. N. (2019). The Role of Financial Literacy on Financial Behavior. Jabe (Journal of Accounting and Business Education), 4(1), 24. https://doi.org/10.26675/jabe.v4i1.8524
Aribawa, D. (2016). Pengaruh Literasi Keuangan Terhadap Perilaku Keuangan. Jurnal Siasat Bisnis, 20(1), 1–13. http://dx.doi.org/10.20885/jsb.vol20.iss1.art1
Bilal, M., & Zulfiqar, M. (2016). Financial Wellbeing is the Goal of Financial Literacy.
Research Journal of Finance and Accounting, 7(11), 94–103.
Brillianti, F., & Kautsar, A. (2020). Apakah Literasi Keuangan Memengaruhi Kesejahteraan Rumah Tangga di Indonesia? Kajian Ekonomi Dan Keuangan, 4(2), 103–115. https://doi.org/10.31685/kek.v4i2.541
Bridges S, Disney R (2010) Debt and depression. J Health Econ 29(3):388– 403. https://doi.org/10.1016/j.jhealeco.2010.02.003
Brüggen EC, Hogreve J, Holmlund M, Kabadayi S, Löfgren M (2017) Financial well-being: a conceptualization and research agenda. J Bus Res 79:228–237. https://doi.org/10.1016/j.jbusres.2017.03.013
Caspi, A., Roberts, B. W., & Shiner, R. L. (2005). Personality development: Stability and change. Annual Review of Psychology,56, 453–484. doi:10.1146/annurev.psych.55.090902.141913.
Cheah KK, Foster FD, Heaney R, Higgins T, Oliver B, O’Neill T, Russell R (2015) Discussions on long-term fnancial choice. Aust J Manag 40(3):414–434. https://doi.org/10.1177/0312896214532476
Dencker, J. C., Joshi, A., & Martocchio, J. J. (2008). Towards a theoretical framework linking generational memories to workplace attitudes and behaviors. Human Resource Management Review, 18(3), 180–187. doi:10.1016/j.hrmr.2008.07.007.
Dvorak T, Hanley H (2010) Financial literacy and the design of retirement plans. J Socio-Econ 39(6):645–652. https://doi.org/10.1016/j.socec.2010. 06.013
Estela-Delgado, B., Montenegro, G., Paan, J., Morales-García, W. C., Castillo-Blanco, R., Sairitupa-Sanchez, L., & Saintila, J. (2023). Personal well-being and financial threats in Peruvian adults: The mediating role of financial well-being. Frontiers in Psychology, 13(January), 1–9. https://doi.org/10.3389/fpsyg.2022.1084731
Fitzpatrick SL, Appel LJ, Bray B, Brooks N, Stevens VJ (2018) Predictors of long-term adherence to multiple health behavior recommendations for weight management. Health Educ Behav 45(6):997–1007. https://doi.org/ 10.1177/1090198118757823
Grohmann A (2018) Financial literacy and fnancial behavior: Evidence from the emerging Asian middle class. Pacifc-Basin Finance J 48:129–143. https://doi.org/10.1016/j.pacfn.2018.01.007
Hung A, Parker AM, Yoong J (2009) Defning and measuring fnancial literacy. RAND Working Paper Series WR-708
Huston SJ (2010) Measuring fnancial literacy. J Consum Af 44(2):296– 316. https://doi.org/10.1111/j.1745-6606.2010.01170.x
Jappelli, T., & Padula, M. (2013). Investment in financial literacy and saving decisions. Journal of Banking and Finance, 37(8), 2779–2792. https://doi.org/10.1016/j.jbankfin.2013.03.019
Judge TA, Ilies R, Dimotakis N (2010) Are health and happiness the product of wisdom? The relationship of general mental ability to educational and occupational attainment, health, and well-being. J Appl Psychol 95(3):454–468. https://doi.org/10.1037/a0019084
Kaur M, Yadav SS, Gautam V (2013) Financial system development and foreign direct investment: a panel data study for BRIC countries. Glob Bus Rev 14(4):729–742. https://doi.org/10.1177/0972150913501607
Kempson E, Finney A, Poppe C (2017) Financial well-being: a conceptual model and preliminary analysis (Final edition). Consumption Research Norway – SIFO
Muir K, Hamilton M, Noone J, Marjolin A, Salignac F, Saunders P (2017) Exploring fnancial wellbeing in the Australian context. University of New South Wales, Sydney, Centre for Social Impact & Social Policy Research Centre
Netemeyer RG, Warmath D, Fernandes D, Lynch JG Jr (2017) How Am I Doing? Perceived fnancial well-being, its potential antecedents, and its relation to overall well-being. J Consum Res 45(1):68–89. https://doi.org/ 10.1093/jcr/ucx109
Osman Z, Madzlan EM, Ing P (2020) In pursuit of fnancial well-being: the efects of fnancial literacy, fnancial behaviour and fnancial stress on employees in Labuan. Int J Serv Manag Sustain 3(1):55–94. https://doi. org/10.24191/ijsms.v3i1.8041
Parry, E., & Urwin, P. (2010). Generational differences in workvalues: A review of theory and evidence. International Journalof Management Reviews, 13, 79–96. doi:10.1111/j.1468-2370. 2010.00285.x.
Philippas, N. D. (2020). Financial literacy and financial well-being among generation-Z university students: Evidence from Greece. European Journal of Finance, 26(4), 360–
https://doi.org/10.1080/1351847X.2019.1701512
Ravikumar, T., Sriram, M., Kannan, N., Elias, I., & Seshadri, V. (2022). Relationship between financial stress and financial well-being of micro and small business owners: Evidence from India. Problems and Perspectives in Management, 20(4), 306–319. https://doi.org/10.21511/ppm.20(4).2022.23
Rea, J. K., Danes, S. M., Serido, J., Borden, L. M., & Shim, S. (2019). “Being able to support yourself”: Young adults’ meaning of financial well-being through family financial socialization. Journal of Family and Economic Issues, 40, 250-268.
Remund DL (2010) Financial literacy explicated: the case for a clearer defnition in an increasingly complex economy. J Consum Af 44(2):276–295. https://doi.org/10.1111/j.1745-6606.2010.01169.x
Sabri, M. F., Anthony, M., Law, S. H., Rahim, H. A., Ahmad, N., Burhan, S., & Ithnin, M. (2023). Impact of financial behaviour on financial well-being : evidence among young adults in Malaysia Impact of financial behaviour on financial well ‑ being : evidence among young adults in Malaysia. Journal of Financial Services Marketing, May. https://doi.org/10.1057/s41264-023-00234-8
Sakyi-Nyarko, C., Ahmad, A. H., & Green, C. J. (2022). The role of financial inclusion in improving household well-being. Journal of International Development, 34(8), 1606– 1632. https://doi.org/10.1002/jid.3661
Salignac, F., Hamilton, M., Noone, J., Marjolin, A., & Muir, K. (2020). Conceptualizing financial wellbeing: an ecological life-course approach. Journal of Happiness Studies, 21, 1581-1602
Shen C-H, Lin S-J, Tang D-P, Hsiao Y-J (2016) The relationship between fnancial disputes and fnancial literacy. Pac-Basin Finance J 36:46–65. https://doi.org/10.1016/j.pacfn.2015.11.002
Taft, M. K., Hosein, Z. Z., & Mehrizi, S. M. T. (2013). The Relation between Financial Literacy, Financial Wellbeing and Financial Concerns. International Journal of Business and Management, 8(11), 63–75. https://doi.org/10.5539/ijbm.v8n11p63
Taylor RD, Budescu M, Gebre A, Hodzic I (2014) Family fnancial pressure and maternal and adolescent socioemotional adjustment: moderating efects of kin social support in low income African American Families. J Child Fam Stud 23(2):242–254. https://doi.org/10.1007/ s10826-012-9688-8
Vosloo W, Fouche J, Barnard J (2014) The relationship between fnancial efcacy, satisfaction with remuneration and personal fnancial well-being. Int Bus Econ Res J 13(6):1455–1470
Xiao JJ, Ahn SY, Serido J, Shim S (2014) Earlier fnancial literacy and later fnancial behaviour of college students. Int J Consum Stud 38(6):593–601. https://doi.org/10.1111/ijcs.12122
Xue R, Gepp A, O’Neill TJ, Stern S, Vanstone BJ (2019) Financial well-being amongst elderly Australians: the role of consumption patterns and fnancial literacy. Accounting & Finance. https://doi.org/10.1111/acf.12545
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
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Andriati Aziizah Syafitri
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
