Financial behavior drives Generation Z financial well-being

Article Sidebar

PDF PDF
Published: Nov 1, 2026
DOI: https://doi.org/10.28932/jmm.v26i1.17150
Keywords:
financial behavior, financial confidence, financial literacy, financial risk tolerance, financial socialization, financial stress, financial well-being kepercayaan diri keuangan, kesejahteraan keuangan, literasi keuangan, perilaku keuangan, sosialisasi keuangan, stres keuangan, toleransi risiko keuangan

Main Article Content

Liliana Inggrit Wijaya
Department of Management, Faculty of Business and Economics, Universitas Surabaya
Bertha Silvia Sutejo
Department of Management, Faculty of Business and Economics, Universitas Surabaya
Clarisa Imanuelita Wijaya
Department of Management, Faculty of Business and Economics, Universitas Surabaya

Abstract

The issue of financial well-being is growing in Indonesia. Generation Z is recorded as a generation that faces significant challenges related to its financial adequacy. This is because Generation Z tends to have spending more than income, adopting a consumptive lifestyle, and actively taking online loans to fulfill mere pleasure. This study aims to examine the influence of financial literacy, financial risk tolerance, financial socialization, financial stress, and financial confidence on the financial behavior and financial well-being of Generation Z in Surabaya, Indonesia. The population of this study is Generation Z in Surabaya between 17 and 28 years old; and also have at least one of the four financial activities and have managed finances independently, either fully or partially in the past year. Sampling was carried out using a non-probability sampling technique with purposive sampling as a sample selection technique. The results of the 189 respondents showed that all variables had a positive effect on financial behavior, except for the variable of financial confidence. In addition, the results of the study also showed that the variables of financial risk tolerance, financial socialization, and financial behavior had a positive effect on financial well-being, but financial literacy, financial stress, and financial confidence had no effect.

Downloads

Download data is not yet available.

Article Details

How to Cite
Wijaya, L. I., Sutejo, B. S., & Wijaya, C. I. (2026). Financial behavior drives Generation Z financial well-being. Jurnal Manajemen Maranatha, 26(1), 143–156. https://doi.org/10.28932/jmm.v26i1.17150
Issue
Vol. 26 No. 1 (2026): Jurnal Manajemen Maranatha
Section
Articles
Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

References

Abdurrahman, A., & Nugroho, D. A. (2024). The role of digital financial literacy on financial well-being with financial technology, financial confidence, financial behavior as intervening and sociodemography as moderation. Jurnal Ekonomi dan Bisnis, 27(2), 191-220. https://doi.org/10.24914/jeb.v27i2.11891

Amara, A. N. (2025, September 8). OJK: Literasi digital Gen Z Indonesia 62%, paling rendah dibandingkan negara Asean. Bisnis.com. https://finansial.bisnis.com/read/20250908/90/1909287/ojk-literasi-digital-gen-z-indonesia-62-paling-rendah-dibandingkan-negara-asean

Arifin, A. Z., Kevin, K., & Siswanto, H. P. (2017). The influence of financial knowledge, financial confidence, and income on financial behavior among the workforce in Jakarta. Jurnal Ilmiah Manajemen, 7(1), 37-47. https://publikasi.mercubuana.ac.id/index.php/Jurnal_Mix/article/view/1476/1160

Badan Pusat Statistik. (2026, August 28). Jumlah penduduk menurut kabupaten/kota dan kelompok umur. https://www.bps.go.id/id/statistics-table/2/Mjc5MCMy/-jumlah-penduduk-menurut-kabupaten-kota-dan-kelompok-umur.html

Chauhan, S., Aggarwal, P. K., & Sangal, A. (2022). Determinants of financial literacy and its influence on financial well-being: A study of the young population in Haryana, India. Finance: Theory and Practice, 26(5), 121-131. https://www.researchgate.net/publication/365487937

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). https://doi.org/10.1371/journal.pone.0264041

Hair, J. F. (2011). Multivariate data analysis: An overview. In M. Lovric (Ed.), International encyclopedia of statistical science (pp. 904-907). Springer. https://doi.org/10.1007/978-3-642-04898-2_395

Kamila, N., Bertuah, E., Djunaedi, M. K. D., & Munandar, A. (2025). Systematic literature review tentang financial wellbeing: Eksplorasi metode dan relasi antar variabel. Journal of Accounting and Finance Management, 6(3), 1460-1469. https://dinastires.org/JAFM/article/download/2206/1658/15089

Katadata Insight Center. (2022, January 10). Perilaku keuangan Generasi Z dan Y. Databoks. https://databoks.katadata.co.id/publikasi/2022/01/10/perilaku-keuangan-generasi-z-dan-y

Kumar, J., Rani, V., Rani, G., & Sarker, T. (2023). Determinants of financial well-being 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

Mokhtar, N., & Rahim, H. A. (2017). Determinants of financial well-being among public employees in Putrajaya, Malaysia. Pertanika Journal of Social Science and Humanities, 25(3), 1241-1260. https://www.researchgate.net/publication/333443999

Morris, T., Maillet, S., & Koffi, V. (2022). Financial knowledge, financial confidence, and learning capacity on financial behavior: A Canadian study. Cogent Social Sciences, 8(1). https://doi.org/10.1080/23311886.2021.1996919

Oktavianus, J., Wijaya, L. I., & Sutejo, B. S. (2025). Faktor-faktor yang mempengaruhi financial well-being Generasi Z berpenghasilan di Surabaya, Indonesia. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(1), 333-359. https://doi.org/10.31955/mea.v9i1.4899

Owusu, G. M. Y., Korankye, G., Yankah, N. Y. M., & Donkor, J. B. A. (2023). Financial risk tolerance and its determinants: The perspective of personnel from security services in Ghana. Borsa Istanbul Review, 23(4), 852-864. https://doi.org/10.1016/j.bir.2023.02.005

Pandey, A., & Utkarsh, U. (2024). Determinants of positive financial behavior: A parallel mediation model. International Journal of Emerging Markets, 19(11), 4073-4093. https://doi.org/10.1108/IJOEM-01-2022-0124

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). https://doi.org/10.1186/s43093-021-00099-0

Rainer, P. (2023, August 29). Sensus BPS: Saat ini Indonesia didominasi oleh Gen Z. GoodStats Data. https://data.goodstats.id/statistic/sensus-bps-saat-ini-indonesia-didominasi-oleh-gen-z-n9kqv

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

Shim, S., Xiao, J. J., Barber, B. L., & Lyons, A. C. (2009). Pathways to life success: A conceptual model of financial well-being for young adults. Journal of Applied Developmental Psychology, 30(6), 708-723. https://www.researchgate.net/publication/365487937

Suminar, A. (2021, January 22). Penduduk Jawa Timur didominasi Millenial dan Generasi Z. Suara Surabaya. https://www.suarasurabaya.net/kelanakota/2021/penduduk-jawa-timur-didominasi-millenial-dan-generasi-z