THE INFLUENCING FACTORS FOR FINANCIAL
BEHAVIOR OF GEN Z
Tri Ratna Pamikatsih1*, Atik Lusia2, Adelvia Sri Rahayu3 , Putri Maisara4, Arif Farida5
1,2,3,4,5
Management, Sekolah Tinggi Ilmu Ekonomi Surakarta, Surakarta, Indonesia
Abstract: Generation Z (Gen Z) is the largest majority community in Indonesia, which is a
consumptive society and they have less knowledge about financial behavior. so they need to
have good financial behavior. This research aims to analyze the factors that influence the
financial behavior of Gen Z. The partial influence of personal income, financial attitude, and
financial literacy on financial behavior. The analysis technique was SPSS version 25, and the
method used multiple linear regression analysis. The research was conducted using a
quantitative method with 100 samples. The results indicate that personal income, financial
attitude, and financial literacy have a significant effect on the financial behavior of Generation
Z (Gen Z).
Keywords: personal income, financial attitude, financial literacy, financial behavior, gen z
_________________________________________________________________________
1. Introduction
Otoritas Jasa Keuangan (2017) made various ways to improve financial inclusion in Indonesia,
one of which is to encourage people to continue to improve their financial attitudes and
behavior. Financial behavior is what determines how a person makes decisions or attitudes in
managing and managing their finances. When someone has the right financial behavior, then
they will tend to be wise in making financial decisions.
The results of a survey conducted by the International Survey of Adult Financial Literacy
(2020) showed that Indonesia is a country with a financial behavior index that is above average.
Figure 1. Financial Behavior
Source: International Survey of Adult Financial Literacy, 2020
From figure 1, it appears that Indonesia has a fairly high financial behavior index compared to
other Asian countries. Indonesia has a financial behavior index at 6.3 while the average
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financial behavior index is at 5.3. Based on this data, it can be concluded that the financial level
of Indonesian society can be said to be quite good.
In Indonesia, the majority of the population comes from the 20s where it belongs to the Gen Z
community of 27.04% (Badan Pusat Statistik, 2021). Gen Z is people born from 1997 to 2012.
This generation belongs to a productive age and is expected to increase economic growth. But
in fact, Gen Z has less knowledge of financial behavior because only 2% set aside money for
investment, 10.7% is used for saving and the rest is used for other consumptive activities quoted
from OJK based on the Indonesia Millennial Report (2019). The data is different from the
results of exposure from the International Survey of Adult Financial Literacy (2020) so it
makes the gap of analysis in this study.
Renaldo, et al (2020) explain that technology continues to develop and affect everything and
Gen Z will certainly go with this flow and influence economic factors. The one who likes to
gather with friends, shop online, or vacation will impact their lifestyle. Without good financial
behavior, Gen Z cannot control it wisely.
Financial behavior can be influenced by many things, one of which is individual income.
Individual income is the number of incomes received by each person, whether they do certain
activities or not. When a person has more income, then the individual will have a greater
responsibility than before. This is because the individual will have more opportunities to act.
Financial behavior can also be influenced by financial attitude. Financial attitude is a view of
money in terms of psychology. This view emphasizes more on how individuals can control the
right financial decision-making (Prihartono and Asandimitra, 2018).
In addition to income and financial attitude, another thing that is no less important is financial
literacy. Otoritas Jasa Keuangan (2017) explains that financial literacy is a series of processes
in improving knowledge, skills, and beliefs related to finance. When a person has a high level
of financial literacy, then the financial behavior of the individual tends to be better (Rahmanto
and Susanti, 2021).
Financial literacy is necessary especially to Gen Z. Financial literacy cannot be separated from
life. This is because financial literacy will help individuals in making decisions. personal
finance or financial matters. (Orton, 2007).
Based on the explanation of the background, the study wanted to see if these factors had any
influence on financial behavior among Gen Z.
2. Literature Review
Financial Behavior
Ahmisuhaiti et.al (2017) explained that financial behavior is a systematic management of
organized finances. This management is done consistently and in writing and has goals to be
achieved. Zakaria et al (2012) financial behavior refer to how to manage household financial
resources, such as planning, budgeting, and savings. Dew and Xiao (2011) financial behavior
can be measured through consumption, cash flow, credit, savings and investments, and
insurance.
Rahmayanti, et al (2019) financial behavior is a science that studies human behavior to
determine finances. Individuals who have good financial behavior will be more effective in
using the money they make. They gained either making a budget, saving money or controlling
spending invest, and pay all bills on time
Financial behavior is closely related to financial management and is responsible for managing
personal finances. It is a combination of cash flow management, credit management, and
investments. Financial management focuses on effectiveness such as determining the budget
and value of debt. Spending controls on money and savings are generally benchmarks for
valuation. (Renaldo, et.al, 2020)
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Personal Income
Income can be defined as the total amount of money received by a person or household over a
while can (usually one month). Income can be wages/ salaries, or labor receipts, income from
wealth influences can influence things such as rent, interest, and dividends, as well as payment
of transfers or receipts from the government such as social benefits (e.g. scholarships) or
unemployment insurance (Herlindawati, 2015). The income received by a person can be
sourced from anywhere, which later the income will be used to meet one's needs.
Income is one of the indicators to measure the well-being of a person or society so that the
income of this community reflects the economic progress of society (Luminatang, 2013).
Hilgert et al. (2003) An individual with a lower income are less likely to report paying their
bills on time (recording financial management) compared to a higher income. This shows that
income influences a person's financial behavior.
Financial Attitude
Humaira and Sagono (2018) explain that attitude is a condition of a mind, view, and perspective
on the world. Financial attitudes are defined as the state of mind, opinions, and how people
measure their financial status and apply it to their attitudes. Therefore, financial attitudes can
also be said to affect how individuals manage their finances (Herdjiono and Damanik, 2016).
Financial attitudes are a measure of your state of mind, your opinions, and your judgment about
the world in which you live which is defined as a financial measure of our thinking, opinions,
and judgments about the world we live in. (Pancow, 2012). Rajna et. al. (2011) financial
attitude is a measure of the state of mind that can be considered. Based on a person's
psychological point of view. This view is seen when someone assessed the practice of financial
management so that it becomes a principle in finance to create or maintain value for financial
decision making
Financial attitudes can be influenced by routine activities and how a person sees financial
actions as good or bad by looking at his or her own or others' perspectives; Financial experience
also contributes here. Therefore, without a good financial attitude, it will be great difficulty in
gaining financial gain for the future because these two factors correlate to conquering short and
long-term life goals (Yulianti and Silvy, 2013).
Financial Literacy
Financial literacy is the essential competency of the century, and efforts to improve it are
necessary to support economic growth in every global economy (Messy and Monticone, 2016).
The Organization for Economic Co-Operation and Development (OECD, 2015) defines
financial literacy as the combination of awareness, knowledge, skills, attitudes, and behaviors
necessary to make sound financial decisions and ultimately achieve an individual's financial
well-being. Financial literacy is a person's activity in increasing knowledge as well as skills in
the field of finance (Setyawan & Wulandari, 2020). Based on this definition, it can be known
that financial literacy is not a simple concept that is easy to measure.
The OECD (2013) suggests measuring them in three dimensions: financial attitudes, financial
behavior, and financial knowledge. Having a good financial attitude means having a good state
of mind, opinion, and judgment for one's economic beliefs. When actualized, it becomes
financial behavior, which is the way a person behaves and acts on his finances. Meanwhile,
someone with financial knowledge will understand some of the key concepts of finance
(OECD, 2013).
When a person has good financial literacy, then they will tend to be careful in their financial
planning. Low financial literacy will have an impact on the low desire to save for future
planning. Excessive spending habits will make society consumptive so it is difficult to become
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a smart consumer (Putri et al., 2016). Potrich and Vieiera (2018) even found that financial
literacy increases compulsive buying behavior.
Nidar and Bestari (2012) explain that the national economy will not be affected by the global
economic crisis if peoples understand the financial system well. People who do not understand
the financial system will cause many people to experience losses. These losses can be wasteful
consumption and expenses, and credit card usage that is not as expected.
Gen Z
Based on data from Bloomberg (2019) the demographics of the world will be controlled by
Gen Z. The U.S. Census Bureau defines Gen Z as people born starting in 2000. Currently, Gen
Z or millennials are the dominating force in Indonesia both in the economy and political
environment. Gen Z is generally known to be unwise in managing finances therefore Indonesia
must move quickly to develop the next generation and not repeat the bad habits of previous
genes. Gen Z is facilitated to make good financial decisions because it can access the internet
easily and can search for information extensively. In addition, technology in the field of finance
is also currently very developed but there is also a negative side. Adobe (2018) found that Gen
Z spends most of its time surfing the internet and using social media so that this can expose
Gen Z to issues related to materialism.
Hypothesis
Figure 2. Research Framework
Based on the literature review, the hypotheses concluded in this study are:
H₁ : Personal income has a significant effect on the financial behavior of Gen Z
H₂ : Financial attitude has a significant effect on the financial behavior of Gen Z
H₃ : Financial literacy has a significant effect on the financial behavior of Gen Z
3. Methods
The population in this study was Gen Z in Surakarta, Central Java. The technique of sampling
is a purposive sampling that has criteria that were born in 1997 until 2012, has income, and is
domiciled in Central Java. The sample size for this study is 100 respondents. Data collection
using a questionnaire method. Quantitative analysis was carried out by processing numerical
data using the SPSS version 25 analysis tool and carried out by multiple regression analysis.
Multiple regression is an approach used to explain the mathematical relationship between the
dependent variable and the independent variable. Before performing multiple regression
analysis, the validity test, the reliability tests, and the classical assumption test was carried out.
Table 1. Research Dimension
Variable Indicator
Personal Income 1. Source income
2. Total monthly income
3. Income classification
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Variable Indicator
Financial Attitude 1. Have financial planning
2. Have investment planning
3. Saving money regularly
4. Have a financial target
Variable Indicator
Financial Literacy 1. Carefully compare product price before buying
2. Make a budget for expenses and income every day
3. Have a bank account for saving money
4. Have life insurance
5. Have insurance to be used as a means of investment
6. Have an investment plan every month
Financial Behavior 1. Paying bills at the right time
2. Making a spending budget
3. Have record expenses and spending
4. Have funds for unexpected expenses
5. Consuming the items that are only needed
6. Have a balance transaction
7. Have an investment
4. Result and Discussion
The multiple regression is carried out to see the impact of personal income, financial attitude,
and financial literacy on behavioral finance. Based on table 2 majority of respondents were
aged 21-25 years old and their income was under Rp 999.000.
Table 2. Characteristic Respondent
No Category Respondent Percentage
1 Age 15 - 20 8 8%
21 - 25 92 92%
Total 100 100%
2 Income 0 - Rp 999.000 87 87%
Rp 1.000.000 - Rp 1.999.999 9 9%
Rp 2.000.000 - Rp 2.999.999 3 3%
> Rp 3.000.000 1 1%
Total 100 100 %
Source: processed data, 2022
To conduct hypothesis testing, several data test requirements must be done first. When
this data test is declared not problematic, then a hypothesis test can be done. This test
consists of a validity test, reliability test, and classic assumption test.
The validity test can be done by looking at the correlation between the score of each item
in the questionnaire with the total score you want to measure using Pearson Correlation.
The validity testing results stated that all question items are declared valid.
The second test is the reliability test. The test was conducted to measure the consistency
of respondents in answering questions related to research variables. Reliability tests can
be conducted together on all questions for more than a variable. This test is said to be
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reliable if Cronbach's Alpha value is > 0.60. Reliability testing results showed that the
research variables were declared reliable.
The next data test is the classic assumption test. This classic assumption test was
conducted to see if the study data could be said to be normal or not. Based on these tests,
it was stated that the study data is said to be normal.
After going through the data instrument test and the classical assumption test, then the
next test is the hypothesis test. The following is the result of the multiple regression
analysis that has been carried out:
Table 3. Hypothesis
Hypothesis Beta Sig. Result
Personal income has a significant effect on the 0,477 0,000 Accepted
financial behavior of Gen Z
Financial attitude has a significant effect on the 0,317 0,017 Accepted
financial behavior of Gen Z
Financial literacy has a significant effect on the 1,331 0,004 Accepted
financial behavior of Gen Z
Source: processed data, 2022
Personal Income and Financial Behavior
Based on tests conducted, it appears that personal income influences the financial behavior of
Gen Z. This shows that Gen Z began to be wise in managing finances. They can set aside their
income according to their needs. Gen Z is already more sensitive to the use of their income.
When individuals are faced with an increased level of income, the individual's responsibility
in managing finances will also increase (Fatima, 2018).
These results illustrate that Gen Z's financial behavior can come from how much income they
have. When a person has a high enough income, then they tend to have a higher level of
financial knowledge. High financial knowledge will support better financial behavior. (Keown,
2011)
Nye and Hilyrad in Hidajat (2015) explain that materialism can influence financial behavior.
Materialism is an individual belief in which they believe that possessions are the most
important thing in a person's life.
The test also illustrates that Gen Z can allocate income well to everyday life so that they can
achieve the right financial goals with optimal results. These test results follow research
conducted by Reviandani (2019) explaining that income levels are related to financial behavior.
Financial attitude and Financial Behavior
Based on tests conducted, it appears that financial attitudes influence financial behavior gen Z.
Financial attitudes are described as a person's view of how they exercise self-control over
financial use as well as financial-related decision-making (Prihartono and Asandimitra, 2018).
Gen Z has good control over its financial management. They can manage finances well, to
achieve the goals they set. The results of this test also indicate that Gen Z has a high
commitment to financial management. This is evident from the indicator of questions given to
respondents. Gen Z has clear planning and targets for its finances. The results show that Gen
Z has a habit of planning budgets. The habit of planning his expenses shows a positive attitude
towards financial behavior, so it can be concluded that Gen Z has a good financial attitude
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When Gen Z has a good financial attitude, it becomes a picture that the individual knows how
to apply good financial behavior to future planning. Good financial behavior will start from
how financial attitude is applied in everyday life.
This research is following the one conducted by Karunia (2017), where the study explained
that when individuals have a good financial attitude, then the financial behavior of the
individual will be better. The financial attitude of the individual will have a positive effect on
his financial behavior.
Financial Literacy and Financial Behavior
Based on the tests conducted, it appears that financial literacy influences the financial behavior
of Gen Z. The better literacy rate will affect its financial behavior. Individuals who have good
financial literacy, then they will be wise and careful in managing their finances. Financial
literacy is the basic thing used by individuals in making decisions. Without financial literacy,
individuals will tend to be careless in making decisions. This is because they do not understand
the risks that will be faced if they are less careful in making decisions.
Andarsari and Ningtyas (2019) explain that literacy has a positive relationship to financial
behavior. When individuals have high knowledge, then they will be wiser in financial behavior.
Financial knowledge is the basic thing that must be owned in everyday life.
This research illustrates how important financial literacy is to financial behavior. Financial
literacy will help someone solve the financial problems they will face. If a person does not have
good financial literacy, then they can not face the existing problems and will have a domino
effect on other understandings. (Pamikatsih and Susanti, 2020)
The results of this study are following the findings of Listyani (2021), financial literacy will
affect financial behavior. This indicates that the higher the knowledge and ability of the
individual, the wiser the individual will be wise in making decisions or behaving towards his
finances.
Coefficient of Determination
The next test is the coefficient of determination. This test is done to determine how much
personal income variables, financial attitudes and financial literacy (independent variables)
affect financial behavior variables (dependent variables). Based on the tests conducted, the
following results were obtained:
Table 4. Coefficient of Determination
R Square Adjusted R Square
0,536 0,521
Source: processed data, 2022
In table 4, it appears that the value of the coefficient of determination is 0.521. This value
illustrates that personal income, financial attitudes, and financial literacy only have an effect
of 52.1% on financial behavior. Another 47.9% were affected by other variables outside of the
study.
5. Conclusions
Based on the results of tests, it can be concluded that personal income, financial attitudes, and
financial literacy have a significant effect on Gen Z's financial behavior, it can certainly be new
hope for Indonesia given that Gen Z is the majority group so that it can support the Indonesian
economy. But this study of course still has limitations so that it can be developed again by
further researchers such as expanding the research area not only in Surakarta, Central Java in
addition to adding other variables such as experience managing finances, and education levels.
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Acknowledgments
This research was supported by Sekolah Tinggi Ilmu Ekonomi Surakarta. We would also like
to show our gratitude to Sekolah Tinggi Ilmu Ekonomi Indonesia for giving us the opportunity
to follow to participate in the 2nd International Conference on Business & Social Science
Furthermore I would like to thank the rest of the undergraduate research team for their
collaborative effort during data collection. I would also like to acknowledge the school in
Bradford for their participation and engagement in the study.
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