Financial Well-Being of Millennial Workers in East Java, Indonesia

Abstract

Efforts to increase the financial well-being of a country's population need to be carried out in order to encourage long-term economic growth. Individual financial well-being can be measured through the financial behavior and financial attitude of each individual. The urgency of this research is that the term financial well-being itself is still relatively new and research in this field is still fragmented so it is unable to present a comprehensive sense of the expansion and dynamics of the research field. In addition, the majority of research related to financial well-being focuses on individual perspectives (subjective point of view) which can vary between individuals. This study aims to examine the relationship between financial behavior, financial attitude, and financial well-being (objective and subjective) of millennial workers in East Java. The research method uses primary data which is collected through a questionnaire. The sampling method used purposive sampling with a total of 150 respondents. Data analysis technique using PLSSEM. Results of data analysis showed that financial behavior as well as financial attitude significantly affect both objective and subjective financial well-being. Further, those who have great financial situations objectively will also have a positive perspective of their financial well-being subjectively.