Generation Z Financial Literacy and Behaviour

In the digital age, healthcare professionals are required to possess not only healthcare competencies but also financial and digital literacy to support better financial management and investment decision-making. Unhealthy financial behaviors, such as excessive spending and minimal allocation of funds for investment, are major obstacles. Additionally, low skills in utilizing digital platforms increase the risk of becoming a victim of fraudulent investments. This research aims to address this phenomenon by studying healthcare workers in Berau Regency, using the Structural Equation Modeling (SEM) approach. The research findings indicate that financial literacy does not directly influence the financial behavior of healthcare workers. Conversely, digital literacy and income have a positive and significant influence on financial behavior. Research has proven that favorable financial behavior not only enhances investment decision-making ability but also significantly mediates the influence of digital literacy and income on investment decisions. Financial literacy also has a positive direct impact on investment decisions, but this influence is not mediated by financial behavior, while digital literacy does not have a direct impact on investment decisions. Revenue plays an important role in supporting optimal and sustainable investment decisions. This finding provides a basis for the government and the Berau District Health Office to design financial and digital literacy education programs. Furthermore, this study's findings offer valuable insights to healthcare professionals about managing income and making investments that promote long-term well-being.

Purpose: The paper discusses the intersection of financial literacy and digital asset education as an inherent determinant of the emergence of a new wave of self-made millionaires in America. As conventional means to wealth creation become ever more tenuous, especially for Millennials and Gen Z, advances in digital technology, including cryptocurrency, decentralized finance (DeFi), non-fungible tokens (NFTs), and e-business present unparalleled opportunities. The article investigates the key role played by financial literacy in empowering individuals to access these new avenues. Materials and Methods: A mixed-method research design was employed in this study. The paper employs current data published by Pew Research, Chainalysis, Fidelity, and the Global Financial Literacy Excellence Center. The research also employs qualitative interviews and public case profiles of investors and digital entrepreneurs. Findings: The most successful lasting success factor among the new digital millionaires is not inherited wealth or high income, but rather high financial and digital literacy levels. Case studies of individuals who have utilized cryptocurrency investing, digital enterprises, and online learning to attain prosperity prove the trend. Furthermore, this paper presents a comparative review of traditional and digital wealth creation models. Implications to Theory, Practice, and Policy: The study proposes a redefinition of financial literacy to include blockchain, tokenomics, and platform-based earnings. Practically, it summons schools, governments, and financial institutions to incorporate digital financial literacy into education and advisory services. Policy implications are public funding for Web3 education, support for digital entrepreneurship, and the decentralization of access to wealth-building.

In the digital era, the investment landscape has been transformed by the proliferation of online platforms and fintech solutions, creating new opportunities and challenges for younger generations. This study investigates the influence of financial literacy on the investment decisions of Millennials and Gen Z, two cohorts that are increasingly participating in financial markets through digital channels. Using a mixed-methods approach, we combine quantitative analysis from surveys conducted with 600 individuals across these age groups with qualitative insights gathered from in-depth interviews. The results show that financial literacy significantly affects investment behavior, with those possessing higher levels of financial knowledge demonstrating a more strategic approach to portfolio diversification, risk management, and long-term financial planning. Furthermore, the study finds that digital tools and platforms, such as robo-advisors, investment apps, and online trading platforms, play a crucial role in shaping the investment choices of Millennials and Gen Z, especially as they seek accessible, low-cost options for managing their investments. Key factors influencing these investment decisions include risk tolerance, trust in digital platforms, and the impact of social media influencers on financial decision-making. The research highlights the need for targeted financial education programs that can enhance financial literacy, improve investment outcomes, and encourage responsible investing behaviors among younger generations. These findings provide valuable insights for policymakers, financial institutions, and educators aiming to promote sustainable financial habits and improve the overall financial well-being of Millennials and Gen Z in the digital age.

Introduction: financial literacy the ability to manage personal finances is crucial, yet Indonesia’s rate remains low, particularly among vocational high school (SMK) students who struggle with budget control and saving. Conventional teaching methods rarely enlace theory to practice, highlighting the need for innovation Game-Based Learning provides a solution through simulations that let students make financial decisions safely. This study introduces MOMA (Money Management), a digital tool that integrates gamification and experiential learning to strengthen financial knowledge and habits.Methods: this study applied a quantitative Pre-Experimental One Group Pretest–Posttest Design involving 632 students from six vocational high schools (SMK) in Yogyakarta province. The independent variable was the learning method (MOMA-based Game-Based Learning compared with conventional methods), while the dependent variable was financial literacy. A pretest measured initial literacy, followed by treatment in experimental classes using MOMA and control classes with traditional methods, and a posttest assessed improvement.Results: the results showed an overview of students’ financial literacy levels based on the analysis of their overall scores. The mean score indicated that most students were at a moderate level of financial literacy, suggesting that they possessed a basic understanding of financial concepts but still lacked depth in certain areas such as investment management and long-term financial planning. The standard deviation value demonstrated a relatively small spread of scores, indicating that most students’ performance was clustered around the mean. This consistency reflects a relatively uniform level of financial literacy across the sample, although variations were still observed among individuals.Conclusions: the MOMA game-based learning approach effectively enhanced students’ financial literacy by providing engaging and interactive learning experiences.

PurposeThis study aims to understand the drivers that help working adults to be better prepared for retirement, by examining the relationship between financial literacy (FL), financial attitude (FA), financial well-being (FWB), financial behavior (FB) and retirement preparation (RP). RP includes multidimensional measures, which are retirement confidence, retirement planning, long-term financial planning and private retirement schemes (PRS) participation.Design/methodology/approachThis was a quantitative study adopting non-probability sampling with self-administered questionnaire distributed to all working adults. Descriptive analysis was used to examine the 294 useable data, and the multiple logistic regression analysis was adopted for hypothesis testing.FindingsThe empirical results show that FB is positively associated with RP and then followed by FWB on retirement confidence. Although insignificant influence is found on FL and FA, better FL and FA will still improve individuals' RP.Research limitations/implicationsThe study provides insights to working adults that practicing positive FB and good FWB will improve RP. Besides, for financial institutions, income level is the main determinant for consumers to participate in PRS; for policy makers, to incorporate financial attributes knowledge as part of the school curriculum since early school years.Originality/valueThis study is one of the few studies in Malaysia that explored FL, FA, FB and FWB on retirement planning, respectively.

Abstract: While enhanced Financial Literacy theoretically correlates with improved micro-business outcomes, empirical evidence reveals inconsistent findings across diverse contexts and regional markets. This contradiction exemplifies the knowledge-implementation gap within behavioral finance literature, where theoretical understanding fails to automatically translate into superior operational performance. This investigation analyzes the complex relationships between Financial Literacy and business effectiveness among micro-tourism operators through three critical mediating mechanisms: Financial Experience, Credit Access, and Financing Decisions within emerging economy contexts. Data were collected from 383 micro-tourism business owners across the Greater Malang region, Indonesia, using a two-stage stratified proportional random sampling approach. This research utilized a quantitative explanatory approach through cross-sectional survey methodology. Statistical analysis utilized Partial Least Squares Structural Equation Modeling via SmartPLS 4.0, integrating four fundamental behavioral finance theoretical frameworks: Expected Utility Theory establishing rational choice foundations, Prospect Theory explaining cognitive biases and decision-making limitations, Signaling Theory addressing information asymmetries between micro-businesses and financial institutions, and Pecking Order Theory illuminating financing preference hierarchies within capital-constrained environments. The analysis demonstrates that Financial Literacy lacks direct influence on Financial Performance (β = 0.019, p = 0.769), but rather operates through sequential mediation pathways involving Financial Experience, Credit Access, and Financing Decisions. Credit Access emerges as the strongest mediating pathway (β = 0.113, p < 0.001), followed by Financial Experience (β = 0.112, p < 0.01) and Financing Decisions (β = 0.068, p < 0.01). The comprehensive model explains 54.2% of Financial Performance variance with substantial predictive validity, providing robust empirical support for behavioral finance applications in micro-enterprise contexts. The results suggest that MSME development initiatives require holistic ecosystem strategies that transcend conventional financial education approaches, incorporating enhanced Credit Access mechanisms, structured Financial Experience programs, and comprehensive decision-support systems. The research enhances behavioral finance scholarship by explaining the complex transformation processes by which Financial Literacy translates into Financial Performance within emerging market tourism contexts. Keywords: Credit Access, Financing Decisions; Financial Experience, Financial Literacy, Financial Performance

The article defines essence of financial literacy and its role in the Ukraine European integration processes, exposes the European experience and related domestic initiatives in the field of population's financial literacy improvement. It was established that in the process of financial literacy determining, it is important to focus not only on individual financial well-being, but also on positive socio-economic effect for the state. At the same time, the role of financial literacy during the integration processes of the state cannot be underestimated, because financial awareness, financial knowledge, skills, etc. influence people's financial behavior and financial decision-making in new conditions. It was found that the financial literacy issue is very important and critical for Ukraine strategic security. It was proven, based on a comparative analysis of the financial literacy results in Ukraine and foreign countries, that in many European countries financial literacy level needs to be significantly increased, the same as in Ukraine. The experience of implementing initiatives related to the financial literacy problems in the countries that showed the highest indicators according to OECD data (Slovenia, Germany, Austria), as well as Poland and the Czech Republic, was analyzed. It was determined that EU countries pay considerable attention to the initiatives of financial literacy increasing implementation for the population. These issues are dealt with both by the state in the form of ministries of education and regulatory bodies of the financial sphere, and by non-profit organizations, financial and educational institutions. It was argued that with process of Ukraine European integration, the implementation of various financial literacy improvement measures increased, including findings from the successful experience in EU countries. Also, regulators in the financial sphere, adopting the relevant experience from foreign countries, are developing the necessary documents that contribute to level of financial literacy increasing. It was noted, based on the comparison of the Competence Frameworks for the adult population in the EU and Ukraine, that they are quite similar and are based on the original set of basic competencies released by the OECD in 2016, and include digital financial competencies, which have been updated recently. The dynamics of indicators of the level of financial literacy from 2018 to 2021 were positive, and given the fact that the war did not stop the process of creating and implementing new initiatives in this area, there are reasons to expect further growth in the financial awareness of the Ukraine population, which will be an important step on the way integration with the countries of the European Union.

: Financial literacy literacy in the digital era is very much needed, especially in the new normal era after the Covid-19 pandemic. Financial literacy is also very important to be implemented from an early age because it relates to the ability to manage and make the right financial decisions. The service activities carried out aim to provide reinforcement to students regarding financial literacy in the digital era for students of SMKN 3 Padang. Activities carried out by direct observation method. Before the community service activities were carried out, students were given a pretest to find out the extent of students' basic knowledge regarding financial literacy. The activity continued with the provision of material and discussion, finally a post-test was given to see students' understanding of material regarding financial literacy in the digital era. The survey conducted on participants found that this activity provided reinforcement of financial literacy that they had understood so far to be able to apply it from an early age in managing finances. The results of these activities provide strengthening of knowledge to students regarding financial literacy in the digital era and the formation of students' understanding of financial literacy so that it can be applied in students' daily lives, especially in the current digital era.

Generation Z has grown up alongside digital technology, social media, and online investment applications, resulting in investment behaviors that differ from those of previous generations. This study aims to analyze the influence of Digital Social Influence and Behavioral Finance on Generation Z's Investment Decisions, with Financial Literacy as a moderating variable. Data were collected from 125 Gen Z respondents in Denpasar who possess a Single Investor Identification (SID) and have been actively investing in stocks for at least two years. A Likert scale questionnaire (1–10) was used, and the data were analyzed using Structural Equation Modeling with Partial Least Squares (SEM-PLS).The results show that Digital Social Influence significantly affects both Behavioral Finance and Investment Decisions. Additionally, Behavioral Finance has a positive influence on Investment Decisions. Furthermore, Financial Literacy strengthens the quality of investment decisions by mitigating excessive behavioral biases. These findings highlight the importance of enhancing financial literacy among the younger generation to foster critical thinking toward digital information and enable rational investment decision-making. For regulators and capital market participants, the results of this study can serve as a basis for formulating effective, digitally-based educational strategies tailored to the characteristics of Generation Z.

The Solution to the Financial Literacy Problem is to Educate the Young - Where are we Now?

Financial literacy has emerged as a key life skill that prominently influences people's capability to make informed and responsible financial decisions. Given the growing sophistication of financial systems and products, the relationships between financial knowledge and behavior are particularly important to individuals and collective economic well-being. This study is a focused attempt at investigating the role of financial literacy in financial decision-making among income-earning individuals in Rajkot. This paper focuses on those who actively create income for themselves through employment, business, or self-employment. It probes into their perception of fundamental financial concepts: budgeting, saving, investing, management of credit and retirement planning, and explores how the knowledge translates into actual financial behavior. Financial literacy is associated not only with personal economic outcomes but also with broader financial resilience and stability. This study will, therefore, draw on survey-based data collection from a heterogeneous sample of respondents with different socio-economic backgrounds. Key demographic variables include age, gender, education level, marital status, household structure, employment type, income level, and locality. Preliminary results indicate that a higher financially literate individual tends to exhibit sound financial behaviour, which includes saving in a disciplined manner, borrowing responsibly, and conducting future-oriented financial planning. Results underline the need for targeted programs on financial education, as existing knowledge gaps call for immediate attention. The research therefore emphasizes financial literacy as a necessary enabler in achieving good financial decision-making and long-term financial security among income-earning people by fostering informed choices, responsible money management, and improved financial well-being. It further stresses how improved financial literacy might position individuals to plan strategically, minimize risks, and realize better financial stability at both personal and professional levels.

Objective: This study aims to determine the effect of financial literacy and fintech literacy on capital market participation. It also examines the effects of individual characteristics (i.e., gender, age, student's allowances and income, parent's education, and parent's income) on financial and fintech literacy. Design/Methods/Approach: This study obtained 349 data from email and field surveys using purposive sampling. Data analysis was performed using OLS and path analysis. Findings: Results show that the level of student financial literacy is sufficiently literate, with a moderate level of fintech literacy but low capital market participation. The results also show financial and fintech literacy positively affects capital market participation. Financial literacy also exhibits indirect effects on capital market participation. Analysis of the determinants of literacy shows that gender, age, student allowances, and income have a significant positive effect on financial literacy and fintech literacy. We also find that parental education and income show a negative effect on fintech literacy. Originality/Value: This study is the first to examine the relationship between financial literacy, fintech literacy, and capital market participation in young adults in metropolitan cities in Indonesia. The results are expected to provide insight for the authorities of the monetary system and the capital market to develop strategies for the more intense involvement of young adults in the capital market. Practical/Policy implication: This study highlights the importance of educating students about financial and fintech literacy to increase their participation in the capital market. Decision-makers should focus on providing intense education on portfolio investment, risk and return, and investment instruments. Financial authorities should also collaborate with fintech operators and securities companies to promote capital market products through fintech and educate the public with more comprehensive information.

This research assessed the financial literacy and mathematics performance of Grade 11 students. This research utilized a quantitative methodology, employing surveys to measure financial literacy in terms of financial decision-making, financial management, financial knowledge, financial planning and students’ behavior in terms of spending and saving habits. Students’ academic performance was also analyzed. A correlation analysis was conducted to test significant relationships between financial literacy and behavior constructs and learners’ academic performance. The findings revealed that students demonstrated moderate financial decision-making skills and positive saving habits. However, significant gaps were identified in financial management, financial knowledge, and financial planning. Academic performance in mathematics was consistently very satisfactory, showcasing a stable understanding of mathematical concepts. Correlation analysis indicated weak relationships between financial literacy constructs and mathematics performance, none of which were statistically significant. This suggests that financial literacy and mathematics skills are independent of one another in this context. The results highlight the need for targeted interventions to improve financial literacy, focusing on areas such as expense tracking, budgeting, and financial planning. Despite the lack of a significant relationship, enhancing financial literacy remains critical to preparing students for real-world financial challenges. The study provides valuable insights for educators and policymakers in developing programs to address gaps in financial literacy and foster responsible financial behaviors among students. Future research may explore alternative factors influencing financial literacy to better understand its broader implications.

In order to improve the financial well-being of India's millennial population, financial literacy is essential. This group has particular financial difficulties, such as growing living expenses, debt from education loans, and expectations to become financially independent early in life. Millennials that possess financial literacy are better able to manage their money, choose wisely when making investments, and create long-term plans. Millennials may steer clear of typical financial traps by having a basic understanding of concepts like debt management, investing, saving, and budgeting. They can better negotiate the complexity of financial products and services with greater financial literacy, which improves financial security and stability. Furthermore, financial literacy encourages responsible financial behaviour, which lowers the risk of taking on excessive debt and raises the potential for wealth building. In the end, developing millennials' financial literacy is crucial to creating a generation that is prosperous and resilient financially. A sample of 219 is collected from Millennial generation to know about their financial literacy. The factors that identify the role of financial literacy on Financial Well-being of Millennial generation are Improved Budgeting and Money Management, Effective Debt Management, Long-Term Financial Planning, and Informed Investment Choices.

Financial literacy is a critical skill that enables students to make informed and responsible financial decisions in an increasingly complex economic environment. This study examines the role of teachers in the development of financial literacy among college students and analyzes the influence of gender on students’ participation in family financial decision-making and their interest in maintaining savings accounts. A quantitative research design was adopted, and primary data were collected from college students using a structured questionnaire covering key dimensions of financial awareness, budgeting, saving, and financial decision behaviour. Descriptive statistics, independent samples t-tests, and simple linear regression analyses were employed to test the formulated hypotheses. The findings reveal that teachers play a significant role in enhancing students’ financial literacy by providing formal guidance, foundational knowledge, and financial awareness within academic settings. Additionally, the results indicate that gender significantly influences students’ involvement in family financial decisions as well as their interest in having savings accounts, with male students demonstrating higher levels of participation and interest compared to female students. These outcomes highlight the combined importance of educational influence and socio-demographic factors in shaping students’ financial behaviour. The study underscores the need for structured financial education within academic curricula and gender-inclusive approaches to financial literacy to promote equitable financial competence and long-term economic well-being among students