The Influence of Financial Literacy, Financial Socialization, Self-Control, Financial Technology, and Digital Financial Literacy on Financial Well-being Mediated by the Financial Behavior of the Millennial Generation in Konawe Regency

Abstract

The purpose of this study is to examine and analyze the influence of financial literacy, financial socialization, self-control, financial technology, and digital financial literacy on financial behavior and financial well-being, and to examine the influence of financial behavior on financial well-being, including the mediating role of financial behavior in influencing the relationship between financial literacy, financial socialization, self-control, financial control, and digital financial literacy on financial well-being. The research method used was quantitative with SEM PLS analysis technique with a sample of 398 people. The findings of this study indicate that financial literacy, financial socialization, self-control, financial technology, and digital financial literacy significantly and positively influence the financial behavior of the millennial generation. A good understanding of financial concepts, educational support from the social environment, the ability to control oneself, and the use of conventional and digital financial technology encourage the formation of more disciplined, efficient, and planned financial behavior. Furthermore, this financial behavior directly contributes to improved financial well-being, where individuals are able to meet needs, manage finances wisely, and prepare for a more stable long-term financial condition. In addition to these direct influences, financial behavior has also been shown to be a mediating variable that strengthens the impact of financial literacy, financial socialization, self-control, financial technology, and digital financial literacy on financial well-being, thus further optimizing the creation of secure and sustainable financial conditions for the millennial generation.