Abstract
Millennials tend to face personal financial distress due to sandwich generation problem. Personal financial distress is one of issues in personal financial management. It can bring many problems to another aspect in personal life. Therefore, it’s important for people to mitigate that issue and reach personal financial goals. Personal financial distress is condition when individual is unable to fulfill a financial needs. This condition can be influenced by religiosity and financial literacy. Religiosity and financial literacy could explain a spending behaviour and how to use money. This study aims to test the influence of religiosity and financial literacy on personal financial distress. Using online survey targeting millennial generation in Indonesia, this study find that religiosity have negative significant impact on personal financial distress and financial literacy play a role as moderating variable that weaken relationship between religiosity and financial distress. In conclusion, mitigating personal financial distress could be implemented in several ways. Personal financial distress could be avoided by higher religiosity and financial literacy
Highlights
Millennials in Indonesia tend to have financial insecurity
The questionnaires were developed in Indonesian language, and divided into three sections: (1) demographics, (2) questions related to religiosity and financial literacy (3) questions related to financial behaviour and personal financial distress
Mitigating personal financial distress can be implemented in various way
Summary
Based on Alvara Research Center [1], 60.6% of millennial generation in Indonesia have no financial plan. The IDN Research Institute [2] showed that millennial generation in Indonesia were consumptive and used 51.1% of their income for both basic needs or to fulfill their lifestyle. Sandwich generation is individuals who have a responsible to meet the needs of their parents and their own children. Gallagher and Tierney stated that obedience of the rules of religion was one of example devotion and respect from individual to religious dimension. This studyused all of religious dimension which showed the person believes in the existence of God and do everything based on his religious regulations.
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