Abstract
The current economic condition of generation Z was pretty unexpected. It might trigger problems personally or even their families. This study aimed to reveal the factors influencing the financial well-being and altering personality problems of generation Z. There were more than 800,000 peoples in population and the number of the sample was 239 peoples using a combination of purposive and convenience sampling methods. The data was then analyzed using multiple linear regression. The researchers used primary data by distributing questionnaires based on a Likert Scale. All classic assumptions met the criteria and testing produced financial self-efficacy, financial attitude, financial knowledge, financial behavior, and had a significant positive effect on financial well-being. However, locus of control had no significant effect on financial well-being. Generation Z must increase their independence and confidence to achieve what they want. It would be good to have financial atitude and investment behavior along with financial knowledge. They must also believe that only theirself can provide personal well-being. Generation Z needed character education, more mature, and independent thinking models to deal with economic problems
Highlights
The economy is the dominant factor triggering people to think about living standards for the long term
This study aims to observe the factors affecting the financial well-being of generation Z
The results of the study conclude there is a significant influence of financial self-efficacy on financial well-being, significant influence of financial attitude on financial well-being, significant influence of financial knowledge on financial well-being, and significant influence of financial behavior on financial well-being
Summary
The economy is the dominant factor triggering people to think about living standards for the long term. Financial management skills are a crucial part of every stage of life (Sabri & Zakaria, 2015). Generation Z (1995–2012) is a group facing a big challenge in making financial decisions because they tend to have low incomes and few assets; this process is their maturity process. Generation Z will certainly go with this flow and influence its economic factors. It is the impact of their lifestyle who like to gather with friends, shop online, vacation, or enjoy year-end leave. To fulfill these things, they certainly require a large fee
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