Undermining Shoestring Budget: Financial Capability Determinants of Millennial Generation

Abstract

Financial capability can help millennials address their risky financial behaviours and, in particular, provide low-income millennials with opportunities to develop healthy financial behaviours.This study aims to fill the research gap by exploring how millennials' financial capability is influenced by a combination of financial literacy and financial attitudes (as an intrinsic factor) and financial inclusion (as an extrinsic factor) mediated by financial behaviour.This research method is explanatory causality with the Millenial Generation population in East Java using purposive sampling techniques and SEM-AMOS analysis tools.The study result shows that millennial financial capability is influenced by a combination of financial attitudes and financial literacy (as an intrinsic factor) and financial inclusion (as an extrinsic factor) mediated by financial behaviour.This means that by having an excellent financial attitude supported by sound financial literacy and having access to financial services, millennials will create good financial behaviour to make sound financial decisions.

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