The Personal Financial Management Behavior of Generation Z
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Abstract
Background: Everyone faces challenges in managing finances, including individuals aged 13 to 28 years old known as Generation Z. This age group often experiences difficulties in managing personal finances due to a consumptive lifestyle, limited income, and low financial awareness. This study is based on the theory of financial behavior, which discusses financial science in decision making. The purpose of this study is to analyze the influence of income sources, lifestyle, self-control and financial self-efficacy on personal financial management in Generation Z.
Method: This study uses a quantitative approach with an associative research design. The data used are primary data obtained through the distribution of questionnaires. The location of the study is at the Faculty of Social and Political Sciences, University of Lampung, with the research population being individuals included in Generation Z. The sampling technique was carried out using the purposive sampling method and obtained 100 respondents as research samples. The collected data were analyzed using multiple linear regression with the help of IBM SPSS software version 30.
Results: The results of the study indicate that the source of income has no significant effect on personal financial management (t count -1.367 < 1.290 t table), while lifestyle (t count 3.601 > 1.290 t table), self-control (t count 3.127 > 1.290 t table) and financial self-efficacy (t count 2.638 > 1.290 t table) have a significant effect. Simultaneously, the four independent variables have a significant effect on personal financial management (F = 38.348), with an R² value of 0.601. This study used a sample of 100 respondents.
Conclusion: In conclusion, it is suggested that individuals in the Generation Z age group improve self-control, strengthen financial confidence and adjust their lifestyle to their economic conditions. The implications of these findings indicate the need for an active role of educational institutions and the government in improving financial literacy in order to build better awareness and management of personal finances among the younger generation.
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