The Role of Financial Literacy in Managing Personal Finances for the Millennial Generation
Keywords:
Financial literacy, personal finance, millennials, financial behavior.Abstract
This study aims to determine the extent to which financial literacy influences the millennial generation's ability to manage personal finances. Millennials are known as a productive age group facing various financial challenges, ranging from consumer spending to a lack of long-term financial planning. The research method used was descriptive quantitative, through questionnaires distributed to respondents aged 20–35. The results indicate that a high level of financial literacy positively influences wiser financial behaviors, such as budget management, savings, and investment. Conversely, low financial literacy is often associated with poor financial decision-making. Therefore, improving financial literacy is crucial in creating a more financially prepared generation in the future.
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