Financial Socialization and Digital Financial Literacy in Shaping Financial Well-Being: The Mediating Roles of Financial Behavior and Resilience among Indonesian Millennial Sandwich Generation

Tika Mahalia; Jul Aidil Fadli

doi:10.61100/tacit.v4i3.400

Authors

Tika Mahalia Universitas Esa Unggul
Jul Aidil Fadli Universitas Esa Unggul

DOI:

https://doi.org/10.61100/tacit.v4i3.400

Keywords:

Financial Socialization, Digital Financial Literacy, Financial Behavior, Financial Resilience, Financial Well-Being, Sandwich Generation

Abstract

This study examines the effects of financial socialization and digital financial literacy on financial well-being through financial behavior and resilience among Indonesian Millennial sandwich-generation individuals. Using a quantitative approach, data were collected from 431 respondents selected through purposive sampling and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal that financial socialization positively influences financial behavior, financial resilience, and financial well-being. Digital financial literacy positively affects financial behavior but has no significant effect on financial resilience and exhibits a negative relationship with financial well-being. Financial behavior does not significantly influence financial well-being or mediate the proposed relationships. Conversely, financial resilience emerges as the strongest predictor of financial well-being and significantly mediates the relationship between financial socialization and financial well-being. These findings extend Family Resource Management System Theory by highlighting financial resilience as a crucial adaptive mechanism for maintaining financial well-being under intergenerational financial responsibilities.

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