Millennial Urban Generations: Does Become “A Current Generation” Shift Their Attention to Financial Literacy?

Deden Mulyana, Mohammad Soleh Soeaidy, Adhitya Rahmat Taufiq
Economics Faculty, Siliwangi University


This study attempted to understand the roles of social behaviour and “new trend” lifestyle of the community of millennial urban generation, particularly the new employees towards their financial literacy levels. The data were analyzed utilizing Multilevel Confirmatory Factor Analysis within Structural Equation Modelling (SEM) analysis framework to identify how the effects of lifestyle variable on financial literacy. Besides, this study aimed at examining the significance of Attention, Interest, and Opinion (AIO) and Food Relation Lifestyle (FRL) concepts as the construct of lifestyle variable. Additionally, it scrutinized how financial knowledge, financial behaviours, and financial attitudes played their roles as the constructs of financial literacy. The findings indicated that lifestyle significantly influenced the financial literacy of urban millennial generations. This was reinforced by the empirical evidence showing that financial literacy resulted from knowledge, attitudes, and behaviours determined by the “new trend” lifestyle of millennial urban generations. Moreover, AIO and FRL can reflect the “new trend” lifestyle of millennial urban generations. Overall, financial knowledge, financial attitudes, financial behaviours reflected the financial literacy of millennial urban generations.

Keywords: Financial attitudes, Financial behaviours, Financial knowledge, Financial literacy, Lifestyle