DIGITAL FINANCIAL LITERACY IN FINANCIAL WELL-BEING ON THE MILLENNIAL GENERATION IN RURAL AREA

Abstract

Financial well-being is one of the issues that are important to study; success in increasing financial well-being means success in reducing poverty levels. Financial well-being is a condition where a person can meet his needs in the present and in the future, feel secure about the future, enjoy life, and overcome unexpected needs in the future. The purpose of this research is to explore the role of digital financial literacy in the financial well-being of the millennial generation in rural areas. This study adopted a verified scale, measuring digital financial literacy adapted from the Setiawan scale with 11 statements (2020), financial behavior was adapted from the Garman scale measurement with eight statements (2014), and financial well-being was adapted from the Prawitz scale with nine statements (2006). All scales are measured using a 7-point Likert scale, and quantitative methods are used as a research approach. Data was collected from 235 millennial generation respondents who used e-commerce and e-wallet platforms, data was collected through an online survey from 18 districts in West Java, and data were analyzed by path analysis technique.