The Influence of Financial Knowledge, Financial Socialization on Financial Satisfaction with Financial Risk Attitude as a Mediation Variable in Millennial Generation in Padang City
Keywords:
Financial Knowledge, Financial Socialization, Financial Risk Attitude, Financial Satisfaction
Abstract
This research has a purpose to analyze the influence of financial knowledge, financial socialization on financial satisfaction with financial risk attitude as a mediating variable in the millennial generation in Padang City. The population in this research is the millennial generation who already have income in the city of Padang. The total of samples in this research were 210 respondents. Data collection through distributing questionnaires online and processed data using SmartPLS software. The results of this research point that (1) financial knowledge has a significant effect on financial risk attitude , (2) financial socialization has no significant effect on financial risk attitude , (3) financial risk attitude has a significant effect on financial satisfaction , (4) financial knowledge has a significant effect on financial satisfaction , (5) financial socialization has a significant effect on financial satisfaction , (6) financial knowledge has no significant effect on financial satisfaction with financial risk attitude as mediation, (7) financial socialization has no significant effect on financial satisfaction with financial risk attitude as mediation.
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References
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Ahyar, H., Maret, U. S., Andriani, H., Sukmana, D. J., Mada, U. G., Hardani, S.Pd., M. S., Nur Hikmatul Auliya, G. C. B., Helmina Andriani, M. S., Fardani, R. A., Ustiawaty, J., Utami, E. F., Sukmana, D. J., & Istiqomah, R. R. (2020). Buku Metode Penelitian Kualitatif & Kuantitatif (Issue March).
Ajzen, I. (1991). The Theory of Plannned Behavior. Organizational Behavior and Human Decision Processes, 50, 179– 211. https://doi.org/10.47985/dcidj.475
Andrews, F. M., & Withey, S. B. (1976). Social Indicators of Well-Being. In Social Indicators of Well-Being. https://doi.org/10.1007/978-1-4684-2253-5
Damian, L. E., Negru-Subtirica, O., Domocus, I. M., & Friedlmeier, M. (2019). Healthy Financial Behaviors and Financial Satisfaction in Emerging Adulthood: A Parental Socialization Perspective. Emerging Adulthood, 8(6), 548–554. https://doi.org/10.1177/2167696819841952
Darmawan, D., & Pamungkas, A. S. (2019). Pengaruh Financial Attitude Dan Financial Knowledge Terhadap Financial Management Behavior. Jurnal Manajerial Dan Kewirausahaan, 1(2), 172–181. https://doi.org/10.35914/jemma.v2i2.243
Diener, E. (2000). Subjective well-being: The science of happiness and a proposal for a national index. American Psychologist, 55(1), 34–43. https://doi.org/10.1037/0003-066X.55.1.34
Diener, E., Oishi, S., & Lucas, R. E. (2003). Personality, Culture, and Subjective Well-being: Emotional and Cognitive Evaluations of Life. Annual Review of Psychology, 54(February), 403–425. https://doi.org/10.1146/annurev.psych.54.101601.145056
Eker, M., & Anbar, A. (2010). an Empirical Investigation for Determining of the Relation Between Personal Financial Risk Tolerance and Demographic Characteristic. Ege Akademik Bakis (Ege Academic Review), 10(2), 503–503. https://doi.org/10.21121/eab.2010219633
Firli, A., Khairunnisa, S., & Rahadian, D. (2021). The Influence Of Financial Stressors, Financial Behavior, Risk Tolerance, Financial Solvency, And Financial Knowledge On Financial Satisfaction Of Working Age Population. Jurnal Manajemen Indonesia, 21(3), 228. https://doi.org/10.25124/jmi.v21i3.3723
Gerrans, P., Speelman, C., & Campitelli, G. (2014). The Relationship Between Personal Financial Wellness and Financial Wellbeing: A Structural Equation Modelling Approach. Journal of Family and Economic Issues, 35(2), 145–160. https://doi.org/10.1007/s10834-013-9358-z
Grable, J. E., & Joo, S. H. (2004). Environmental and biopsychosocial factors associated with financial risk tolerance. Journal of Financial Counseling and Planning, 15(1), 73–82.
Hair, J. F., Tomas M, Hult, G., Christian M, R., & Marko, S. (2017). A primer on partial least squares structural equation modeling (PLS-SEM). In International Journal of Research & Method in Education (Vol. 38, Issue 2). https://doi.org/10.1080/1743727x.2015.1005806
Hira, T. K., & Mugenda, O. M. (1998). Predictors of financial satisfaction: Differences between retirees and non-retirees. Journal of Financial Counseling and Planning, 9(2), 75–84.
Hira, T. K., Sabri, M. F., & Loibl, C. (2013). Financial socialization’s impact on investment orientation and household net worth. International Journal of Consumer Studies, 37(1), 29–35. https://doi.org/10.1111/ijcs.12003
Leesa Tanner. (2010). Who Are the Millennials? In Defence Research And Development Canada Ottawa (Ontario) Centre For Operational Research And Analysis (Issue December). http://www.livescience.com/38061-millennials-generation-y.html
Madinga, N. W., Maziriri, E. T., Chuchu, T., & Magoda, Z. (2022). An Investigation of the Impact of Financial Literacy and Financial Socialization on Financial Satisfaction: Mediating Role of Financial Risk Attitude. Global Journal of Emerging Market Economies, 14(1), 60–75. https://doi.org/10.1177/09749101211070952
Muzakky, F. A., & Soekarno, S. (2021). How financial literacy affect risk preference: an evidence from Bandung, Indonesia. Jurnal Riset Akuntansi Dan Keuangan, 9(1), 1–12. https://doi.org/10.17509/jrak.v9i1.29202
Normawati, R. A., Rahayu, S. M., & Worokinasih, S. (2022). Financial Satisfaction on Millennials: Examining the Relationship Between Financial Knowledge, Digital Financial Knowledge, Financial Attitude, and Financial Behavior. Jurnal Aplikasi Manajemen, 20(2). https://doi.org/10.21776/ub.jam.2022.020.02.12
Payne, P., Kalenkoski, C. M., & Browning, C. (2019). Risk tolerance and the financial satisfaction of credit card users. Journal of Financial Counseling and Planning, 30(1), 110–120. https://doi.org/10.1891/1052-3073.30.1.110
Saurabh, K., & Nandan, T. (2018). Role of financial risk attitude and financial behavior as mediators in financial satisfaction: Empirical evidence from India. South Asian Journal of Business Studies, 7(2), 207–224. https://doi.org/10.1108/SAJBS-07-2017-0088
Sugiyono. (2011). Metode penelitian kuntitatif kualitatif dan R&D. Alfabeta.
Sugiyono. (2019). Metode Penelitian Kualitatif Kuantitatif dan R&D. CV Alfabeta.
Yaw Owusu, G. M., Korankye, G., Mark Yankah, N. Y., & Agyekum Donkor, J. B. (2023). Financial Risk Tolerance and Its Determinants: The Perspective of Security Service Personnel in Ghana. Borsa Istanbul Review. https://doi.org/10.1016/j.bir.2023.02.005
Yuliani, Y., Taufik, T., Mukhtaruddin, M., & Dewi Murnila Saputri, N. (2021). Assessing Model of Financial Satisfaction Predictors: the Mediating Effect of Financial Risk Tolerance and Financial Behavior. Journal of Accounting Research, Organization and Economics, 4(2), 140–152. https://doi.org/10.24815/jaroe.v4i2.20150
