Towards the financial well-being of Gen-Z: A study at Tri Ratna School – Jakarta with Locus of Control as a mediation variable

https://doi.org/10.35912/jomabs.v2i2.2672
Published: Jan 17, 2025

Abstract:

Purpose: This study aimed to analyze the influence of financial literacy and lifestyle on financial well-being among Generation Z (Gen-Z), with locus of control as a mediating variable. In this study, locus of control refers to an individual's belief in internal and external influences in making decisions or taking actions, which is expected to mediate the relationship between financial literacy, lifestyle, and financial well-being.

Research methodology: The data used in this study were collected through a survey of students, teachers, and staff members of Gen-Z at Tri Ratna School-Jakarta, aged between 16 and 27 years. The analysis was conducted using Partial Least Structural Equation Model (PLS-SEM) analysis to test the relationships between variables.

Results: The findings of this study are expected to provide insights into the importance of financial literacy and the influence of lifestyle in shaping the financial well-being of Gen-Z as well as the role of locus of control in strengthening or weakening these influences. The findings are expected to serve as a reference for financial education and the development of more effective policies to improve the financial well-being of younger generations in Indonesia, particularly Tri Ratna School-Jakarta.

Keywords:
1. Financial Literacy
2. Lifestyle
3. Financial Well-being
4. Locus of Control
Authors:
1 . Liny Liny
Universitas Kristen Krida Wacana, Indonesia
2 . Eka Desy Purnama
Universitas Kristen Krida Wacana, Indonesia
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How to Cite
Liny, L., & Purnama, E. D. (2025). Towards the financial well-being of Gen-Z: A study at Tri Ratna School – Jakarta with Locus of Control as a mediation variable. Journal of Multidisciplinary Academic Business Studies, 2(2), 347–356. https://doi.org/10.35912/jomabs.v2i2.2672
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Issue & Section
Vol. 2 No. 2 (2025): February
Articles
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References

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    Arifin, A. Z., Anastasia, I., Siswanto, H., & Henny, H. (2017). The effects of financial attitude, locus of control, and income on financial behavior. Paper presented at the International conference on economic, business, and accounting.

    Budiman, R. A., Tanuwijaya, H., Candraningrat, C., & Supriyanto, A. (2024). The Effect Financial Knowledge, Financial Attitude, and Income on Financial Behavior Through Locus of Control in Students. JMM17: Jurnal Ilmu ekonomi dan manajemen, 11(1), 42-57.

    Budiyanto, A., Mujib, A., Al Arif, M. N. R., & Prasetyowati, R. A. (2024). Factors affecting financial well-being: the mediating role of financial behavior towards religiosity and anti-consumption lifestyle–evidence from Indonesia. Investment Management & Financial Innovations, 21(3), 187.

    Gunawan, A., Mukmin, Wahyuni, S. F., & Sari, M. (2023). Factors affecting financial management behavior of Paylater users in Indonesia: Examining the moderating role of locus of control. Retrieved from

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    Madini, R., Hendri, M. I., Malini, H., Giriati, G., & Yakin, I. (2023). The effect of financial literacy and love of money on the financial management behavior of generation z. International Journal of Applied Finance and Business Studies, 11(3), 552-563.

    Maskur, F., Basir, A., & Dewi, S. R. (2024). Influence of job satisfaction and management information systems on employee performance in PT. Pawnshop in Palopo City. Journal of Multidisciplinary Academic and Practice Studies, 2(3), 325-334.

    Mutlu, Ü., & Özer, G. (2021). The moderator effect of financial literacy on the relationship between locus of control and financial behavior. Kybernetes, 51(3), 1114-1126.

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    Syaliha, A., Sutieman, E., Pasolo, M. R., & Pattiasina, V. (2022). The Effect of Financial Literacy, Life Style, Financial Attitude and Locus of Control to Financial Management Behavior. Public Policy, 3(1), 52-71.

    Udodiugwu, M. I., Nwosu, C. C., Obiakor, U. J., & Nwumeh, U. J. (2024). Motivation through indirect compensation: Evaluating employee performance in Enugu State Civil Service Commission. Annals of Human Resource Management Research, 4(2), 79-96.

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    Zulfaris, M. D., Mustafa, H., Mahussin, N., Alam, M. K., & Daud, Z. M. (2020). Students and money management behavior of a Malaysian public university. The Journal of Asian Finance, Economics and Business, 7(3), 245-251.

  1. Abdillah, W., & Hartono, J. (2015). Partial least square (PLS) : alternatif structural equation modeling (SEM) dalam penelitian bisnis. Yogyakarta: Andi.
  2. Arifin, A. Z., Anastasia, I., Siswanto, H., & Henny, H. (2017). The effects of financial attitude, locus of control, and income on financial behavior. Paper presented at the International conference on economic, business, and accounting.
  3. Budiman, R. A., Tanuwijaya, H., Candraningrat, C., & Supriyanto, A. (2024). The Effect Financial Knowledge, Financial Attitude, and Income on Financial Behavior Through Locus of Control in Students. JMM17: Jurnal Ilmu ekonomi dan manajemen, 11(1), 42-57.
  4. Budiyanto, A., Mujib, A., Al Arif, M. N. R., & Prasetyowati, R. A. (2024). Factors affecting financial well-being: the mediating role of financial behavior towards religiosity and anti-consumption lifestyle–evidence from Indonesia. Investment Management & Financial Innovations, 21(3), 187.
  5. Gunawan, A., Mukmin, Wahyuni, S. F., & Sari, M. (2023). Factors affecting financial management behavior of Paylater users in Indonesia: Examining the moderating role of locus of control. Retrieved from
  6. Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2022). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM): Sage Publishing.
  7. Hidayat, F. A., & Paramita, V. S. (2024). Analisis Pengaruh Gaya Hidup, Literasi Keuangan dan Inklusi Keuangan terhadap Perilaku Keuangan Generasi Z di Jawa Barat. Journal of Management and Bussines (JOMB), 6(3), 1143-1152.
  8. Laga, A., & Hizazi, A. (2023). The Effect of Financial Literacy, Financial Attitude, Locus of Control, and Lifestyle on Financial Management Behavior (Case Study on Undergraduate Accounting Study Program Students Faculty of Economics and Business Jambi University). Indonesian Journal of Economic & Management Sciences, 1(4), 459-480.
  9. Luis, L., & Nuryasman, M. (2020). Pengaruh pengendalian diri, literasi serta perilaku keuangan terhadap kesejahteraan keuangan. Jurnal Manajerial Dan Kewirausahaan, 2(4), 994-1004.
  10. Madini, R., Hendri, M. I., Malini, H., Giriati, G., & Yakin, I. (2023). The effect of financial literacy and love of money on the financial management behavior of generation z. International Journal of Applied Finance and Business Studies, 11(3), 552-563.
  11. Maskur, F., Basir, A., & Dewi, S. R. (2024). Influence of job satisfaction and management information systems on employee performance in PT. Pawnshop in Palopo City. Journal of Multidisciplinary Academic and Practice Studies, 2(3), 325-334.
  12. Mutlu, Ü., & Özer, G. (2021). The moderator effect of financial literacy on the relationship between locus of control and financial behavior. Kybernetes, 51(3), 1114-1126.
  13. Putri, S., & Utama, A. A. (2024). Reliability improvement process case study: PT HMS Tbk. Journal of Multidisciplinary Academic Business Studies, 1(4), 427-446.
  14. Razen, M., Huber, J., Hueber, L., Kirchler, M., & Stefan, M. (2021). Financial literacy, economic preferences, and adolescents’ field behavior. Finance Research Letters, 40, 101728.
  15. Restu, A., Gamayuni, R. R., & Yuliansyah, Y. (2024). Adopting an enterprise resource planning system in village government. Journal of Governance and Accountability Studies, 4(1), 1-17.
  16. Sulistiowati, R., Adisa, A. F., & Caturiani, S. I. (2021). Stakeholder synergy for sustainable tourism. Journal of Sustainable Tourism and Entrepreneurship, 3(1), 53-60.
  17. Syaliha, A., Sutieman, E., Pasolo, M. R., & Pattiasina, V. (2022). The Effect of Financial Literacy, Life Style, Financial Attitude and Locus of Control to Financial Management Behavior. Public Policy, 3(1), 52-71.
  18. Udodiugwu, M. I., Nwosu, C. C., Obiakor, U. J., & Nwumeh, U. J. (2024). Motivation through indirect compensation: Evaluating employee performance in Enugu State Civil Service Commission. Annals of Human Resource Management Research, 4(2), 79-96.
  19. Widiyanto, W., Lindiyatmi, P., & Yulianto, A. (2022). Locus of control as a mediating variable for the factors influencing consumptive behavior among students. Innovative marketing, 18(4), 97-109.
  20. Zulfaris, M. D., Mustafa, H., Mahussin, N., Alam, M. K., & Daud, Z. M. (2020). Students and money management behavior of a Malaysian public university. The Journal of Asian Finance, Economics and Business, 7(3), 245-251.