R Approach in Digital Financial Literacy Influence Subjective Financial Well-Being

Abstract

Millennial workers' financial well-being in the digital financial era is nonetheless anxious and insecure.This quantitative study aims to explore the factors driving the well-being of millennial workers' financial conditions, which they subjectively think in the form of anxiety or a sense of security when utilizing digital finance. This study collected data by distributing questionnaires to four hundred twenty-five millennial workers born between 1981 and 2005 and actively working in Greater Jakarta as a research sample. Utilizing PLS-SEM and the free software R Studio, the collected data was analyzed using descriptive statistics to determine the demographics of the respondents. The study's findings show that millennial workers in Greater Jakarta can improve their financial well-being by developing good digital financial literacy and practicing effective digital financial management behavior in using digital financial products. These workers believe this will alleviate their financial worries or provide security for the future.Following this study's findings, millennial workers must master the management of various digital financial service products early on to make financial decisions safely without worrying about financial well-being in their behavior.

Keywords

• financial well-being, gen y workers, digital financial literacy, digital financial behavior, financial technology