Pengaruh Financial Literacy terhadap Financial Well-Being dengan Peran Mediasi Financial Self-Efficacy dan Financial Behavior pada Generasi Z di Kota Padang

Najwa Kamila (State University of Padang)
Dina Patrisia (State University of Padang)

MUQADDIMAH: Jurnal Ekonomi, Manajemen, Akuntansi dan Bisnis
Article in Press

Financial literacy is increasingly important for strengthening the financial well-being of Generation Z amid growing financial complexity and consumption pressures. This study examines the relationship between financial literacy and financial well-being, with financial self-efficacy and financial behavior serving as mediating variables among income-earning Generation Z in Padang. A quantitative approach was employed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) through SmartPLS, involving 170 respondents selected through purposive sampling. The findings demonstrate that financial literacy positively and significantly influences financial self-efficacy, financial behavior, and financial well-being. Financial self-efficacy and financial behavior also show significant positive relationships with financial well-being. Furthermore, both variables significantly mediate the relationship between financial literacy and financial well-being, indicating that financial knowledge alone is insufficient to produce optimal financial outcomes without confidence and effective financial management practices. These findings highlight the importance of strengthening financial literacy alongside behavioral and psychological capabilities among Generation Z. Integrating financial education with practical financial management and self-efficacy development may provide a more effective pathway toward improving the financial well-being of young adults.