The Effect of Financial Knowledge and Financial Socialization on Financial Well-being of Millennial Investors in Bandung City: The Mediating Role of Financial Behavior

Aisyah Ayu Ningrat Wijayanti (Universitas Jendral Achmad Yani)
Eka Yulianti (Universitas Jendral Achmad Yani)

Al-Kharaj: Journal of Islamic Economic and Business
Vol. 8 No. 3 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi

This study examines the effect of financial knowledge, financial socialization on financial well-being of millennial investors in Bandung, with financial behavior serving as a mediating variable. The research method used was a descriptive associative quantitative method with a survey method using a questionnaire of 100 millennial investor respondents in Bandung. Data analysis was carried out using Partial Least Square-Structural Equation Modelling (PLS-SEM). The results of the study show that financial knowledge and financial socialization have a positive effect on financial well-being, both directly and indirectly through financial behavior as a mediating variable. These findings reinforce the theory of planned behavior which emphasizes the importance of alignment between values, attitudes and behaviors in achieving financial well-being. This study confirms that financial well-being is influenced not only by income levels but also by attitude and behaviors.