Management and Personal Financial Management Behavior of Gen Y Teenagers in the Central Region
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Abstract
The purposes of this research were to 1) study the level of personal financial management of Gen Y adolescents, 2) compare the personal financial management of Gen Y adolescents by personal factors, 3) study the level of personal financial management behavior of Gen Y adolescents, and 4) analyze the components of Gen Y adolescents’ personal financial management behavior. The sample group in this study was 400 Gen Y adolescents through the accidental sampling technique. A questionnaire with a reliability of 0.87 was used as a data collection tool. Data were analyzed by percentage, mean, standard deviation, t-test, one-way ANOVA, Exploratory Factor Analysis, and Pearson’s correlation analysis.
The results of the research revealed that the overall level of personal financial management was at a high level (= 3.78, S.D. = 0.31). Gen Y with different genders had no difference in financial management. Gen Y with different average monthly income, educational background, and the proportion of savings or investment allocation had an
overall difference in financial management with a statistically significant difference at 0.05. The overall level of financial management behavior was at a high level (= 3.85, S.D. = 0.32). Furthermore, the management of personal money had two components: the form of savings or investment and the saving goal or investment. The results of the research can be used as a guideline to instill and build immunity among adolescents and youth of Gen Y to see the importance of financial management. This is an important basis for determining guidelines that will lead to financial management in the future.
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