Factors Affecting Financial Well-being of Millennials: A Systematic Review
Keywords:
GenY, Economic Life, Financial Stability, Financial Decision, Financial Crises
Abstract
Financial well-being (FWB) refers to a status of an individual equipped with adequate resources to live life comfortably. Millennials, a cohort born in 1980-2000, fared less well financially than other generations. This article attempted to look into the existing body of knowledge to provide a comprehensive understanding of the factors affecting FWB among millennials. Employing a combined PICO and SPIDER tools, fifteen articles have been identified and subsequently, five themes were developed affecting FWB among millennials such as financial behavior and financial literacy, personal traits, social and economic environment, and life stage attributes. Among these identified factors, financial literacy is considered to be the strongest as higher financial literacy translates into better handling of finances, resulting in surplus and therefore better FWB. Financial behavior and financial attitude are also important as they involve skills, motivation, and confidence to apply knowledge and understanding. Personality traits equally remained as strong predictors along with social and economic environment factors as well as social support from firms and institutions which significantly affect financial well-being. This research will enable millennials to improve their financial lives. In the pursuit of improving their financial well-being, individuals make financial decisions to grow their assets and protect their resources and alleviate financial crises. Overall, this paper has demonstrated the factors that substantially determine FWB among millennials. It is recommended that relevant research be done to verify the factors identified in this study.
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References
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Cirillo, A., Maggi, B., Sciasciab, S., Lazzarotti, V., & Visconti, F. (2022). Exploring family millennials’ involvement in family business internationalization: Who should be their leader? Journal of Family Business and Strategy.
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Danes, S.M. & Yang, Y. (2014). Assessment of the use of theories within the Journal of financial counseling and Planning and the contribution of the family financial socialization conceptual model. Journal of Financial Counseling and Planning, 53–68.
Deal, J., Altman,D., and Rogelberg, S. (2010). Millennials at work what we know and what we need to do (if anything). Journal of Business & Psychology, 191-199.
Dewi , V., Febrian, E., Effendi, N., Anwar, M. (2020). Financial Literacy among the Millennial Generation: Relationships between Knowledge, Skills, Attitude, and Behavior. Australasian Accounting, Business and Finance Journal, 24-37.
Furnham, A. & Cheng, H. (2013). Factors influencing adult earnings: Findings from a nationally representative sample. The Journal of Socio-Economics, 120-125.
Haddaway, N. R., Macura, B., Whaley, P. & Pullin, A.S. . (2018). ROSES RepOrting standards for Systematic Evidence Syntheses: pro forma, ?ow-diagram and descriptive summary of the plan and conduct of environmental systematic reviews and systematic maps. Environmental Evidence.
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Hilgert MA, Hogarth JM, Beverly SG . (2003). Household financial management: the connection between knowledge and behavior. Federal Reserve Bill, 309–322.
Huang, E., Lassu, R., & Chan, K. (2018). User-Source Fit and Financial Information Source Selection of Millennials. Journal of Financial Counseling and Planning, 272-289.
Joo, S. (2008). Personal financial wellness. in J.J. Xiao (Ed). Handbook of consumer finance research. New York: Springer, 21-33.
Kaifi, B. A., Nafei, W. A., Khanfar, N. M., & Kaifi, M. M. (2012). A multi-generational workforce: managing and understanding millennials. International Journal of Business & Management, 88-93.
Khan, M.T. I. & Tan, SH. . (2020). Does family affect financial outcomes and psychological biases? Evidence from small investors in Bangladesh. Journal of Family Business Management, 167-186.
Kuknor S., & Sharma A. (2017). The relationship of debt management, compulsive buying behavior and financial well-being. Indian Journal of Public Health Research and Development, 822 - 828.
Latipah, E., Kistoro,H. C. A., Hasanah, F.F., & Putranta, H. (2020). Elaborating Motive and Psychological Impact of Sharenting in Millennial Parents. Universal Journal of Educational Research, 4807-4817.
Lim, HN., Heckman, S.J., Letkiewicz, J.C., & Montalto, C.P. . (2014). Financial stress, self-efficacy, and financial help-seeking behavior of college students. Journal of Financial Counseling and Planning, 148-160.
Lusardi, A. , Oggero, N. (2017, May). Millennials and Financial Literacy: A Global Perspective. Global Financial Literacy Excellence Center, p. 21.
Lusardi, A. (2019). Financial literacy and the need for financial education: evidence and implications. Swiss Journal of Economics and Statistics, 1-8.
Lusardi, A. (2019). Financial Well-Being of the Millennial Generation: An In-Depth Analysis of Its Drivers and Implications. Global Financial Literacy Excellence Center, 1-7.
Lusardi, A. a. (2014). The economic importance of financial literacy: Theory and Evidence. Journal of Economic Literature, 5–44.
M. Crumpacker, J.M. Crumpacker. (2007). Succession planning and generational stereotypes: Should HR consider age-based values and attitudes a relevant factor or a passing fad? Public Personnel Management, 349-369.
Mioto, A.P.S.C, & Parente, J. (2015). ANTECEDENTS AND CONSEQUENCES OF HOUSEHOLD FINANCIAL MANAGEMENT IN BRAZILIAN LOWER-MIDDLE-CLASS. Revista de Administração de Empresas, 50-64.
Mohamad Fazli Sabri1,M.F. and Zakaria, N.F. . (2015). The Influence of Financial Literacy, Money Attitude, Financial Strain and Financial Capability on Young Employees’ Financial Well-being. Pertanika Journal of Social Sciences and Humanities, 827-848.
Muleke, V. &. (2013). Financial Education on Employees' Financial Wellbeing in Academia in Tharaka Nithi country in Kenya. European Journal of Business and Management, 5, 15.
Owusu,G.M.Y, Bekoe, R.A., Arthur, M., & Koomson, T.A.A. (2021). Antecedents and consequences of compulsive buying behavior: the moderating effect of financial management. Journal of Business and Socio-economic Development.
Philip, M. (2014). The 23-Year-olds will save America. Bloomberg Business Week, 15-16.
Reiser, C., Van Vreede,V., and Petty, E. M. . (2019). “Genetic counselor workforce generational diversity: Millennials to baby boomers. Journal of Genetic Counseling, 730-737.
Sabri, M. F., & MacDonald, M. (2010). Savings Behavior and Financial Problems among College Students: The Role of Financial Literacy in Malaysia. Cross-Cultural Communication.
Sabri, M.F., & Zakaria, N.F. (2015). The Influence of Financial Literacy, Money Attitude, Financial Strain and Financial Capability on Young Employees’ Financial Well-being. Pertanika Journal Social Science and Humanities, 827 – 848.
Sehrawat, K., Vij, M., & Talan, G. . (2021). Understanding the Path Toward Financial Well-Being: Evidence From India. Frontiers in Psychology.
Sehrawat, K., Vij, M., and Talan, G. (2021). Understanding the path Toward Financial Well-being: Evidence from India. Frontiers in Psychology.
Shaffril, H.A.M., A, N., Samsuddin, S.F., Abu Samah, A., & Hamdan, M.E. (2020). Systematic literature review on adaptation towards climate change impacts among indigenous people in the Asia Pacific regions. Journal of Cleaner Production.
Shim, S., Xiao, J.j., Barber, B.L., & Lyons, A. . (2009). Pathways to life success: A conceptual model of financial well-being for young adults. Journal of Applied Development Psychology, 706-723.
Shim, S., Xiao, J.J., Barber, B.L., & Lyons, A.C. (2009). Pathways to life success: A conceptual model of financial well-being for Young Adults. Journal of Applied Developmental Psychology, 708–723.
Shusha, A. (2016). The Mediating Role of Rational Buying in the Relationship. Research Journal of Finance and Accounting, 113-142.
Sinha, G., Tan, K., & Zhan, . . (2018). Patterns of financial attributes and behaviors of emerging adults in the United States. Children and Youth Services Review, 178–185.
Steinert, J.I., Cluverab, L.D., Meinck, F., Doubta, J., Vollmerd, S. . (2018). Household economic strengthening through financial and psychosocial programming: Evidence from a field experiment in South Africa. Journal of Development Economics, 443-466.
Tawfik, G.M., Dila, K.A.S., Mohamed, M.Y.F., Tam, D.N.H., Kien, N.D., Ahmed, A.M. & Huy, N.T. (2019). A step-by-step guide for conducting a systematic review and meta-analysis with simulation data. Tropical Medicine and Health.
The World Bank. (2013, February). Financial Literacy Education. Retrieved December 2020, from Making Sense of Financial Capability Surveys around the World: A Review of Existing Financial Capability and Literacy Measurement Instruments. International Bank for Reconstruction and Development.: https://openknowledge.worldbank.org/bitstream/handle/10986/16251/806140WP0Revie0Box0379807B00PUBLIC0.pdf?sequence=1&isAllowed=y
van Raaij, F. (2016). Understanding Consumer Financial Behavior. London: Palgrave Macmillan.
Weinstein, A., Maraz, A., Griffiths, M.D., Lejoyeux, M., & Demetrovics, Z. (2016). Chapter 98 - Compulsive Buying—Features and Characteristics of Addiction. Neuropathology of Drug Addictions and Substance Misuse, 993-1007.
Widdowson, D., & Hailwood, K. (2007). Financial literacy and its role in promoting a sound financial system.
Woudstra, L., & van den Hooff, B. (2008). Inside the source selection process: Selection criteria for human information sources. Information Processing & Management, 1267-1278.
Xiao, J. (2016). Consumer Financial Capability and Wellbeing. Handbook of Consumer Finance.
Xu, Y., Beller, A.H., Roberts, B. W., & Brown, J.R. . (2015). Personality and young adult financial distress. Journal of Economic Psychology, 90–100.
Yao, R. & Cheng, G. (2017). Millennials’ Retirement Saving Behavior: Account Ownership and Balance. Family and Consumer Sciences Research Journal, 110-128.
Zvonkovic, A.M., Lee, K., Hurst, E.B., & Lee, N. Y. (2013). Recession Jitters Among Professional Class Families: Perceptions of Economic Strain and Family Adjustments. Journal of Family Issues, 755-775.
Agyei, S.K., Adam, A.M., & Agyemang, O.S. (2019). Financial Literacy, Cultural Dominance, and Financial Well-Being of SME Owners in Ghana. Poverty and Public Policy, 222-237.
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 179–211.
Ajzen, I. (2001). Nature and operation of attitudes. Annual review of psychology.
Almenberg, J. Lusardi, A., Söderbergh, J.S., & Vestman, R. (2020). Attitudes towards Debt and Debt Behavior. The Scandinavian Journal of Economics.
Andert, D. (2011). Alternating leadership as a proactive organizational intervention: addressing the needs of the baby boomers, generation Xers and millennials. Journal Of Leadership, Accountability & Ethics, 67-83.
B.A. Kaifi, W.A. Nafei, N.M. Khanfar, M.M. Kaifi. (2012). A multi-generational workforce: Managing and understanding millennials. International Journal of Business and Management, 88-93.
Bialik, K., & Fry, R. (2019). Millennial life: How young adulthood today compares with prior generations. Retrieved July 2020, from PEW Research Center:https://www.pewresearch.org/social-trends /2019/02/14/millennial-life-how-young-adulthood-today-compares-with-prior-generations-2/
Bolognesi, A. H. (2020). Millennials and Money: The State of Their Financial Management and How Workplaces Can Help Them. AccessLex Resource Collection.
Braun, V. & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 77-101.
CFPB. (2015, December 11). Consumer Financial Protection Bureau. Retrieved from https://www.consumerfinance.gov/data-research/research-reports/financial-well-being/
CFPB, C. F. (2015). Financial well-being: The goal of financial education.
Cirillo, A., Maggi, B., Sciasciab, S., Lazzarotti, V., & Visconti, F. (2022). Exploring family millennials’ involvement in family business internationalization: Who should be their leader? Journal of Family Business and Strategy.
Cramer, R., et al. (2019). The Emerging Millennial Wealth Gap. New America.
Danes, S.M. & Yang, Y. (2014). Assessment of the use of theories within the Journal of financial counseling and Planning and the contribution of the family financial socialization conceptual model. Journal of Financial Counseling and Planning, 53–68.
Deal, J., Altman,D., and Rogelberg, S. (2010). Millennials at work what we know and what we need to do (if anything). Journal of Business & Psychology, 191-199.
Dewi , V., Febrian, E., Effendi, N., Anwar, M. (2020). Financial Literacy among the Millennial Generation: Relationships between Knowledge, Skills, Attitude, and Behavior. Australasian Accounting, Business and Finance Journal, 24-37.
Furnham, A. & Cheng, H. (2013). Factors influencing adult earnings: Findings from a nationally representative sample. The Journal of Socio-Economics, 120-125.
Haddaway, N. R., Macura, B., Whaley, P. & Pullin, A.S. . (2018). ROSES RepOrting standards for Systematic Evidence Syntheses: pro forma, ?ow-diagram and descriptive summary of the plan and conduct of environmental systematic reviews and systematic maps. Environmental Evidence.
Haley, E. & Venskytis, E.J. . (2019, December 30). Re-Calibrating Pediatric Counseling for the Millennial Parent. Retrieved April 2, 2020, from Audiology Online: https://www.audiologyonline.com/articles/re-calibrating-pediatric-counseling-for-26309
Healthways, G. (2014). State of Global Well-being Results of the Gaullup-Healthways Global Well-being Index. Retrieved November 2019, from Gallup-Healthways: http://info.healthways.com/hs-fs/hub/162029/file-1634508606-pdf/WBI2013/Gallup-Healthways_State_of_Global_Well-Being_vFINAL.pdf
Heo, W., et. al . (2018). Association between Personality and Financial Well-being: Strategies for More Effective Financial Education, Counseling and Advising. Consumer Interest Annual.
Hilgert MA, Hogarth JM, Beverly SG . (2003). Household financial management: the connection between knowledge and behavior. Federal Reserve Bill, 309–322.
Huang, E., Lassu, R., & Chan, K. (2018). User-Source Fit and Financial Information Source Selection of Millennials. Journal of Financial Counseling and Planning, 272-289.
Joo, S. (2008). Personal financial wellness. in J.J. Xiao (Ed). Handbook of consumer finance research. New York: Springer, 21-33.
Kaifi, B. A., Nafei, W. A., Khanfar, N. M., & Kaifi, M. M. (2012). A multi-generational workforce: managing and understanding millennials. International Journal of Business & Management, 88-93.
Khan, M.T. I. & Tan, SH. . (2020). Does family affect financial outcomes and psychological biases? Evidence from small investors in Bangladesh. Journal of Family Business Management, 167-186.
Kuknor S., & Sharma A. (2017). The relationship of debt management, compulsive buying behavior and financial well-being. Indian Journal of Public Health Research and Development, 822 - 828.
Latipah, E., Kistoro,H. C. A., Hasanah, F.F., & Putranta, H. (2020). Elaborating Motive and Psychological Impact of Sharenting in Millennial Parents. Universal Journal of Educational Research, 4807-4817.
Lim, HN., Heckman, S.J., Letkiewicz, J.C., & Montalto, C.P. . (2014). Financial stress, self-efficacy, and financial help-seeking behavior of college students. Journal of Financial Counseling and Planning, 148-160.
Lusardi, A. , Oggero, N. (2017, May). Millennials and Financial Literacy: A Global Perspective. Global Financial Literacy Excellence Center, p. 21.
Lusardi, A. (2019). Financial literacy and the need for financial education: evidence and implications. Swiss Journal of Economics and Statistics, 1-8.
Lusardi, A. (2019). Financial Well-Being of the Millennial Generation: An In-Depth Analysis of Its Drivers and Implications. Global Financial Literacy Excellence Center, 1-7.
Lusardi, A. a. (2014). The economic importance of financial literacy: Theory and Evidence. Journal of Economic Literature, 5–44.
M. Crumpacker, J.M. Crumpacker. (2007). Succession planning and generational stereotypes: Should HR consider age-based values and attitudes a relevant factor or a passing fad? Public Personnel Management, 349-369.
Mioto, A.P.S.C, & Parente, J. (2015). ANTECEDENTS AND CONSEQUENCES OF HOUSEHOLD FINANCIAL MANAGEMENT IN BRAZILIAN LOWER-MIDDLE-CLASS. Revista de Administração de Empresas, 50-64.
Mohamad Fazli Sabri1,M.F. and Zakaria, N.F. . (2015). The Influence of Financial Literacy, Money Attitude, Financial Strain and Financial Capability on Young Employees’ Financial Well-being. Pertanika Journal of Social Sciences and Humanities, 827-848.
Muleke, V. &. (2013). Financial Education on Employees' Financial Wellbeing in Academia in Tharaka Nithi country in Kenya. European Journal of Business and Management, 5, 15.
Owusu,G.M.Y, Bekoe, R.A., Arthur, M., & Koomson, T.A.A. (2021). Antecedents and consequences of compulsive buying behavior: the moderating effect of financial management. Journal of Business and Socio-economic Development.
Philip, M. (2014). The 23-Year-olds will save America. Bloomberg Business Week, 15-16.
Reiser, C., Van Vreede,V., and Petty, E. M. . (2019). “Genetic counselor workforce generational diversity: Millennials to baby boomers. Journal of Genetic Counseling, 730-737.
Sabri, M. F., & MacDonald, M. (2010). Savings Behavior and Financial Problems among College Students: The Role of Financial Literacy in Malaysia. Cross-Cultural Communication.
Sabri, M.F., & Zakaria, N.F. (2015). The Influence of Financial Literacy, Money Attitude, Financial Strain and Financial Capability on Young Employees’ Financial Well-being. Pertanika Journal Social Science and Humanities, 827 – 848.
Sehrawat, K., Vij, M., & Talan, G. . (2021). Understanding the Path Toward Financial Well-Being: Evidence From India. Frontiers in Psychology.
Sehrawat, K., Vij, M., and Talan, G. (2021). Understanding the path Toward Financial Well-being: Evidence from India. Frontiers in Psychology.
Shaffril, H.A.M., A, N., Samsuddin, S.F., Abu Samah, A., & Hamdan, M.E. (2020). Systematic literature review on adaptation towards climate change impacts among indigenous people in the Asia Pacific regions. Journal of Cleaner Production.
Shim, S., Xiao, J.j., Barber, B.L., & Lyons, A. . (2009). Pathways to life success: A conceptual model of financial well-being for young adults. Journal of Applied Development Psychology, 706-723.
Shim, S., Xiao, J.J., Barber, B.L., & Lyons, A.C. (2009). Pathways to life success: A conceptual model of financial well-being for Young Adults. Journal of Applied Developmental Psychology, 708–723.
Shusha, A. (2016). The Mediating Role of Rational Buying in the Relationship. Research Journal of Finance and Accounting, 113-142.
Sinha, G., Tan, K., & Zhan, . . (2018). Patterns of financial attributes and behaviors of emerging adults in the United States. Children and Youth Services Review, 178–185.
Steinert, J.I., Cluverab, L.D., Meinck, F., Doubta, J., Vollmerd, S. . (2018). Household economic strengthening through financial and psychosocial programming: Evidence from a field experiment in South Africa. Journal of Development Economics, 443-466.
Tawfik, G.M., Dila, K.A.S., Mohamed, M.Y.F., Tam, D.N.H., Kien, N.D., Ahmed, A.M. & Huy, N.T. (2019). A step-by-step guide for conducting a systematic review and meta-analysis with simulation data. Tropical Medicine and Health.
The World Bank. (2013, February). Financial Literacy Education. Retrieved December 2020, from Making Sense of Financial Capability Surveys around the World: A Review of Existing Financial Capability and Literacy Measurement Instruments. International Bank for Reconstruction and Development.: https://openknowledge.worldbank.org/bitstream/handle/10986/16251/806140WP0Revie0Box0379807B00PUBLIC0.pdf?sequence=1&isAllowed=y
van Raaij, F. (2016). Understanding Consumer Financial Behavior. London: Palgrave Macmillan.
Weinstein, A., Maraz, A., Griffiths, M.D., Lejoyeux, M., & Demetrovics, Z. (2016). Chapter 98 - Compulsive Buying—Features and Characteristics of Addiction. Neuropathology of Drug Addictions and Substance Misuse, 993-1007.
Widdowson, D., & Hailwood, K. (2007). Financial literacy and its role in promoting a sound financial system.
Woudstra, L., & van den Hooff, B. (2008). Inside the source selection process: Selection criteria for human information sources. Information Processing & Management, 1267-1278.
Xiao, J. (2016). Consumer Financial Capability and Wellbeing. Handbook of Consumer Finance.
Xu, Y., Beller, A.H., Roberts, B. W., & Brown, J.R. . (2015). Personality and young adult financial distress. Journal of Economic Psychology, 90–100.
Yao, R. & Cheng, G. (2017). Millennials’ Retirement Saving Behavior: Account Ownership and Balance. Family and Consumer Sciences Research Journal, 110-128.
Zvonkovic, A.M., Lee, K., Hurst, E.B., & Lee, N. Y. (2013). Recession Jitters Among Professional Class Families: Perceptions of Economic Strain and Family Adjustments. Journal of Family Issues, 755-775.
Published
2023-06-11
How to Cite
Lambert, M. J. C. M., Jusoh, Z. M., Abd Rahim, H., & Zainudin, N. (2023). Factors Affecting Financial Well-being of Millennials: A Systematic Review. Information Management and Business Review, 15(2(I)SI), 98-108. https://doi.org/10.22610/imbr.v15i2(I)SI.3424
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Copyright (c) 2023 Ma. Jesusa Corazon M. Lambert, Zuroni Md Jusoh, Husniyah Abd Rahim, Norzalina Zainudin
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