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Exploring the determinants of financial well-being in the millennial generation: a systematic literature review (slr)

Financial well-being (FWB) refers to a state of having sufficient resources to lead a comfortable life. Millennials, born between 1980 and 2000, have faced greater financial challenges compared to other generations. This article aims to explore the existing body of knowledge and provide a comprehens...

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Main Authors: M. Lambert, Ma. Jesusa Corazon, Md Jusoh, Zuroni, Abd Rahim, Husniyah, Zainudin, Norzalina
Format: Article
Language:English
Published: Human Resource Management Academic Research Society 2023
Online Access:http://psasir.upm.edu.my/id/eprint/107877/1/exploring-the-determinants-of-financial-well-being-in-the-millennial-generation-a-systematic-literature-review-slr.pdf
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spelling oai:psasir.upm.edu.my:107877 http://psasir.upm.edu.my/id/eprint/107877/ Exploring the determinants of financial well-being in the millennial generation: a systematic literature review (slr) M. Lambert, Ma. Jesusa Corazon Md Jusoh, Zuroni Abd Rahim, Husniyah Zainudin, Norzalina Financial well-being (FWB) refers to a state of having sufficient resources to lead a comfortable life. Millennials, born between 1980 and 2000, have faced greater financial challenges compared to other generations. This article aims to explore the existing body of knowledge and provide a comprehensive understanding of the factors that impact FWB among millennials. By utilizing the combined PICO (Population, Intervention, Comparison, and Outcome) and SPIDER (Sample, Phenomenon of Interest, Design, Evaluation, Research type) tools, fifteen articles were reviewed, leading to identification of the five key themes influencing FWB among millennials: financial management behaviour, economic literacy, personality traits, socioeconomic environment, and life phase characteristics. Among these factors, economic literacy emerged as the strongest determinant; as it enables individuals to effectively manage their finances leading to greater FWB. Financial management behaviour and economic literacy are also crucial, as they involve skills, motivation, and confidence in applying financial knowledge and understanding. Personality traits, socioeconomic environment and social support from organizations and institutions are additionally influential factors that significantly affect FWB. Overall, this paper highlights the key factors that play a substantial role in determining FWB among millennials. Further research is recommended to validate the identified factors in this study. Human Resource Management Academic Research Society 2023 Article PeerReviewed text en http://psasir.upm.edu.my/id/eprint/107877/1/exploring-the-determinants-of-financial-well-being-in-the-millennial-generation-a-systematic-literature-review-slr.pdf M. Lambert, Ma. Jesusa Corazon and Md Jusoh, Zuroni and Abd Rahim, Husniyah and Zainudin, Norzalina (2023) Exploring the determinants of financial well-being in the millennial generation: a systematic literature review (slr). International Journal of Academic Research in Business and Social Sciences, 13 (16). 65 - 80. ISSN 2222-6990 https://hrmars.com/index.php/IJARBSS/article/view/18727/Exploring-the-Determinants-of-Financial-Well-being-in-the-Millennial-Generation-A-Systematic-Literature-Review-SLR 10.6007/ijarbss/v13-i16/18727
institution UPM IR
collection UPM IR
language English
description Financial well-being (FWB) refers to a state of having sufficient resources to lead a comfortable life. Millennials, born between 1980 and 2000, have faced greater financial challenges compared to other generations. This article aims to explore the existing body of knowledge and provide a comprehensive understanding of the factors that impact FWB among millennials. By utilizing the combined PICO (Population, Intervention, Comparison, and Outcome) and SPIDER (Sample, Phenomenon of Interest, Design, Evaluation, Research type) tools, fifteen articles were reviewed, leading to identification of the five key themes influencing FWB among millennials: financial management behaviour, economic literacy, personality traits, socioeconomic environment, and life phase characteristics. Among these factors, economic literacy emerged as the strongest determinant; as it enables individuals to effectively manage their finances leading to greater FWB. Financial management behaviour and economic literacy are also crucial, as they involve skills, motivation, and confidence in applying financial knowledge and understanding. Personality traits, socioeconomic environment and social support from organizations and institutions are additionally influential factors that significantly affect FWB. Overall, this paper highlights the key factors that play a substantial role in determining FWB among millennials. Further research is recommended to validate the identified factors in this study.
format Article
author M. Lambert, Ma. Jesusa Corazon
Md Jusoh, Zuroni
Abd Rahim, Husniyah
Zainudin, Norzalina
spellingShingle M. Lambert, Ma. Jesusa Corazon
Md Jusoh, Zuroni
Abd Rahim, Husniyah
Zainudin, Norzalina
Exploring the determinants of financial well-being in the millennial generation: a systematic literature review (slr)
author_facet M. Lambert, Ma. Jesusa Corazon
Md Jusoh, Zuroni
Abd Rahim, Husniyah
Zainudin, Norzalina
author_sort M. Lambert, Ma. Jesusa Corazon
title Exploring the determinants of financial well-being in the millennial generation: a systematic literature review (slr)
title_short Exploring the determinants of financial well-being in the millennial generation: a systematic literature review (slr)
title_full Exploring the determinants of financial well-being in the millennial generation: a systematic literature review (slr)
title_fullStr Exploring the determinants of financial well-being in the millennial generation: a systematic literature review (slr)
title_full_unstemmed Exploring the determinants of financial well-being in the millennial generation: a systematic literature review (slr)
title_sort exploring the determinants of financial well-being in the millennial generation: a systematic literature review (slr)
publisher Human Resource Management Academic Research Society
publishDate 2023
url http://psasir.upm.edu.my/id/eprint/107877/1/exploring-the-determinants-of-financial-well-being-in-the-millennial-generation-a-systematic-literature-review-slr.pdf
_version_ 1819301769556000768
score 13.4562235

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