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Influence of Demographics on Financial Literacy among Millennials: An Empirical Analysis

  • Rahisha Rahisha Research Scholar Department of Management, SMBS, Jamia Hamdard, New Delhi, India India ,  
  • Mohammed Jamshed* Mohammed Jamshed Corresponding author Assistant Professor, Department of Management, SMBS, Jamia Hamdard, New Delhi India
Received: July 30, 2025
Accepted: October 12, 2025
Published: December 10, 2025
Volume: 1 (2) | Page: 19-33

Abstract

This study is focused on measuring the financial literacy of millennial in Indonesia and determine the effect of socio-demographic variables which are gender, age, marital status, education, income level, occupation, and religion to their financial literacy. Apart from that, it applies financial management behavior scale to assess subjects' financial behavior. 176 participants filled in online questionnaires and this resulted in 227 observations across multiple respondents. Statistical methodology like Pearson's Chi-square and binary logistic regression was used to analyze the data. That finding suggests that young adults, and especially high-income ones, have a greater capacity to manage their credit and investments. Additionally, this study found that men were more are financially literate than women. Findings of the study show that men have higher levels of financial literacy than females, which negatively affects their ability to take informed financial decisions. This study's most essential contribution is the lesson of adopting a proactive financial strategy for participants in financial markets. In addition, it highlights the importance of improving financial literacy and disclosure of reliable financial advice for the policymakers.

Keywords: Financial literacy; Financial behavior; Financial knowledge; Millennials; Binary logistic regression

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