ISSN: 2222-6990
Open access
Financial socialization plays an important role in the money management of the millennial generation. This is because the millennial generation has an attitude of individualism, is easily bored, has an ego, looks different, is impatient, indifferent, has low commitment and loyalty, is never serious, and lacks creativity in solving critical problems. Thus, this study tries to describe agents and financial socialization among the millennial generation. The study was conducted in Kampong Bharu, Kuala Lumpur. The sample of the study is the millennial generation, aged between 24 and 44 years old. This study uses a survey method for data collection. The research instrument is an online questionnaire using Google Forms. A total of 316 respondents were analyzed, and the data were analyzed descriptively. Findings show that mothers and fathers are the main agents influencing the financial behavior of the millennial generation. In addition, the financial interaction of the millennial generation family has a moderate mean level. Findings also show that socialization plays an important role in shaping an individual's attitude towards money. The findings of the study also show that parents are the best role models for millennials when it comes to financial management. The main conclusion of the study is the role of parents in shaping and interacting with their children, playing an important role in encouraging them to make the right decisions about finances.
Bencsik, A., Horvath-Csikos, G., & Jubasz, T. (2016). Y and Z generations at workplaces. Journal of Competitiveness, 8(3), 90-100.
Celik, S., & Gurcuoglu, E.A. (2016). Generations and Their Relations in Social Processes. Security Strategy and Political Studies, 1(1), 117-126.
Chua, Y. P. (2020). Mastering Research Statistic. 2nd Ed. Kuala Lumpur: McGraw Hill Education.
Crewswell, J. W. (2014). Research Design: Qualitative, Quantitative and Mixed Methods Approaches. 4th Edition. London: SAGE Publications.
Cudmore, B., & Patton, J. (2010). The millennials and money management. Journal of Management and Marketing Research, 1-29.
Devellis, R. (2012.) Scale Development Theory and Applications. New York: SAGE Publications.
DwiyuBambang Suryadi. (2015). Generasi Y: Karakteristik, masalah dan peran konselor. Retrieved 13 January 2020 from
http://repository.uinjkt.ac.id/dspace/bitstream/123456789/34351/1/ BAMBANG%20SURYADI.pdf. 11 September 2019.
Israel, G. D. (1992). Determining Sample Size. University of Florida Cooperative Extension Service, Institute of Food and Agriculture Sciences, EDIS, Florida.
Johanson, G. A., & Brooks, G. P. (2010). Initial scale development: Sample size for pilot studies. Educational and Psychological Measurement, 70(3), 394-400.
Kaifi, B. A., Nafei, W. A., Khanfar, N. M., & Kaifi, M. M. (2012). A multi-generational workforce: Managing and understanding millennial's. International Journal of Business & Management, 7(24), 88-93.
Khatun, M. (2018). Effect of financial literacy and parental socialization on students saving behavior of bangladesh. International Journal of Scientific and Research Publications, 8(12), 2250-3153.
Markus, K. (2017). Comparing generation x and generation y on their preferred emotional leadership style. Journal of Applied Leadership and Management, 5, 62-75.
Sabri, M. F., & Masud, J. (2002). Sosialisasi kewangan di kalangan remaja. Malaysian Journal of Consumer & Family Economics, 5, 21-31.
Nguyen, V. T., & Doan, M. D. (2020). The correlation between financial literacy and personal saving behaviour in Vietnam. Asian Economic and Financial Review, 10(6), 590-603.
Pathy, L. T. (2019). A qualitative study of Malaysian millennial's at the workplace: Understanding, retaining and developing Malaysian millennial's. International Journal of Education, Psychology and Counselling, 4(30), 1-21.
Pyöriä, P., Ojala, S., Saari, T., & Järvinen, K. M. (2017). The Millennial Generation: A New Breed of Labour? SAGE Open, 1-14.
Rimple, M. (2014). Money attitude: The impact of socialization in India. Retrieved 30 November 2021 from
https://www.researchgate.net/publication/262843489_Money_Attitude_Impact_of _Socialization
Romo, L. K., & Vangelisti, A .L. (2014) Money Matters: Children's Perceptionsof Parent-Child Financial Disclosure. Communication Research Reports, 31(2), 197-209.
Sa’aban, S., Ismail, N., & Mansor, M. F. (2013). A study on generation y behavior at workplace. International Conference on Business Innovation, Entrepreneurship and Engineering 2013. Retrieved 25 February 2022 from
https://www.researchgate.net/publication/267640229 _A_STUDY_ON_GENERATION_Y_BEHAVIOR_AT_WORKPLACE
SAGE. (2016). Research Methods. Doing Survey Online. Retrieved 25 February 2022 from https://methods-sagepub-comchristuniversity.knimbus.com/book/download/doing-surveys-online/i2664.pdf
Sandeen, C. (2008). Boomers, xers and milllenials; who are they and what do they really want from Continuing Higher Education, 72, 11-31.
Shim, S., Serido, J., & Tang, C. (2015). Socialization processes and pathways to healthy financial development for emerging young adults. Journal of Applied Developmental Psychology, 38, 29-38.
Smith, T. J., & Nichols, T. (2015). Understanding the Millennial Generation. Journal of Business Diversity, 15, 39-47.
Smola, K. W., & Sutton. (2002). Generational differences: Revisiting generational work values for thenew millennium. Journal of Organizational Behavior, 23, 363-382.
Solheim, C. A., Zuiker, V. S., & Levchenko, P. (2011). Financial socialization family pathways: Reflections from college students’ narratives. Family Science Review, 16, 97-112.
Stanimir, A. (2015). Generation Y – characteristics of attitudes on labour market. Mediterranean Journal of Social Sciences, 6(2): 22–28.
Sundarasen, S. D., Rahman, M. S., Othman, N. S., & Jennifer, D. (2016). Impact of financial literacy, financial socialization agents, and parental norms on money management. Journal of Business Studies Quarterly, 8(1), 140-156.
Tie, S. C., & Nizam, I. (2015). Determinants of financial well-being for generation y in Malaysia. International Journal of Education, Learning and Training, 1 (1),36-52.
Travis, J. S., & Tommy, N. (2015). Understanding the millennial generation. Journal of Business Diversity, 15(1), 41-42.
Surya, Y. (2017). Teori perbedaan generasi. Retrieved 25 February 2022 from http://jurnal.stieama.ac.id/index.php/ama/article/ viewFile/142/133.
(Zulkarnain et al., 2024)
Zulkarnain, N. M., Zaimah, R., & Sarmila, M. S. (2024). Financial Socialization among The Millennial Generation. International Journal of Academic Research in Business and Social Sciences, 14(3), 1304–1315.
Copyright: © 2024 The Author(s)
Published by HRMARS (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seenavc at: http://creativecommons.org/licences/by/4.0/legalcode