Family financial education and financial management behavior among Generation Z: integrating the theory of planned behavior and technology acceptance model to explore the importance of financial literacy and locus of control

The development of the globalization era has driven economic progress across countries, which impacts how individuals manage their finances to achieve financial well-being. Mediated by financial literacy and locus of control, this study aims to investigate the relationship between family financial education and financial technology with the financial management behavior of Generation Z. This study uses a quantitative approach. Data were obtained from 700 Generation Z student respondents who were determined using the proportional stratified random sampling technique. The analysis in this study used structural equation modeling with partial least squares (SEM-PLS). By combining the theory of planned behavior and the technology acceptance model, this study successfully found that financial literacy and locus of control were able to become mediating variables in the influence of family financial education and financial technology on financial management behavior in Generation Z. The results of the study showed that financial literacy was a more significant component in mediating the relationship between the factors studied. The government, leaders of educational institutions, and related policymakers are expected to help optimize the curriculum and access to financial learning for Generation Z that is integrated with financial education in the family.