Perceived Income Instability, Financial Self-Efficacy, dan Financial Well-Being pada Pekerja Gig berbasis Platform: Financial Stress sebagai Variabel Mediasi

The expansion of platform-based gig work offers greater work flexibility but also exposes workers to income instability that may affect their financial condition. This study examines the effects of perceived income instability and financial self-efficacy on financial well-being, with financial stress as a mediating mechanism among ride-hailing and delivery workers in Makassar, Indonesia. The study employed a quantitative explanatory-predictive approach using a two-wave time-lagged survey design. Data were collected from 280 eligible respondents and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The results show that perceived income instability positively affects financial stress but has no significant direct effect on financial well-being. In contrast, financial self-efficacy negatively affects financial stress and positively affects financial well-being, while financial stress has a significant negative effect on financial well-being. Mediation analysis reveals an indirect-only mediation effect of financial stress on the relationship between perceived income instability and financial well-being, whereas complementary mediation is found in the relationship between financial self-efficacy and financial well-being. The model explains 14.3% of the variance in financial stress and 37.6% of the variance in financial well-being and demonstrates out-of-sample predictive relevance. These findings extend the application of Conservation of Resources Theory by showing how threats to financial resource continuity and personal financial resources operate through financial stress in shaping the financial well-being of platform workers.