Digital financial literacy, current behavior of saving and spending and its future foresight

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Abstract
This paper investigates the relationship among digital financial literacy (DFL), current saving behavior, current spending behavior, and foresight of future spending and saving behavior among Indonesian millennials. This research uses structural equation modeling to estimate the relationship among the variables. The research surveyed millennials in the 25–40 age group in several urban areas of Java island. The survey collected information of the indicators constructing the latent variables. The results indicate that DFL is influenced by social-economic standing. DFL also positively affects the current saving and spending behavior. Moreover, the current saving and spending behavior contribute to the future saving and spending foresight. This research suggests policymaker to provide knowledge about DFL to the millennials.

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