A Systematic Literature Review on Trends in Financial Behavior Research among the Indonesian Millennial Generation

Increasing effective financial behavior is the main goal that must be achieved for the millennial generation in Indonesia. This study aims to investigate important information from various studies discussing the financial behavior of the millennial generation in Indonesia. This study uses a systematic literature review of the contents of several studies from the Scopus and Google Scholar databases from 2017 to Mid-2023, which highlight the financial behavior of the millennial generation in Indonesia. This study reveals that the type of research most frequently conducted is peer-reviewed articles and is dominated by national-level research. The identified keywords for the millennial young generation in Indonesia still need to be researched because the circle shape looks small on bibliographic mapping. In the last six years, the amount of research on the financial behavior of the millennial generation in Indonesia has increased. Among the dozens of studies, the most favorite research design is quantitative. Apart from that, financial management behavior and investment are the most dominant topic areas as a research focus. In connection with the findings of this study, several recommendations have been put forward for future research that pays attention to financial behavior, especially for the millennial generation in Indonesia, as the main focus. Some of these recommendations include actively increasing the number of international research publications and enriching the variety of research designs with more diverse topic areas.