Exploring Gender Differences in the Pathways from Financial Skill to Financial Well-being among Generation Z in Indonesia

This study examines the interplay among financial skill, financial autonomy, financial decision making, and financial well-being, with a focus on gender differences among Generation Z in Indonesia. A quantitative approach was employed, involving 984 respondents across five regions. Validated multidimensional measures captured financial skill (analytical, budgeting, and financial acumen), autonomy (emotional, functional, and reflective), decision-making, and well-being. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with a disjoint two-stage approach, and gender differences were assessed through Multi-Group Analysis (MGA). The result demonstrates that financial skill significantly enhances autonomy and decision making, while autonomy strongly influences decision making. Decision making, in turn, positively contributes to financial well-being. Mediation analyses reveal that autonomy and decision-making act as key channels through which financial skill improves well-being. Gender-based analysis indicates that male respondents rely more on autonomy as an intermediary pathway, whereas female respondents experience stronger direct effects of financial skill on decision-making and well-being. These findings highlight the importance of gender-sensitive approaches in financial literacy and empowerment initiatives. Programs that strengthen decision-making practices may be more effective for female respondents, while efforts to reinforce autonomy could yield greater benefits for male respondents.