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This study aims to determine the level of financial literacy among the millennial generation and to examine the correlation of their financial knowledge, financial attitude, and financial skills with their financial behavior. Multiple choice questions were used to measure financial knowledge with results grouped into three categories: low, moderate, and high. Financial attitude, financial skills, and financial behavior were also grouped using the quartile method into three categories: poor, fair, and good. Chi-squared analysis was used to test the hypotheses, with correspondence analysis conducted to identify the characteristics of the millennial generation and to graphically illustrate the gap. Regarding financial attitude, financial skills, and financial behavior, the proportions of respondents in the 'fair' category, were 70.6%, 66.5%, and 72.2%, respectively. Significant relationships were found not only between financial attitude and financial management behavior, but also between financial skills and financial management behavior. However, the relationship was not significant between financial knowledge and financial behavior.

The purpose of this study is to investigate and measure the level of financial literacy and its variables within the academic community in Indonesia. The strength of this study is that it extends the concept of financial literacy and its variables. This study explains how members of Indonesian academic community understood their financial literacy levels and the ways in which it can be improved. The study sample comprised 889 lecturers in Indonesia. The survey method was used to measure financial literacy and its variables which include subjective financial knowledge, financial behavior, financial experience, financial awareness, financial skills, financial capability, financial goal, and financial decisions, as reflected in individuals' financial behavior. The research data were collected using a quantitative survey and were analyzed using structural equation modeling (SEM). The results confirm the relationships between financial literacy and its variables of financial awareness, financial behavior, financial experience, financial skills, subjective financial knowledge, financial capability, financial goals, and financial decisions. This study fills the gap in the literature related to the multi-variables of financial literacy. It provides information to assist policy-makers in developing strategies to increase financial literacy in society.

Purpose This study aims to determine antecedents of market discipline. A model was constructed by extending the theory of planned behavior (TPB) to explore the cognitive, psychological and social factors that influence the market discipline in the form of withdrawal behavior. Design/methodology/approach This study applied a quantitative approach by surveying 181 Indonesian retail investors in Sharia mutual funds, which were represented by civil servants. The samples were collected using the purposive sampling technique. This study used the partial least square–structural equation model to analyze the data. Findings The results revealed that the Islamic financial literacy, the attitudes toward withdrawal, the subjective norms and the perceived behavioral control had a positive significant effect on the withdrawal intention, whereas financial risk tolerance had an insignificant impact. Then, all the exogenous variables and intention to withdraw had a significant contribution in explaining market discipline. Contrary to the proposed hypothesis, the attitude toward withdrawal had a negative impact on market discipline. The structural model indicated that the TPB could be extended by adding some exogenous variables (i.e. Islamic financial literacy and financial risk tolerance) in determining the intention to withdraw and withdrawal behavior, which indicated the market discipline in Sharia mutual funds. Research limitations/implications This study was limited to individual investors who work as civil servants. This study did not accommodate different demographic factors such as age and gender, which influence fund withdrawal behavior. Practical implications The government must focus on the inclusion of market discipline in Sharia mutual funds’ regulation to encourage the risk management disclosure, specifically that related to Sharia compliance. Originality/value Previous studies applied a traditional finance theory to predict market discipline, but this study contributes to filling the theoretical gap by explaining the market discipline from a behavioral finance perspective that was found in Sharia mutual funds.

The objective of this research is to examine the religiosity on Islamic banking product decision. A survey method was employed using a sample of 2.627 employees at different level of education, level of income, gender, age, marital status, length of service, work location (provincial based), ownership of conventional banking products as well as ownership of sharia banking products among employees of PT. Telekomunikasi Indonesia. The study also developed valid and reliable scales for religiosity and selection of sharia banking product.  The findings of the study revealed that dimensions of religiosity affected understanding of Islamic Banking Concept and also affected Bank Selection Criteria. Future research is required to investigate private employees and semi government employees, even in military institutions to find different figure of religiosity and preference of sharia banking products, by identifying the specific areas of religiosity that have particular impact in determining the sharia banking products.DOI: 10.15408/etk.v16i1.4379