Transformation of Millennial Financial Lifestyles Through Financial Technology Adoption: A Case Study in Semarang City
Keywords:
Fintech, Millennials, Financial Behavior, Digital Payments, Financial LiteracyAbstract
The rapid advancement of information technology has encouraged the emergence of various innovations in the financial industry, one of which is Financial Technology (Fintech). This study aims to examine in depth how fintech adoption shapes and transforms the financial lifestyle patterns of the millennial generation in Semarang City. Using a qualitative descriptive approach through a series of data collection techniques consisting of field observations, a comprehensive literature review, and in-depth interviews with millennial respondents in Semarang City, this study produced several important findings. First, the level of fintech service use among millennials shows consistent and significant growth. Second, the convenience, speed, and efficiency offered by fintech platforms are the main factors driving adoption. Third, fintech has been shown to encourage more positive financial behavior, such as the emergence of digital saving and investment habits. Nevertheless, this study also identifies several crucial challenges, including low digital financial literacy and the high risk of being trapped in consumptive debt due to easy access to online loans. Therefore, more structured financial education programs and stricter regulatory supervision are recommended to ensure responsible fintech use.
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