Articles

Moderation of Life Style on the Influence of Financial Literacy and Self-Control on the Saving Behavior of Millennial Employees in Denpasar City

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This study aims to analyze the influence of financial literacy and self-control on the saving behavior of millennial employees, as well as the moderating role of lifestyle in the relationship. Financial literacy, which includes an individual’s understanding of basic financial concepts and money management, is hypothesized to play an important role in increasing saving behavior. Self-control, an individual’s ability to resist consumer impulses and make wise financial decisions, is also considered a key factor influencing the tendency to save. However, excessive consumption behavior as part of the millennial lifestyle can potentially hinder savings efforts even though they have adequate financial literacy and self-control. In this study, lifestyle is modeled as a moderating variable that can weaken or strengthen the influence of financial literacy and self-control on saving behavior. Data collection was conducted through a survey of millennial employees from various job sectors. Data analysis used the moderated regression method to test the interaction between financial literacy, self-control, and lifestyle in influencing saving behavior. The results showed that financial literacy and self-control had a significant positive effect on saving behavior. However, lifestyle acts as a negative moderator, where a consumptive lifestyle weakens the relationship between financial literacy and self-control with saving behavior. This finding provides practical implications for individuals and companies, especially in raising awareness of the importance of lifestyle control and financial literacy to encourage better saving behavior among millennial employees.

Factors Contributing to Millennial Employees’ Turnover Rates

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Millennial employees in the bakeshop industry exhibited high turnover rates primarily due to the need for a safe work environment, recognition, and opportunities for promotion. The study focused on the factors contributing to millennial employees’ turnover rates. This study employed a quantitative, non-experimental, correlational design to investigate turnover intention among millennial employees in the bakeshop industry in Cebu Province. Data were collected via a researcher-made questionnaire from 34 randomly selected millennial employees. Analysis through descriptive statistics, chi-square tests, and weighted means revealed that millennials, who formed a significant portion of the working class, tended to leave their jobs if their specific needs were not met. The primary factor driving their turnover was self-preservation, with employees prioritizing a safe and healthy work environment. A workplace free from injuries and accidents not only attracted but also retained employees, leading to reduced absences and increased productivity. Consequently, a commitment to health and safety by employers enhanced employee retention and reduced business disruptions. Additionally, recognition and opportunities for promotion were crucial for retaining millennial employees. They were likely to leave if they felt undervalued or saw limited promotion opportunities. Training and development were less significant than promotions in influencing their decision to stay. The study also found that changes in management or internal talent management practices had minimal impact on retention, provided the work environment remained stable and employees were treated well. Overall, addressing millennials’ needs for safety, recognition, and career growth was vital for reducing turnover rates in the bakeshop industry.