The Influence of E-Wallets in Changing Mental Accounting Patterns on the Lifestyle of the Millennial Generation in Digitalization
Keywords:
E-wallets, Mental Accounting, Lifestyle, Millennial Generation, Financial TechnologyAbstract
The digital era has brought significant changes to life, especially with the presence of digital wallets (e-wallets) such as QRIS, OVO, ShopeePay, DANA, and LinkAja which are popular among the millennial generation. E-wallets simplify transactions and change the way millennials manage and perceive their money through expense tracking features and incentives such as cashback. This convenience has the potential to increase consumer behavior. Apart from that, e-wallets are changing the millennial lifestyle by making all transactions more practical and efficient. Access to financial services such as investment and microinsurance is also increasingly open, increasing their financial literacy. This research aims to understand the impact of e-wallets, mental accounting strategies for wise and responsible use. This research uses a descriptive-quantitative approach using questionnaires and development studies. The population used is the millennial generation in Patrang sub-district. The research sample used the Porpusive Sampling Technique and obtained 100 samples using the Slovin formula. The analysis used in this research is outer model and inner model analysis. The results of this research show that e-wallets have an influence in changing mental accounting patterns and consumer lifestyles in the millennial generation in the digital era. E-wallets play a very important role in the lifestyle of the millennial generation, if they cannot have good mental accounting, it is possible that they will increase consumer or shopaholic behavior because of the ease of transactions.
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