A Study of Financial Literacy among Millennials during COVID-19 Pandemic to Reduce Poverty in Aceh, Indonesia

Abstract

Financial literacy among millennials during the COVID-19 pandemic is a knowledge of millennials financial management during a pandemic era. Society is generally experienced an economic downturn. Studying financial literacy among millennials to provide knowledge about financial management by millennials has an impact on steps to minimize poverty in Aceh, especially in the South West region of Aceh. This study is designed using a post-positivistic paradigm approach with a mix- method methodology. The results of this study suggest that managing millennials finances in the era of the COVID-19 pandemic is a measure of poverty alleviation in the people of Aceh because an excellent financial understanding of millennials can realize the economic independence of these millennials. However, the involvement of millennials in investing online is very little because millennials' knowledge of financial management influences still needs to be improved. The constraints of online investment for millennials during the pandemic are due to the mistake of having a product in sales. The product being sold is a product that is not in demand by the public, so the product needs to sell better. In addition, another obstacle is choosing the wrong online investment, namely, choosing a fake one. In the end, the application disappears suddenly.