The Influence of Financial Planning on Family Economic Welfare among Young Families

Abstract

This study aims to analyze the effect of financial planning on the economic welfare of young families. This study was driven by the phenomenon of increasing economic needs among young families, where good financial planning is expected to improve their quality of life and welfare. The research method used is a qualitative approach, where data is collected through social media platforms, as well as observations of several young families in the surrounding environment, and processing previous research data that discusses financial management that has an impact on family economic welfare. Data analysis was carried out using descriptive analysis to determine the relationship between financial planning and economic welfare. The results of the study show that financial planning has a positive and significant effect on the economic welfare of young families. Some forms of this influence include: (1) families who carry out monthly budget planning experience better savings, (2) wise debt management contributes to financial stability, and (3) well-planned investments can increase family assets. In addition, this study also found that financial education plays an important role in improving financial planning skills among young families.