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The current study aims to identify key factors that influence financial well-being of millennials in Indonesia. This study focuses more on long-term behavior, such as retirement planning and investment behavior. The analytical results revealed that financial education was positively related to the millennial’s financial well-being. However, the mediation result demonstrated that long-term behavior strengthens the relationship between financial education and financial well-being and enhanced the positive effects of being financially literate. This study suggests to increase millennials’ knowledge and awareness about long-term behavior and financial well-being. They are recommended to obtain financial education programs.