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Financial innovations can affect extensive and intensive money demand margins. A wide margin proportion of total expenditure is made using cash. To what extent financial innovation changes the behavior of individual money demand is the question. This research will test Baumol-Tobin hypothesis by using individual data. The aim of this study is to analyze millennials’behavior in Palembang city in distributing their income based on the motives of holding cash from BaumolTobin, proving the Baumol-Tobin hypothesis regarding the factors that influence demand for cash. The population in this study is millennials living in Palembang. The method used is Ordinary Least Square (OLS). The result shows that the Baumol-Tobin model does not apply to millennials in Palembang city. Ownership of financial assets does not significantly influence the money demand for millennials. While the education, marital status, and income affect the money demand in Palembang City.

Testing Baumol-Tobin Model Toward Millennials in Palembang City