Article Per Year (5 Year)
p-Index From 2021 - 2026
0.408
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All Journal Entrepreneurship, Management, and Business Research Journal
Andi Dewi Angreyani
State University of Makassar
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Social Media Effect on Financial Behavior of Generation Z Women with Financial Literacy as a Moderating Variable Andi Dewi Angreyani; Asniwati Asniwati; M. Zadly Syahdi
Entrepreneurship, Management, and Business Research Journal Vol. 3 No. 1-2 (2026): JANUARY TO MAY 2026 - EMBUN RESEARCH JOURNAL
Publisher : Entrepreneurship, Management, and Business Research Journal

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Abstract

This study aims to analyze the influence of Social media on the financial behavior of Generation Z women, with financial literacy as a moderating variable. Social media has become one of the primary sources of financial information for Generation Z, while financial literacy plays a crucial role in helping individuals manage their finances rationally. The study employs a quantitative approach using a survey method involving 253 Generation Z women in Palopo City, selected through purposive sampling. Data were collected using an online questionnaire and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 3. The results indicate that financial literacy has a positive and significant effect on financial behavior (β = 0.327; p < 0.05). Social media also has a positive and significant effect on financial behavior (β = 0.571; p < 0.05) and is the most dominant variable. However, financial literacy was not found to moderate the relationship between Social media and financial behavior (β = 0.063; p > 0.05). The research model explains 66.4% of the variation in the financial behavior of Generation Z women (R² = 0.664).
The Effects of Fear of Missing Out (FOMO) and Hedonistic Lifestyle on the Financial Behavior of Generation Z Women in Makassar Asniwati Asniwati; Andi Dewi Angreyani; Nurhaeda Nurhaeda; Charisma Ekawaty
Entrepreneurship, Management, and Business Research Journal Vol. 3 No. 1-2 (2026): JANUARY TO MAY 2026 - EMBUN RESEARCH JOURNAL
Publisher : Entrepreneurship, Management, and Business Research Journal

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Abstract

The rapid development of digital technology and social media has significantly influenced the financial behavior of Generation Z, particularly among women who demonstrate a high level of engagement with social media platforms. The phenomena of Fear of Missing Out (FoMO) and a hedonistic lifestyle are considered factors that may affect how individuals manage their finances. This study aims to examine the influence of FoMO and hedonistic lifestyle on the financial behavior of Generation Z women. This research employed a quantitative approach using a survey method. Data were collected through questionnaires distributed to Generation Z women and analyzed using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method. The results indicate that FoMO has a positive and significant effect on financial behavior, with a path coefficient of 0.457, a t-statistic value of 11.050, and a p-value of 0.000. Similarly, a hedonistic lifestyle has a positive and significant effect on financial behavior, with a path coefficient of 0.503, a t-statistic value of 12.370, and a p-value of 0.000. Furthermore, the coefficient of determination (R²) of 0.613 indicates that FoMO and hedonistic lifestyle simultaneously explain 61.3% of the variance in the financial behavior of Generation Z women, while the remaining 38.7% is influenced by other factors outside the research model. These findings suggest that higher levels of FoMO and stronger hedonistic lifestyle tendencies among Generation Z women are associated with a greater influence on their financial behavior. This study contributes to the development of the financial behavior literature and provides valuable insights for various stakeholders in enhancing financial awareness and financial management capabilities among Generation Z women.
Co-Authors Asniwati Asniwati Ekawaty, Charisma M. Zadly Syahdi Nurhaeda Nurhaeda