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All Journal Journal of Business and Behavioural Entrepreneurship JRMSI - Jurnal Riset Manajemen Sains Indonesia
Monica Dewi
Universitas Negeri Jakarta
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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The EMPIRICAL STUDY: HOW FINANCIAL BEHAVIOR AND FOMO TO INFLUENCE GEN Z'S INVESTMENT DECISIONS WITH RISK TOLERANCE AS MODERATING VARIABLE Monica Dewi
JRMSI - Jurnal Riset Manajemen Sains Indonesia Vol. 17 No. 1 (2026): Jurnal Riset Manajemen Sains Indonesia
Publisher : Fakultas Ekonomi, Universitas Negeri Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21009/JRMSI.017.1.6

Abstract

This study aims to examine how financial behavior and Fear of Missing Out (FOMO) influence Generation Z’s investment decisions, with risk tolerance as a moderating variable. The research addresses the increasing participation of Gen Z in investment, often driven by emotional and social trends despite gaps in financial literacy. Using a quantitative method, data were collected through purposive and convenience sampling from 200 Gen Z individuals (aged 18–27) in Jakarta earning at least IDR 5,000,000 monthly. Structural Equation Modeling (SEM) with Partial Least Squares (PLS) was employed for analysis. The results indicate that financial literacy, financial inclusion, financial well-being, and FOMO significantly influence risk tolerance. Furthermore, financial literacy, inclusion, and well-being directly and indirectly affect investment decisions through risk tolerance. FOMO, while not directly significant, shows an indirect impact via increased risk tolerance. The findings conclude that risk tolerance plays a critical mediating role in shaping Gen Z’s investment decisions. These insights imply the need for targeted financial education programs that not only enhance financial knowledge but also address behavioral biases and emotional drivers, thereby enabling more rational and informed investment decisions among young investors.
Analysis of Personal Financial Management, Financial Literacy, and Digital Finance in Generation Z in Supporting Sustainable Consumption Monica Dewi; Agung Dharmawan Buchdadi; Wahyu Wastuti
Journal of Business and Behavioural Entrepreneurship Vol. 9 No. 2 (2025): Journal of Business and Behavioural Entrepreneurship
Publisher : Fakultas Ekonomi, Universitas Negeri Jakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21009/JOBBE.009.2.05

Abstract

This study examines the influence of personal financial management, financial literacy, and digital finance on sustainable consumption among Generation Z in Indonesia. Using a quantitative approach with purposive and convenience sampling, data were collected from 40 respondents aged 18–23 with a minimum monthly income of IDR 5,000,000. The results, analyzed using SEM-PLS, indicate that all three variables personal financial management, financial literacy, and digital finance significantly impact sustainable consumption. The findings highlight the importance of financial literacy and digital tools in promoting environmentally and socially responsible consumption behaviors. This research contributes to the literature by integrating financial literacy, digital finance, and environmental awareness into a sustainable financial decision-making model for Generation Z, offering practical implications for policymakers and educators aiming to foster sustainable consumption practices.
Co-Authors Agung Dharmawan Buchdadi Wahyu Wastuti