SHARIA STOCK INVESTMENT DECISIONS AMONG GENERATION Z: THE PERSPECTIVES OF FINANCIAL KNOWLEDGE, RISK PERCEPTION, AND RELIGIOSITY

Zulfan (Universitas Malikussaleh)
Sari Yulis Terfiadi (Universitas Malikussaleh)

Multidiciplinary Output Research for Actual and International Issue (Morfai Journal)
Vol. 6 No. 4 (2026): Multidiciplinary Output Research For Actual and International Issue

This study aims to analyze the influence of financial knowledge, risk perception, and religiosity on sharia stock investment decisions among Generation Z. The study employed a quantitative approach with a causal research design. The research data were collected through questionnaires distributed to Generation Z individuals who are familiar with sharia stock investment and have an interest in investment activities. A total of 161 respondents were included in the data analysis process. Data analysis was conducted using the Structural Equation Modeling Partial Least Square (SEM-PLS) method with the assistance of SmartPLS 4 software. The results indicate that financial knowledge and religiosity have a positive and significant effect on sharia stock investment decisions among Generation Z. Meanwhile, risk perception does not have a significant effect on sharia stock investment decisions. These findings indicate that sharia stock investment decisions among Generation Z are more influenced by the level of financial understanding and religious values than by investment risk perception. In addition, the growth of digital investment and the high exposure to information through social media also contribute to shaping Generation Z’s investment behavior in the sharia capital market.