The Influence of Behavioral Biases on Financial Decision-Making among Generation Z in Aceh Tamiang: The Mediating Role of Religiosity

Muhammad Fuad (Universitas Samudra)
Safrizal Safrizal (Universitas Samudra)
Rini Mastuti (Universitas Samudra)
Yani Rizal (Universitas Samudra)

International Journal of Educational Review, Law And Social Sciences (IJERLAS)
Vol. 5 No. 6 (2025)

This study examines the influence of behavioral biases on the financial decision-making of Generation Z in Aceh Tamiang, with religiosity as a potential mediating factor. Generation Z, raised in the digital era with vast financial information access, faces growing challenges in managing finances effectively. Integrating Behavioral Finance Theory with religiosity, the study explores financial behavior within the socio-cultural context of Aceh Tamiang. The research investigates five key variables: Endowment Bias, Overconfidence, Herding Behavior, Religiosity, and Financial Decision-Making Behavior. Using accidental random sampling, 400 respondents aged 15–29 years participated. Results indicate that Endowment Bias, Overconfidence, and Religiosity significantly influence financial behavior, while Herding Behavior has no significant effect. Religiosity acts as a personal value shaping financial behavior rather than a mediating variable. Current outputs include a draft manuscript for an international journal and a draft research poster, with short-term goals focused on finalizing both outputs .