<![CDATA[Generation Z accounts for 54.69% of Indonesia's capital market investors, yet prior studies on financial literacy and Fear of Missing Out (FOMO) rely largely on student samples allocating hypothetical rather than real capital, leaving unclear whether these effects hold among investors with actual funds at risk. This study addresses that gap using active Generation Z clients of PT Mirae Asset Sekuritas Indonesia in Jakarta, testing the Theory of Planned Behavior's perceived-behavioral-control and subjective-norm constructs in a real-money retail investor context. A quantitative causal-associative design was applied using multiple linear regression on 130 respondents selected through purposive sampling, with instrument validity and reliability confirmed beforehand. Financial literacy showed a significant partial effect on investment decisions (t = 7.306; Sig. = 0.000), while FOMO behavior did not (t = -0.456; Sig. = 0.649), though both jointly exerted a significant effect (F = 27.064; Adjusted R2 = 0.288). The non-significant, negatively signed FOMO coefficient contrasts with the positive coefficients reported in student-sample studies, suggesting genuine capital exposure changes how FOMO operates rather than eliminating its relevance. This nuances the assumed universality of subjective norm in predicting investment behavior, and implies securities firms should prioritize literacy-building interventions over generic anti-FOMO messaging.]]>
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