<![CDATA[Background: Financial literacy is increasingly important for Generation Z investors in Indonesia, where rapid capital market participation contrasts with limited capital market literacy. Objective: This article examines how financial literacy, behavioral biases, and digital social influence relate to investment decisions and develops a conceptual framework. Methods: A systematic literature review approach was used to organize publications from 2011 to September 2026 alongside official statistics. The manuscript reports screening 52 full-text sources and retaining 40 sources; the underlying included-study inventory requires verification. Results: Four themes are discussed: differences between objective knowledge and perceived competence, persistent behavioral biases, digital mediation through influencers and platform design, and the limited durability of conventional financial education effects. A conceptual framework distinguishes objective from perceived literacy and proposes six relationships for future empirical examination. Conclusion: Financial literacy may moderate rather than directly determine investment decision quality, while digital influence and behavioral biases remain central mechanisms. These propositions require empirical testing and a fully traceable review evidence base.]]>
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