Institutional Repository UIN Sunan Kalijaga YogyakartaDETERMINAN MINAT INVESTASI SUKUK RITEL DI KALANGAN GENERASI Z DENGAN RELIGIUSITAS DAN PERSEPSI RESIKO SEBAGAI MODERASINIM.: 24208011004Wahyu Hardi SantikaauthorThis study aims to analyze the determinants of retail sukuk investment interest among Generation Z by examining the influence of financial self-efficacy and Fear of Missing Out (FOMO), with religiosity and risk perception serving as moderating variables. The study is motivated by the rapid development of the Islamic capital market in Indonesia, particularly retail sukuk as a sharia-compliant investment instrument that offers relatively low risk and attractive returns for young investors. Generation Z, as a digital-native generation, is highly influenced by psychological, social, and financial factors in making investment decisions. This research employed a quantitative approach using a survey method through questionnaires distributed to Generation Z respondents. The sampling technique used purposive sampling, and the collected data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 4 software. The results of the study indicate that financial self-efficacy has a positive and significant effect on retail sukuk investment interest among Generation Z. This finding suggests that individuals who possess higher confidence in managing and understanding financial matters tend to show stronger intentions to invest. Fear of Missing Out (FOMO) was also found to have a positive and significant effect on investment interest, indicating that social trends, digital influence, and concerns about missing investment opportunities encourage Generation Z to participate in investment activities. Furthermore, religiosity not significantly moderates the relationship between financial self-efficacy and Fear of Missing Out (FOMO) investment interest by strengthening the influence of financial confidence on investment decisions. In contrast, risk perception does not moderate the relationship between financial self-efficacy and investment interest. However, risk perception significantly moderates the relationship between FOMO and investment interest, demonstrating that perceptions regarding investment risk affect how social influence shapes investment behavior. The adjusted R-square value of 0.509 indicates that the variables examined in this study explain 50.9% of the variation in retail sukuk investment interest among Generation Z, while the remaining 49.1% is influenced by other factors outside the scope of this study. This study implies that strengthening financial confidence, increasing Islamic financial literacy, enhancing religiosity values, and improving understanding of investment risk are important factors in encouraging Generation Z to invest in retail sukuk and other Islamic investment instruments.332 Ekonomi Keuangan dan Finansial, Ekonomi Biaya dan Pembiayaan2026-06-04UIN SUNAN KALIJAGA YOGYAKARTA;FAKULTAS EKONOMI DAN BISNIS ISLAMThesis

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