PENGARUH FINANCIAL LITERACY, FINANCIAL BEHAVIOR, RETURN EXPECTATION, DAN RELIGIUSITAS TERHADAP KEPUTUSAN INVESTASI GENERASI Z DI INDONESIA

Alfian Fajar Maulana, NIM.: 22108030043 (2026) PENGARUH FINANCIAL LITERACY, FINANCIAL BEHAVIOR, RETURN EXPECTATION, DAN RELIGIUSITAS TERHADAP KEPUTUSAN INVESTASI GENERASI Z DI INDONESIA. Skripsi thesis, UIN SUNAN KALIJAGA YOGYAKARTA.

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Abstract

This study is driven by the massive increase in Generation Z’s participation in the capital market in Indonesia, which has not been fully matched by a solid level of financial literacy, leading to impulsive investment decisions and susceptibility to behavioral biases. The aim of this quantitative study is to test and analyze the influence of financial literacy, financial behavior, return expectations, and religiosity on Generation Z’s investment decisions in Indonesia. The study uses Structural Equation Modeling-Partial Least Squares (SEM-PLS) analysis, with primary data collected via online questionnaires from 206 respondents meeting the sample criteria. The main findings show that financial literacy, financial behavior, return expectations, and religiosity have a significant positive effect on investment decisions. This finding confirms that Generation Z’s decisions are not just driven by financial factors, but alsop by the religious values they hold. The study also highlight the need to strengthen financial literacy and investment understanding in a way that aligns with the characteristics and values of young investors.

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