The Mediating Role of Financial Literacy between FinTech and Sharia Stock Investment among Gen Z in Indonesia
DOI:
https://doi.org/10.22373/share.32197Abstract
Understanding the relationship between financial literacy and financial technology is crucial for fostering investment participation among younger demographics. This study examines the determinants of Sharia stock investment decisions among Generation Z in East Java, specifically focusing on the mediating role of financial literacy. A quantitative research design was employed, utilizing survey data from 188 respondents, which were subsequently analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The findings reveal that financial technology (FinTech) exerts a significant positive influence on financial literacy. Furthermore, both financial literacy and FinTech are shown to significantly and favorably impact the intention of Generation Z to invest in Sharia-compliant equities. Crucially, the results demonstrate that financial literacy serves as a vital mediator in the relationship between FinTech adoption and investment decisions. These findings suggest that to enhance the investment capacity of Generation Z, stakeholders should prioritize comprehensive financial education initiatives. Recommendations include the development of interactive workshops, digital learning platforms, and the integration of financial literacy into school-based curricula to ensure that young investors can make informed decisions aligned with their long-term financial sustainability.
Abstrak
Peran Mediasi Literasi Keuangan dalam Hubungan antara Teknologi Finansial dan Investasi Saham Syariah pada Gen Z di Indonesia. Pemetaan hubungan antara literasi keuangan dan teknologi keuangan menjadi sangat krusial dalam upaya mendorong partisipasi investasi di kalangan generasi muda. Penelitian ini bertujuan untuk menganalisis faktor-faktor yang memengaruhi keputusan investasi saham syariah pada Generasi Z di Jawa Timur, dengan menyoroti peran literasi keuangan sebagai variabel mediasi. Melalui pendekatan kuantitatif, data dikumpulkan dari 188 responden dan dianalisis menggunakan metode Partial Least Squares–Structural Equation Modeling (PLS-SEM). Hasil penelitian menunjukkan bahwa perkembangan teknologi keuangan (FinTech) berpengaruh positif dan signifikan terhadap peningkatan literasi keuangan. Selain itu, literasi keuangan dan teknologi keuangan terbukti menjadi stimulan utama bagi minat investasi saham syariah, di mana literasi keuangan berperan penting dalam memediasi dampak teknologi terhadap keputusan investasi tersebut. Implikasi penelitian ini menekankan pentingnya penguatan program edukasi keuangan oleh para pembuat kebijakan dan institusi terkait. Disarankan adanya pengembangan inisiatif edukasi yang komprehensif, seperti workshop interaktif, platform pembelajaran digital, serta integrasi literasi keuangan ke dalam kurikulum pendidikan formal. Hal ini bertujuan agar Generasi Z memiliki kapabilitas dalam mengambil keputusan investasi yang cerdas, aman, dan selaras dengan tujuan keuangan jangka panjang mereka.
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