Gen Z Digital Investment Intentions: An Analysis of Financial Literacy, Social Media, and Privacy Issues

Sri Endar Utami; Agni Astungkara; Triloka Mahesti; Arum Febriyanti Ciptaningtias

doi:10.56209/jommerce.v5i3.183

Authors

Sri Endar Utami Accounting Department, Politeknik Negeri Semarang
Agni Astungkara Accounting Department, Politeknik Negeri Semarang
Triloka Mahesti Accounting Department, Politeknik Negeri Semarang
Arum Febriyanti Ciptaningtias Accounting Department, Politeknik Negeri Semarang

DOI:

https://doi.org/10.56209/jommerce.v5i3.183

Keywords:

Financial Literacy, Social Media, Privacy Concerns

Abstract

Economic uncertainty is inevitable for every individual, including Generation Z. One way to deal with this economic uncertainty is through financial planning, which also includes investment activities. This study aims to investigate the role of financial literacy, social media, and privacy concerns on investment intentions. This study involved 206 respondents who were Generation Z students in Semarang City, Indonesia. The results showed that financial literacy and the role of social media have a positive influence on Generation Z's intention to invest in digital platforms, while privacy concerns negatively affect their intention to invest in digital platforms. However, this study was unable to show a moderating relationship between privacy concerns and the role of social media and investment intentions in digital platforms.

References

Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/https://doi.org/10.1016/0749-5978(91)90020-T

Alzaidi, M. S., & Agag, G. (2022). The role of trust and privacy concerns in using social media for e-retail services: The moderating role of COVID-19. Journal of Retailing and Consumer Services, 68. https://doi.org/10.1016/j.jretconser.2022.103042

Astungkara, A., Ciptaningtias, A. F., & Mahesti, T. (2025). Generasi Z dan Kemandirian Finansial? Peran Frugal Living dan Literasi Keuangan Terhadap Perilaku Manajemen Keuangan dengan Gender Sebagai Variabel Pemoderasi. Jurnal Akuntansi Dan Pajak, 25(2), 1–9.

Baek, T., & Morimoto, M. (2012). Stay away from me. Journal of Advertising, 41(1), 59–76. https://doi.org/10.2753/JOA0091-3367410105

Dang, P. G. (2024). Studies Management and Finance Economics, of Journal The Impact of Social Influences on Investment Decision-Making: A Multi-Method Analysis of Vietnamese Investors. Journal of Economics, Finance and Management Studies, 7(12). https://doi.org/10.47191/jefms/v7

Diggelmann, O., & Cleis, M. N. (2014). How the right to privacy became a human right. Human Rights Law Review, 14(3), 441–458. https://doi.org/10.1093/hrlr/ngu014

Dinev, T., & Hart, P. (2005). Internet Privacy Concerns and Social Awareness as Determinants of Intention to Transact. International Journal of Electronic Commerce, 10(2), 7–29. http://www.jstor.org/stable/27751182

Fortes, N., & Rita, P. (2016). Privacy concerns and online purchasing behaviour: Towards an integrated model. European Research on Management and Business Economics, 22(3), 167–176. https://doi.org/https://doi.org/10.1016/j.iedeen.2016.04.002

Hair, J., Hult, G. T. M., Ringle, C., Sarstedt, M., Danks, N., & Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R: A workbook.

Hana, A., Ambardi, & Novida, I. (2024). Analisis Pengaruh Sosial Media, Risk Perception dan Literasi Keuangan Terhadap Keputusan Investasi di Pasar Modal Pada Kalangan Milineal. Jurnal Maneksi, 13(1), 216–225.

Hana, A., Novida, I., Studi, P. S., Fakultas Ekonomi dan Bisnis, M., & Teknologi dan Bisnis Ahmad Dahlan Jakarta, I. (2024). Analisis Pengaruh Sosial Media, Risk Perception dan Literasi Keuangan Terhadap Keputusan Investasi di Pasar Modal Pada Kalangan Milineal. Jurnal Maneksi, 13(1).

Handopo, J. J., & Rahadi, R. A. (2021). Proceeding Book of The 6th ICMEM (Vol. 2021). https://www.researchgate.net/publication/357865837

Huang, C. D., Goo, J., Nam, K., & Yoo, C. W. (2017). Smart tourism technologies in travel planning: The role of exploration and exploitation. Information & Management, 54(6), 757–770. https://doi.org/https://doi.org/10.1016/j.im.2016.11.010

Ira Pratiwi, A., Indriani, E., & Kartikasari, N. (2023). Analisis Pengaruh Literasi Keuangan dan Perilaku Keuangan Terhadap Minat Investasi Tabungan Emas. JLEB: Journal of Law Education and Business, 1(2).

Irawan, D., & Affan, M. W. (2020). Pengaruh Privasi Dan Keamanan Terhadap Niat Menggunakan Payment Fintech. Jurnal Kajian Akuntansi, 4(1), 52–62. http://jurnal.unswagati.ac.id/index.php/jka

Khatik, S. K., Joshi, R., & Kumar Adwani, V. (2021a). Inferring The Role Of Social Media On Gen Z’s Investments Decisions. Community & Communication Amity School of Communication, 14, 2456–9011. https://doi.org/10.31620/JCCC.12.21/26

Khatik, S. K., Joshi, R., & Kumar Adwani, V. (2021b). Inferring The Role Of Social Media On Gen Z’s Investments Decisions. Community & Communication Amity School of Communication, 14, 2456–9011. https://doi.org/10.31620/JCCC.12.21/26

Kurniawati, M., & Pamungkas, A. S. (2023). The Effect Of Investment Motivation, Perceived Risk And Financial Literacy On Investment Intention. International Journal of Application on Economics and Business, 1(4). https://doi.org/10.24912/ijaeb.v1i4.2142-2151

Lestiana, & Nurfauziya, A. (2023). Pengaruh pengetahuan investasi, kebijakan modal minimum, literasi keuangan dan social media influencer terhadap minat mahasiswa berinvestasi di pasar modal. 5, 136–149. https://doi.org/10.20885/ncaf.vol5.art16

Lumare, N., Muradyan, L., & Jansberg, C. (2024). Behind the screen: the relationship between privacy concerns and social media usage. Journal of Marketing Communications, 1–16. https://doi.org/10.1080/13527266.2024.2424922

Mahyarni. (2013). Theory Of Reasoned Action Dan Theory Of Planned Behavior (Sebuah Kajian Historis tentang Perilaku). Jurnal EL-RIYASAH, 4, 13–23. https://doi.org/http://dx.doi.org/10.24014/jel.v4i1.17

Nag, A. K., & Shah, J. (2022). An Empirical Study on the Impact of Gen Z Investors’ Financial Literacy to Invest in the Indian Stock Market. Indian Journal of Finance, 16(10), 43–59. https://doi.org/10.17010/ijf/2022/v16i10/172387

Ningtyas, M. N., Fikriah, N. L., & Pradana, A. W. S. (2024). Muslim Gen Z Investment Decision: An Analysis Using Social Media Factors. Journal of Islamic Economic and Business Research, 4(1), 108–125. https://doi.org/10.18196/jiebr.v4i1.292

OJK, & BPS. (2024). Survei Nasional Literasi dan Inklusi Keuangan (SNLIK) 2024. https://ojk.go.id/id/berita-dan-kegiatan/publikasi/Documents/Pages/Survei-Nasional-Literasi-dan-Inklusi-Keuangan-(SNLIK)-2024/Survei%20Nasional%20Literasi%20dan%20Inklusi%20Keuangan%20(SNLIK)%202024.pdf

Oppong, C., Salifu Atchulo, A., Akwaa-Sekyi, E. K., Grant, D. D., & Kpegba, S. A. (2023). Financial literacy, investment and personal financial management nexus: Empirical evidence on private sector employees. Cogent Business & Management, 10(2), 2229106. https://doi.org/10.1080/23311975.2023.2229106

Pertiwi, T. K. (2022). Impact of Perceived Benefits, Security, and Privacy on Interest in Using E-Wallet in Millennial Generation. International Journal of Multidisciplinary Research and Analysis, 05(05). https://doi.org/10.47191/ijmra/v5-i5-22

Priliasari, E. (2023). Perlindungan Data Pribadi Konsumen Dalam Transaksi E-Commerce Menurut Peraturan Perundang-Undangan Di Indonesia (Legal Protection of Consumer Personal Data in E-Commerce According To Laws dan Regulations in Indonesia). Jurnal Rechtsvinsing, 12(2), 261–271.

Purba, E. L. D., Roza Thohiri, & Harefa, K. (2025). The Impact of Financial Literacy, Technological Progress, Income, and Lifestyle on Investment Interest: The Role of Gender as a Moderator Variable. Owner : Riset Dan Jurnal Akuntansi, 9(2), 1183–1200. https://doi.org/10.33395/owner.v9i2.2595

Putra, T. S. A. (2024). Peran Media Sosial Dalam Membangun Citra Positif Organisasi. Https://Www.Djkn.Kemenkeu.Go.Id/Artikel/Baca/16999/Peran-Media-Sosial-Dalam-Membangun-Citra-Positif-Organisasi. https://www.djkn.kemenkeu.go.id/artikel/baca/16999/Peran-Media-Sosial-Dalam-Membangun-Citra-Positif-Organisasi

Ramli, R., Muda, S., Kasim, S., Zin, N. M., Ismail, N., & Padil, H. M. (2023). Examining the Relationship between Social Media and Intention to Invest in an Investment Scams among Students. In Information Management and Business Review (Vol. 15, Issue 4).

Raut, R. K. (2020). Past behaviour, financial literacy and investment decision-making process of individual investors. International Journal of Emerging Markets, 15(6), 1243–1263. https://doi.org/10.1108/IJOEM-07-2018-0379

Remund, D. L. (2010). Financial Literacy Explicated: The Case for a Clearer Definition in an Increasingly Complex Economy. Journal of Consumer Affairs, 44(2), 276–295. https://doi.org/https://doi.org/10.1111/j.1745-6606.2010.01169.x

Robkob, N., & Pankham, S. (2023). Employing Fuzzy Delphi Techniques to Validate the Components and Contents of Role of Social Media in a Technology Acceptance Model towards Perception and Investment Intention in Cryptocurrency. Journal of Law and Sustainable Development, 11(12), e2032. https://doi.org/10.55908/sdgs.v11i12.2032

Samsuri, A., Ismiyanti, F., & Narsa, I. M. (2019). Effects of Risk Tolerance and Financial Literacy to Investment Intentions. International Journal of Innovation, Creativity and Change, 10(9). www.ijicc.net

Sathya, N., & Prabhavathi, C. (2024). The influence of social media on investment decision-making: examining behavioral biases, risk perception, and mediation effects. International Journal of System Assurance Engineering and Management, 15(3), 957–963. https://doi.org/10.1007/s13198-023-02182-x

Suresh, G. (2021). Impact of Financial Literacy and Behavioural Biases on Investment Decision-making. FIIB Business Review, 13(1), 72–86. https://doi.org/10.1177/23197145211035481

Tania, J., & Utami Tjhin, V. (2025). The Influence Of Digital Literacy On Intention To Use Investment Applications In Generation Z: A Case Study On Financial Products. Journal of Theoretical and Applied Information Technology, 15(7). www.jatit.org

Widyasari, A., & Aruan, D. (2022, March 23). The Effect of Social Media Information on Intention to Invest in Indonesia Capital Market: Case of Generation Y. https://doi.org/10.4108/eai.27-7-2021.2316776

Kushwaha, B. P. (2021). Paradigm shift in traditional lifestyle to digital lifestyle in Gen Z: a conception of consumer behaviour in the virtual business world. International Journal of Web Based Communities, 17(4), 305-320. http://dx.doi.org/10.1504/IJWBC.2021.119472

Bhalla, R., Tiwari, P., & Chowdhary, N. (2021). Digital natives leading the world: paragons and values of Generation Z. In Generation Z marketing and management in tourism and hospitality: The future of the industry (pp. 3-23). Cham: Springer International Publishing. http://dx.doi.org/10.1007/978-3-030-70695-1_1

Aren, S., & Nayman Hamamci, H. (2023). Evaluation of investment preference with phantasy, emotional intelligence, confidence, trust, financial literacy and risk preference. Kybernetes, 52(12), 6203-6231. http://dx.doi.org/10.1108/K-01-2022-0014

Bai, R. (2023). Impact of financial literacy, mental budgeting and self control on financial wellbeing: Mediating impact of investment decision making. Plos one, 18(11), e0294466. http://dx.doi.org/10.1371/journal.pone.0294466

Wu, Y., & Huang, H. (2023). Influence of perceived value on consumers’ continuous purchase intention in live-streaming e-commerce—mediated by consumer trust. Sustainability, 15(5), 4432. https://doi.org/10.3390/su15054432

Clarke Sr, G. (2024). The Value of Money-Breaking Barriers: Strengthening Financial Literacy in Men of Color Through Church-Centric Initiatives (Doctoral dissertation, Virginia Union University).