Peran Teknologi Keuangan Dan Literasi Keuangan Dalam Keputusan Investasi Generasi Z : Tinjauan Literatur Sistematis

Widiasari Oktarina, Tantina Haryati

Abstract


The rapid development of financial technology and increasing financial literacy have encouraged Generation Z to participate more actively in investment activities. However, previous studies have reported inconsistent findings regarding the role of these factors in investment decisions, highlighting the need for a comprehensive literature review. This study aims to examine the role of financial technology and financial literacy in Generation Z investment decisions through a Systematic Literature Review (SLR). The study adapts the PRISMA workflow guidelines by reviewing articles retrieved from Google Scholar, Scopus, ScienceDirect, and Garuda. The selected articles were published in SINTA-accredited national journals and reputable international journals between 2020 and 2025. The findings indicate that financial technology and financial literacy generally have positive roles in investment decisions by improving access to financial services and strengthening financial knowledge. However, inconsistent findings were identified due to differences in respondent characteristics, research methods, and contextual factors. Overall, the findings support Behavioral Finance Theory and provide references for future research and stakeholders.

Keywords


Behavioral Finance; Financial Literacy; Financial Technology; Investment Decisions

Full Text:

PDF

References


Aeni, N. N., Tubastuvi, N., Purwidianti, W., & Utami, R. F. (2024). Determinants Of Millennial Investment Decision-Making in The Sharia Capital Market: A Comprehensive Review. Jurnal Ekonomi Dan Bisnis Airlangga, 34(1), 1–19. https://doi.org/10.20473/jeba.v34i12024.1-19

Bidari, N. P. I., & Sinarwati, N. K. (2023). Peran Financial Literacy dan Herding Dalam Keputusan Investasi Generasi Z. MANAJEMEN : JURNAL EKONOMI, 5(2), 146–152.

Desiyanti, R., Islamiati, F., Fitria, R., Moreno, K., & Sari, J. N. (2025). Effect of Financial Literacy, Risk Perception, and Financial Attitude on Investment Decisions of Millennial Generation. Jurnal Apresiasi Ekonomi, 13(2), 505–521. https://doi.org/10.31846/jae.v13i2.955

Dewi, P. P. R. A., Budiadnyani, N. P., & Frinabila, A. (2024). Literasi Keuangan , Financial Planning Dan Financial Behavior : Faktor Penentu Keputusan Investasi Generasi Z Di Denpasar. JURNAL MANEKSI, 13(4), 1025–1033.

Fridana, I. O., & Asandimitra, N. (2020). Analisis Faktor Yang Memengaruhi Keputusan Investasi (Studi Pada Mahasiswi Di Surabaya). Jurnal Muara Ilmu Ekonomi Dan Bisnis, 4(2), 396. https://doi.org/10.24912/jmieb.v4i2.8729

KSEI. (2024). Statistik Pasar Modal Indonesia Pertumbuhan Investor.

KSEI. (2025). Statistik Pasar Modal Indonesia Pertumbuhan Investor. 1–14.

Kulintang, A., & Putri, E. (2024). Peran Literasi Keuangan, Risk Tolerance, Overconfidence Serta Financial Technology dalam Mendorong Keputusan Investasi. Jurnal Riset Akuntansi & Perpajakan (JRAP), 11(1), 39–55. https://doi.org/10.35838/jrap.2024.011.01.04

Kusumahadi, T. A., & Utami, N. (2022). Teknologi Finansial, Literasi Keuangan, dan Keputusan Investasi Produk Reksa Dana di Indonesia. Jurnal Manajemen Maranatha, 21(2), 177–186. https://doi.org/10.28932/jmm.v21i2.4631

Mahardika, D., & Asandimitra, N. (2023). Pengaruh Overconfidence, Risk Tolerance, Return, Financial Literacy, Financial Technology Terhadap Keputusan Investasi. Jurnal Ilmu Manajemen, 11, 602–612.

Nasir, N., Gunawan, A., Syamsinar, Sukirman, A. S., Putri, A., & Putri, T. R. (2025). Financial Literacy and Overconfidence in Investment Decision Making. American Journal of Open Research, 4(10), 327–335.

Restianti, R., Sakti, D. P. B., & Suryani, E. (2022). Pengaruh Financial Behavior , Financial Literacy , Financial Technology Terhadap Keputusan Berinvestasi Gen Z. JSEH (Jurnal Sosial Ekonomi Dan Humaniora), 8(September), 384–390.

Sewell, M. (2010). Behavioural Finance. April, 1–13.

Susanto, K. P., Mandagie, W. C., Endri, E., & Wiwaha, A. (2024). Financial literacy, technological progress, financial attitudes and investment decisions of Gen Z Indonesian investors. Investment Management and Financial Innovations, 22(1), 25–34. https://doi.org/10.21511/imfi.22(1).2025.03

Triana, O. F., & Yudiantoro, D. (2022). Pengaruh Literasi Keuangan , Pengetahuan SERAMBI Investasi , dan Motivasi Terhadap Keputusan Berinvestasi Mahasiswa di Pasar Modal Syariah. Journal of Islamic Economics and Business Management (or SERAMBI), 4(1), 21–32.


Refbacks

  • There are currently no refbacks.


Copyright (c) 2026 Widiasari Oktarina, Tantina Haryati

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Integrating Religion, Social Economy, and Law: Conference Series

Contact Admin:
Email: [email protected]
WhatsApp: +62 87766583939

ICS Visitor

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Integrating Religion, Social Economy, and Law: Conference Series already indexed: