The Effect Of Fear Of Missing Out (FOMO) And Social Media On Generation Z Stock Investment Decisions Through Financial Literacy Mediation
DOI:
https://doi.org/10.61492/hxv7ww43Keywords:
FOMO, Social Media, Financial Literacy, Investment Decisions, Generation ZAbstract
This study aims to analyze the influence of Fear of Missing Out (FOMO) and social media on Generation Z stock investment decisions in Sukabumi City, with financial literacy as a mediating variable. The population of this study was Generation Z investors in Sukabumi City, with a sample of 96 respondents selected using a purposive sampling technique. The data analysis method used was Structural Equation Modeling based on Partial Least Squares (PLS-SEM) through SmartPLS 4 software. The results showed that FOMO and social media had a positive and significant effect on Generation Z stock investment decisions. Financial literacy was proven to have a positive and significant effect on investment decisions and acted as a significant mediating variable in the relationship between social media and investment decisions. However, financial literacy was not proven to mediate the relationship between FOMO and investment decisions, indicating that the influence of FOMO on investment decisions is direct and driven by emotional factors. These findings provide important implications for regulators and educational institutions to strengthen financial literacy as a cognitive filter in dealing with the rapid flow of information and psychological pressure in the digital capital market.
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Copyright (c) 2026 Salwa Nazwa Aulia, Evi Martaseli, Andri Indrawan (Author)
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