Main Content
Lembaga Kita Journal Portal
Open Access Articles

Pengaruh Literasi Keuangan dan Fear of Missing Out terhadap Perilaku Overtrading Forex pada Investor Generasi Z di Kota Surabaya

  • Khoiril Rulyan Razaki1*
  • Devinta Nur Arumsari2
1,2 University of Pembangunan Nasional Veteran Jawa Timur image/svg+xml
* Corresponding Author: Khoiril Rulyan Razaki
COVER JURNAL EMT KITA Vol 11 No 1 Januari 2027

Abstract

The development of digital financial technology has expanded people's access to various investment products, including foreign exchange trading. This study aims to analyze the influence of financial literacy and Fear of Missing Out on forex overtrading behavior in Generation Z investors in the city of Surabaya. The study used a quantitative approach with a survey of 97 respondents selected by purposive sampling. Respondents were aged 17–29 years old, had an active trading account, conducted retail forex transactions independently, and followed trading information through digital media. Data was collected using a questionnaire and analyzed with PLS-SEM via SmartPLS. The results showed that financial literacy had a negative and significant effect on overtrading with a path coefficient of -0.108, T-statistics of 1.984, and P-values of 0.048. FOMO had a positive and significant effect with a path coefficient of 0.791, T-statistics 11.497, and P-values of 0.000. The R-Square value of 0.753 indicates that both variables explain the 75.3% variation in overtrading. FOMO is the most dominant factor, while financial literacy plays a role in suppressing the tendency to over-transactions. The reliance on digital purposive sampling poses limitations regarding generalizability. Practical implications highlight the need to integrate emotional self-regulation and trading plan compliance alongside conventional financial literacy education.

Keywords

Financial Literacy Fear of Missing Out Overtrading Forex Generation Z

How to Cite

Citation Format
Razaki, K. R., & Arumsari, D. N. (2027). Pengaruh Literasi Keuangan dan Fear of Missing Out terhadap Perilaku Overtrading Forex pada Investor Generasi Z di Kota Surabaya. Jurnal EMT KITA, 11(1), 341-348. https://doi.org/10.35870/emt.v11i1.8400

References

19 References
  • Agda, V. R. P. P., Subagyo, H., & Hernawati, R. I. (2026). Overtrading as an expression of investor FOMO in cryptocurrency markets: Insights from the monkey business perspective. Ilomata International Journal of Management, 7(1), 24–44. https://doi.org/10.61194/ijjm.v7i1.1976.
  • Armeyanti, Z., Umyana, A., & Karpriana, A. P. (2025). Pengaruh FOMO dan social media influencer terhadap keputusan investasi dengan literasi keuangan sebagai moderasi. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(2), 3256–3280. https://doi.org/10.31955/mea.v9i2.6118.
  • Barber, B. M., & Odean, T. (2000). Trading is hazardous to your wealth: The common stock investment performance of individual investors. The Journal of Finance, 55(2), 773–806. https://doi.org/10.1111/0022-1082.00226.
  • Ben-David, I., Birru, J., & Prokopenya, V. (2018). Uninformative feedback and risk taking: Evidence from retail forex trading. Review of Finance, 22(6), 2009–2036. https://doi.org/10.1093/rof/rfy022.
  • Budiarti, R. R., & Trisnaningsih, S. (2025). Factors influencing investment decision making in foreign exchange: Financial literacy, risk perception, loss aversion. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 8(3), 10414–10427. https://doi.org/10.31538/iijse.v8i3.7742.
  • Diana, N. R., & Achyani, F. (2026). Pengaruh kemudahan investasi digital, literasi keuangan, Fear of Missing Out (FOMO), dan overconfidence terhadap keputusan investasi mahasiswa Gen Z. Jurnal Economic Resource, 9(1), 1124–1134. https://doi.org/10.57178/jer.v9i1.2279.
  • Fonseca, D. (2025). Pengaruh financial influencer dan FOMO terhadap keputusan investasi mahasiswa melalui literasi keuangan. GEMAH RIPAH: Jurnal Bisnis, 5(3), 133–149. https://doi.org/10.69957/grjb.v5i03.2281.
  • Gerrans, P., Abisekaraj, S. B., & Liu, Z. F. (2023). The fear of missing out on cryptocurrency and stock investments: Direct and indirect effects of financial literacy and risk tolerance. Journal of Financial Literacy and Wellbeing, 1(1), 103–137. https://doi.org/10.1017/flw.2023.6.
  • Hochman, G. (2024). Beyond the surface: A new perspective on dual-system theories in decision-making. Behavioral Sciences, 14(11), 1028. https://doi.org/10.3390/bs14111028.
  • Kustodian Sentral Efek Indonesia. (2025). Statistik pasar modal Indonesia: Desember 2025.
  • Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5.
  • Odean, T. (1999). Do investors trade too much? American Economic Review, 89(5), 1279–1298. https://doi.org/10.1257/aer.89.5.1279.
  • Organisation for Economic Co-operation and Development. (2016). OECD/INFE international survey of adult financial literacy competencies. OECD Publishing. https://doi.org/10.1787/28b3a9c1-en.
  • Przybylski, A. K., Murayama, K., DeHaan, C. R., & Gladwell, V. (2013). Motivational, emotional, and behavioral correlates of fear of missing out. Computers in Human Behavior, 29(4), 1841–1848. https://doi.org/10.1016/j.chb.2013.02.014.
  • Rachman, S. F., & Purwaningrum, E. (2025). FOMO dan keputusan investasi saham IPO: Peran literasi keuangan dalam mengontrol keputusan impulsif. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(3), 1–6. https://doi.org/10.31955/mea.v9i3.6168.
  • Sutejo, B. S. (2025). The linkage of stock trading decisions, EI traits, financial literacy, and risk tolerance on Generation Z. EKUITAS (Jurnal Ekonomi dan Keuangan), 9(1), 110–124. https://doi.org/10.24034/j25485024.y2025.v9.i1.6930.
  • Tirtawinata, G. H., & Ruslim, H. (2025). Pengaruh FOMO, literasi keuangan, dan persepsi risiko terhadap keputusan investasi Generasi Milenial dan Z di Jakarta. Jurnal Manajerial dan Kewirausahaan, 7(4), 1279–1286. https://doi.org/10.24912/zj5te979.
  • Van Rooij, M., Lusardi, A., & Alessie, R. (2011). Financial literacy and stock market participation. Journal of Financial Economics, 101(2), 449–472. https://doi.org/10.1016/j.jfineco.2011.03.006.
  • Viana, E. D., Febrianti, F., & Dewi, F. R. (2022). Literasi keuangan, inklusi keuangan dan minat investasi Generasi Z di Jabodetabek. Jurnal Manajemen dan Organisasi, 12(3), 252–264. https://doi.org/10.29244/jmo.v12i3.34207.

Author Biographies

Khoiril Rulyan Razaki, University of Pembangunan Nasional Veteran Jawa Timur

Program Studi Kewirausahaan, Universitas Pembangunan Nasional “Veteran” Jawa Timur, Kota Surabaya, Provinsi Jawa Timur, Indonesia.

Devinta Nur Arumsari, University of Pembangunan Nasional Veteran Jawa Timur

Program Studi Kewirausahaan, Universitas Pembangunan Nasional “Veteran” Jawa Timur, Kota Surabaya, Provinsi Jawa Timur, Indonesia.

License

Copyright (c) 2027 Khoiril Rulyan Razaki, Devinta Nur Arumsari

Creative Commons License

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

This is an open-access journal distributed under the Creative Commons Attribution 4.0 International License (CC BY 4.0), which permits unrestricted use, distribution, reproduction, and adaptation in any medium (even commercially), provided appropriate credit is given to the original author(s), a link to the license is provided, and any changes made are indicated. Authors retain copyright without restrictions and grant the journal the right of first publication as well as non-exclusive publishing rights for archiving, indexing, and scholarly dissemination.

Downloads

OJS UsageStats Plugin
Download data is not yet available.
Contrimetric

Recommended Articles