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Analyzing Generation Z Students' Financial Behavior: The Role of Financial Literacy, Financial Legal Awareness, and Peer Influence Mediated by Risk Perception

  • Iwan Ridwan Paturochman1
  • Dian Kurniawan2
  • Asep Mohammad Adam3
  • Tine Badriatin4*
1,2,3,4 Universitas Siliwangi
* Corresponding Author: Tine Badriatin

Abstract

The rapid expansion of the digital financial ecosystem requires Generation Z to develop adequate financial literacy and legal awareness to make prudent financial decisions. This study examines the effects of Financial Literacy, Financial Legal Awareness, and Peer Influence on Students' Financial Behavior, with Risk Perception as a mediating variable among Generation Z university students. Using a quantitative cross-sectional survey, data were collected from 227 active university students in Tasikmalaya, Indonesia, selected through purposive sampling based on active fintech usage. Data were analyzed using Structural Equation Modeling (SEM) with AMOS 25, while indirect effects were assessed through 2,000 bootstrap resamples. The findings show that Financial Literacy (β = 0.285, p < 0.001) and Financial Legal Awareness (β = 0.198, p = 0.002) have significant positive direct effects on students' financial behavior. Peer Influence has a significant negative direct effect (β = -0.162, p = 0.006), while Risk Perception has a positive direct effect (β = 0.342, p < 0.001). Risk Perception also partially mediates the relationships between each antecedent and financial behavior. These findings indicate that financial knowledge and legal awareness support prudent behavior, whereas conformity-oriented peer pressure may undermine it. In practice, universities should integrate digital financial literacy, legal rights, contractual awareness, and risk evaluation into student learning; students should assess whether digital financial products are both legal and logically appropriate; and regulators and providers should strengthen clear risk disclosures and consumer education for young users.

Keywords

Financial Literacy Financial Legal Awareness Peer Influence Risk Perception Students' Financial Behavior

How to Cite

Citation Format
Paturochman, I. R., Kurniawan, D., Adam, A. M., & Badriatin, T. (2026). Analyzing Generation Z Students’ Financial Behavior: The Role of Financial Literacy, Financial Legal Awareness, and Peer Influence Mediated by Risk Perception. International Journal of Management Science and Information Technology, 6(2), 3234-3241. https://doi.org/10.35870/ijmsit.v6i2.8937

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Author Biographies

Iwan Ridwan Paturochman, Universitas Siliwangi

Development Economics Study Program, Faculty of Economics and Business, Universitas Siliwangi, Tasikmalaya City, West Java Province, Indonesia

Dian Kurniawan, Universitas Siliwangi

Management Study Program, Faculty of Economics and Business, Universitas Siliwangi, Tasikmalaya City, West Java Province, Indonesia

Asep Mohammad Adam, Universitas Siliwangi

Development Economics Study Program, Faculty of Economics and Business, Universitas Siliwangi, Tasikmalaya City, West Java Province, Indonesia

Tine Badriatin, Universitas Siliwangi

Banking and Finance Study Program, Faculty of Economics and Business, Universitas Siliwangi, Tasikmalaya City, West Java Province, Indonesia

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Copyright (c) 2026 Iwan Ridwan Paturochman, Dian Kurniawan, Asep Mohammad Adam, Tine Badriatin

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