Pengaruh Literasi Keuangan dan Social Media Influencer terhadap Minat Investasi Generasi Z: Peran Financial Self-Efficacy sebagai Variabel Moderasi

Devita Agustina; Heriyadi Heriyadi; Uray Ndaru Mustika; Mustaruddin Mustaruddin; Anwar Azazi

doi:10.35870/jemsi.v12i5.6933

Open Access Articles

Pengaruh Literasi Keuangan dan Social Media Influencer terhadap Minat Investasi Generasi Z: Peran Financial Self-Efficacy sebagai Variabel Moderasi

Devita Agustina^1*
Heriyadi Heriyadi²
Uray Ndaru Mustika³
Mustaruddin Mustaruddin⁴
Anwar Azazi⁵

^1,2,3,4,5 Tanjungpura University

* Corresponding Author: Devita Agustina

DOI

https://doi.org/10.35870/jemsi.v12i5.6933

Published 2026-10-01

Pages 4277-4290

Issue Vol. 12 No. 5 (2026): Oktober 2026

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Abstract

Investment plays a crucial role in fostering Indonesia’s economic growth, particularly through public participation in the capital market. Advances in technology and easier access to information have increased awareness of the importance of investing, especially among younger generations. This is reflected in the significant dominance of Generation Z in investment activities across Indonesia. Based on this phenomenon, this research aims to examine the influence of financial literacy and social media influencers on Generation Z’s investment interest, while also assessing the moderating role of financial self-efficacy, specifically in West Kalimantan. The research adopts an explanatory design with a quantitative approach. The minimum sample size was determined using the Lemeshow formula, and data were collected through purposive sampling, involving 250 respondents. The analysis on the data was conducted using PLS-SEM with SmartPLS 4.The findings reveal that financial literacy and social media influencers have a positive and significant impact on investment interest among Generation Z in West Kalimantan. This suggests that improved financial knowledge and exposure to influencer-driven content can enhance young individuals’ willingness to invest. However, financial self-efficacy does not significantly moderate these relationships, indicating that confidence in financial ability does not strengthen nor weaken the effects observed in this study.

Keywords

Financial Literacy Social Media Influencer Financial Self-Efficacy Investment Interest

How to Cite

Citation Format

Agustina, D., Heriyadi, H., Mustika, U. N., Mustaruddin, M., & Azazi, A. (2026). Pengaruh Literasi Keuangan dan Social Media Influencer terhadap Minat Investasi Generasi Z: Peran Financial Self-Efficacy sebagai Variabel Moderasi. JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 12(5), 4277-4290. https://doi.org/10.35870/jemsi.v12i5.6933

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