The influence of fintech, financial literacy, and lifestyle on the investment of the younger generation
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Moch. Ilham Nugraha Irawan(1*)
Department of Management, Faculty of Economics and Business, University of Swadaya Gunung Jati
-
Maiyaliza Maiyaliza(2)
Department of Management, Faculty of Economics and Business, University of Swadaya Gunung Jati
-
Benny Dhevyanto(3)
Department of Management, Faculty of Economics and Business, University of Swadaya Gunung Jati
(*) Corresponding Author
Keywords:
Fintech, Financial Literacy, Lifestyle, Investment Decisions, Younger Generation
Abstract
Advances in digital technology have transformed how the younger generation approaches financial management and investment decision-making. This study aims to examine the influence of financial technology (fintech), financial literacy, and lifestyle on the investment decisions of the younger generation. The research adopts a quantitative approach and is conducted among students of Swadaya Gunung Jati University in Cirebon who are investors in GIBEI UGJ. Primary data are collected through a structured questionnaire and analyzed using SPSS version 27, including tests of validity, reliability, and classical assumptions, followed by multiple regression analysis. The findings indicate that financial technology and lifestyle exert a significant influence on investment decisions among the younger generation. In contrast, financial literacy does not show a significant effect in this context. These results suggest that ease of access, interactive features, and the prevailing digital lifestyle encourage greater investment participation, even when financial understanding is limited. Accordingly, fintech service providers are expected to balance transactional convenience with enhanced financial education, while educational institutions should strengthen financial literacy through more practical approaches to support more rational and sustainable investment decision-making among the younger generation.
Keywords: Fintech; Financial Literacy; Lifestyle; Investment Decisions; Younger Generation
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References
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Alruthaya, Y. S., Nguyen, D. T., & Lokuge, S. (2021). Digital Natives in Business Education: Ethics Awareness and Reflective Thinking. Journal of Business Ethics Education, 18(1), 87–104.
Artono, B. (24 C.E.). Jurnal Multidisiplin Sosisal Humaniora. Jurnal Multidisiplin Sosial Humaniora, 1, 53–63. https://jurnal.ananpublisher.com/index.php/jmsh
Astiakurnia, P. R., Triputrajaya, A. I. (2024). Analysis of the Influence of the Use of Fintech Services on Investment Decisions of Millennial Communities in the Digital Age. Journal of Social Science, 5(6), 1501–1512. https://doi.org/10.46799/jss.v5i6.954
Astuti, R. F., Ulfah, M., & Ellyawati, N. (2022). Pengaruh Modernitas dan Gaya Hidup terhadap Perilaku Konsumsi Mahasiswa. Jurnal Pendidikan Ekonomi Undiksha, 14(2), 237–245. https://doi.org/10.23887/jjpe.v14i2.52042
Chauhan, R., & Patel, N. (2024). Unraveling Investor Behavior: Exploring the Influence of Behavioral Finance on Investment Decision-Making. Journal of Economics, Assets, and Evaluation, 1(4), 1–13. https://doi.org/10.47134/jeae.v1i4.292
Fariana, R. E., Surindra, B., & Arifin, Z. (2021). The Influence of Financial Literacy, Lifestyle and Self-Control on the Consumption Behavior of Economic Education Student. International Journal of Research and Review, 8(8), 496–503. https://doi.org/10.52403/ijrr.20210867
George, E. (2025). The Effect of Financial Literacy on Investment Decisions in the Stock Market: A Study of the United Kingdom. Journal of Business and Strategic Management, 10(9), 28–38. https://doi.org/10.47941/jbsm.2962
Gifari, N.R., Warnila., & Gaffar, D. A. (2025). Tranformation of Islamic Capital Market ih the Digital Era : Analysis of the Role of Financial Technology in Increasing Participation of Young Investors. Accounting, 3(April), 19–30.
Guzman, K. C., & Oktarina, N. (2020). Economic Education Analysis Journal, Economic education analysis journal. Economic Education Analysis Journal, 9(3), 831–843. https://doi.org/10.15294/eeaj.v13i3.13413
Hanif, H., Harahap, M. I., & Silalahi, P. R. (2025). Pengaruh Gaya Hidup, Fomo, Literasi Keuangan Syariah, dan Persepsi Risiko Terhadap Keputusan Investasi Cryptocurrency. Journal of Business and Economics Research (JBE), 6(1), 83–93. https://doi.org/10.47065/jbe.v6i1.6916
Hapsari, S. A. (2021). The Theory of Planned Behavior and Financial Literacy to Analyze Intention in Mutual Fund Product Investment. Proceedings of the 5th Global Conference on Business, Management and Entrepreneurship (GCBME 2020), 187(Gcbme 2020), 136–141. https://doi.org/10.2991/aebmr.k.210831.028
Ilahana, A. D., Tsabitah, N., & Fadhillah, I. (2024). Social Media Trends on Generation Z’s Lifestyle . Jurnal Abdimas, 28(2), 245–248. https://doi.org/10.15294/h1n93346
Jessica, C. R., & Atmaji, A. (2023). The Effect of Financial Literacy on the Investment Decisions of Investment Applications Users. International Journal of Economics, Business and Management Research, 07(09), 01–16.
https://doi.org/10.51505/ijebmr.2023.7901
Kalumata, S. (2021). Pengaruh Media Sosial Terhadap Perilaku dan Gaya Hidup. Manadotoday, 3(1), 69–80.
Kumar, P., Islam, M. A., Pillai, R., & Tabash, M. I. (2024). Risk Perception-Perceived Investor Performance Nexus: Evaluating the Mediating Effects of Heuristics and Prospects With Gender as a Moderator. SAGE Open, 14(2), 1–18. https://doi.org/10.1177/21582440241256444
Liu, Y., Pek, J., & Maydeu-Olivares, A. (2025). On a general theoretical framework of reliability. British Journal of Mathematical and Statistical Psychology, 78(1), 286–302. https://doi.org/10.1111/bmsp.12360
Lubis, Y. S., Lubis, Z. A., Khoiriah, Z., & Harahap, M. I. (2023). Pengaruh Literasi Keuangan Terhadap Keputusan Investasi Pasar Modal pada Mahasiswa Universitas Islam Negeri Sumatera Utara. Jurnal Riset Ekonomi Dan Akuntansi, 1(3), 01–10.
Mahmudi, B., Sultan, U., & Tirtayasa, A. (2024). The Evolution of FinTech and its Effects on Financial Decision Making: A Systematic Literature Review Evolusi FinTech dan Pengaruhnya terhadap Pengambilan Keputusan Keuangan: Systematic Literature Review. Management Studies and Business Journal (PRODUCTIVITY), 1(1), 174–181. https://journal.ppipbr.com/index.php/productivity/index
Mirati, R. E., Purwaningrum, E., & Masjono, A. (2024). The Influence Of Financial Literacy And Financial Behavior On Welma-Mybca Mutual Fund Investment Decisions. Ekonomi & Bisnis, 23(1), 79–89. https://doi.org/10.32722/eb.v23i1.6621
Muhammad, H., Faradisi, R. J. (2023). Pengaruh Literasi Keuangan, Perilaku Manajemen Keuangan, Pendapatan, dan Religiusitas terhadap Pengambilan Keputusan Investasi (Studi pada Mahasiswa Perguruan Tinggi Islam di Ponorogo). BISNIS : Jurnal Bisnis Dan Manajemen Islam, 11(1), 123.
https://doi.org/10.21043/bisnis.v11i1.20326
Siskawati, N. E., Ningtyas, M. N. (2022). Literasi Keuangan, Financial Technology dan Perilaku Keuangan Mahasiswa. DIALEKTIKA: Jurnal Ekonomi Dan Ilmu Sosial, 7(2), 102–113.
Sawitri, N. Y. R,. Candrayani, N. A (2025). Pengaruh Literasi Keuangan dan Fintech Terhadap Investasi Dengan Inklusi Keuangan Sebagai Pemediasi. Jurnal Ekonomi, 30(2), 263–290. https://doi.org/10.24912/je.v30i2.3015
Nogueira, M. C., Almeida, L., & Tavares, F. O. (2025). Financial Literacy, Financial Knowledge, and Financial Behaviors in OECD Countries. Journal of Risk and Financial Management, 18(3), 1–15. https://doi.org/10.3390/jrfm18030167
Nurhayati, N., Mutakin, K., Caroline, C., & Judijanto, L. (2025). Analysis of the influence of financial literacy on investment decisions of millennials and gen Z in the digital ERA. Edelweiss Applied Science and Technology, 9(7), 2129–2138. https://doi.org/10.55214/2576-8484.v9i7.9128
Octaviani, S., Handri. (2022). Pengaruh Literasi Keuangan dan Financial Technology terhadap Inklusi Keuangan. Bandung Conference Series: Business and Management, 2(1), 957–968. https://doi.org/10.29313/bcsbm.v2i1.2388
Palesta, P. K., Paramita, V. S. (2024). The Influence Of Financial Technology, Financial Literacy, And Risk Perception On Mutual Fund Investment Decisions In Generation Z In Jawa Barat. International Journal of Science, Technology & Management, 5(1), 132–145. http://ijstm.inarah.co.id
Paramita, B. L., Paramita, V. S (2024). The ifluence of financial literacy, lifestyle and financial planning on consumptive behavior in millenials and generation z. International Journal of Science, Technology & Management, 5(2), 373–382.
Rahman, A. Z., Daulay, A. N., & Nasution, M. L. I. (2025). The Influence of Financial Literacy, Religiosity, and Financial Technology on the Financial Behavior of Generation Z in Medan City. Journal of Applied Business Administration, 9(2), 386–400. https://doi.org/10.30871/jaba.10886
Rehman, K., & Mia, M. A. (2024). Determinants of financial literacy: a systematic review and future research directions. Future Business Journal, 10(1), 1–25. https://doi.org/10.1186/s43093-024-00365-x
Roshinta, M., Ilham Wardhana Haeruddin, M., Nurman, N., Ichwan Musa, M., & Ruma, Z. (2025). The Influence of Financial Literacy, Financial Technology, and Risk Perception on Investment Decisions. El-Kahfi | Journal of Islamic Economics, 6(02), 386–295.
Rosnidah, I. K., Lativa, E. (2025). Education, Financial Literacy and Planning on Msmes Financial Behavior in Cirebon City. 2022(11).
https://journals.unisba.ac.id/index.php/performa
Rukoyah, S., Susilawati. (2025). Pengaruh Financial Technology dan Gaya Hidup Terhadap Perilaku Keuangan Generasi Z di Kabupaten Bandung. JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 11(2), 921–932.
https://doi.org/10.35870/jemsi.v11i2.3943
Salulemo, J. M., Utara, K. L., Selatan, S., Graha, P., Permai, M., Blok, D., Palopo, K., & Selatan, S. (2025). The Influence of Social Media on Millennials ’ Investment Decision Making Through Fear Of Missing Out. 7(2), 123–138.
Saptyana, R. F. (2024). the Influence of Lifestyle , Financial Technology ,. Tax Accounting Applied Journal, 2023, 12–25.
Sari, Z. P., Mardhiah, S., & Albart, N. (2025). Systematic Literature Review: Pengaruh Financial Technology terhadap Minat investasi pada Generasi Z Tahun 2024. Jurnal Bisnis Mahasiswa, 5(1), 109–119. https://doi.org/10.60036/jbm.v5i1.306
Sekar, M.P,. Indianik, A. (2024). The Effect of Parental Income and Level of Trust in Using Online Stock Investment Applications on Gen Z Investment Decisions in DKI Jakarta. Indonesian Journal of Entrepreneurship and Startups, 2(2), 121–134. https://doi.org/10.55927/ijes.v2i2.10747
Siregar, D., Aditya, T., Purwanto, E., & Elyana, K. (2024). Pengaruh Media Sosial Instagram Terhadap Perubahan Dalam Gaya Hidup Gen Z di Kota Tangerang. Jurnal JTIK (Jurnal Teknologi Informasi Dan Komunikasi), 8(3), 605–618. https://doi.org/10.35870/jtik.v8i3.2060
Solihudin, A. R., Pratiwi, P. D., Rahmi, M., & Gumelar, B. (2023). Financial Technology Proficiency as Leverage Factor of Financial Literacy affect on Investment Decisions (Case Study of Young Entrepreneurs in Yogyakarta and Palembang). International Conference on Economics, Social Science and Humanities, 1(1), 59–64. https://proceeding.unisayogya.ac.id/index.php/icesh/article/view/151/169
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif dan R &Metode Penelitian Kuantitatif, Kualitatif Dan R & D.Bandung:Alfabeta. In Bandung:Alfabeta.
Sunita, Alasta, C. S., & Sanjaya, R. (2024). Pengaruh Literasi Keuangan dan Penggunaan Aplikasi Investasi Terhadap Minat Investasi Anak Muda di Era Digital. Teknobis: Teknologi, Bisnis Dan Pendidikan, 2(2), 279–286.
https://journal.ipm2kpe.or.id/index.php/COSTING/article/view/13406
Wahyuni, U. S., Setiawati, R. (2022). Pengaruh Literasi Keuangan Dan Gaya Hidup Terhadap Perilaku Keuangan Generasi Z Di Provinsi Jambi. Jurnal Dinamika Manajemen, 10(4), 164–175.
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Published
2026-11-04
How to Cite
Irawan, M. I., Maiyaliza, M., & Dhevyanto, B. (2026). The influence of fintech, financial literacy, and lifestyle on the investment of the younger generation. Journal of Management : Small and Medium Enterprises (SMEs), 19(3), 2291-2305. https://doi.org/10.35508/jom.v19i3.28063
Section
Articles
