Pengaruh Literasi Keuangan, Gaya Hidup, dan Financial Technology terhadap Keputusan Investasi Generasi Z

Abstract

Generation Z, born in the digital era, exhibits unique financial behavior patterns, particularly regarding investment decisions. Although advancements in financial technology (fintech) have facilitated access to investments, low financial literacy and a consumptive lifestyle can lead to unwise investment decisions. This study aims to analyze the influence of financial literacy, lifestyle, and financial technology on the investment decisions of Generation Z in Medan Sunggal District. The research employs a quantitative approach with an explanatory associative method. The population consists of 33,443 Generation Z members, with a sample of 100 respondents determined using the Slovin formula. Data were collected via questionnaires (primary) and documented sources (secondary) between June and November 2026. Validity and reliability tests—using calculated r-values ​​and Cronbach's Alpha—were conducted to ensure instrument quality. Data analysis included classical assumption tests (normality, multicollinearity, heteroscedasticity), multiple linear regression analysis, and hypothesis testing (partial t-tests and simultaneous F-tests) at a significance level of 0.05. The results indicate that financial literacy (b=0.472; sig=0.000), lifestyle (b=0.229; sig=0.008), and financial technology (b=0.242; sig=0.001) significantly influence investment decisions. The coefficient of determination (Adjusted R²=0.442) shows that these three variables explain 44.2% of the variation in investment decisions. In conclusion, financial literacy is the most dominant factor influencing Generation Z's investment decisions; therefore, comprehensive financial education programs are necessary to enhance long-term financial well-being.

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