PSYCHOLOGICAL FACTORS INFLUENCING CRYPTOCURRENCY INVESTMENT INTEREST AMONG GENERATION Z: THE MODERATING ROLE OF DIGITAL FINANCIAL LITERACY
Keywords:
Social Influence, Risk Perception, Digital Financial Literacy and Investment InterestAbstract
This study aims to examine the factors that influence Generation Z's interest in cryptocurrency investment in Mataram City. Data collection was conducted through an online questionnaire based on Google Forms, involving 150 Generation Z respondents who had knowledge of or interest in cryptocurrency investment in Mataram City. The research method used was quantitative with an associative approach, and the sampling technique used purposive sampling. The data were analyzed using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method with the help of SmartPLS software. The results show that social influence, risk perception, and digital financial literacy have positive and significant effects on cryptocurrency investment interest, with digital financial literacy as the strongest predictor. In addition, digital financial literacy strengthens the effect of social influence on investment interest and weakens the effect of risk perception. These findings indicate that digital financial literacy not only directly increases investment interest but also shapes how psychological factors influence investment behavior. The study implies that improving digital financial literacy is essential to encourage rational and informed cryptocurrency investment among Generation Z. It is recommended that policymakers, educators, and financial institutions enhance digital financial education programs and promote credible digital investment information. Future research is encouraged to expand the research scope and include additional behavioral variables to improve generalizability.
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