Pengaruh Literasi Keuangan Syariah, Persepsi Risiko, Social Media Influencer, dan Religiusitas terhadap Perilaku Investasi Reksa Dana Syariah pada Generasi Z Muslim di Surabaya
DOI:
https://doi.org/10.29040/jiei.v12i3.19966Keywords:
Investment behavior, Islamic financial literacy, Islamic mutual funds, religiosity, social media influencerAbstract
This study is based on the number of Islamic mutual fund investors, which remains lower than that of conventional mutual fund investors, although it has shown a stable growth trend over the years. Generation Z, as the largest investor group in Indonesia, has characteristics closely tied to digital technology and social media that influence their investment behavior. This study seeks to examine the effect of Islamic financial literacy, risk perception, social media influencers, and religiosity on Islamic mutual fund investment behavior among Muslim Generation Z in Surabaya. The research employed a quantitative approach with an associative design. The study involved 200 respondents selected through purposive sampling, with the criteria being Muslim Generation Z individuals aged 17-28 years, residing in Surabaya, and having invested in or currently investing in Islamic mutual funds. The data analysis technique employed was Structural Equation Modeling-Partial Least Squares (SEM-PLS). The results indicate that Islamic financial literacy, social media influencers, and religiosity have a significant effect on Islamic mutual fund investment behavior. Meanwhile, risk perception does not affect Islamic mutual fund investment behavior.
References
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T
Al-Banna, H., & Jannah, S. M. (2024). What drives Muslim investors to be socially responsible investors? The role of religiosity. Interdisciplinary Journal of Management Studies, 17(1), 147–168. https://doi.org/10.22059/ijms.2023.349029.675396
Armeyanti, Z., Umyana, A., & Karpriana, A. P. (2025). Pengaruh FOMO dan social media influencer terhadap keputusan investasi dengan literasi keuangan sebagai moderasi. Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi), 9(2), 3256–3280. https://doi.org/10.31955/mea.v9i2.6118
Ashraf, M. A. (2023). Theory of Islamic planned behavior: Applying to investors’ sukuk purchase intention. Journal of Islamic Accounting and Business Research, 14(4), 554–573. https://doi.org/10.1108/JIABR-03-2021-0096
A’yun, M. Q. (2025). Memahami generasi Z: Tantangan, perilaku, dan peluang. Badan Pusat Statistik Kabupaten Gorontalo.
Badan Pusat Statistik Kota Surabaya. (2024). Produk domestik regional bruto Kota Surabaya menurut lapangan usaha 2019–2023 (Vol. 8). Badan Pusat Statistik Kota Surabaya.
Baihaqqi, I. K., & Prajawati, M. I. (2023). Pengaruh risk tolerance dan religiusitas terhadap keputusan investasi dengan literasi keuangan sebagai variabel moderasi. Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS), 4(3), 960–968. https://doi.org/10.47065/ekuitas.v4i3.2448
Belanche, D., Casaló, L. V., Flavián, M., & Ibáñez-Sánchez, S. (2021). Understanding influencer marketing: The role of congruence between influencers, products and consumers. Journal of Business Research, 132, 186–195. https://doi.org/10.1016/j.jbusres.2021.03.067
Bodie, Z., Kane, A., & Marcus, A. J. (2021). Investments (12th ed.). McGraw-Hill Education.
Brealey, R. A., Myers, S. C., Allen, F., & Edmans, A. (2025). Principles of corporate finance (14th ed.). McGraw-Hill Education.
Fadila, N., Goso, G., Hamid, R. S., & Ukkas, I. (2022). Pengaruh literasi keuangan, financial technology, persepsi risiko, dan locus of control terhadap keputusan investasi pengusaha muda. Owner, 6(2), 1633–1643. https://doi.org/10.33395/owner.v6i2.789
Fadillah, A. N., & Lubis, D. (2024). The influence of Islamic financial literacy, Islamic financial inclusion, and financial behavior on the investment decisions of Generation Z in West Java. Falah: Jurnal Ekonomi Syariah, 9(1), 1–16. https://doi.org/10.22219/jes.v9i1.29286
Firmansyah, F. F., & Sriyono. (2024). The role of social media influencers, investment knowledge, investment returns, and pocket money on investment interest in Generation Z in Sidoarjo Regency. Proceedings Series Universitas Muhammadiyah Sidoarjo. https://doi.org/10.21070/ups.3961
Ghufron, M. N., & Risnawita, R. (2010). Teori-teori psikologi. Ar-Ruzz Media.
Haekal, A. (2016). Perilaku konsumen dalam e-commerce. Universitas Indonesia Press.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A primer on partial least squares structural equation modeling (PLS-SEM) (2nd ed.). Sage Publications.
Hair, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial least squares structural equation modeling (PLS-SEM) using R: A workbook. Springer. https://doi.org/10.1007/978-3-030-80519-7
Hair, J. F., Sarstedt, M., Hopkins, L., & Kuppelwieser, V. G. (2014). Partial least squares structural equation modeling (PLS-SEM): An emerging tool in business research. European Business Review, 26(2), 106–121. https://doi.org/10.1108/EBR-10-2013-0128
Harahap, A. M., & Hascaryani, T. D. (2024). Pengaruh literasi keuangan syariah, herding behavior, dan religiusitas pada generasi Z dan milenial terhadap minat investasi di pasar modal syariah. Islamic Economics and Finance in Focus, 3(2), 353–368. https://doi.org/10.21776/ieff.2024.03.02.10
Hidayat, A. N., Wijayantini, B., & Puspitadewi, I. (2025). Perilaku investasi mahasiswa Gen Z: Literasi, persepsi risiko, dan efikasi finansial. MASTER: Jurnal Manajemen dan Bisnis Terapan, 5(1), 94–107. https://jurnalnasional.ump.ac.id/index.php/MASTER/article/view/26867
Indonesia Central Securities Depository. (2025). Statistik pasar modal Indonesia Agustus 2025. KSEI.
Keputusan Gubernur Jawa Timur Nomor 100.3.3.1/775/KPTS/013/2024. (2025). Tentang upah minimum kabupaten/kota di Jawa Timur tahun 2025. Pemerintah Provinsi Jawa Timur.
Mahwan, I. B. P. F., & Herawati, N. T. (2021). Pengaruh literasi keuangan, persepsi risiko, dan locus of control terhadap keputusan investasi pengusaha muda di Singaraja. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi), 12(3), 768–780. https://doi.org/10.23887/jimat.v12i3.34599
Nicolescu, L., & Tudorache, F. G. (2021). Investment behaviour in mutual funds: Is it a knowledge-based decision? Kybernetes, 50(10), 2726–2752. https://doi.org/10.1108/K-03-2020-0124
Nurahmasari, M., Silfiyah, S. N., & Pangaribuan, C. H. (2023). The intention to use digital banking services among Gen Z in Indonesia based on the technology acceptance model (TAM). Jurnal Manajemen dan Bisnis Madani, 5(1), 15–31. https://doi.org/10.51353/jmbm.v5i1.692
Otoritas Jasa Keuangan. (2025). Statistik reksa dana syariah Agustus 2025. Otoritas Jasa Keuangan.
Puspitaningtyas, Z. (2013). Perilaku investor dalam pengambilan keputusan investasi di pasar modal. Universitas Jember Press.
Roemanasari, F., Sabela, J., & Rusgianto, S. (2022). Islamic financial literacy and financial behavior on investment intention. Jurnal Ilmu Ekonomi Terapan, 7(2), 239–250. https://doi.org/10.20473/jiet.v7i2.40679
Saleem, S., Mahmood, F., Usman, M., Bashir, M., & Shabbir, R. (2021). Determinants of investment behavior in mutual funds: Evidence from Pakistan. Frontiers in Psychology, 12, Article 666007. https://doi.org/10.3389/fpsyg.2021.666007
Saputri, N. D. M., Santati, P., & Putri, M. A. (2024). Era digitalisasi ekonomi: Influencer, literasi keuangan, self-control dan pengaruhnya terhadap keputusan investasi. Reviu Akuntansi dan Bisnis Indonesia, 8(3), 325–341. https://doi.org/10.18196/rabin.v8i3.22415
Siregar, N. F., & Anggraini, T. (2023). Pengaruh literasi keuangan syariah dan risk tolerance terhadap perilaku berinvestasi di bank syariah dengan gender sebagai variabel moderating. Syntax Literate: Jurnal Ilmiah Indonesia, 8(1). https://doi.org/10.36418/syntax-literate.v8i1.10859
Slovic, P. (2000). The perception of risk. Earthscan Publications.
Stark, R., & Glock, C. Y. (1968). American piety: The nature of religious commitment. University of California Press.
Tandelilin, E. (2017). Pasar modal: Manajemen portofolio dan investasi. Kanisius.
Taufik, G., & Rusmana, O. (2023). Perilaku investor Muslim dalam memutuskan investasi saham syariah periode 2018–2023: Systematic literature review. Jurnal Ilmiah Ekonomi Islam, 9(2), 2105–2117. https://doi.org/10.29040/jiei.v9i2.8943
Widyastuti, U. (2021). The Islamic financial literacy: A theoretical view. Econosains, 19(2), 30–40. https://doi.org/10.21009/econosains.0192.04
Yolanda, T. F., Harahap, M. I., & Silalahi, P. R. (2024). Analisis faktor yang mempengaruhi keputusan mahasiswa berinvestasi reksa dana syariah pada aplikasi Bibit di Sumatera Utara. JPEK (Jurnal Pendidikan Ekonomi dan Kewirausahaan), 8(3). https://doi.org/10.29408/jpek.v8i3.28051
Downloads
Published
How to Cite
Issue
Section
Citation Check
License
Copyright (c) 2026 Maharani Ayu Sakinah, Clarashinta Canggih
This work is licensed under a Creative Commons Attribution 4.0 International License.
This work is licensed under a Creative Commons Attribution 4.0 International License.
