Determinants of Cryptocurrency Investment Decisions among Generation Z: The Roles of Financial Technology, Fear of Missing Out, and Financial Literacy
DOI:
https://doi.org/10.54065/jss.6.4.2026.1918Keywords:
Fear of missing out, Financial literacy, Cryptocurrency Investment Decision, Generation ZAbstract
This study is urgent because understanding the factors influencing Generation Z’s cryptocurrency investment decisions is essential for promoting informed and responsible digital investment behavior. The growing popularity of cryptocurrency as a digital investment instrument among Generation Z highlights the need to understand the factors that shape their investment decisions, particularly in an environment characterized by rapid financial technology development, psychological pressures associated with fear of missing out, and varying levels of financial literacy. This study aims to examine the effects of financial technology, fear of missing out, and financial literacy on cryptocurrency investment decisions among Generation Z in Surakarta. A quantitative research approach with a survey design was employed. The population comprised Generation Z individuals in Surakarta who had invested in cryptocurrency, with the total population size unknown. Using purposive sampling, 100 respondents were selected based on predetermined criteria. Data were collected through questionnaires using a five-point Likert scale and analyzed using instrument validity and reliability tests, classical assumption tests, multiple linear regression analysis, t-tests, F-test, and the coefficient of determination (R²). The results indicate that financial technology has a positive and significant effect on cryptocurrency investment decisions among Generation Z in Surakarta. Fear of missing out also has a positive and significant effect on cryptocurrency investment decisions. Furthermore, financial literacy has a positive and significant effect on cryptocurrency investment decisions. Simultaneously, financial technology, fear of missing out, and financial literacy significantly affect cryptocurrency investment decisions, as indicated by an F-statistic of 177.027 with a significance level of 0.000. The Adjusted R² value of 0.842 indicates that 84.2% of the variance in cryptocurrency investment decisions is explained by the three independent variables, while the remaining 15.8% is explained by other factors outside the research model, such as risk tolerance and herding behavior. These findings underscore the importance of technological, psychological, and financial knowledge factors in understanding cryptocurrency investment decisions among Generation Z.
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