The Effect of Financial Literacy on Impulsive Buying Among Generation Z College Students: FOMO as a Mediating Variable
DOI:
https://doi.org/10.55587/jla.v6i3.386Keywords:
Financial Literacy, Impulsive Buying, Fear of Missing OutAbstract
Purpose: This study was conducted to analyze the effect of financial literacy on Impulsive Buying, to analyze the effect of financial literacy on FOMO, to analyze the effect of FOMO on Impulsive Buying, and to analyze the role of FOMO in mediating the effect of financial literacy on Impulsive Buying among Generation Z college students.
Method: This study employed a quantitative method, using primary data specifically, a five-point Likert scale questionnaire to collect data from respondents by distributing the questionnaire via WhatsApp using a Google Forms link. The sample consisted of 76 participants selected using purposive sampling. The data were analyzed using the SmartPLS version 4.1.1.8 software with Least Squares-based Structural Equation Modeling (SEM-PLS), as well as the bootstrapping technique to analyze the mediating effect.
Finding: The results of the study indicate that financial literacy has a significant negative effect on Impulsive Buying behavior. Furthermore, financial literacy was found to have no effect on FOMO. Meanwhile, FOMO was found to have a significant positive effect on Impulsive Buying behavior. Additionally, FOMO was found not to mediate the relationship between financial literacy and Impulsive Buying.
Novelty: This study provides empirical evidence showing that FOMO does not act as a mediating variable between financial literacy and Impulsive Buying. This indicates that the influence of financial literacy on Impulsive Buying is direct rather than mediated by psychological factors such as FOMO. Furthermore, the sample consisted of Generation Z college students living in the digital age who are likely frequently exposed to social media, thereby providing insight into Impulsive Buying behavior.
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