The Effect Of Financial Literacy On Financial Behavior Mediated By Financial Risk Tolerance And Moderated By Emotional Intelligence Of Generation Z In West Java
Abstrak
This study examines the influence of financial literacy on financial behavior among 400 Generation Z individuals in West Java by incorporating financial risk tolerance and emotional intelligence within a moderated mediation framework. Using a quantitative approach and purposive sampling technique, data were collected through an online questionnaire distributed via Google Forms. Multiple linear regression analysis was employed to examine direct, mediating, and moderating relationships among the variables. The results indicate that financial literacy has a positive and statistically significant effect on financial behavior. Financial literacy is also found to have a positive and significant influence on financial risk tolerance, while financial risk tolerance, in turn, positively and significantly affects financial behavior. Mediation analysis confirms that financial risk tolerance partially mediates the relationship between financial literacy and financial behavior, indicating that financial literacy improves financial behavior both directly and indirectly through increased risk tolerance. Furthermore, emotional intelligence is shown to have a positive and significant effect on financial risk tolerance and to significantly moderate the relationship between financial literacy and financial risk tolerance, thereby strengthening the indirect effect of financial literacy on financial behavior. Overall, the findings show that Generation Z individuals with higher financial literacy, stronger emotional intelligence, and greater financial risk tolerance tend to demonstrate more prudent financial behavior, including better financial planning, saving, and investment decision-making. These results suggest that financial behavior among Generation Z is shaped not only by financial knowledge but also by individuals’ emotional regulation and capacity to manage financial risk. Keywords: Financial literacy; financial behavior; financial risk tolerance; emotional intelligence; Generation Z
Referensi
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