The Influence of Financial Literacy, Financial Inclusion, and Financial Resilience on Sharia Investment Decisions Through Financial Well-Being in Generation Z Muslims in Makasaar City

Nurul Fitrah Ilham; Mukhtar Lutfi; Nasrullah Bin Sapa; Muhammad Wahyuddin Abdullah; Rahmawati Muin

doi:10.63922/ijevss.v5i04.7068

Nurul Fitrah Ilham Universitas Islam Negeri Alauddin Makassar
Mukhtar Lutfi Universitas Islam Negeri Alauddin Makassar
Nasrullah Bin Sapa Universitas Islam Negeri Alauddin Makassar
Muhammad Wahyuddin Abdullah Universitas Islam Negeri Alauddin Makassar
Rahmawati Muin Universitas Islam Negeri Alauddin Makassar

DOI: https://doi.org/10.63922/ijevss.v5i04.7068

Keywords: Financial Literacy; Financial Inclusion; Financial Resilience; Financial Well-Being; Sharia Investment Decisions; Muslim Generation Z.

Abstract

This study aims to analyze the influence of financial literacy, financial inclusion, and financial resilience on sharia investment decisions in Generation Z Muslims in Makassar City, as well as examine the role of financial well-being as an intervening variable. This study uses a quantitative approach with a survey method of 250 Generation Z Muslim respondents in Makassar City. Data were collected through a structured questionnaire and analyzed using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method with the help of SmartPLS 4.0 software. The results of the study showed that financial literacy had a positive and significant effect on sharia investment decisions, but did not have a significant effect on financial well-being. Financial inclusion had a positive and significant effect on sharia investment decisions and financial well-being. Meanwhile, financial resilience did not have a significant effect on sharia investment decisions, but had a positive and significant effect on financial well-being. Financial well-being also has a positive and significant effect on sharia investment decisions. The results of the mediation test show that financial well-being does not mediate the influence of financial literacy on sharia investment decisions, but mediates significantly the influence of financial inclusion and financial resilience on sharia investment decisions. These findings show that financial literacy and financial inclusion play an important role in sharia investment decisions, while financial well-being is a connecting mechanism between financial inclusion and financial resilience and sharia investment decisions. Therefore, the improvement of sharia investment decisions in Generation Z Muslims needs to be supported through strengthening financial literacy, expanding access to sharia financial services, and increasing financial resilience and welfare.

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