The financial behavior of Generation Z has changed significantly as a result of the advancement of digital technology and the pervasive use of social media. One of the psychological elements that pushes people to spend impulsively in order to keep up with the expanding trends in cyberspace is the Fear of Missing Out (FOMO) phenomena. However, it is anticipated that digital literacy will act as a counterbalance in the form of more sensible financial choices. The purpose of this study is to examine how digital literacy and FOMO affect Gen Z's financial behavior in Purwokerto. 171 Generation Z students who are frequent social media users participated in a survey as part of the quantitative research methodology. Multiple linear regression was used to analyze the data and find the association. Multiple linear regression was used to analyze the data in order to ascertain the influence and relationship of each variable. The findings demonstrated that whereas digital literacy significantly and favorably influences students' financial behavior, FOMO has no effect on it. This research demonstrates the value of raising digital literacy as a tactic to lessen FOMO's detrimental effects on Generation Z's financial behavior in the digital age.
Puspasari et al. (Tue,) studied this question.
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