Explanatory research shows lifestyle partially mediates financial literacy's impact on online loan decisions, suggesting implications for generation z.
Purpose: This study aims to investigate the role of risk perception and lifestyle in mediating the influence of financial literacy on online loan decision by study on generation z. Methodology/approach: The type of research is explanatory research through a quantitative approach with a positivism paradigm. Primary data were collected from 240 generation z in East Java through questionnaire. Findings: Financial literacy and lifestyle have a positive and significant effect on online loan decision, beside that financial literacy has a positive and significant effect on risk perception and lifestyle. Furthermore, risk perception doesn’t have a significant effect on online loan decision. Overall, risk perception can’t mediate financial literacy on online loan decision while lifestyle is partially mediate financial literacy on online loan decision. Practical implications: This research is expected to contribute knowledge for generation z to make online loan decision wisely and can be an input for financial institutions to stricter regulations to maintain financial stability. Originality/value: This study adds mediating variable of risk perception and lifestyle, which are thought to have a combined the influence of financial literacy on online loan decision which the aims to answer inconsistency of previous research.
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Feryana et al. (2025) studied this question.
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