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Survey analyses reveal financial literacy moderates investment intentions among Generation Z, suggesting better decision-making.
This study explores how the components of the theory of planned behaviour (TPB) impact Generation Z's investment strategies, with financial literacy as a moderating factor. Analysing survey data from 271 students, the research utilised structural equation modelling (SEM) to assess relationships and confirmatory factor analysis (CFA) to validate factor structures. The results indicate that investment intention is significantly influenced by behavioural beliefs, outcomes, motivation to comply, attitudes, subjective norms, and financial literacy. Financial literacy moderates these relationships by negatively affecting the influence of subjective norms on investment intentions, thereby reducing herd mentality. Conversely, it strengthens the connection between attitude and investment intention, enhancing decision-making capabilities. Overall, this study highlights how financial literacy empowers Generation Z to make informed investment choices, lessening the effects of social pressures and allowing for better risk-benefit assessments, which is crucial for aligning their behaviours with broader economic goals.
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Pandurengan et al. (2026) studied this question.
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