Pengaruh Literasi Keuangan dan Fear of Missing Out terhadap Perilaku Overtrading Forex pada Investor Generasi Z di Kota Surabaya

The development of digital financial technology has expanded people's access to various investment products, including foreign exchange trading. This study aims to analyze the influence of financial literacy and Fear of Missing Out on forex overtrading behavior in Generation Z investors in the city of Surabaya. The study used a quantitative approach with a survey of 97 respondents selected by purposive sampling. Respondents were aged 17–29 years old, had an active trading account, conducted retail forex transactions independently, and followed trading information through digital media. Data was collected using a questionnaire and analyzed with PLS-SEM via SmartPLS. The results showed that financial literacy had a negative and significant effect on overtrading with a path coefficient of -0.108, T-statistics of 1.984, and P-values of 0.048. FOMO had a positive and significant effect with a path coefficient of 0.791, T-statistics 11.497, and P-values of 0.000. The R-Square value of 0.753 indicates that both variables explain the 75.3% variation in overtrading. FOMO is the most dominant factor, while financial literacy plays a role in suppressing the tendency to over-transactions. The reliance on digital purposive sampling poses limitations regarding generalizability. Practical implications highlight the need to integrate emotional self-regulation and trading plan compliance alongside conventional financial literacy education.