A Modified TAM for Gen Z Investors: Integrating Financial Literacy as a Mediator
A Modified TAM for Gen Z Investors: Integrating Financial Literacy as a Mediator
Abstract
This study investigates the determinants affecting the adoption of the Ajaib investment application among Generation Z in Java, employing an adapted Technology Acceptance Model (TAM) that incorporates financial literacy as a mediating variable. The research employs a quantitative methodology with purposive sample of 138 active users and analyzes the data using Partial Least Squares (PLS), revealing that Perceived Ease of Use and Perceived Usefulness significantly improve Financial Literacy. Moreover, Financial Literacy significantly influences both Attitude Toward Using and Behavioral Intention to Utilize the application. The research confirms the mediation function of Financial Literacy, connecting technical variables with user attitudes and intents. The results support the improvement of the TAM model by emphasizing the significance of financial literacy in the adoption of digital investing platforms. It underscores the necessity for application developers and policymakers to enhance usability and financial literacy to boost user engagement, pinpointing Perceived Usefulness, Perceived Ease of Use, and Financial Literacy as critical factors influencing Generation Z's adoption of digital investment tools.
References
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Memon, M. A., Ting, H., Cheah, J.-H., Thurasamy, R., Chuah, F., & Cham, T. H. (2020). Sample Size for Survey Research: Review and Recommendations. Journal of Applied Structural Equation Modeling, 4(2), i–xx. https://doi.org/10.47263/JASEM.4(2)01
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Nainggolan, C. I., & Handayani, P. W. (2023). FACTORS AFFECTING INDIVIDUALS’ BEHAVIORAL INTENTION TO USE ONLINE CAPITAL MARKET INVESTMENT PLATFORMS IN INDONESIA. Interdisciplinary Journal of Information, Knowledge, and Management, 18, 1–29. https://doi.org/10.28945/5067
Nursanti, A., & Trinugroho, I. (2024). The Effect of Financial Literacy on the Ability to Detect Investment Fraud. International Journal of Social Science Research and Review, 6(12), 323–337. https://doi.org/10.47814/ijssrr.v6i12.1840
Pertiwi, D., Kusumawardhani, A., Pratama, J. T. K., & Paul, T. I. S. (2024). Investigating the Impact: Financial Literacy, Socio-Economic Status, and Awareness on Investment Decisions with Moderation Factors. Petra International Journal of Business Studies, 7(1), 19–27. https://doi.org/10.9744/petraijbs.7.1.19-27
Rahmayanti, D., Nurazi, R., & Adha, D. A. (2024). Factors Affecting Personal Investment in Mutual Funds via Mo-bile Applications: An Empirical Analysis. Frontiers in Business and Economics, 3(2), 114–124. https://doi.org/10.56225/finbe.v3i2.364
Raut, R. K., & Kumar, S. (2024). An integrated approach of TAM and TPB with financial literacy and perceived risk for influence on online trading intention. Digital Policy, Regulation and Governance, 26(2), 135–152. https://doi.org/10.1108/DPRG-07-2023-0101
Saputri, N. D. M., Raneo, A. P., & Muthia, F. (2023). The FoMO Phenomenon: Impact on Investment Intentions in Millennial Generation with Financial Literacy as Moderation. Owner, 7(3), 2590–2597. https://doi.org/10.33395/owner.v7i3.1619
Sarstedt, M., Ringle, C. M., & Hair, J. F. (2021). Partial Least Squares Structural Equation Modeling. In Handbook of Market Research (pp. 1–47). Springer International Publishing. https://doi.org/10.1007/978-3-319-05542-8_15-2
Sarwar, U., Bint-e-Naeem, N., Fahmeed, L., & Atif, M. (2024). Role of Perceived Security and Financial Attitude in Shaping Behavioral Intention under the Moderation of Financial Literacy. Journal of Asian Development Studies, 13(3), 1380–1395. https://doi.org/10.62345/jads.2024.13.3.112
Seiler, V., & Fanenbruck, K. M. (2021). Acceptance of digital investment solutions: The case of robo advisory in Germany. Research in International Business and Finance, 58. https://doi.org/10.1016/j.ribaf.2021.101490
Sembel, J. S., Widjaja, A. W., & Antonio, F. (2024). Determinants of mobile stock investment application adoption and its impact on intention to recommend the applications in emerging countries: A case study of Indonesia. Management and Marketing, 19(3), 555–578. https://doi.org/10.2478/mmcks-2024-0025
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Shiva, A., Kushwaha, B. P., & Rishi, B. (2023). A model validation of robo-advisers for stock investment. Borsa Istanbul Review, 23(6), 1458–1473. https://doi.org/10.1016/j.bir.2023.09.005
SKom.,MM., I. F., Rosdiana, SE., R., & Ermalina, SE., MM, M. S. dan. (2024). FINANCIAL LITERACY AND FINANCIAL ATTITUDES AS MEDIATION FROM THE EFFECT OF THE EASE OF FINANCIAL TECHNOLOGY ON INTEREST STOCK INVESTMENT. International Journal of Management Studies and Social Science Research, 06(04), 197–210. https://doi.org/10.56293/IJMSSSR.2024.5120
Subedi, D. P. , & Bhandari, D. R. (2024). Impact of Psychological Factors on Investment Decisions in Nepalese Share Market: A Mediating Role of Financial Literacy. International Journal of Economics and Management, 2(24).
Tai, S. (2024). Examining the Market Impact of Social Media Key Opinion Leaders on Investor Sentiment and Financial Market. https://doi.org/10.54254/2754-1169/124/2024.MUR17836
Tanpoco, M., Katalbas, R. E. I., Roxas, R. R. P., An, J., & Orlina, J. Z. (2022). The Moderating Role of Financial Literacy on the Effects of Subjective Norms, Product Involvement, and Perceived Behavioral Control on Invest-ment Intention of Young Investors from a Mobile Wallet App in the Philippines. International Journal of Multidisciplinary: Applied Business and Education Research, 3(8), 1477–1490. https://doi.org/10.11594/ijmaber.03.08.10
Alsabah, M., Alsaber, A., AlReshaid, F., Moharrak, M., Boresli, N., & Al-Kandari, A. (2025). Exploring the Convergence of Technology Acceptance and Financial Literacy: A Study on Sustainable Credit Card Use in an Emerging Economy. International Review of Management and Marketing, 15(4), 45–57. https://doi.org/10.32479/irmm.18690
Chong, L. L., Ong, H. B., & Tan, S. H. (2021). Acceptability of mobile stock trading application: A study of young investors in Malaysia. Technology in Society, 64. https://doi.org/10.1016/j.techsoc.2020.101497
Clor-Proell, S. M., Guggenmos, R. D., & Rennekamp, K. (2020). Mobile Devices and Investment News Apps: The Effects of Information Release, Push Notification, and the Fear of Missing Out. The Accounting Review, 95(5), 95–115. https://doi.org/10.2308/accr-52625
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly: Management Information Systems, 13(3), 319–339. https://doi.org/10.2307/249008
Giraldo, C., Giraldo-Salazar, I., Peña-García, N., & Losada-Otálora, M. (2025). The adoption of fast payment systems (FPS) in Latin America: the role of financial literacy and cash-related beliefs. International Journal of Bank Marketing, 43(3), 615–643. https://doi.org/10.1108/IJBM-04-2024-0224
Ivantchev, B., & Ivantcheva, M. (2024). FOMO effect: social media and online traders. Journal of Management and Financial Sciences, 48. https://doi.org/10.33119/JMFS.2023.48.4
Jain, J., Walia, N., Kaur, M., Sood, K., & Kaur, D. (2023). Shaping Investment Decisions Through Financial Literacy: Do Herding and Overconfidence Bias Mediate the Relationship? Global Business Review. https://doi.org/10.1177/09721509221147409
Jameelah, M., Hashim, M., Khamis, M. R., Osman, I., Mara, T., & Branch Malaysia, S. (2025). Impact of Perceived Usefulness and Ease of Use on Behavioural Intention to Use Excel Templates in Education: The Mediating Role of Attitude. International Journal of Research and Innovation in Social Science, 9(8). https://doi.org/10.47772/IJRISS
Jariyapan, P., Mattayaphutron, S., Gillani, S. N., & Shafique, O. (2022). Factors Influencing the Behavioural Intention to Use Cryptocurrency in Emerging Economies During the COVID-19 Pandemic: Based on Technology Acceptance Model 3, Perceived Risk, and Financial Literacy. Frontiers in Psychology, 12. https://doi.org/10.3389/fpsyg.2021.814087
Johri, A., Wasiq, M., Kaur, H., & Asif, M. (2023). Assessment of users’ adoption behaviour for stock market investment through online applications. Heliyon, 9(9). https://doi.org/10.1016/j.heliyon.2023.e19524
Junaidi, J., & Nurhidayah, N. (2023). Social media impact on trading behavior: An examination among Indonesian young adult investors with capital market literacy as a mediator. JEMA: Jurnal Ilmiah Bidang Akuntansi Dan Manajemen, 20(1), 136–155. https://doi.org/10.31106/jema.v20i1.19687
K. Karthik Sirdar, S. Anitha. (2025). Trust, Financial Literacy, and Perceived Ease of Use as Drivers of Investment Intention in Indian Fintech. Journal of Informatics Education and Research, 5(2). https://doi.org/10.52783/jier.v5i2.2992
Kemala, P., Lubis, D., Hotmian, H., Silalahi, B., Sinaga, A. F., Sapma, N., Sitio, V., Ekonomi, F., Medan, N., William, J., Ps, I. V, & Tuan, S. (2024). Pasar Modal Dan Pengaruhnya Terhadap Perekonomian Di Indonesia. In Keuangan dan Auditing (Vol. 5, Issue 1). Online. https://publikasi.dinus.ac.id/index.php/jaka
Kumar, V., & Babu, H. (2023). Investor’s preference toward mobile stock trading applications. BOHR International Journal of Finance and Market Research, 2023(1), 57–60. https://doi.org/10.54646/bijfmr.2023.22
Kurnia, E. (2024, December 9). Sekuritas Gadungan Gentayangan, Dana Rp 20 Miliar Milik 70 Orang Amblas . Kompas. https://www.kompas.id/artikel/berawal-dari-edukasi-70-orang-dirugikan-rp-20-miliar-dalam-investasi-bodong
Laporan Kajian Optimalisasi Publikasi Statitstik. (2022). https://www.idx.co.id/media/20221278/laporan-final-ld-feb-ui-optimalisasi-publikasi-statistik-bei_1011.pdf
Ma, L., & Yang, Y. (2025). Exploring College Students’ Adoption Behavior of Intelligent Wealth Management Applications: An Extended TAM Approach with Trust as a Mediator. Academic Journal of Business & Management, 7(7). https://doi.org/10.25236/AJBM.2025.070705
Memon, M. A., Ting, H., Cheah, J.-H., Thurasamy, R., Chuah, F., & Cham, T. H. (2020). Sample Size for Survey Research: Review and Recommendations. Journal of Applied Structural Equation Modeling, 4(2), i–xx. https://doi.org/10.47263/JASEM.4(2)01
Miftahudin, H. (2025, June 1). OJK Minta Bantuan Gen Z Sunat Kesenjangan Literasi-Inklusi Keuangan. Metro TV News.Com. https://www.metrotvnews.com/read/ba4Cz1Ym-ojk-minta-bantuan-gen-z-sunat-kesenjangan-literasi-inklusi-keuangan#:~:text=Hal%20tersebut%20untuk%20memangkas%20kesenjangan,Duit%2C%20Tapi%20Gegara%20Literasi%20Rendah
Mostafa Hamdy Rady, A. (2023). Determinants of Customer Behavioral Intention Towards the Usage of Fin-tech Banking Services: Evidence from Egypt. المجلة المصرية للدراسات التجارية, 47(2), 387–420. https://doi.org/10.21608/alat.2023.293010
Nainggolan, C. I., & Handayani, P. W. (2023). FACTORS AFFECTING INDIVIDUALS’ BEHAVIORAL INTENTION TO USE ONLINE CAPITAL MARKET INVESTMENT PLATFORMS IN INDONESIA. Interdisciplinary Journal of Information, Knowledge, and Management, 18, 1–29. https://doi.org/10.28945/5067
Nursanti, A., & Trinugroho, I. (2024). The Effect of Financial Literacy on the Ability to Detect Investment Fraud. International Journal of Social Science Research and Review, 6(12), 323–337. https://doi.org/10.47814/ijssrr.v6i12.1840
Pertiwi, D., Kusumawardhani, A., Pratama, J. T. K., & Paul, T. I. S. (2024). Investigating the Impact: Financial Literacy, Socio-Economic Status, and Awareness on Investment Decisions with Moderation Factors. Petra International Journal of Business Studies, 7(1), 19–27. https://doi.org/10.9744/petraijbs.7.1.19-27
Rahmayanti, D., Nurazi, R., & Adha, D. A. (2024). Factors Affecting Personal Investment in Mutual Funds via Mo-bile Applications: An Empirical Analysis. Frontiers in Business and Economics, 3(2), 114–124. https://doi.org/10.56225/finbe.v3i2.364
Raut, R. K., & Kumar, S. (2024). An integrated approach of TAM and TPB with financial literacy and perceived risk for influence on online trading intention. Digital Policy, Regulation and Governance, 26(2), 135–152. https://doi.org/10.1108/DPRG-07-2023-0101
Saputri, N. D. M., Raneo, A. P., & Muthia, F. (2023). The FoMO Phenomenon: Impact on Investment Intentions in Millennial Generation with Financial Literacy as Moderation. Owner, 7(3), 2590–2597. https://doi.org/10.33395/owner.v7i3.1619
Sarstedt, M., Ringle, C. M., & Hair, J. F. (2021). Partial Least Squares Structural Equation Modeling. In Handbook of Market Research (pp. 1–47). Springer International Publishing. https://doi.org/10.1007/978-3-319-05542-8_15-2
Sarwar, U., Bint-e-Naeem, N., Fahmeed, L., & Atif, M. (2024). Role of Perceived Security and Financial Attitude in Shaping Behavioral Intention under the Moderation of Financial Literacy. Journal of Asian Development Studies, 13(3), 1380–1395. https://doi.org/10.62345/jads.2024.13.3.112
Seiler, V., & Fanenbruck, K. M. (2021). Acceptance of digital investment solutions: The case of robo advisory in Germany. Research in International Business and Finance, 58. https://doi.org/10.1016/j.ribaf.2021.101490
Sembel, J. S., Widjaja, A. W., & Antonio, F. (2024). Determinants of mobile stock investment application adoption and its impact on intention to recommend the applications in emerging countries: A case study of Indonesia. Management and Marketing, 19(3), 555–578. https://doi.org/10.2478/mmcks-2024-0025
Sensus Penduduk 2020 : Badan Pusat Statistik. (n.d.). Https://Sensus.Bps.Go.Id/Main/Index/Sp2020.
Shiva, A., Kushwaha, B. P., & Rishi, B. (2023). A model validation of robo-advisers for stock investment. Borsa Istanbul Review, 23(6), 1458–1473. https://doi.org/10.1016/j.bir.2023.09.005
SKom.,MM., I. F., Rosdiana, SE., R., & Ermalina, SE., MM, M. S. dan. (2024). FINANCIAL LITERACY AND FINANCIAL ATTITUDES AS MEDIATION FROM THE EFFECT OF THE EASE OF FINANCIAL TECHNOLOGY ON INTEREST STOCK INVESTMENT. International Journal of Management Studies and Social Science Research, 06(04), 197–210. https://doi.org/10.56293/IJMSSSR.2024.5120
Subedi, D. P. , & Bhandari, D. R. (2024). Impact of Psychological Factors on Investment Decisions in Nepalese Share Market: A Mediating Role of Financial Literacy. International Journal of Economics and Management, 2(24).
Tai, S. (2024). Examining the Market Impact of Social Media Key Opinion Leaders on Investor Sentiment and Financial Market. https://doi.org/10.54254/2754-1169/124/2024.MUR17836
Tanpoco, M., Katalbas, R. E. I., Roxas, R. R. P., An, J., & Orlina, J. Z. (2022). The Moderating Role of Financial Literacy on the Effects of Subjective Norms, Product Involvement, and Perceived Behavioral Control on Invest-ment Intention of Young Investors from a Mobile Wallet App in the Philippines. International Journal of Multidisciplinary: Applied Business and Education Research, 3(8), 1477–1490. https://doi.org/10.11594/ijmaber.03.08.10
Published
2026-05-12
How to Cite
WINATA, Debora Gracilia; DEWI, Yuli Kartika.
A Modified TAM for Gen Z Investors: Integrating Financial Literacy as a Mediator.
JMK (Jurnal Manajemen dan Kewirausahaan), [S.l.], v. 11, n. 2, p. 364-385, may 2026.
ISSN 2656-0771.
Available at: <https://ejournal.uniska-kediri.ac.id/index.php/ManajemenKewirausahaan/article/view/8273>. Date accessed: 14 may 2026.
doi: https://doi.org/10.32503/jmk.v11i2.8273.
Issue
Section
Artikel Ilmiah
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