PENGARUH FOMO DAN SOCIAL MEDIA INFLUENCER TERHADAP KEPUTUSAN INVESTASI DENGAN LITERASI KEUANGAN SEBAGAI MODERASI
Abstract
This study discusses the impact of Fear of Missing Out (FOMO) and the influence of Social Media Influencers on young people's investment decisions, as well as the role of financial literacy as a moderating variable. With the development of technology, young people are more ensily exposed to investment information, which is often influenced by social media. The purpose of this study is to examine the relationship between FOMO, social media influencers, and investment decisions, and how financial literacy moderates the effect. The research method used is quantitative with a causal associative design, involving 236 respondents who are generation and millennials in Indonesia. Data analysis was conducted using SmartPLS 4.0. The results showed that FOMO and social media influencers have a significant positive effect on investment decisions. Financial literacy is proven to moderate the influence of FOMO, but does not moderate the influence of social media influencers. This study emphasizes the importance of financial literacy to improve more informed investment decisions among the younger generation The practical implication is that the younger generation is expected to be more critical in investing and not merely follow trends
References
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Nizar, M., & Daljono, D. (2024). the Impact of Availability Bias and Representative Bias on Investment Decisions and Performance: the Role of Fomo As an Intervening Variable. Jurnal Apresiasi Ekonomi, 12(1), 71–89. https://doi.org/10.31846/jae.v12i1.730
Pasaribu, S., & Radikun, T. B. S. (2021). Penerapan Teori Perilaku Terencana dalam Pengambilan Keputusan Etis. Psychocentrum Review, 3(2), 164–173. https://doi.org/10.26539/pcr.32640
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Pratiwi, C. M. M. A. (2022). Pengaruh Overconfidence Terhadap Keputusan Investasi Dimoderasi Pengalaman Keuangan pada Anggota HIPMI PT Surabaya. Jurnal E-Bis, 6(2), 620–632. https://doi.org/10.37339/e-bis.v6i2.963
Przybylski, A. K., Murayama, K., Dehaan, C. R., & Gladwell, V. (2013). Motivational, emotional, and behavioral correlates of fear of missing out. Computers in Human Behavior, 29(4), 1841–1848. https://doi.org/10.1016/j.chb.2013.02.014
Reagle, J. (2015). Following the Joneses: FOMO and conspicuous sociality. First Monday, 20(10 SE-). https://doi.org/10.5210/fm.v20i10.6064
Rijalul, M., Ma, A. A.-, & Qadariyah, L. (2024). DINAMIKA KEPUTUSAN INVESTASI SYARIAH GENERASI Z : PERAN LITERASI KEUANGAN , DYNAMICS OF GENERATION Z SHARIA INVESTMENT DECISIONS : THE ROLE OF FINANCIAL LITERACY , INFLUENCERS , SOCIAL MEDIA AND RELIGIOSITY. 10(02), 251–271.
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Safryani, U., Aziz, A., & Triwahyuningtyas, N. (2020). Analisis Literasi Keuangan, Perilaku Keuangan, Dan Pendapatan Terhadap Keputusan Investasi. Jurnal Ilmiah Akuntansi Kesatuan, 8(3), 319–332. https://doi.org/10.37641/jiakes.v8i3.384
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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
Saputri, N. D. M., Santati, P., & Putri, M. A. (2024). Era Digitalisasi Ekonomi : Influencer , Literasi Keuangan , Self-control dan Pengaruhnya Terhadap Keputusan Investasi. Reviu Akuntansi Dan Bisnis Indonesia, 8(3). https://doi.org/10.18196/rabin.v8i3.22415
Sari, N. K., Mufidah, A., Awaliyah, I. N., & Nurhayati, N. (2023). Dampak Perilaku Bias Terhadap Pengambilan Keputusan Investasi. Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 17(2), 196–211. https://doi.org/10.32815/jibeka.v17i2.1542
Seraj, A. H. A., Alzain, E., & Alshebami, A. S. (2022). The roles of financial literacy and overconfidence in investment decisions in Saudi Arabia. Frontiers in Psychology, 13(September), 1–12. https://doi.org/10.3389/fpsyg.2022.1005075
Siregar, D. K., & Anggraeni, D. R. (2022). PENGARUH LITERASI KEUANGAN DAN PERILAKU KEUANGAN TERHADAP KEPUTUSAN INVESTASI MAHASISWA. Bussman Journal : Indonesian Journal of Business and Management, 2(1), 96–112.
Slamet, R., & Aglis, A. H. (2020). Metode Riset Penelitian Kuantitatif Penelitian Di Bidang Manajemen, Teknik, Pendidikan, dan Eksperimen. In Deepublish (p. 373).
Soelaiman, L., Puspitowati, I., & Selamat, F. (2022). Peran Model Panutan Terhadap Intensi Berwirausaha Mahasiswa Melalui Penerapan Teori Perilaku Terencana. Jurnal Muara Ilmu Ekonomi Dan Bisnis, 6(2), 320–329. https://doi.org/10.24912/jmieb.v6i2.20387
Trisnaningsih, T., .Sihabudin, S., & Fauji, R. (2022). Pengaruh Influencer Dan Literasi Keuangan Terhadap Minat Investasi Mahasiswa. Journal of Business and Economics Research (JBE), 3(2), 82–89. https://doi.org/10.47065/jbe.v3i2.1705
Zulkarnaen, W., Amin, N. N. (2018). Pengaruh Strategi Penetapan Harga Terhadap Kepuasan Konsumen. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 2(1), 106-128
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/https://doi.org/10.1016/0749-5978(91)90020-T
Alhazami, L., & Donald, E. (2025). FENOMENA FEAR OF MISSING OUT (FOMO) TERHADAP KEPUTUSAN PEMBELIAN SAHAM DI MAHASISWA UNIVERSITAS DIAN NUSANTARA. Journal of Innovation Research and Knowledge, 4(9), 6837–6845.
Audini, A. F., Mus, A. M., & Sjahruddin, H. (2020). The Effect of Financial Literature On Investment Decisions With Financial Behavior As VariablesModeration. Niagawan, 9(2), 102–107.
Chen, H., & Volpe, R. P. (2016). An Analysis of Personal Financial Litereacy Among College Student. FINANCIAL SERVICES REVIEW, 43(8), 107–128. https://doi.org/10.3788/CJL201643.0811001
Desmita, D., Eliwatis, E., Maimori, R., & Febrita, S. S. (2023). The Phenomenon of Fear of Missing Out (FoMO) in West Sumatra PTKIN Students. Ta’dib, 26(2), 281. https://doi.org/10.31958/jt.v26i2.8689
Diva, I. B. B. K., & Suardana, K. A. (2023). Pengaruh Literasi Keuangan, Toleransi Risiko, Dan Faktor Demografi Terhadap Keputusan Investasi Mahasiswa. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 12(05), 810. https://doi.org/10.24843/eeb.2023.v12.i05.p02
Firmansyah, F. F., & Sriyono, S. (2024). The Role of Social Media Influencers , Investment Knowledge , Investment Returns , And Pocket Money on Investment Interest in Generation Z in Sidoarjo Regency Peran Social Media Influencer , Pengetahuan Investasi , Return Investasi , Dan Uang Saku Terhada. Scholar.Archive.Org, 1–17. https://scholar.archive.org/work/mpajacg4k5ckjlczu7awvzwj3y/access/wayback/https://archive.umsida.ac.id/index.php/archive/preprint/download/3961/28104/32026
Gerrans, P., Abisekaraj, S. B., & Liu, Z. (Frank). (2023). The fear of missing out on cryptocurrency and stock investments: Direct and indirect effects of financial literacy and risk tolerance. Journal of Financial Literacy and Wellbeing, 1(1), 103–137. https://doi.org/10.1017/flw.2023.6
Gumilang, R. R., Amanda, H., & Ginanjar, Y. (2023). Impact Motivasi Investasi, Literasi Keuangan, dan Perilaku Keuangan Terhadap Keputusan Investasi. Coopetition : Jurnal Ilmiah Manajemen, 14(1), 91–100. https://doi.org/10.32670/coopetition.v14i1.3033
Güngör, S., Tomris Küçün, N., & Erol, K. (2022). Fear of Missing Out Reality in Financial Investments. International Journal of Business & Management Studies, 03(10), 53–59. https://doi.org/10.56734/ijbms.v3n10a4
Hair, J. F., Jr., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2021). A primer on partial least squares structural equations modeling (PLS-SEM). Sage Publications. Journal of Tourism Research, 6(2).
Martaningrat, N. W. S., & Kurniawan, Y. (2024). The Impact of Financial Influencers, Social Influencers, and FOMO Economy on the Decision-Making of Investment on Millennial Generation and Gen Z of Indonesia. Journal of Ecohumanism, 3(3), 1319–1335. https://doi.org/10.62754/joe.v3i3.3604
Nizar, M., & Daljono, D. (2024). the Impact of Availability Bias and Representative Bias on Investment Decisions and Performance: the Role of Fomo As an Intervening Variable. Jurnal Apresiasi Ekonomi, 12(1), 71–89. https://doi.org/10.31846/jae.v12i1.730
Pasaribu, S., & Radikun, T. B. S. (2021). Penerapan Teori Perilaku Terencana dalam Pengambilan Keputusan Etis. Psychocentrum Review, 3(2), 164–173. https://doi.org/10.26539/pcr.32640
Pranata, R. M. (2023). Keputusan Investasi Cryptocurrency di Purwakarta: Mengungkap Dampak dari Herding dan Overconfidence. Jurnal Manajemen & Bisnis Kreatif, 9(1), 62–72. https://doi.org/10.36805/manajemen.v9i1.5502
Pratiwi, C. M. M. A. (2022). Pengaruh Overconfidence Terhadap Keputusan Investasi Dimoderasi Pengalaman Keuangan pada Anggota HIPMI PT Surabaya. Jurnal E-Bis, 6(2), 620–632. https://doi.org/10.37339/e-bis.v6i2.963
Przybylski, A. K., Murayama, K., Dehaan, C. R., & Gladwell, V. (2013). Motivational, emotional, and behavioral correlates of fear of missing out. Computers in Human Behavior, 29(4), 1841–1848. https://doi.org/10.1016/j.chb.2013.02.014
Reagle, J. (2015). Following the Joneses: FOMO and conspicuous sociality. First Monday, 20(10 SE-). https://doi.org/10.5210/fm.v20i10.6064
Rijalul, M., Ma, A. A.-, & Qadariyah, L. (2024). DINAMIKA KEPUTUSAN INVESTASI SYARIAH GENERASI Z : PERAN LITERASI KEUANGAN , DYNAMICS OF GENERATION Z SHARIA INVESTMENT DECISIONS : THE ROLE OF FINANCIAL LITERACY , INFLUENCERS , SOCIAL MEDIA AND RELIGIOSITY. 10(02), 251–271.
Rijanto, B. P., & Utami, N. (2024). Financial technology, social media influencers, and experience of cryptocurrency investment decisions: Financial literacy’s role. Jurnal Manajemen Maranatha, 23(2), 201–216. https://doi.org/10.28932/jmm.v23i2.8717
Safryani, U., Aziz, A., & Triwahyuningtyas, N. (2020). Analisis Literasi Keuangan, Perilaku Keuangan, Dan Pendapatan Terhadap Keputusan Investasi. Jurnal Ilmiah Akuntansi Kesatuan, 8(3), 319–332. https://doi.org/10.37641/jiakes.v8i3.384
Sani, N., & Paramita, V. S. (2024). PENGARUH PENGALAMAN INVESTASI, RISK TOLERANCE, DAN SOSIAL MEDIA TERHADAP KEPUTUSAN INVESTASI DENGAN LITERASI KEUANGAN SEBAGAI VARIABEL MODERASI (Studi Pada Investor Generasi Z Jawa Barat). Equilibrium : Jurnal Ilmiah Ekonomi, Manajemen Dan Akuntansi, 13(1), 134. https://doi.org/10.35906/equili.v13i1.1886
Saptohutomo, A. P. (2022). Jejak Kasus Indra Kenz dan Penipuan Binomo hingga Tuntutan 15 Tahun Penjara. Kompas.Com. https://nasional.kompas.com/read/2022/10/07/05150031/jejak-kasus-indra-kenz-dan-penipuan-binomo-hingga-tuntutan-15-tahun-penjara?page=2
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
Saputri, N. D. M., Santati, P., & Putri, M. A. (2024). Era Digitalisasi Ekonomi : Influencer , Literasi Keuangan , Self-control dan Pengaruhnya Terhadap Keputusan Investasi. Reviu Akuntansi Dan Bisnis Indonesia, 8(3). https://doi.org/10.18196/rabin.v8i3.22415
Sari, N. K., Mufidah, A., Awaliyah, I. N., & Nurhayati, N. (2023). Dampak Perilaku Bias Terhadap Pengambilan Keputusan Investasi. Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 17(2), 196–211. https://doi.org/10.32815/jibeka.v17i2.1542
Seraj, A. H. A., Alzain, E., & Alshebami, A. S. (2022). The roles of financial literacy and overconfidence in investment decisions in Saudi Arabia. Frontiers in Psychology, 13(September), 1–12. https://doi.org/10.3389/fpsyg.2022.1005075
Siregar, D. K., & Anggraeni, D. R. (2022). PENGARUH LITERASI KEUANGAN DAN PERILAKU KEUANGAN TERHADAP KEPUTUSAN INVESTASI MAHASISWA. Bussman Journal : Indonesian Journal of Business and Management, 2(1), 96–112.
Slamet, R., & Aglis, A. H. (2020). Metode Riset Penelitian Kuantitatif Penelitian Di Bidang Manajemen, Teknik, Pendidikan, dan Eksperimen. In Deepublish (p. 373).
Soelaiman, L., Puspitowati, I., & Selamat, F. (2022). Peran Model Panutan Terhadap Intensi Berwirausaha Mahasiswa Melalui Penerapan Teori Perilaku Terencana. Jurnal Muara Ilmu Ekonomi Dan Bisnis, 6(2), 320–329. https://doi.org/10.24912/jmieb.v6i2.20387
Trisnaningsih, T., .Sihabudin, S., & Fauji, R. (2022). Pengaruh Influencer Dan Literasi Keuangan Terhadap Minat Investasi Mahasiswa. Journal of Business and Economics Research (JBE), 3(2), 82–89. https://doi.org/10.47065/jbe.v3i2.1705
Zulkarnaen, W., Amin, N. N. (2018). Pengaruh Strategi Penetapan Harga Terhadap Kepuasan Konsumen. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 2(1), 106-128
Published
2025-08-31
How to Cite
Armeyanti, Z., Umyana, A., & Karpriana, A. P. (2025). PENGARUH FOMO DAN SOCIAL MEDIA INFLUENCER TERHADAP KEPUTUSAN INVESTASI DENGAN LITERASI KEUANGAN SEBAGAI MODERASI. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(2), 3256-3280. https://doi.org/10.31955/mea.v9i2.6118
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