Journal of Islamic Business and Economic Review

Volume 4, Issue 2, January 2021

[Link]

The Effect of Financial Literacy, Risk Preference and Religiosity on

Generation Z’s Investment Interest in the Islamic Capital Market
Ade Eko Setiawana, Raudhoh Musyifah b, Heni Noviaritac
Universitas Islam Negeri Raden Intan Lampunga, Universitas Islam Negeri Raden Intan Lampungb,
Universitas Islam Negeri Raden Intan Lampung c

Info Articles Abstract

In this study was to determine and analyze the effect of financial literacy, risk preference and religiosity
History Article: on generation z investment interest in the Islamic capital market. The type of research used in this research
Received: 28 January 2021 is qualitative research, with qualitative descriptive research methods. Primary data in this study were
Accepted: 1 March 2021 obtained by using a questionnaire distributed via google form . The population in this study was generation
Published: 31 July 2021 Z who were students of the Islamic Banking Study Program at Uin Raden Intan Lampung class 2018-
2019, totaling 483 people, with a total research sample of 48 respondents. The sampling technique in this
research is purvosive sampling. Based on the results of the study, it can be concluded as follows: Financial
literacy (X1) partially has no effect on investment interest (Y). Risk preference (X2) partially affects
investment interest (Y). Religiosity (X3) partially has no effect on investment interest (Y). Financial
literacy (X1), risk preference (X2), and religiosity (X3) simultaneously have no effect on investment
Keywords : interest (Y).
Financial Literacy;
Generation Z’s;
Islamic Capital Market;

Address Correspondence: p-ISSN 2623-0410

E-mail : adeekosetiawan24@[Link]
e-ISSN 2623-0402

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INTRODUCTION as Islamic capital market institutions which should

Generational differences have always been an be used by students to learn to invest.
issue discussed in society. Each generation has In recent years, young people's interest in the
unique characteristics which then determine the investment world has continued to increase. One of
communication process that takes place in various the proofs can be seen from the increasing number
contexts. Generational differences also often cause of capital market investors, which are dominated by
problems because each generation is attached to millennials and generation z. This increase in the
certain ideal values that may differ from one number of investors was recorded to be dominated
another. Indonesia's social location with by millennials and Generation Z under the age of
a collectivistic cultural background that is always 30, which reached approximately 58.5% of the total
group-oriented, places generational differences as a investors ([Link] 2021).
very important issue (Christiani and Ikasari 2020). Demographically, Indonesia is currently
Generation is a group of generations that are benefiting from the demographic bonus. In 2020 the
important for a country, this group of generations number of productive age in Indonesia reached
have similarities in age groups that experience 191.1 million people or 70.72 percent of the total
important events in the same time population of Indonesia as many as 270.2 million
period. Generation Z is a generation born in 1995- people, where currently the composition of the
2010, with the characteristics of being fluent in population in Indonesia is dominated by
technology, interacting with social media, being millennials and generation Z (DATABOKS 2021)
expressive, tending to be tolerant
and multitasking. With the development of existing Table 1.1
technology accompanied by the characteristics of Generation Type Percentage (%)
the existing generation Z, it is very possible to have Gen Z 30.94%
a consumerist attitude in generation Z (Laturette, Gene M 27.56%
Widianingsih, and Subandi 2021). Amount 58.5%
If previously we only knew the older Data Diolah.
generation and the younger generation based on the
year of birth and the feeling of the same fate in the From several studies that have been
experience of the journey of history, the current conducted, there has been no research on the effect
generation is developing in the category of baby of financial literacy, risk preference and religiosity
boomers, generation X (birth year between 1961- on the interest of Generation Z in investing in the
180), generation Y (birth year 1990- 1995), and Islamic capital market. Therefore, the authors are
Generation Z (1995-2010). This grouping is a interested in conducting a study with the title "The
grouping based on the similarity in the range of Influence of Financial Literacy, Risk Preference
years of birth, location, and events that significantly and Religiosity on Generation Z's Investment
affect the life of the group (Putra 2016). Interest in the Islamic Capital Market (Study of
The presence of new technology must be useful Islamic Banking Study Program Students at Uin
and easy to use. One of the generations of learners, Raden Intan Lampung Class 2018-2019)". Based on
quick to adapt, and willing to take risks is the the explanation above, the formulation of the
generation Z generation who are familiar with writing of this article paper are: First , How to
technology and are more initiators and focus on Influence Financial Literacy to the Investment
today's needs and assume that future needs can be Interest in Islamic Capital Markets ?, Second , How
thought of later. to Influence Preferences Toward Risk Investment
Students are one of the targets in the National Interest in Islamic Capital Markets ?, Third , How
Strategy for Indonesian Financial Literacy Religiosity Influence Of Interests Investing in the
(SNLKI). Chen and Volpe explained that students Islamic Capital Market?, Fourth , How do financial
who have low knowledge will make wrong literacy, risk preferences and religiosity affect
decisions in their finances (Haiyang Chen & Ronald investment interest in the Islamic capital
P. Volpe 1998). market?. The purpose of this study are: First , To
Financial education in the university Know Effect of Literacy Finance on Investment
environment, especially in the FEBI environment, Interest in Islamic Capital Market, Second , to
has been widely applied but only in theory, while determine the effect of Preferences Risk Of
for practice it is still not a top priority. Even though Investment Interest in Islamic Capital
the campus environment already has facilities such Market, Third , To know the effect of religiosity
Against Investment Interest in Islamic Capital
Market, Fourth , To determine the effect of

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financial literacy, risk preference and religiosity on of obtaining additional or certain benefits on the
investment interest in the Islamic capital market. money or funds." From this definition, investment
is focused on placing money or funds. The goal is to
THEORETICAL FRAMEWORK make a profit. This is closely related to investment
Theory of Planned Behavior (TPB) in the capital market (Salim HS. 2008).
This theory was put forward by Icek Ajzen, Then, if we talk about Islamic investment,
which is based on the assumption that humans are there are other things that play a role in
rational beings who always use available investment. Sharia investment does not only talk
information systematically which is influenced by a about worldly issues as stated by secular
person's conscious intention towards a economists. There is another element that will
behavior. This theory is based on cognitive determine the success or failure of an investment in
processes and the level of behavior change so that the future, namely the provisions and will of Allah
this theory is able to predict behaviors that are not SWT (Muhamad Nafik 2009).
entirely under individual control. This theory states Sharia Capital Market
that attitudes, subjective norms, and perceptions of The Islamic capital market can simply be
behavioral control together form an individual's interpreted as a capital market in which all
behavioral intentions and behaviors. The concept of activities, especially issuers, the types of securities
key variables in this theory is based on (Ajzen traded and the trading mechanism, have
1991): implemented sharia principles and are free from
1. Attitudes towards behavior, namely positive or prohibited things such as usury, gambling,
negative individual evaluations of the speculation, and others (Andri Soemitro
performance of certain behaviors. The concept 2009). Sharia securities are securities as referred to
is how the performance of the behavior is in the laws and regulations in the field of capital
positively or negatively appreciated by others. markets whose contracts, company management,
2. Subjective norms, namely the individual's as well as the method of issuance meet sharia
perception of social normative pressure that principles based on Islamic teachings and have been
comes from social references, both friends, stipulated by the MUI DSN through a fatwa (DSN
analysts and stakeholder policies that support Fatwa No. 40/DSN -MUI/X/2003 2003).
or encourage their behavior to make a Sharia Capital Market Instruments
decision. According to (Pandji Anoraga and Piji Pakarti
3. Perceived behavioral control, namely 2006), Islamic capital market instruments are
individual beliefs about the consequences of grouped into three categories consisting of:
certain behaviors. This concept is based on the 1. Asset Securities
subjective probability that a behavior will This instrument includes the form of
produce a given positive outcome. The musharaka participation which represents fixed
existence of an individual's control is caused capital with management rights, management
by internal factors, namely willingness, skills, supervision, and voting rights in decision
experience and external factors, namely the making. In addition, there is also a form of
environment. mudharabah participation that represents working
Sharia Investment capital with rights to the said capital and money,
The term investment comes from the Latin, but does not include voting rights, supervision, or
namely investire (to use), while in English it is management.
called investment . Experts have different views on 2. Money Security
investing. Fitzgeral in Salim defines investment as: This instrument category is in the form of
"activities related to the withdrawal of resources issuance of debt securities that occur on sale and
(funds used to procure capital goods at the present purchase transactions or a source of funding for a
time, and with capital goods a flow of new products company.
will be generated in the future." In this definition, 3. Capital Securities
investment is constructed. as an activity for Capital securities instruments are securities or
withdrawing the source of funds used for the proof of capital ownership in the form of shares of
purchase of capital goods and capital goods, a new an issuer company registered in the Islamic capital
product will be produced. market.
Another definition put forward by
Kamaruddin Ahmad in Salim, he defines
investment as: "putting money or funds in the hope

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Sharia Capital Market Products Knowledge Level About Sharia Investment

According to (Andri Soemitro 2009) to date, The level of knowledge about sharia
there are several sharia capital market products investment is the understanding that a person
including the following: (investor) must have regarding various aspects of
1. Sharia Stock sharia investment. Knowledge of this investment
Sharia shares are certificates that show proof makes it easier for someone to make investment
of ownership of a company issued by issuers whose decisions, because knowledge is the basis for
business activities or management methods do not forming a strength for someone to be able to do
conflict with sharia principles. something he wants. This is as stated by Halim that
2. Sukuk (Sharia Bonds) to invest in the capital market, sufficient knowledge,
Sukuk (Sharia Bonds) are long-term securities experience and business sense are needed to analyze
based on sharia principles issued by issuers to which securities to buy (Nisa and Zulaika 2017).
sharia bondholders in the form of profit The indicators for measuring the investment
sharing/margin/ fees , and pay bond funds at knowledge variable according to (Kusmawati
maturity. So, sharia bond holders will benefit in the 2009) are:
form of profit sharing/margin/ fee, not in the form 1. Knowledge of investment objectives
of interest. 2. Knowledge of investment risk level
3. Sharia Mutual Funds 3. Knowledge of the rate of return ( return )
Sharia mutual funds are mutual funds that investment
operate according to Islamic provisions, both in the 4. Knowledge of the relationship between risk
form of contracts between investors as property and rate of return ( return )
owners ( shahib al-mal/rabb al-mal ) and investment 5. Knowledge of investment instruments in the
managers, as well as the management of capital market
investment funds as representatives of shahib al- 6. General knowledge about investing in the
mal , as well as between managers investment with capital market.
investment users. 7. Try investing.
4. Sharia Asset Backed Securities Risk Preference
Sharia Asset Backed Securities (EBA) are In investing in addition to the benefits that can
securities issued by a Sharia EBA collective be obtained, investors must also understand that
investment contract whose portfolio consists of there are risks that may occur and always follow the
financial assets in the form of claims arising from investment benefits because the investment risk is
commercial securities, claims arising in the future, directly proportional to the profits obtained. The
sale and purchase of ownership of physical assets greater the level of profit that can be obtained by
by financial institutions, investment securities investors, the greater the level of risk that arises for
guaranteed by the government, a means of these investors. And the smaller the level of risk that
increasing investment/cash flow and equivalent will be faced by investors, the smaller the level of
financial assets, in accordance with sharia profit that will be obtained by investors (Putri
principles. Sheilla Yunia [Link] 2020).
5. Pre-emptive Rights ( Rights Issue ) Religiosity
Sharia Pre-emptive Rights (HMETD) are Religiosity for mankind, especially for
rights attached to shares included in the Sharia Indonesian citizens, is one of the main elements that
Securities Register (DES) that allow existing are very important for daily life. Even the results of
shareholders to purchase new Securities; including a survey conducted by Laura and Hugh in 2010
shares, securities that can be converted into shares showed that Indonesia has the highest religious
and warrants, before being offered to other value than other countries. Religiosity is admittedly
Parties. Rights trading period is very short, around very strong in influencing the life of every individual
1-2 weeks. human being (Suprihati [Link] 2021).
6. Sharia Warrant Religiosity for mankind, especially for
Warrants based on sharia principles are Indonesian citizens, is one of the main elements that
securities issued by a company that give rights to are very important for daily life. Even the results of
securities holders included in the Sharia Securities a survey conducted by Laura and Hugh in 2010
List (DES) to subscribe to shares from issuers at a showed that Indonesia has the highest religious
certain price for a period of 6 (six) months or more value than other countries. Religiosity is admittedly
since the issuance. very strong in influencing the life of every individual
human being (Suprihati [Link] 2021).

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Previous Research perception, and use of technology as independent

Previous research on the influence of literacy variables, while student behavior in investing in the
on generation z investment interest in the Islamic capital market as the dependent variable. This
capital market has been carried out in many places, research was conducted in Indonesia, with the aim
including: of knowing and analyzing the effect of capital
Research conducted by (Asnahwati & market knowledge, investment risk perceptions and
Mulyadi, 2021) determined the level of capital market the use of technology on student investment
literacy and student interest in investing as independent behavior in the capital market. The population of
variables, while companies listed on the IDX as the this research is students who are members of the
dependent variable. This research was conducted in Investment Gallery of Jenderal Sudirman
Indonesia, with the aim of knowing the effect of University and the Sharia Investment Gallery of
capital market literacy on student interest in Muhammadiyah University of Purwokerto. The
investing in shares in companies listed on the sampling method used purposive sampling. The data
Indonesia Stock Exchange (IDX). The research collection instrument used a questionnaire. There
method used is descriptive quantitative were 143 respondents. The results of this study
method. The population of this study were 4th indicate that capital market knowledge has a
semester students majoring in Management STEI positive effect on student behavior in investing in
Riau. The sample of this study was 74 people. The the capital market. The perception of investment
sampling technique is random sampling. Based on risk and use of technology does not affect students
the results of research that has been carried out investing in the capital market. The implication of
regarding the level of capital market literacy and the research is that capital market knowledge is the
investment interest in students of the Riau College most basic thing that a novice investor should
of Economics (STIE) Pekanbaru City, the following have. They need to understand the capital market,
conclusions can be drawn: From descriptive stocks and the rate of return on investment. This
analysis, it is known that respondents' knowledge understanding is needed to analyze, choose to make
about capital markets and investment instruments is a decision.
still relatively low. , while the respondent's In this study (Syafwendi, 2021) determined
knowledge of the level of investment return is good the reformulation of the applicable strategy in improving
and the respondent's knowledge of the level of financial literacy and the index as an independent
investment risk is sufficient. variable, while the Islamic capital market as the
In the study (Aminatun & Luki, 2017) it was dependent variable. This research was conducted in
determined understanding of investment, minimum Indonesia, with the aim of identifying a new
investment capital and motivation as independent strategic approach applicable to increasing Islamic
variables, while student interest as the dependent financial literacy and inclusion in the Islamic capital
variable. This research was conducted in Indonesia, market sector. This study uses a qualitative method
with the aim of knowing how the influence of with a literature review of journal articles,
understanding investment, minimum investment government reports, news reports, and others in
capital, and motivation on student interest in reviewing, identifying, and knowing the strategies
investing in the capital market. The research to be implemented. The results show that there are
method used is descriptive quantitative six specific strategies used in increasing the literacy
method. Respondents in this study were students of index and inclusion index of the Islamic capital
STEI Kesuma Negara Blitar semester 6 and 8 market, namely, rebranding negative investment
through a questionnaire. The results of this study stereotypes, building sustainable promotions and
indicate that the understanding of investment campaigns through offline and online platforms,
gained by students when they receive courses in creating an integrated online market for Islamic
investment management and capital markets has no capital market products, increasing Sukuk
effect on students' interest in investing in the capital corporations and introduce new SRI Sukuk
market. However, the existence of a small products, forming agents & groups of Islamic
minimum capital and motivation from oneself and capital market enthusiasts, and monitoring &
others greatly influence students to invest in the evaluating the strategies implemented.
capital market. The contribution of this research is In this study (Nabilah and Hartutik 2020)
as a discourse for students about what can influence determined Knowledge, Religiosity and Investment
students to invest in the capital market. Motivation as independent variables,
In this study (Gede Ari, et al, 2021) while investment interest as the dependent
determined capital market knowledge, investment risk variable. This research was conducted in Indonesia,

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with the aim of analyzing the influence of this study, according to (Arikunto 2018) if the
knowledge, religiosity and motivation on interest in subject is less than 100 people, all of them should be
investing in the Islamic Capital Market. The taken, if the subject is large or more than 100 people
method used in this study is a quantitative research can be taken 10-15% or 20-25% or more. so that the
method. The results of the study indicate that sample used in this study amounted to 48
knowledge partially influences investment students. The research was conducted by
interest; Religiosity partially affects investment distributing questionnaires via google form to
interest; Motivation partially has no effect on students of the Islamic Banking Study Program at
interest in investing. The Adjusted R Square value Uin Raden Intan Lampung in the class of 2018-
is 0.507, meaning that knowledge, religiosity and 2019.
motivation can explain 50.7% of investment
interest. RESULTS AND DISCUSSION
Research Hypothesis and Research Model Classic assumption test
The hypothesis is a temporary answer to the Normality test
research problem, until it is proven through the data Table 4.4
collected (Sugiono 2018). Based on the theory and Normality test
problems that exist in this study, the authors
propose the following hypotheses:

Literasi Keuangan

H1

interset
Preferensi H2
Risiko
H3
H4

Religiusitas
Source: Processed Data 2021 (SPSS 20)

According to Imam Ghozali, a regression

model is said to be normally distributed, if the plots
(dots) that describe the actual data follow a diagonal
METHODS line. In this study, the picture above shows that the
Based on the research objectives, the type of plotting (dots) follows a diagonal line, so the
this research is field research and is descriptive regression model used in this study is normally
quantitative. This study was used to determine and distributed.
analyze the effect of financial literacy and risk Autocorrelation Test
preferences on the interest of Generation Z in Table 4.5
investing in the Islamic capital market. The Autocorrelation Test
analytical method used in this research is multiple
linear regression model. In this quantitative
descriptive research, researchers explore data Std. Error
R Adjusted R Durbin-
sourced from the research location or field. This Model R
Square Square
of the
Watson
research also examines written sources such as Estimate
scientific journals, reference books, literature,
scientific essays and other sources either in written
1 ,323a ,105 ,042 ,99209 2,045
form or in digital format that are relevant and
related to the object of study. The population in this Source: Processed Data 2021(SPSS 20)
study were students of the Islamic Banking Study
Program at Uin Raden Intan Lampung in the class
of 2018-2019, totaling 483 students. Sampling for

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According to Imam Ghozali there is no Investment Interest in the Islamic Capital

symptom of autocorrelation, if the Durbin Watson Market. See the results in the following table:
(DW) value lies between du to (4-du). The value of Table 4.7
du is searched for the distribution of the Durbin Multiple Linear Regression Analysis Test
Watson table values based on k (3) and N (48) with Results
a significance of 5%. In this study, the value of du
(1.674) < Durbin Watson (2.045) < 4-du (2.326), Unstandardized Standardized
then there is no autocorrelation symptom. Model Coefficients Coefficients t Sig.
B Std. Error Beta
Multicollinearity Test
(Cons) 1,476 1.002 1,473 ,148
Table 4.6
Multicollinearity Test Financial
,067 ,165 0.058 ,407 ,686
Literacy
1
Risk
Collinearity Statistics ,278 ,137 ,286 2,020 0.049
Model Preference
Tolerance VIF Religiosity ,246 ,168 ,208 1,469 ,149
(Constant)
Source: Processed Data 2021 (SPSS 20)
Financial Literacy ,996 1.004 The test results in Table 4.7, are entered into
1
Risk Preference ,997 1.003 the multiple regression equation, then the multiple
Religiosity ,994 1.006 linear regression equation is:
Source: Processed Data 2021 (SPSS 20) Y = a + b 1X 1+b 2X 2+ b 3X 3+ €
Investment Interest = 1.476 + 0.067 + 0.278 + 0.246
There is no multicollinearity symptom if the Hypothesis Testing Results
tolerance value is > 0.100 and the VIF value is < Partial Test (T Test)
10.00. According to the table above, the tolerance Table 4.8
value is 1.00 > 0.100 and the VIF value is 1.00 < Partial Test (T Test)
10.00. So, in this study, no symptoms of Standar
multicollinearity were found. Unstandardiz
dized
ed
Hetereroscedasticity Test Coeffici
Coefficients
Figure 4.1 Model ents t Sig.
Std.
Heteroscedasticity Test B Erro Beta
r
1.00
(Cons) 1,476 1,473 ,148
2
Financial
,067 ,165 0.058 ,407 ,686
1 Literacy
Risk
,278 ,137 ,286 2,020 0.049
Preference
Religiosity ,246 ,168 ,208 1,469 ,149
Source: Processed Data 2021 (SPSS 20)

According to Imam Ghozali, if the value of

Sig. <0.05, it means that the independent variable
(X) partially affects the dependent variable
(Y). Based on table 4.8 the calculation results for the
Source: Processed Data 2021 (SPSS 20) hypothesis are as follows:
From the scatterplot image, it can be seen that The Effect of Financial Literacy on Investment
the points spread randomly and are spread both Interest in the Islamic Capital Market
above and below the number 0 on the Y axis. It can Value of Sig. From the Financial Literacy
be concluded that in this study there were no variable (X1) of 0.686 > from 0.05. Therefore, Ho
symptoms of heteroscedasticity. received and H 1 rejected. Thus, the financial
Multiple Linear Regression Analysis literacy variable has no effect on investment
This analysis is to determine the magnitude of interest.
the effect of Financial Literacy (X1), Risk
Preference (X2), and Religiosity (X3) on Gen Z

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The Effect of Risk Preference on Investment 1. Financial literacy (X1) partially has no effect
Interest in the Islamic Capital Market on investment interest (Y).
Value of Sig. From the Risk Preference 2. Risk preference (X2) partially affects
variable (X2) of 0.049 < from 0.05. Therefore, Ho is investment interest (Y).
rejected and H 1 accepted. So, the Risk Preference 3. Religiosity (X3) partially has no effect on
variable has an effect on investment interest. investment interest (Y).
The Effect of Religiosity on Investment Interest in 4. Financial literacy (X1), risk preference (X2),
the Islamic Capital Market and religiosity (X3) simultaneously have no
Value of Sig. From the religiosity variable (X2) effect on investment interest (Y).
of 0.149 > from 0.05. Therefore, Ho received and
H 1 rejected. So, the religiosity variable has no effect
on investment interest. References
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Table 4.9 Behavior.” Organizational Behavior And Human
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Christiani, Lintang Citra, and Prinisia Nurul
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“Pengaruh Pemahaman Investasi, Modal
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Minimal Investasi Dan Motivasi Terhadap
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CONCLUSION [Link]
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Preference and Religiosity on Generation Z's Pasar Modal. Jakarta: Rineka Cipta.
Investment Interest in the Islamic Capital Market",
Putr Sheilla Yunia [Link]. 2020. “Pengaruh
it can be concluded as follows:
Motivasi, Pengetahuan, Preferensi Risiko,
Dan Minat Investasi Saham Di Pasar Modal

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Syariah Pada Mahasiswa FEBI IAIN Sugiono. 2018. Statistik Untuk Penelitian.
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Grafindo Persada.

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