Factors Influencing Generation Z's Intention to Invest in Islamic Mutual Funds
DOI:
https://doi.org/10.33511/almizan.v10n1.91-103Keywords:
Islamic financial literacy, risk perception, investment intention, investment behavior, Islamic mutual fundsAbstract
Despite the rapid expansion of Indonesia's Islamic capital market, investment participation among Muslim Generation Z remains relatively limited, highlighting the need to identify the factors influencing their intention to invest in Islamic mutual funds. This article aims to examine how Islamic financial literacy, religiosity, and risk perception affect Generation Z's investment intention. A quantitative approach was employed using a survey of 114 Generation Z students from a Faculty of Islamic Economics and Business in Indonesia selected through purposive sampling. Data were analyzed using multiple linear regression to assess the influence of each independent variable on investment intention. The findings indicate that Islamic financial literacy and risk perception have a positive and significant effect on investment intention, whereas religiosity does not have a significant partial effect. These results suggest that Generation Z's intention to invest in Islamic mutual funds is shaped primarily by financial knowledge and risk evaluation rather than religiosity alone. The study implies that strengthening Islamic financial literacy and risk-awareness programs may contribute to increasing Generation Z participation in the Islamic capital market.
References
Agustin, D. N., & Hakim, L. (2022). Peran Religiusitas Sebagai Variabel Moderating Pengetahuan, Persepsi Produk Bank Syariah dan Literasi Keuangan Tehadap Minat Investasi Syariah. Jurnal Pendidikan Akuntansi (JPAK), 10(2), 106–116. https://doi.org/10.26740/jpak.v10n2.p106-116
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T
Alita, D., Putra, A. D., & Darwis, D. (2021). Analysis of classic assumption test and multiple linear regression coefficient test for employee structural office recommendation. IJCCS (Indonesian Journal of Computing and Cybernetics Systems), 15(3), 295. https://doi.org/10.22146/ijccs.65586
Annisa, O. :, Auliandari, T., Aini, N., Nofrida, Y., Putri, M., & Malik, A. (2025). PT. Media Akademik Publisher Pasar Modal Syariah Di Indonesia: Studi Kualitatif Tentang Perkembangan Dan Kontribusinya Terhadap Ekonomi. In Jma) (Vol. 3, Issue 11, pp. 3031–5220). https://doi.org/10.62281/t6b8ca08
Armita, P. (2025). Digital Da’wah and Quranic Interpretation: Opportunities, Distortions, and Ethics in the Spread of Interpretations on Social Media. International Journal of Islamic Thought and Humanities, 4(1), 154–164. https://doi.org/10.54298/ijith.v4i1.421
Astriana, N., & Jaharuddin, J. (2026). Faktor Penentu Minat Investasi Reksa Dana Syariah. Media Riset Bisnis Ekonomi Sains Dan Terapan, 4(2), 136–152. https://doi.org/10.71312/mrbest.v4i2.777
Bastomi, M., & Sudaryanti, D. (2024). The influence of islamic capital market literacy toward intention to invest in islamic capital market: Does risk perception mediate the relationship? Journal of Accounting and Investment, 25(1), 1–24. https://doi.org/10.18196/jai.v25i1.19630
Buana, D. T., & Amalia, N. (2026). Pengaruh Persepsi Risiko, Perilaku Keuangan, dan Pengetahuan Investasi Terhadap Keputusan Investasi pada Generasi Z di Kota Surakarta. PENG: Jurnal Ekonomi Dan Manajemen, 3(1), 1075–1090. https://doi.org/10.62710/708p0x25
Creswell, J. W. (2018). Mixed methods procedures. In Research Design: Qualitative, Quantitative and Mixed Method Aproaches.
Engkizar, E., Jaafar, A., Asril, Z., Hamzah, M. I., Syafril, S., Febriani, A., & Oktavia, G. (2026). Tartil Method: A Solution for Cultivating High-Achieving Students in Quranic Learning. Khalifa: Journal of Islamic Education, 10(1). https://doi.org/10.24036/kjie.v10i1.474
Engkizar, E., Jaafar, A., Hamzah, M. I., Syafril, S., Febriani, A., Oktavia, G., & Satrial, A. (2026). Quran Teachers’ Skills as Pedagogical Foundations: Conceptual and Practical Insights into Nine Competencies. Muaddib: Journal of Islamic Teaching and Learning, 2(1), 22–38. https://doi.org/10.67055/xt598c43
Ghozali. (2021). Aplikasi Analisis Multivariate dengan program IMB SPSS. In Aplikasi Analisis Multivariate. Inivelrsitas Diponelgoro.
Hakim, F. W., Hasan, A., & Putra, I. (2022). Pengaruh Religiusitas Terhadap Minat Masyarakat Menggunakan Produk Perbankan Syariah di Kota Bandar Lampung. Al-Mashrof: Islamic Banking and Finance, 3(2), 80. https://doi.org/10.24042/al-mashrof.v3i2.13973
Hastuti, W. (2025). Pengaruh Literasi Keuangan Syariah, Persepsi Risiko, Dan Religiusitas Terhadap Minat Investasi Saham Syariah Pada Generasi Milenial. Journal of Financial Economics & Investment, 5(3), 148–164. https://doi.org/10.22219/jofei.v5i3.42125
Ilya, A. I., & Nurohman, Y. A. (2025). Exploring the Impact of Service Quality on Gold Investment Decisions : A Theory of Planned Behavior Approach. IJIEB: Indonesian Journal of Islamic Economics and Business Volume, 10(2), 360–383.
Maida, R., Sakinah, N. P., & Anggraini, M. (2026). Behavioral Finance: The Influence Of Psychological Bias On Investor Investment Decisions. Journal of Islamic Economics and Finance, 2(3), 397–411. https://doi.org/10.70248/joieaf.v2i3.3330
Mihartinah, D., & Coryanata, I. (2019). Pengaruh Sikap Terhadap Perilaku, Norma Subjektif, Dan Kontrol Perilaku Persepsian Terhadap Niat Mahasiswa Akuntansi Untuk Mengambil Sertifikasi Chartered Accountant. Jurnal Akuntansi, 8(2), 77–88. https://doi.org/10.33369/j.akuntansi.8.2.77-88
Muhammad, I. N., & Wicaksari, E. A. (2025). Peran Literasi Keuangan Terhadap Keputusan Investasi Generasi Z. Book Chapter Manajemen Keuangan, 1(5), 119–149. https://doi.org/10.15294/mk.v1i1.325
Nada, A. Q., & Fikri, M. A. (2025). Keputusan investasi: Peran efek disposisi, perilaku herding, dan persepsi risiko. Journal of Management and Digital Business, 5(3), 873–894. https://doi.org/10.53088/jmdb.v5i3.2361
Niawati, I., & Andriani. (2025). Produk Tabungan Emas Pegadaian Syariah Sebagai Alternatif Investasi Halal. Jurnal Ekonomi Syariah Pelita Bangsa, 10(02), 291–304. https://doi.org/10.37366/jespb.v10i02.2454
Ozili, P. K. (2023). The acceptable R-square in empirical modelling for social science research. Social Research Methodology and Publishing Results: A Guide to Non-Native English Speakers, 116198(1), 134–143. https://doi.org/10.4018/978-1-6684-6859-3.ch009
Pramana, W. P., & Bina Buono, K. (2026). Digitalisasi Dan Literasi Ekonomi Syariah Di Kalangan Generasi Z Indonesia: Tinjauan Literatur Sistematis. Syar’ie: Jurnal Pemikiran Ekonomi Islam, 9(2), 203–221. https://doi.org/10.51476/bzggdj68
Putri, E. M., SW, N. S., Astrid, M., & Harahap, M. A. (2025). Pengaruh Literasi Keuangan Syariah Terhadap Pengambilan Keputusan Finansial Generasi Z. Digital Bisnis: Jurnal Publikasi Ilmu Manajemen Dan E-Commerce, 4(4), 37–47. https://doi.org/10.30640/digital.v4i4.5384
Rahman, F., Djaja, M., Lestari, D., Legenda, S., & Fitriani, S. (2025). Pengaruh Persepsi Risiko Dan Kepercayaan Terhadap Paltform Digital Dalam Keputusan Berinvestasi Saham Online. Jurnal Riset Multidisiplin Edukasi, 2(11), 161–172. https://doi.org/10.71282/jurmie.v2i11.1138
Ramadani, L. A., & Reza, M. H. (2025). Pengaruh Financial Literacy dan Persepsi Risiko Terhadap Investment Psychology Mahasiswa. Jurnal Perbankan Syariah, 4(2), 252–262. https://doi.org/10.20414/jps.v4i2.14750
Rifani, D., Soemitra, A., & Nurlaila, N. (2025). Pengaruh Literasi Keuangan, Edukasi Sekolah Pasar Modal, dan Gaya Hidup Generasi Z terhadap Minat Berinvestasi Saham Syariah. Jurnal Akuntansi Dan Keuangan Islam, 13(1), 5–30. https://doi.org/10.61111/jakis.v13i1.877
Roemanasari, F., Sabela, J., & Rusgianto, S. (2022). Islamic Financial Literacy and Financial Behavior on Investment Intention. Jurnal Ilmu Ekonomi Terapan, 7(2), 239–250. https://doi.org/10.20473/jiet.v7i2.40679
Rohmah, R. R. (2025). Etika Investasi Dalam Perspektif Fiqih Muamalah (Studi Komparatif Antara Investasi Konvensional Dan Investasi Syariah). JUMHURIA : Jurnal Hukum Ekonomi Syariah, 1(2), 1. https://ejournal.staidhtulungagung.ac.id/index.php/jumhuria/index
Rurkinantia, A. (2021). Peranan Literasi Keuangan Syariah Terhadap Pengelolaan Keuangan Mahasiswa. Journal of Islamic Studies and Humanities, 6(2), 89–96. https://doi.org/10.21580/jish.v6i2.9023
Sakinah, A., & Canggih, C. (2026). Pengaruh Literasi Keuangan Syariah, Persepsi Risiko, Social Media Influencer, dan Religiusitas terhadap Perilaku Investasi Reksa Dana Syariah pada Generasi Z Muslim di Surabaya. Jurnal Ilmiah Ekonomi Islam, 12(3), 91–104. https://doi.org/10.29040/jiei.v12i3.19966
Salwa, N., & Said, M. (2025). Perilaku Konsumen Dalam Ekonomi Islam. Al-Mizan: Jurnal Ekonomi Syariah, 8(1), 1–18. https://doi.org/10.54459/almizan.v8i1.994
Sandelowski, M. (2000). Combining Qualitative and Quantitative Sampling, Data Collection, and Analysis Techniques in Mixed‐Method Studies. Research in Nursing & Health, 23(3), 246–255. https://doi.org/10.1002/1098-240x(200006)23:3<246::aid-nur9>3.3.co;2-8
Sari, P. I., Tita, E. I., & Albizar, . A. (2025). Eight Concepts and Practices: Buying and Selling in Islam. Multidisciplinary Journal of Thought and Research, 1(2), 38–54. https://mujoter.intischolar.id/index.php/mujoter/article/view/1
Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill-building approach (7th ed.). John Wiley & Sons.
Sholahudin, M. A., & Rusyana, A. Y. (2026). Landasan Teoritis dan Filosofis Motivasi Ekonomi terhadap Tujuan Sosial dalam Sistem Ekonomi Syariah. Equality: Journal of Islamic Law (EJIL), 4(1), 147–164. https://doi.org/10.15575/ejil.v4i1.2104
Sirait, W., Rohmah, S. N., Dinda, I., & Meliyani, M. (2025). Literasi Keuangan Syariah untuk Generasi Milenial dalam Menggunakan Produk Keuangan Halal. EKONOMIKA45 : Jurnal Ilmiah Manajemen, Ekonomi Bisnis, Kewirausahaan, 12(2), 264–271. https://doi.org/10.30640/ekonomika45.v12i2.4321
Sofiyana, M. (2025). Analisis Peran Manajemen Keuangan Syariah Dalam Mendorong Keuangan Berkelanjutan. At-Tajir Jurnal Manajemen Bisnis Syariah, 2(2), 57–73. https://doi.org/https://ejournal.alkifayahriau.ac.id/attajir/article/view/392
Sya’diah, A. N., & Al Hakim, S. (2020). Journal of Islamic Economics & Social Science. Journal of Islamic Economics and Social Sciences, 1(2), 1–10.
Taherdoost, H. (2018). Validity and Reliability of the Research Instrument; How to Test the Validation of a Questionnaire/Survey in a Research. SSRN Electronic Journal, 5(3), 28–36. https://doi.org/10.2139/ssrn.3205040
Triana, O. F., & Yudiantoro, D. (2022). Pengaruh Literasi Keuangan, Pengetahuan Investasi, dan Motivasi Terhadap Keputusan Berinvestasi Mahasiswa di Pasar Modal Syariah. SERAMBI: Jurnal Ekonomi Manajemen Dan Bisnis Islam, 4(1), 21–32. https://doi.org/10.36407/serambi.v4i1.517
Wahida, N., Parakkasi, I., & Sudirman, S. (2024). Perilaku Konsumen dalam Ekonomi Islam. ADILLA : Jurnal Ilmiah Ekonomi Syari’ah, 7(2), 151–169. https://doi.org/10.52166/adilla.v7i2.6556
