Manajemen dan Bisnis, Volume 23, No 1 (March 2024)

The effect of financial literacy on Gen-Z crypto investment

decision through herding behavior as mediator
Dhiyyah Arriqoh1, Intan Zoraya1
1Management Department, Faculty of Economics and Business, Universitas Bengkulu,
Bengkulu, Indonesia

Corresponding author: Dhiyyah Arriqoh, [email protected]

Received: November 14th, 2023; Accepted: December 12th, 2023; Published:

March 21st, 2024
DOI: http://dx.doi.org/10.24123/jmb.v23i1.737

Abstract

The progression of investment in Indonesia has witnessed rapid growth,

particularly in the realm of crypto assets. By April 2023, the number of crypto
investors in Indonesia had surged to 17 million, with the Gen Z cohort dominating
this category of asset investors. The primary objective of this research is to
examine whether herding behavior can mediate the relationship between
financial literacy and crypto investment decisions among Gen Z individuals. This
investigation was conducted among crypto investors residing in the city of
Bengkulu. A total of 156 individuals were selected as the sample. The collected
data was subsequently processed using the Smart PLS 3 application. The
research findings indicate that financial literacy has a significantly positive
influence on herding, and financial literacy has a significantly positive impact on
Gen Z's crypto investment decisions. Moreover, herding mediates the
relationship between financial literacy and Gen Z's crypto investment decisions.
Keywords: financial literacy, investment decision, herding behavior, crypto
investment, generation Z.

Introduction
The proliferation of various investment instruments has stimulated an
increase in the number of investors within the community. Cryptocurrency is a
rapidly developing investment instrument among the public(Joo et al., 2020).
Indonesia is one of the nations witnessing a significant surge in cryptocurrency
investors. In June 2023, over 17 million crypto investors were recorded, marking
a 9.3% increase compared to the preceding period (Statista, 2023). Furthermore,
data released by Statista (2023) indicates that in 2022, Indonesia ranked 20th out
of 146 countries in terms of the fastest cryptocurrency adoption index. Statista's
data for 2023 also reveals that 54.9% of cryptocurrency investors in Indonesia
are aged 18 to 24, 42.5% are aged 25 to 34, and the remainder are 35 years and
older (Statista, 2023). Additionally, Statista elucidates that Generation Z investors
engage in various financial instruments, with cryptocurrency being their preferred
choice (Statista, 2023). This underscores the popularity of cryptocurrency
investments in Indonesian society.
The Commodity Futures Trading Regulatory Authority (Bappebti) under the
Ministry of Trade reports that in the second quarter of 2023, the total value of

To cite this article: Arriqoh, D., Zoraya, I. (2024). The effect of financial literacy on Gen-Z crypto
investment decision through herding behavior as mediator. Manajemen dan Bisnis, 23(1) 1-12. 1
DOI: http://dx.doi.org/10.24123/jmb.v23i1.737
 Manajemen dan Bisnis, Volume 23, No 1 (March 2024)

cryptocurrency transactions in Indonesia declined by 23.8% compared to the

same period the previous year (Bappebti, 2023). This decrease is attributed to
highly volatile price fluctuations and associations with criminal activities such as
money laundering and terrorism financing (Nevid et al., 2011). Moreover, the
inherent anonymity of cryptocurrencies can render investors susceptible to
manipulation, wherein they may place trust in seemingly legitimate companies
only to become victims (Bris et al., 2021). Challenges of this nature are
exacerbated by investors' lack of financial literacy in assessing and
understanding the types of investments and associated risks in investment
decision-making.
Wise investment decisions are fundamental to achieving optimal investment
outcomes (Frimpong, 2022). Such decisions should be based on comprehensive
analysis and a complex thinking framework to yield rational investment choices
(ul Abdin et al., 2022). Furthermore, investors can ascertain and ensure potential
returns on investments and risk tolerance in the future (Bris et al., 2021).
Investors are called upon to enhance their financial skills and knowledge.
Investors with a strong understanding of finance can aid them in making better
investment decisions and optimizing financial products (Hossain and Siddiqua.,
2022).
Additionally, Hossain & Siddiqua (2022) elucidate that a high level of
financial knowledge can assist an investor in challenging financial situations.
Consequently, when an investor possesses a solid financial knowledge
foundation, it enables them to comprehend various techniques and strategies for
mitigating potential risks in the future (Bris et al., 2021). Essentially, a high level
of financial knowledge is underpinned by good financial literacy (Kasoga, 2021).
Financial literacy reflects an investor's ability to apply their knowledge and
skills in assessing and managing their financial resources efficiently in the long
term to evaluate and maintain their financial well-being, including making
investment decisions (Kasoga, 2021). Furthermore, financial literacy is of utmost
importance to investors, particularly crypto investors, as it provides a profound
understanding of aspects related to cryptocurrency investment, including
comprehension of blockchain technology, cryptocurrency workings, risks, and
more (Jiménez et al., 2019). It can be concluded that an investor can make
prudent and rational investment decisions through a robust and comprehensive
enhancement of financial literacy. This relationship has also been corroborated
by earlier research conducted by Zhao & Zhang (2021); Barthel & Lei (2021),
which indicates a significant positive influence of financial literacy on investment
decisions, as financial literacy plays a pivotal role in assisting individuals in
making smarter investment decisions while minimizing risks.
The analysis of the relationship between financial literacy and investment
decisions does not consistently yield the same findings, as Zhao & Zhang 2021);
Barthel & Lei (2021) have noted. Some prior studies have revealed differing
results. Weixiang & Qamruzzaman (2022) explain that financial literacy does not
affect investment decisions, as emotional factors, personal preferences, and
market volatility can also play a significant role in individual investment decision-
making. These discrepancies in research findings regarding the relationship
between financial literacy and investment decisions further highlight the presence
of inconsistency. To bridge this gap, this study employs mediating variables to

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accommodate the relationship between these two variables. In this case, the
mediating variable used is herding behavior. Based on research conducted by
Dehghani et al. (2014), herding behavior tends to reflect the social and emotional
influence on investment decision-making.
The investment decision-making process refers to the cognitive and
emotional process in which an investor selects the most suitable option from
various available scenarios. Investors cannot rely entirely on existing resources
to make investment decisions. Furthermore, unpredictable market anomalies
also have a fundamental impact on investor behavior and overall financial market
performance Woo et al. (2020); Mohanty et al. (2023); Metawa et al. (2019).
Individuals with a high level of financial literacy tend to make more rational
financial decisions, can better identify and assess risks, and become more
financially independent (Dehghani and Sapian, 2014). Moreover, in their
research, Dehghani et al. (2014) state that investors are more aware of
psychological biases and social pressures that can influence financial decisions,
making them more cautious in following herding behavior. Additionally, financial
literacy can help investors recognize the benefits of diversified investment
portfolios and sustainable investments (Bris et al., 2021). Thus, financial literacy
aids individuals in avoiding herding behavior that may not always be financially
beneficial and making financial decisions aligned with their personal goals. This
is also affirmed by previous research conducted by Zaimah et al. (2013),
indicating that financial literacy can significantly influence herding behavior, as
investors with high financial literacy tend to avoid herding behavior.
Investors engaged in herding may disregard independent analysis and rely
on market sentiment (Dehghani and Sapian, 2014; Gupta and Shrivastava,
2022). The consequences include increased investment risk due to concentration
in the same assets, greater market volatility, and instability that can trigger sharp
price fluctuations (Kengatharan, 2014). Furthermore, Kengatharan (2014)
explains in their research that herding can also lead to the abandonment of
diversification, disrupt accurate evaluations, and cause delays in responding to
market changes. To avoid these negative impacts, conduct independent analysis,
understand investment assets, and have an investment plan based on personal
goals and risk tolerance (Ainia & Lutfi, 2019). In other words, a high level of
financial literacy can help individuals recognize herding behavior and make more
rational and informed investment decisions. This is also confirmed by previous
research conducted by Gupta et al. (2022), Kengatharan (2014), and Ainia & Lutfi
(2019), which shows that herding behavior can lead individuals to follow market
trends or others' actions without deep consideration, resulting in investment
decisions that are not always rational and independent, potentially increasing
market risk and volatility and hindering optimal portfolio diversification.
This study aims to fill this void by focusing on cryptocurrency investment
decision-making in Indonesia. Another reason that sets this research apart is that
very few studies consider behavioral biases (such as overconfidence bias, first-
thinking bias, and representativeness bias) in the relationship between financial
literacy and investment decision-making. Therefore, this study is expected to
address theoretical gaps by investigating the mediating effects of herding
behavior in financial behavior (Bikhchandani et al., 2001). The primary goal of
this research is to explore the influence of financial literacy on investment

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decision-making through the mediating role of heuristic bias.

In 2019, the OJK researched the Financial Literacy Index percentage, and
the data revealed that the financial literacy of the Indonesian population reached
38.03%. This implies that around 62% or 62 people out of every 100 Indonesian
citizens lack adequate financial understanding. Such a situation could impact
their investment decisions, as a significant portion of the population may make
irrational or unprofitable investment choices.
Moreover, a Kasoga (2021) study found that financial literacy significantly
influences investment decisions. Additionally, research by Adil et al. (2022)
examined the differences between male and female investors. They found that
financial literacy significantly impacts the interaction between overconfident male
investors and their investment decisions. According to OJK, in 2021, they will
research the Financial Literacy Index percentage every three years. So, the
hypothesis obtained:
H1: Financial Literacy has a positive and significant impact on Investment
Decision
Financial literacy and herding behavior are intertwined in the realm of
investment decisions. Financial literacy is vital in empowering individuals to make
informed, rational investment choices. When investors lack financial literacy, they
are more likely to be influenced by the actions and decisions of others, leading to
herding behavior. This means they may follow the crowd rather than conduct
independent assessments, and this behavior can be driven by a lack of
confidence in their financial judgment. A higher level of financial literacy can
mitigate the inclination to engage in herding behavior, as individuals are better
equipped to make independent, informed decisions, reducing the tendency to
follow others in the financial markets blindly. So, the hypothesis obtained:
H2: Financial Literacy has a positive and significant impact on herding
In financial crises, one crucial observation is that investor behavior can
become irrational due to a lack of financial understanding. Traditional financial
theory assumes rational decision-making, but contemporary behavioral finance,
as Shiller (2003) advocates, incorporates behavioral biases that lead to irrational
decisions. Herding bias, where investors follow the crowd and ignore their
information, is a significant example. Research by Adil et al. (2022), Gupta et al.
(2022), Metawa et al. (2019), and Kasoga (2021) confirmed that herding behavior
strongly influences investor decisions. So, the hypothesis obtained:
H3: Herding has a positive and significant impact on Investment Decision
H4: Herding can mediate the relationship between Financial Literacy and
Investment Decision

Figure 1. Research Framework

Research Methods
This research employs a quantitative research methodology. All data and

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information for this study were gathered from primary sources using an online
questionnaire based on Google Forms, with assistance from social media
platforms such as WhatsApp, Instagram, Facebook, and Telegram for
distribution. The research was conducted in the Bengkulu Province. The data
analysis method utilized is Smart PLS3, involving both the outer and inner
models. The outer model encompasses convergent validity, discriminant validity,
and reliability, while the inner model includes R-Square and hypothesis testing
for significance. Figure 1 below identifies the influence of financial literacy and
herding on cryptocurrency investment decisions among Gen Z and whether
herding can mediate the impact of financial literacy on cryptocurrency investment
decisions among Gen Z.
The population under investigation in this study comprises cryptocurrency
investors residing in Bengkulu. The sample for this research consists of
Generation Z investors with experience in cryptocurrency investments within the
Bengkulu region. The sample selection technique employed here is purposive
sampling, wherein the selection of samples is based on predetermined criteria
set by the researcher. The requirements for the sample in this study encompass
respondents who engage in cryptocurrency investments, fall within the age range
of 17 to 26 years, and are domiciled in the city of Bengkulu.

Table 1. Definition of Operational Variables

Variable Indicators Items Reference
Financial Deposit I comprehend the distinction between (Sekitavikas
Literacy Literacy cryptocurrency investment and & Ogaki,
Risk Literacy depositing funds in a conventional 2018)
Insurance bank.
Literacy I possess knowledge of the
Debt Literacy appropriate methods for securely
Inflation storing cryptocurrencies.
Literacy I understand that the price volatility of
cryptocurrencies can offer high profit
potential but also entails high risks.
I acknowledge that diversifying
cryptocurrency investments is a
strategy that can help manage risk.
I am aware that cryptocurrency
investments lack the protection
guarantees typically associated with
conventional investment insurance.
I realize that security risks and the
potential loss of access to
cryptocurrencies are not insured.
I comprehend that investing in
cryptocurrencies through borrowing
(debt) can increase my financial risks.
I am knowledgeable about how to
prudently manage and repay debts
associated with cryptocurrency
investments.
I understand that inflation can
influence the value of cryptocurrencies

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and the purchasing power of my

investments.
I am aware that monetary policies and
inflation can have a significant impact
on cryptocurrency prices in the
market.
Herding Following the In the realm of cryptocurrency (Ngoc,
Investment investment I tend to pay heed to, or 2013)
Decisions of follow, the investment strategies
Other Investors announced by prominent figures or
Following the crypto influencers.
Purchase/Sale I consider the investment decisions of
of Securities other investors as sources of
Instruments of inspiration and deliberation in my
Other Investors cryptocurrency investments. On
Swift Reaction occasion
to Market I have executed purchases or sales of
Changes crypto instruments based on the
actions taken by fellow investors.
I firmly believe that following the
actions of buying or selling crypto
instruments by other investors can
assist me in making more informed
investment decisions.
I have devised a strategy that enables
me to promptly act when the prices of
crypto assets undergo significant
fluctuations.
I am convinced that swift responses to
market changes constitute a crucial
skill in effectively managing
cryptocurrency investments.
Investment The utilization I allocate a portion of my income to (Ayu
Decision of income for invest in high-risk crypto assets. Wulandari &
high-risk I plan a specific percentage of my Iramani,
investments. income to be invested in crypto 2014)
Investment assets.
devoid of I have previously engaged in crypto
careful investments without conducting
consideration. adequate research or analysis
Investment beforehand.
without any I am aware that making investments
form of security without due consideration can have a
or guarantee. negative impact on my investment
Investment outcomes.
based solely I have made investments in crypto
on intuition or assets without any guarantee or
feelings. protection for those investments.
I consider the risks and uncertainties
before making crypto investments
without assurances.
Occasionally, I make crypto
investments based on intuition or

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feelings without conducting in-depth

analysis.
I believe that decision-making based
on intuition also plays a significant role
in crypto investments.

Result and Discussions

The convergence validity assessment is conducted by calculating the
Average Variance Extracted (AVE) and the values of loading factors. A variable
is deemed valid if it possesses an AVE value of at least 0.5 and a loading factor
value of at least 0.7. It is considered invalid if a variable does not conform to these
specified values. The results of the convergence validity testing are as follows:

Table 2. Convergence Validity

Composite Average Variance
Variable Cronbach's Alpha
Reliability Extracted (AVE)
Financial Behavior 0.919 0.937 0.712
Herding 0.847 0.897 0.686
Investment 0.881 0.913 0.679
Decision

Cross-loadings characterize the discriminant validity employed in this

research. A variable is deemed valid when the value of each indicator within that
variable surpasses the values of indicators from other variables. The outcomes
of the discriminant validity assessment are as follows:

Table 3. Discriminant Validity

Item Financial Behavior Herding Investment Decision
X1 0.870 0.600 0.528
X2 0.856 0.709 0.670
X3 0.817 0.577 0.500
X8 0.813 0.618 0.587
X9 0.850 0.576 0.484
X10 0.854 0.622 0.527
Z1 0.708 0.848 0.601
Z2 0.710 0.886 0.672
Z3 0.507 0.802 0.614
Z4 0.482 0.774 0.619
Y2 0.672 0.615 0.732
Y3 0.503 0.619 0.866
Y5 0.465 0.590 0.829
Y7 0.440 0.609 0.867
Y8 0.595 0.661 0.819

According to Table 3, variable X is deemed valid, as the value of each

indicator within variable X surpasses those of variables Z and Y. Variable Z is
similarly considered valid, given that the value of each indicator in variable Z
exceeds those of variables X and Y. The same holds true for variable Y, which is
also considered valid, as the value of each indicator within variable Y is more
significant when compared to the values of variables X and Z.

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The reliability test can be assessed through Cronbach's Alpha and

Composite Reliability values. A variable is considered reliable if it possesses
Cronbach's Alpha and Composite Reliability values of at least 0.7. The results of
the reliability assessment are presented in Table 2. Based on Table 2, variable X
is deemed reliable as its Cronbach's Alpha value is 0.919, more significant than
0.7, and its Composite Reliability is 0.937, also exceeding the threshold of 0.7.
Similarly, variable Z is considered reliable with a Cronbach's Alpha of 0.847 and
a Composite Reliability of 0.897, surpassing the 0.7 benchmark. The same holds
true for variable Y, which is considered reliable due to its Cronbach's Alpha value
of 0.881 and a Composite Reliability of 0.913, both exceeding the 0.7 threshold.
Examining the inner model is employed to ascertain the relationship
between constructs, significance values, and the R-square of the research model.
Subsequently, the structural model will be assessed employing the R-square for
the dependent construct, the t-test for path coefficients, and the significance of
the structural path coefficients. In evaluating the model using Partial Least
Squares (PLS), one can gauge the R-Square value for each latent dependent
variable. In the current testing scenario, the R-Square values obtained using
Smart PLS3 are as follows:

Table 4. R-Squared Result

Variable R Squared R Square Adjusted
Herding 0.542 0.539
Investment Decision 0.593 0.588

Table 4 presents the R-Square values about the variable 'herding' (Z),
influenced by financial literacy (X), which amounts to 0.542. Furthermore, for the
variable 'investment decision' (Y), influenced by both the variables 'financial
literacy' and 'herding,' the R-Square value stands at 0.593. These findings
indicate that the variable Z, influenced by the variable X, is equivalent to 5.4%,
and the variable Y, influenced by both the variables X and Z, is equivalent to
5.9%.
Hypothesis testing in Partial Least Squares (PLS) is conducted using
bootstrapping. The purpose of bootstrapping tests is also to mitigate data non-
normality. The results of the model testing with bootstrapping can be observed in
Table 5.

Table 5. Hypotheses Testing

Variable Original Sample T-Statistic P Values
X→Z 0.736 10.462 0.000
X→Y 0.222 2.280 0.024
Z→Y 0.592 6.545 0.000
X→Z→Y 0.436 5.943 0.000

Based on the test results, it is known that the path coefficient is 0.736 with
a p-value of 0.000, which is less than 0.05. This result demonstrates that financial
literacy has a positive influence on herding. Financial Literacy's Impact on Gen Z
Crypto Investment Decisions Based on the test results, it is known that the path
coefficient is 0.222 with a p-value of 0.024, which is less than 0.05. This result
confirms that financial literacy positively impacts Gen Z's crypto investment

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decisions. This finding aligns with the study by Fujiki (2021), which found a
positive relationship between financial literacy and crypto investment decisions.
However, this result differs from the findings of Zhao & Zhang (2021b), who
discovered a negative relationship between financial literacy and crypto
investment ownership. Hence, based on the analysis results, it is evident that the
path coefficient is equal to 0.736, with a p-value of 0.000, which is less than 0.05.
These findings substantiate that financial literacy exerts a positive influence on
herding behavior.
Based on the test results, it is known that the path coefficient is 0.592 with
a p-value of 0.000, which is less than 0.05. This result proves that herding
positively impacts Gen Z's crypto investment decisions. This finding aligns with
the study by Veerasingam & Teoh (2023), which found a significant positive
influence of herding on crypto investment decisions. Research conducted by
Kourtidis et al. (2011) and Sood et al. (2023) also found that herding can affect
investment decisions. Furthermore, based on the test results, it is known that the
path coefficient is 0.436 with a p-value of 0.000, which is less than 0.05. This
result demonstrates that herding can mediate the relationship between financial
literacy and Gen Z crypto investment decisions.

Discussion
This study delves into the dynamics between financial literacy and heuristic
bias in the investment decisions of Generation Z, particularly in the context of
cryptocurrencies. The research findings underscore the pivotal role of financial
literacy, which accounts for a substantial 80.8% of the variation in investment
decisions. Financial literacy is a critical tool that empowers individuals to make
well-informed financial choices. The study presents four hypotheses, delving into
the relationships between financial literacy, herding, and investment decisions. It
confirms that financial literacy directly and positively impacts investment
decisions, consistent with previous research. Moreover, herding, encompassing
behaviors like overconfidence and anchoring, also directly influences investment
choices.
A noteworthy finding is that herding mediates the relationship between
financial literacy and investment decisions, suggesting that individuals with a firm
grasp of financial concepts can leverage herding effectively to enhance their
investment choices. Moreover, if members of Generation Z observe a significant
number of their peers making similar investment choices, they may be inclined to
follow suit, even if they possess varying levels of financial literacy. Going deeper,
this herding behavior among Generation Z individuals creates a social influence
dynamic, where the decisions of others become a prominent factor in shaping
their own investment choices. In this context, herding serves as a mediating
mechanism by which the collective actions of the peer group influence and
potentially override the individual's level of financial literacy. Consequently,
despite possessing diverse financial knowledge, the observed investment
patterns within their social circle can significantly impact Generation Z's crypto
investment decisions, highlighting the intricate interplay between social
dynamics, financial literacy, and investment behavior in the cryptocurrency
market. This study carries implications, highlighting the significance of financial
literacy in mitigating herding and ultimately improving investment outcomes. It

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underscores the pivotal role of informed financial decision-making, especially in

navigating the world of cryptocurrencies, and provides valuable insights into the
decision-making processes of Generation Z investors.

Conclusion
Based on the analysis conducted, it is evident that financial literacy has a positive
and significant impact on Gen Z crypto investment decisions. Similarly, herding positively
and significantly impacts Gen Z crypto investment decisions. Furthermore, financial
literacy has a positive and significant impact on herding. Additional research findings
indicate that herding can mediate the relationship between financial literacy and Gen Z
crypto investment decisions. The sample and research design chosen are believed to be
sufficient to achieve the research objectives. However, this study is susceptible to
various challenges like any other research. One of these is that the study only covers the
Bengkulu City region. Future research can include other areas and states, as crypto
investors, especially Gen Z, may have different decision-making perspectives in different
regions. For future research, it would be beneficial to combine and expand the sample
size of Gen Z crypto investors and extend the study to include other regions to accurately
depict the overall phenomenon of Gen Z crypto investment decisions in the Bengkulu
Province. Also, consider incorporating additional control variables, such as demographic
factors, economic conditions, and market sentiment, to understand better herding
behavior's influence on investment decisions. Lastly, this study recommends that future
researchers investigate the role of technology and social media platforms in facilitating
herding behavior and shaping investment decisions among Generation Z individuals.

Acknowledgments
In preparing this article, I would like to express my deepest gratitude to all parties
who have played a role in creating this article. I want to extend my utmost respect to the
professors and mentors who have provided guidance and profound insights, assisting
me in navigating the complexity of the material and pushing me to reach my maximum
potential.
Indeed, inseparable from their crucial role is the support from my parents and
family. Thank you for the prayers, encouragement, and unwavering financial support that
have tirelessly been given, helping materialize this educational journey. This success
would not have been possible without all parties' involvement and full support. I hope this
article can provide benefit and inspiration to others and serve as a form of appreciation
for the valuable contributions of every individual involved. Once again, thank you to
everyone who has played a role in the success of this article.

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