DIGITAL FINANCIAL INCLUSION AND SUSTAINABLE INVESTMENT BEHAVIOR OF GENERATION Z: A SUSTAINABLE FINANCE PERSPECTIVE

Abstrak

This study aims to analyze the influence of Digital Financial Inclusion, Financial Literacy, and Sustainability Awareness on Sustainable Investment Behavior among Generation Z, with Sustainable Financial Attitudes as a mediating variable. Using a quantitative approach with the Partial Least Squares–Structural Equation Modeling (PLS-SEM) method, this study involved 225 Generation Z respondents in Indonesia who actively use digital financial services. The results show that the three independent variables have a positive and significant effect on sustainable financial attitudes. Furthermore, sustainable financial attitudes also have a positive effect on sustainable investment behavior and mediate the relationship between digital financial inclusion and financial literacy on such investment behavior. These findings confirm that Generation Z's sustainable investment behavior is not only influenced by financial access and capability but also by internalized sustainability values. This study has important implications for financial institutions and policymakers to strengthen sustainability-oriented financial education and expand environmentally friendly digital financial inclusion.