S udies Managemen and Finance Economics, o Jou nal
0504-2644 (online): ISSN 0490,-2644 (p in ): ISSN
5202 Oc obe 10 Issue 80 Volume
8.317 Fac o : Impac ,06-i10-10.47191/je ms/ 8 DOI: A icle
4566 -6633 No: Page
JEFMS, Volume 08 Issue 10 Oc obe 2025 www.ije m.co.in Page 6633
The In luence o Fin luence Au hen ici y and T us on Gen Z’s In es men
In en ion: The Mode a ing Role o Financial Li e acy
Hoang Ngoc Bao T an1, Le Nguyen Bao An2, Vo Minh Vinh3
1 Facul y o Business Managemen , Uni e si y o G eenwich, London, UK
2 Facul y o In e na ional Business and Ma ke ing, Uni e si y o Economics Ho Chi Minh Ci y, Vie nam
3Facul y o Managemen and Economics, Uni e si y o Tomas Ba a, Czechia
ABSTRACT: This esea ch examines he impac o us and au hen ici y in inancial in luence s ( in luence s) on he in es men
in en ions o Gene a ion Z, wi h inancial li e acy se ing as a mode a ing a iable. D awing upon Sou ce C edibili y Theo y (SCT)
and he Theo y o Planned Beha io (TPB), he s udy posi s ha he pe cep ion o us and au hen ici y enhances Gene a ion Z's
p opensi y o in es . Financial li e acy po en ially in luences he s eng h o his ela ionship. A quan i a i e su ey design was
employed, a ge ing Vie namese Gene a ion Z in es o s, wi h da a ga he ed h ough online ques ionnai es dissemina ed ia social
media pla o ms. Scales measu ing au hen ici y, us , inancial li e acy, and in es men in en ion we e de i ed om exis ing
schola ly li e a u e, wi h subsequen assessmen s o hei eliabili y and alidi y conduc ed. Resul s demons a e ha au hen ici y
exe s a signi ican posi i e in luence on in es men in en ion (β = 0.625, p < 0.05), ollowed by us (β = 0.616, p < 0.05). Financial
li e acy u he mode a es he us –in en ion pa hway (β = 0.578, p < 0.05), enhancing e alua i e capaci y and educing
ulne abili y o misin o ma ion. This esea ch con ibu es o heo e ical amewo ks o SCT and TPB wi hin he con ex o online
inance, o e ing insigh s in o inancial educa ion, in luence egula ion, and s a egies ha p omo e esponsible in es men
beha io s among no ice in es o s.
KEYWORDS: Fin luence , Au hen ici y, T us , Gen Z, In es men In en ion, Financial Li e acy.
1. INTRODUCTION
The ise o in luence s has signi ican ly al e ed he inancial decision-making p ocesses o Gene a ion Z, wi h social media
e ol ing in o a p ima y sou ce o in es men guidance. This shi e lec s a depa u e om ea lie esea ch ha iden i ied he
In e ne as a key a enue o inancial and heal h in o ma ion (Sillence & B iggs, 2007). Unlike adi ional inancial ad iso s,
in luence s ely on pe cei ed au hen ici y and us o shape hei ollowe s' in es men beha io s. Howe e , his eliance aises
se ious conce ns ega ding misin o ma ion, he d beha io , and ulne abili y o biased ecommenda ions (Haase e al., 2025). The
issue gains u he signi icance as Gen Z, cha ac e ized by digi al p o iciency bu inancial inexpe ience, may all p ey o pe suasi e
ye un eliable ad ice (Rubin e al., 2024). Addi ionally, in luence may a y; inancial li e acy can ei he enhance us , leading o
p uden in es men choices, o encou age isky decisions. While exis ing li e a u e explo es us and au hen ici y in consume
con ex s, limi ed esea ch add esses hei impac on inancial beha io s among Gen Z in es o s, c ea ing a no able gap in
unde s anding.
P io esea ch emphasizes he c ucial oles o c edibili y and au hen ici y in os e ing us and engagemen be ween
audiences and in luence s, especially among younge demog aphics (Zhu & Wang, 2025). S udies wi hin he ealm o beha io al
inance indica e ha social media pla o ms can ins iga e he ding beha io , subsequen ly enhancing in es men in en ions and
unde sco ing he in luence o digi al channels on inancial decision-making (Yoon & Oh, 2022). Recen indings e eal ha inancial
in luence s signi ican ly impac he inancial decision-making p ocesses o Gene a ion Z; howe e , his e ec i eness elies on
a iables such as inancial li e acy, which may mi iga e hese in luences (Hii & Ong, 2025). Exis ing li e a u e o en gene alizes
in luence ma ke ing wi hou adequa ely add essing speci ic inancial con ex s o examining he mode a ing e ec s o ac o s like
inancial li e acy on us de elopmen . This lack o de ailed explo a ion p esen s a no able gap in unde s anding, pa icula ly in
eme ging ma ke s such as Vie nam and b oade Asia, whe e apid in ech ad ancemen s occu alongside ela i ely low inancial
The In luence o Fin luence Au hen ici y and T us on Gen Z’s In es men In en ion: The Mode a ing Role o
Financial Li e acy
JEFMS, Volume 08 Issue 10 Oc obe 2025 www.ije m.co.in Page 6634
li e acy le els. Cla i ying hese in e sec ions enhances heo e ical amewo ks in digi al inance and in o ms p ac ical inancial
educa ion s a egies.
This s udy aims o analyze he in luence o in luence s' us wo hiness and au hen ici y on Gene a ion Z's in es men
in en ions, while also in es iga ing he mode a ing ole o inancial li e acy in his ela ionship. Unlike p e ious esea ch ha
explo es in luence ma ke ing ac oss a ious consume con ex s, his in es iga ion ocuses speci ically on he unique aspec s o
inancial decision-making, whe e concep s o isk, c edibili y, and li e acy in e ac closely. The s udy aspi es o illumina e he
condi ional e ec s o inancial li e acy, which could ei he enhance o limi he in luence o us on in es men beha io s. This
nuanced app oach ecognizes ha Gene a ion Z possesses a high deg ee o digi al li e acy bu demons a es compa a i ely lowe
le els o inancial li e acy, ende ing hem pa icula ly ulne able o he bene i s and dange s associa ed wi h in luence
endo semen s. Th ough hese e o s, he esea ch con ibu es o he heo e ical amewo ks o digi al inance and beha io al
economics, p o iding p ac ical insigh s in o he signi icance o inancial educa ion in p omo ing sound in es men p ac ices.
2. LITERATURE REVIEW
2.1. Gen Z’s In es men In en ion
In es men in en ion e lec s an indi idual's eadiness o alloca e unds in o inancial asse s in he nea e m (A doin e al.,
2015). Fo Gene a ion Z, he mo i a ion o in es encompasses mo e han me e a ional conside a ion; i is also in luenced by
signi ican social dynamics, pa icula ly h ough pee in e ac ions and he pe cei ed c edibili y o inancial in luence s on pla o ms
such as TikTok and Ins ag am (Hii & Ong, 2025). Resea ch in beha io al inance indica es ha younge in es o s exhibi heigh ened
ulne abili y o he ding beha io , whe e us and social alida ion d i e in es men choices independen o undamen al analysis
(Hasso e al., 2019). Consequen ly, in luence s ac as aluable sou ces o in o ma ion and social alida ion, wi h hei au hen ici y
and ela abili y eme ging as c i ical ac o s in luencing decision-making p ocesses (Kapi an e al., 2022). Reliance on pe cei ed
us inc eases he po en ial o misin o ma ion, c ea ing isks o inancially inexpe ienced Gen Z in es o s. Re ail ading episodes
highligh ing Gen Z eac ions o TikTok key opinion leade s demons a e ha ela abili y o en supe sedes echnical expe ise
(Ikonen, 2024), ein o cing he connec ion be ween social media sen imen and he ding beha io in inancial ma ke s (Li e al.,
2023).
2.2. Fin luence Au hen ici y and T us in Fin luence s.
The e iewed li e a u e asse s ha Gene a ion Z's in es men in en ions, as he dependen a iable, a ise om ac o s
beyond me e a ional inancial conside a ions o social cons uc s in luenced by online en i onmen s (Hii & Ong, 2025). Wi hin
his amewo k, he au hen ici y o inancial in luence s eme ges as a i al p ecu so . Pe cei ed anspa ency and ela abili y os e
c edibili y and encou age beha io al adop ion (Aud eze e al., 2020; Kapi an e al., 2022). T us enhances his ela ionship by
diminishing pe cei ed isk and p o iding psychological eassu ance, hus p omp ing indi iduals o ollow in luence
ecommenda ions (Nou allah e al., 2023; Pan e al., 2025). The in e play be ween us and au hen ici y emains unequal;
inancial li e acy se es as a signi ican mode a ing a iable. Indi iduals wi h lowe inancial li e acy demons a e a heigh ened
ulne abili y o misin o ma ion and he d beha io (Lusa di & Mi chell, 2014). Despi e an inc easing awa eness o hese dynamics,
empi ical in es iga ions examining hei in e ac ions wi hin inancial con ex s, pa icula ly in apidly de eloping economies like
Vie nam, emain spa se. This s udy aims o con ibu e by in eg a ing hese a iables in o a comp ehensi e amewo k ha
e alua es he us wo hiness and au hen ici y o inancial in luence s, pa icula ly conce ning he mode a ing e ec s o inancial
li e acy on in es men in en ions among Gene a ion Z.
2.3. THEORETICAL FRAMEWORK
2.3.1. Sou ce C edibili y Theo y (SCT)
Sou ce C edibili y Theo y (SCT), i s p oposed by Ho land and Weiss (1951), asse s ha he e ec i eness o pe suasi e
messages is signi ican ly con ingen upon he c edibili y o hei sou ces. Sou ce c edibili y is e alua ed p edominan ly h ough
pe cei ed expe ise, us wo hiness, and a ac i eness. In he con ex o digi al inance, inancial in luence s, commonly e med
" in luence s," e lec hese dimensions h ough a ibu es such as pe cei ed au hen ici y, anspa ency, and likabili y. SCT
emphasizes ac i e engagemen by indi iduals in assessing he c edibili y o pe suasi e communica ions, which encou ages ei he
an inc ease o a dec ease in he accep ance o messages. Wi hin social media pla o ms, au hen ici y s ands ou as a undamen al
aspec o c edibili y, wi h use s demons a ing a p e e ence o in luence s who p esen hemsel es as genuine and consis en
wi h hei po ayed li es yles (Aud eze e al., 2020). This obse a ion highligh s he applicabili y o SCT in analyzing he
in es men beha io s o Gene a ion Z, whe e us and pe cei ed au hen ici y play c i ical oles in shaping decision-making.
The In luence o Fin luence Au hen ici y and T us on Gen Z’s In es men In en ion: The Mode a ing Role o
Financial Li e acy
JEFMS, Volume 08 Issue 10 Oc obe 2025 www.ije m.co.in Page 6635
The applica ion o SCT o his in es iga ion illus a es ha he au hen ici y displayed by in luence s enhances pe cei ed
us wo hiness, which in u n in luences Gene a ion Z's ecep i eness o in es men ad ice. Empi ical s udies e eal ha inancial
in luence s who disclose po en ial isks candidly and p o ide ad ice anspa en ly a e pe cei ed as mo e c edible, he eby
os e ing inc eased in en ion owa ds in es men (Singh e al., 2025). Con e sely, in luence s pe cei ed as excessi ely p omo ional
o biased may jeopa dize us and, consequen ly, weaken in es men in en ions (Cheah e al., 2024). Impo an ly, SCT asse s
ha pe cep ions o c edibili y luc ua e based on con ex ual ac o s such as he audience's p io knowledge, exposu e equency,
and he alignmen be ween in luence s' beha io s and hei communica ed messages. The heo y also illumina es he mode a ing
in luence o inancial li e acy on his dynamic. SCT posi s ha indi iduals wi h highe le els o knowledge engage in mo e c i ical
e alua ions o sou ces, esul ing in a educed eliance on us as he sole c i e ion o c edibili y (Flanagin & Me zge , 2000). Fo
Gene a ion Z in es o s, inancial li e acy se es as an essen ial e alua i e c i e ion; hose equipped wi h ad anced li e acy skills
assess c edibili y h ough he lens o expe ise and da a anspa ency, whe eas indi iduals wi h lowe li e acy le els may o e - ely
on pe cei ed au hen ici y and us . Thus, SCT cap u es he di ec impac o in luence c edibili y while cla i ying he ole o
inancial li e acy in media ing he ela ionship be ween us and in es men in en ion.
SCT encompasses se e al ounda ional assump ions: he e ec i eness o pe suasi e messages elies upon he sou ce's
c edibili y a he han me ely on he con en deli e ed; audiences pe o m ac i e e alua ions o expe ise and us wo hiness
du ing he p ocessing o in o ma ion; and pe cep ions o c edibili y a e dynamic en i ies in luenced by a ious con ex ual and
indi idual elemen s, including p io knowledge and inancial li e acy.
2.3.2. Theo y o Planned Beha io (TPB)
The Theo y o Planned Beha io (TPB), p oposed by Ajzen (1991), asse s ha in en ion o engage in a beha io is in luenced
by an indi idual's a i ude owa d ha beha io , subjec i e no ms, and pe cei ed beha io al con ol. In he inancial con ex , TPB
elucida es he impac o social and psychological ac o s on in es men in en ions. This amewo k holds pa icula ele ance o
Gene a ion Z, who na iga e an age cha ac e ized by o e whelming digi al in e ac ions and pee in luence. The heo y ope a es on
he p emise ha indi iduals a e a ional decision-make s, whe e hei in en ions se e as he mos eliable indica o s o ac ual
beha io .
In he examina ion o he ela ionship be ween au hen ici y and us o inancial in luence s ( in luence s) and TPB,
au hen ici y has a signi ican ole in shaping a i udes. Speci ically, i in luences whe he Gene a ion Z conside s in es ing in a
a o able and a ac i e unde aking. T us in e ac s wi h subjec i e no ms by augmen ing pe cei ed social suppo ; when a
epu able in luence endo ses a pa icula in es men , ollowe s expe ience inc eased no ma i e p essu e o con o m o ha
ecommenda ion (Dja a o a & Foo s, 2022; Das e al., 2025). Fu he mo e, pe cei ed beha io al con ol signi ican ly ela es o
he concep o inancial li e acy among Gene a ion Z, which in luences hei sel -e icacy in execu ing in es men decisions, hus
a ec ing he connec ion be ween in en ion and beha io .
Empi ical esea ch subs an ia es he applicabili y o TPB wi hin in luence -d i en con ex s. In es iga ions e eal ha posi i e
sen imen on social media enhances in es o us , which in u n shapes a i udes owa ds in es ing and al e s pe cei ed social
no ms, ul ima ely acili a ing he in en ion o in es (Ga g e al., 2024). Addi ionally, esea ch g ounded in TPB sugges s ha highe
inancial li e acy le els bols e pe cei ed con ol and ein o ce he in en ion o ac on inancial ecommenda ions (Cucinelli e al.,
2016). These indings highligh how au hen ici y and us impac Gene a ion Z’s in es men in en ions, while li e acy se es a
mode a ing unc ion in his dynamic. The obus ness o TPB s ems om i s abili y o in eg a e indi idual psychological mo i a ions
wi h b oade social in luences, p o iding an analysis o he dualis ic na u e o Gene a ion Z’s in es men decision-making, which
e lec s bo h socie al media ion and pe sonal agency. While Social Cogni i e Theo y (SCT) o e s insigh in o he mechanisms o
in luence a he sou ce le el, TPB cla i ies how hese social ac o s a e ansla ed in o in en ions h ough a i udes, social no ms,
and con ol belie s. This dual- heo y pe spec i e o e s a comp ehensi e amewo k o in es iga ing how he c edibili y o
in luence s and he inancial li e acy o Gene a ion Z con e ge o shape in es men beha io s.
In summa y, TPB asse s ha beha io p edominan ly aligns wi h beha io al in en ions, which a e in luenced by a i udes,
subjec i e no ms, and pe cei ed con ol, while posi ing ha indi iduals make a ional decisions based on social and cogni i e
e alua ions be o e o ming hese in en ions.
2.4. Impac o Fin luence Au hen ici y on In es men In en ion
The concep o au hen ici y has eme ged as a pi o al elemen in unde s anding he success o in luence s, pa icula ly wi hin
con ex s whe e us and c edibili y play c ucial oles in shaping beha io al ou comes. Fo inancial in luence s, commonly e e ed
o as " in luence s," au hen ici y encompasses anspa ency in communica ion, alignmen be ween alues and con en , and
in eg i y in showcasing inancial p ac ices. Nume ous s udies indica e ha au hen ici y se es as a undamen al d i e o audience
The In luence o Fin luence Au hen ici y and T us on Gen Z’s In es men In en ion: The Mode a ing Role o
Financial Li e acy
JEFMS, Volume 08 Issue 10 Oc obe 2025 www.ije m.co.in Page 6636
engagemen , mi iga es dis us , and os e s posi i e a i udes owa ds he con en p o ided by in luence s (Aud eze e al., 2020;
Kapi an e al., 2022). This cha ac e is ic is especially signi ican in e alua ing in es men ecommenda ions o Gene a ion Z, a
demog aphic ha has na iga ed an ex ensi e digi al landscape laden wi h commodi ied con en (Zhu & Wang, 2025).
Acco ding o Sou ce C edibili y Theo y (SCT), au hen ici y signi ican ly enhances he pe cei ed us wo hiness o an
in luence , consequen ly inc easing he pe suasi eness and accep ance o hei messages (Ho land & Weiss, 1951). Au hen ic
in luence s gene ally gain pe cep ions o hones y and impa iali y, which bols e s hei o e all c edibili y. In inancial domains
cha ac e ized by heigh ened pe cei ed isks and po en ially ca as ophic ou comes, c edibili y assumes c i ical impo ance. Fo
ins ance, Nou allah e al. (2023) asse ha young in es o s a e unlikely o u ilize obo-ad iso s wi hou an ini ial demons a ion
o us in a "no us , no use" amewo k. This p inciple ex ends o he ope a ions o in luence s: wi hou a clea commi men o
au hen ici y and us wo hy p ac ices, hei in es men ad ice is less likely o be ega ded as c edible o ac ionable. Addi ionally,
au hen ici y alle ia es app ehensions ega ding po en ial biases o ul e io mo i es, enabling he audience o concen a e on he
inhe en alue o he inancial guidance o e ed.
The Theo y o Planned Beha io (TPB) p o ides addi ional heo e ical suppo o his no ion. Ajzen (1991) posi s ha
a i udes, subjec i e no ms, and pe cei ed beha io al con ol signi ican ly in luence in en ion o ac . The c edibili y embodied by
in luence s can di ec ly os e posi i e a i udes owa d in es men beha io , as audiences pe cei e hei ecommenda ions o
be bo h genuine and c edible. Au hen ic communica ion also wields he capaci y o shape subjec i e no ms; genuine in luence s,
pe cei ed as in luen ial wi hin he online communi ies o Gene a ion Z, possess he abili y o es ablish no ma i e in luences ha
ende in es men beha io socially desi able (Dja a o a & Foo s, 2022). Fu he mo e, au hen ici y may enhance pe cei ed
beha io al con ol by diminishing unce ain y, equipping ollowe s wi h he con idence ha hey a e ac ing upon sound ad ice.
Empi ical e idence bols e s hese heo e ical asse ions. Resea ch in he ealm o social media ma ke ing subs an ia es he
claim ha in luence au hen ici y inc eases consume us , engagemen , and in en ions o ac (De Vei man & Hudde s, 2020;
Alcan a a-Pila e al., 2024). Wi hin he inancial sec o , p elimina y in es iga ions ha e begun o unco e analogous ends:
app oaches cen e ed on au hen ici y cha ac e ized by anspa ency, imeliness, and ela abili y demons a e posi i e associa ions
wi h he inancial decision-making in en ions o Gene a ion Z consume s (Zhu & Wang, 2025). Resea ch also indica es ha
au hen ici y, when coupled wi h expe ise and us , gene a es s onge pe suasi e e ec s in domains ma ked by high unce ain y,
such as pe sonal inance (Pan e al., 2025). Collec i ely, hese indings illus a e ha au hen ici y among in luence s anscends
me e aes he ic a ibu es, se ing as a subs an i e de e minan o c edibili y and, by ex ension, in es men in en ion.
D awing on bo h heo e ical and empi ical ounda ions, he s udy p oposes he i s hypo hesis p esen ed below:
H1: Fin luence Au hen ici y has a posi i e in luence on Gen Z’s In es men In en ion.
2.5. T us in Fin luence s and In es men In en ion
T us se es as a pi o al elemen unde pinning inancial decision-making. In he ealm o digi al inance, cha ac e ized by
signi ican unce ain y and asymme ic in o ma ion, us eme ges as an essen ial mechanism o mi iga ing pe cei ed isks and
enhancing he likelihood o engagemen in inancial ac ions (Ge en e al., 2003). Fo Gene a ion Z in es o s, known o hei ac i e
pa icipa ion on social media and hei s a us as ea ly adop e s in he in es men landscape, he pe cei ed c edibili y o inancial
in luence s, o " in luence s," plays a c i ical ole in shaping hei in es men in en ions. T us encapsula es he belie in an
in luence 's c edibili y, eliabili y, and expe ise (Nou allah e al., 2023). T adi ionally, us has been ecognized as a ounda ional
elemen o he accep ance o inancial counsel, pa icula ly in con ex s ma ked by high isk.
The Sou ce C edibili y Theo y (SCT) asse s ha us ampli ies a communica o 's pe suasi e capabili ies by ein o cing
pe cep ions o eliabili y and in eg i y (Ho land & Weiss, 1951). Fin luence s who build us h ough consis ency in messaging,
display o expe ise, and genuine ela ional engagemen a e likely o wield a mo e conside able in luence on Gene a ion Z's
in es men choices. T us ope a es as a disce ning il e , allowing indi iduals o educe unce ain y by p io i izing he ad ice o
us ed in luence s o e ha p o ided by aceless en i ies o ins i u ions (Pan e al., 2025). This phenomenon is pa icula ly
ele an o Gene a ion Z. This demog aphic o en exhibi s a lack o ad anced inancial li e acy, hus elying on emo ional ac o s
such as pe cei ed hones y and goodwill when e alua ing he c edibili y o inancial ad ice (Hii & Ong, 2025).
The Theo y o Planned Beha io (TPB) u he elucida es he signi icance o us in di ec ing in es men in en ions. Acco ding
o Ajzen (1991), beha io al in en ion is in luenced by a i udes, subjec i e no ms, and pe cei ed beha io al con ol. T us in
in luence s con ibu es o cul i a ing posi i e a i udes owa d in es men by diminishing isk pe cep ions while simul aneously
inc easing pe cei ed ad an ages. C edible in luence s o en eme ge as opinion leade s whose ecommenda ions shape he
subjec i e no ms o online communi ies, ende ing in es men beha io s socially accep ed and desi able o Gene a ion Z
The In luence o Fin luence Au hen ici y and T us on Gen Z’s In es men In en ion: The Mode a ing Role o
Financial Li e acy
JEFMS, Volume 08 Issue 10 Oc obe 2025 www.ije m.co.in Page 6637
(Dja a o a & Foo s, 2022). Addi ionally, us enhances pe cei ed beha io al con ol, as ollowe s who iew an in luence ’s ad ice
as eliable a e mo e inclined o belie e in hei capaci y o make in o med inancial decisions.
Robus empi ical e idence subs an ia es he co ela ion be ween beha io al in en ion and us . Nume ous empi ical
in es iga ions wi hin elec onic ma ke ing con ex s ha e consis en ly shown a s ong ela ionship be ween in luence us and
consume pu chasing in en ions and loyal y (Lou & Yuan, 2019; De Vei man & Hudde s, 2020). Recen s udies in inancial sec o s
highligh ha us se es as a co ne s one o he adop ion o inno a i e echnologies, including obo-ad iso s and mobile ading
applica ions (Nou allah e al., 2023). In he amewo k o in luence ma ke ing, me a-analy ic indings ein o ce he no ion ha
us media es he ela ionship be ween sou ce a ibu es such as a ac i eness and expe ise and beha io al esponses (Pan e
al., 2025). Fo Gene a ion Z, cha ac e ized by a p edilec ion o making decisions amid unce ain y and social p essu es,
es ablishing us wi h in luence s subs an ially ele a es he likelihood o conside ing and ac ing upon in es men
ecommenda ions. In summa y, us eme ges as an indispensable cons uc in luencing in es men in en ions among Gene a ion
Z in es o s, pa icula ly wi hin digi al inancial en i onmen s. This unde s anding is i al o p ac i ione s and esea che s aiming
o na iga e he e ol ing dynamics o in es men beha io in he con empo a y inancial landscape.
G ounded in bo h heo e ical pe spec i es and empi ical e idence, he s udy ad ances he ollowing second hypo hesis:
H2: T us in in luence s posi i ely a ec s Gen Z’s in es men in en ion.
2.6. Financial Li e acy as a Mode a o
Financial li e acy cons i u es a undamen al ac o in luencing app op ia e inancial beha io and decision-making p ocesses.
De ined as he capaci y o comp ehend, e alua e, and apply inancial in o ma ion (Lusa di & Mi chell, 2014), inancial li e acy
equips indi iduals wi h he skills necessa y o c i ically analyze inancial guidance and make in o med in es men choices. Fo
Gene a ion Z, who a e in he nascen s ages o hei inancial jou neys, signi ican dispa i ies exis in le els o inancial li e acy,
subsequen ly a ec ing hei in e p e a ion o in o ma ion dissemina ed by inancial in luence s, o in luence s. This a iabili y
implies ha inancial li e acy se es a dual ole: i can di ec ly acili a e he de elopmen o in es men in en ions while also
media ing he ela ionship be ween us in in luence s and esul an beha io al ou comes.
Analyzing his phenomenon h ough he lens o Sou ce C edibili y Theo y (SCT) e eals ha inancial li e acy enhances
indi iduals' abili y o e alua e he c edibili y o a ious in o ma ion sou ces. Indi iduals possessing a g ea e deg ee o inancial
li e acy end o di e en ia e be ween genuine expe ise and spu ious asse ions, he eby cul i a ing a mo e disce ning and
e idence-based us in in luence s (Flanagin & Me zge , 2000). In con as , indi iduals wi h limi ed inancial knowledge may
eso o heu is ics such as pe cei ed popula i y o physical a ac i eness o gauge us wo hiness, in luencing hei decisions
p edominan ly based on hese supe icial me ics (Pan e al., 2025). In his sense, inancial li e acy se es no me ely as an enabling
ool bu as a c i ical bounda y condi ion ha a ec s he deg ee o which us ans o ms in o ac ionable in en ions.
The mode a ing ole o inancial li e acy aligns wi h he Theo y o Planned Beha io (TPB), which posi s ha beha io al
in en ions a ise om a con luence o a i udes, subjec i e no ms, and pe cei ed beha io al con ol (Ajzen, 1991). Financial li e acy
enhances pe cei ed beha io al con ol by empowe ing indi iduals wi h he con idence necessa y o assess inancial ad ice and
engage in in es men decision-making (Cucinelli e al., 2016). Fo Gene a ion Z in es o s, a highe le el o inancial li e acy, when
pai ed wi h us in in luence s, engende s a p opensi y o ac on au ho i a i e guidance. Con e sely, indi iduals wi h lowe
li e acy le els may ind ha e en s ong us does no ansla e e ec i ely in o ac ion, as hei pe cei ed beha io al con ol and
capaci y o sound e alua ion emain unde de eloped.
Empi ical e idence co obo a es hese heo e ical pe spec i es. Lusa di and Mi chell (2014) p o ided compelling da a
indica ing a posi i e co ela ion be ween inancial li e acy and enhanced in es men a i udes as well as imp o ed weal h
accumula ion. Addi ionally, Po ich e al. (2016) con i med ha inancial li e acy posi i ely in luences decision-making quali y,
equipping indi iduals o be e assess isks and e u ns associa ed wi h po en ial in es men s. In he ealm o digi al inance, Hii
and Ong (2025) obse ed ha inancial li e acy ampli ies he impac o us in in luence s by enabling Gene a ion Z o disce n
he dis inc ion be ween sound and unsound inancial ad ice. C oss-na ional esea ch u he subs an ia es ha inancial li e acy
consis en ly media es he ela ionship be ween us in in o ma ion sou ces and he adop ion o inancial inno a ions, such as
mobile paymen solu ions o obo-ad iso s (Ullah e al., 2022; Nou allah e al., 2023). Collec i ely, hese indings illus a e ha
inancial li e acy ope a es no in isola ion bu in conjunc ion wi h us in shaping indi iduals' in es men in en ions, unde sco ing
i s in eg al ole in he landscape o inancial decision-making.
Based on heo e ical insigh s and empi ical suppo , he s udy o mula es he hi d hypo hesis below:
H3: Financial li e acy posi i ely mode a es he ela ionship be ween us and in es men in en ion.
The In luence o Fin luence Au hen ici y and T us on Gen Z’s In es men In en ion: The Mode a ing Role o
Financial Li e acy
JEFMS, Volume 08 Issue 10 Oc obe 2025 www.ije m.co.in Page 6638
Roo ed in es ablished heo e ical unde pinnings, his s udy s eng hens i s academic con ibu ion by p esen ing he ollowing
concep ual amewo k
Figu e 1. The Pape 's Concep ual F amewo k (Au ho s, 2025)
3. METHODOLOGY
The p esen esea ch adop s a quan i a i e design using su ey me hodology, p ominen ly u ilized wi hin he domains o
beha io al inance and in luence ma ke ing o measu e a i udes and beha io al in en ions (Hii & Ong, 2025). The ocus
popula ion comp ises Vie namese Gen Z in es o s, employing a con enience sampling echnique due o he accessibili y o
younge pa icipan s ia digi al pla o ms (Pan e al., 2025). A sample size o n = 385 is deemed su icien o achie ing s a is ical
powe essen ial o mul i a ia e analysis, adhe ing o es ablished s anda ds in beha io al in en ion s udies.
Da a collec ion will in ol e Google Fo ms-based online su eys adminis e ed h ough a ious social media channels,
including Facebook, Ins ag am, and TikTok, in addi ion o email ou each aimed a engaging digi ally ac i e Gen Z indi iduals.
Measu emen o cons uc s such as Fin luence Au hen ici y, T us , Financial Li e acy, and In es men In en ion will inco po a e
alida ed i e-poin Like scales om exis ing li e a u e (Lusa di & Mi chell, 2014; Kapi an e al., 2022). To ensu e eliabili y,
C onbach's Alpha will be employed wi h a h eshold alue exceeding 0.70, while cons uc alidi y will unde go e alua ion h ough
Explo a o y Fac o Analysis aligned wi h ecognized quan i a i e esea ch me hodologies (Belanche e al., 2021).
Rega ding da a analysis desc ip ion, he analysis commenced in SPSS wi h a desc ip i e o e iew o he su ey esponses,
summa izing he demog aphic p o ile o Vie namese Gen Z in es o s. Reliabili y es ing was hen conduc ed o e alua e he
in e nal consis ency o each cons uc , wi h C onbach’s Alpha alues exceeding he 0.70 h eshold, con i ming ha he scales
measu ing Fin luence Au hen ici y, T us , Financial Li e acy, and In es men In en ion we e s a is ically eliable. Nex , Explo a o y
Fac o Analysis (EFA) was employed using P incipal Componen Analysis wi h Va imax o a ion. The o a ed componen ma ix
success ully g ouped he 16 obse ed a iables in o ou dis inc ac o s, co esponding o he dependen a iable (In es men
In en ion), wo independen a iables (Au hen ici y and T us ), and he mode a o a iable (Financial Li e acy). All ac o loadings
we e abo e 0.5, a i ming cons uc alidi y. To es he hypo heses, mul iple linea eg ession analysis was applied. Resul s
e ealed ha bo h Fin luence Au hen ici y and T us signi ican ly and posi i ely in luenced In es men In en ion, wi h coe icien s
mee ing he con en ional signi icance h eshold o 0.05. Finally, he SPSS P ocess Mac o was used o examine mode a ion e ec s.
The analysis con i med ha Financial Li e acy mode a ed he ela ionship be ween Fin luence Au hen ici y and In es men
In en ion, wi h an in e ac ion coe icien o 0.578 (p < 0.05). This inding highligh s ha highe inancial li e acy s eng hens he
posi i e e ec o au hen ici y on in es men in en ions, unde sco ing he c i ical ole o li e acy in enhancing he e alua i e
capaci y o young in es
The In luence o Fin luence Au hen ici y and T us on Gen Z’s In es men In en ion: The Mode a ing Role o
Financial Li e acy
JEFMS, Volume 08 Issue 10 Oc obe 2025 www.ije m.co.in Page 6639
4. RESULTS
4.1. Reliabili y analysis
Table 1: Reliabili y analysis o he dependen a iable. Sou ce: (The au ho s, 2025)
Reliabili y S a is ics
C onbach's
Alpha
N o
I ems
.792
4
I em-To al S a is ics
Scale Mean
i I em Dele ed
Scale Va iance
i I em Dele ed
Co ec ed
I em-To al
Co ela ion
C onbach's
Alpha i I em
Dele ed
II1
8.766
8.701
.742
.768
II2
8.011
6.353
.723
.739
II3
6.970
6.732
.685
.690
II4
6.930
6.095
.632
.651
Whe e II1 o II4 we e used as ep esen a i e codes o he ou su ey ques ions o he In es men In en ion scale.
The indings in Table 1 indica e ha all dependen a iables achie ed a minimum co ec ed i em– o al co ela ion o 0.3.
The o e all C onbach’s Alpha was 0.792, su passing he widely accep ed benchma k o 0.7 and exceeding any po en ial alue i an
i em we e emo ed. Fu he mo e, each a iable’s C onbach’s Alpha emained highe han i s espec i e co ec ed i em– o al
co ela ion, e en unde he assump ion o i em dele ion. The e o e, all i ems we e e ained o subsequen analysis. Simila
eliabili y le els we e also obse ed ac oss o he a iable g oups, con i ming he consis ency and obus ness o he measu emen
scales.
4.2. Explo a o y ac o analysis (EFA)
Table 2: Ro a ed Componen Ma ix. Sou ce: (The au ho s, 2025)
Ro a ed Componen Ma ixa
Componen wi h loading ac o s
1
2
3
4
II1 .704
II2 .606
II3 .671
II4 .656
FA1 .552
FA2 .591
FA3 .511
FA4 .629
TF1 .735
TF2 .708
TF3 .607
TF4 .688
FL1 .623
FL2 .659
FL3 .744
FL4 .788
Ex ac ion Me hod: P incipal Componen Analysis.
Ro a ion Me hod: Va imax wi h Kaise No maliza ion.
a. Ro a ion con e ged in 7 i e a ions.
In he scale, he su ey i ems FA1–FA4, TF1–TF4, FL1–FL4 ep esen wo independen a iables and he mode a o a iable,
espec i ely.
The esul s in Table 2 e eal ha he o a ed componen ma ix e ec i ely ca ego ized he 16 obse ed i ems in o ou
dis inc ac o g oups, co esponding o he dependen a iable, he wo independen a iables, and he mode a o . All i ems
displayed ac o loadings abo e 0.5, and none we e excluded om he analysis.
The In luence o Fin luence Au hen ici y and T us on Gen Z’s In es men In en ion: The Mode a ing Role o
Financial Li e acy
JEFMS, Volume 08 Issue 10 Oc obe 2025 www.ije m.co.in Page 6640
4.3. Mul iple linea eg ession model
Table 3: Coe icien sa. Sou ce: (The au ho s, 2025)
Model
Uns anda dized
Coe icien s
S anda dized
Coe icien s
Sig.
B
S d. E o
Be a
1
(Cons an )
7.669
.963
4.005
.000
FA
.677
.803
.625
3.556
.000
TF
.623
.849
.616
3.080
.000
a. Dependen a iable: II
Whe e II is calcula ed as he a e age o II1–II4; FA is he a e age o FA1–FA4; and TF is he a e age o TF1–TF4.
The esul s in Table 3 indica e ha he - es signi icance alues we e 0.000, well below he con en ional h eshold o
0.05. This demons a es ha he independen a iables exe a s a is ically signi ican in luence on he dependen a iable and
p o ides con i ma ion o he i s wo esea ch hypo heses.
4.4. Mode a o analysis
Table 4: Resul s analysis o “Financial Li e acy”. Sou ce: (The au ho s, 2025)
Model : 1
Y : II
X : FA
W : FL
Sample Size: 385
**************************************************************************
OUTCOME VARIABLE: II
Model Summa y
R
R-sq
MSE
F
dl1
dl2
p
.749
.561
.682
6.081
3.000
381.000
.000
Model
coe
se
p
LLCI
ULCI
cons an
7.308
.712
61.027
.000
8.914
7.868
FA
.550
.616
4.096
.000
.735
.727
FL
.597
.790
4.842
.000
.628
.614
In _1
.578
.834
4.523
.000
.696
.686
Whe e FL is de ined as he mean alue o FL1–FL4.
The indings in Table 4 demons a e ha he in e ac ion e m (In _1) yielded a p- alue o 0.000, well below he 0.05
signi icance le el, con i ming a s a is ically signi ican mode a ing e ec o Financial Li e acy on he ela ionship be ween
Fin luence Au hen ici y and In es men In en ion. The in e ac ion coe icien o 0.484 u he indica es ha highe le els o
inancial li e acy s eng hen he posi i e impac o au hen ici y on in es men in en ion. Acco dingly, Hypo hesis H3 is suppo ed.
5. DISCUSSION
5.1. Resul Summa y
Empi ical esea ch subs an ia es all h ee p oposed hypo heses. Ini ially, Fin luence Au hen ici y signi ican ly in luences Gen
Z's in es men in en ions (H1) wi h he impac ing coe icien o 0.625, as exis ing s udies indica e ha pe cei ed au hen ici y
enhances us and engagemen (Zhu & Wang, 2025). T us in in luence s simila ly demons a es a obus posi i e co ela ion
wi h in es men in en ions (H2) wi h he impac ing coe icien o 0.616. Las ly, Financial Li e acy se es as a mode a o in he
ela ionship be ween us and in es men in en ion (H3) wi h he impac ing coe icien o 0.578, emphasizing ha highe li e acy
os e s c i ical assessmen o in luence con en , while lowe li e acy inc eases eliance on us alone. This obse a ion ag ees
wi h es ablished e idence highligh ing he pi o al ole o inancial knowledge in shaping inancial decisions and ou comes (Lusa di
& Mi chell, 2014).
The In luence o Fin luence Au hen ici y and T us on Gen Z’s In es men In en ion: The Mode a ing Role o
Financial Li e acy
JEFMS, Volume 08 Issue 10 Oc obe 2025 www.ije m.co.in Page 6641
5.2 Theo e ical Implica ions
The indings subs an ia e ha au hen ici y signi ican ly enhances he in es men in en ions o Gene a ion Z, co obo a ing
p io esea ch posi ing ha anspa ency and ela abili y os e c edibili y and us (Aud eze e al., 2020; Kapi an e al., 2022).
Alignmen wi h he asse ions o Zhu and Wang (2025) ein o ces he pe spec i e ha au hen ici y se es as a c i ical de e minan
wi hin commodi ied i ual en i onmen s, pa icula ly among Gene a ion Z. Howe e , hese esul s p esen a pa ial con adic ion
o he wa nings issued by Cheah e al. (2024), which cau ion agains he po en ial ad e se e ec s o o e -endo semen ha may
e ode au hen ici y and c edibili y. While such a pe spec i e holds alidi y unde condi ions ma ked by excessi e p omo ional
ac i i ies, e idence indica es ha au hen ic alue alignmen consis en ly p e ails o e he isks associa ed wi h comme cial bias
wi hin inance- ela ed con ex s. Addi ionally, while Ikonen (2024) sugges s ha Gene a ion Z may p io i ize ela abili y o e
expe ise, he cu en indings illus a e ha au hen ici y enhances a he han unde mines expe ise, o ging a syne gis ic
pa hway o c edibili y. Thus, au hen ici y ough o be unde s ood no me ely as an aes he ic a ibu e, bu as a subs an i e ac o
ha in luences in es men beha io s.
The esea ch unde sco es he essen ial ole o us in shaping Gene a ion Z's in es men in en ions, consis en wi h he
es ablished p inciples o Sou ce C edibili y Theo y (Ho land & Weiss, 1951) and subsequen empi ical s udies ha link us o
beha io al adop ion (Nou allah e al., 2023). The indings align wi h he conclusions o Lou and Yuan (2019) and De Vei man and
Hudde s (2020), con i ming ha us ope a es as a psychological mechanism ha diminishes unce ain y and enhances
pe suasi eness. None heless, con adic ions pe sis wi hin he li e a u e: Maduku and Dlamini (2025) a gue ha ins i u ional
ecommenda ions e ain g ea e au ho i y han pee -in luence con en . In con as , he indings sugges ha Gene a ion Z
p edominan ly alues us in pe sonalized in luence s o e aceless ins i u ional endo semen s, unde sco ing he dynamic na u e
o c edibili y hie a chies in digi al inance. Fu he mo e, while Pan e al. (2025) asse ha us media es he in luence o
expe ise, e idence om his s udy indica es ha us unc ions as an independen p edic o o in en ion, in addi ion o any
media ing e ec s. Consequen ly, he indings posi ion us as an essen ial cons uc , undamen al o he inancial decision-making
p ocesses o Gene a ion Z.
The mode a ing impac o inancial li e acy e eals in ica e heo e ical ensions. Consis en wi h he indings o Lusa di and
Mi chell (2014) and Po ich e al. (2016), e idence demons a es ha ele a ed le els o li e acy enhance Gene a ion Z's e alua i e
capabili ies, he eby ampli ying he in luence o us on in es men in en ions. This conclusion aligns wi h he obse a ions o Hii
and Ong (2025), which emphasize li e acy’s capaci y o di e en ia e be ween high-quali y and subpa inancial ad ice. Howe e ,
a di e gence om he a gumen posed by Flanagin and Me zge (2000) a ises, posi ing ha indi iduals wi h highe li e acy may
c i ically assess sou ces and ely less on us . The cu en e idence de ia es om his sugges ion, indica ing ha inancial li e acy
does no diminish eliance on us ; a he , i enhances he e ec i eness o us by g ounding i in c edible signals. Con o e sies
ega ding o e con idence bias (Me zge & Flanagin, 2015) sugges ha ele a ed li e acy could lead o inc eased isk- aking
beha io . Howe e , such asse ions ind no suppo he e, as he indings delinea e inancial li e acy as a bounda y condi ion ha
ein o ces he us in en ion ela ionship, he eby accen ua ing i s heo e ical signi icance wi hin his con ex .
5.3. P ac ical Implica ions
The a i ma ion ha in luence au hen ici y signi ican ly a ec s Gen Z's in es men in en ions p esen s conside able
implica ions o inance p o essionals and egula o y bodies. Cul i a ing au hen ici y de i es no om supe icial b anding
s a egies bu om a genuine commi men o anspa ency and alignmen o alues. Financial in luence s mus p io i ize he
disclosu e o isks while a oiding o e ly comme cialized p omo ions ha could jeopa dize hei long- e m c edibili y. Pla o ms
such as TikTok and Ins ag am, whe e Gen Z ac i ely engages, may need o adop s ic e au hen ici y s anda ds, as sugges ed by
Aud eze e al. (2020), who asse ed ha me e sel -p esen a ion lacks he capaci y o sus ain us . This necessi a es ha
policymake s es ablish codes o p ac ice o de e misleading ma ke ing ac ics while simul aneously p omo ing esponsible
inancial communica ion.
The c i ical ole o us as a ounda ion o in es men in en ions gene a es signi ican manage ial insigh s. Financial
ins i u ions s and o gain om pa ne ships wi h epu able in luence s ecognized as opinion leade s a he han iewing hem
as pe iphe al igu es. S a egies aimed a building us , such as consis en messaging, demons a ing expe ise, and os e ing
in e ac i e engagemen , should occupy a cen al posi ion in in luence ma ke ing ini ia i es. Cau ion a ises ega ding an o e -
eliance on emo ional cues, as p oposed by Hii and Ong (2025), which may p omo e he d beha io . Campaigns mus s ike a
balance be ween emo ional appeals and demons able expe ise o ensu e ha us acili a es p uden decision-making a he
han specula i e beha io . Regula o s mus acknowledge he shi ing landscape whe e adi ional inancial au ho i ies no longe
