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 ,07-i10-10.47191/je ms/ 8 DOI: A icle
2665-4666 No: Page
JEFMS, Volume 08 Issue 10 Oc obe 2025 www.ije m.co.in Page 6646
The Role o Financial Planning in Mode a ing he In luence o Financial
Li e acy, Educa ion Le el, Income Le el and Li es yle on In es men Decisions
o Gene a ion Z in Malang Ci y
Yuswa a P amudi a
P og am Pascasa jana, Uni e si as Me deka Malang, Ko a Malang, Indonesia
ABSTRACT: This s udy aims o analyze he ole o inancial planning in mode a e he in luence o inancial li e acy, educa ion
le el, income le el, and li es yle on in es men decisions o gene a ion Z in Malang Ci y. This s udy uses a quan i a i e
desc ip i e me hod wi h a sample size o 100 esponden s, namely gene a ion Z in Malang Ci y. In de e mining he sample, he
esea che used he pu posi e sampling me hod, namely a da a collec ion echnique by gi ing ques ionnai es o esponden s
and documen a ion. The analysis me hod used by he esea che is he alidi y and eliabili y es , he classical assump ion es ,
he es (simul aneous) and he mul iple linea eg ession es Mode a ed Reg ession Analysis (MRA).
Mul iple linea eg ession es esul s Mode a ed Reg ession Analysis (MRA) shows ha he inancial li e acy a iable (X1) , le el
o educa ion (X2) income le el (X3) and li es yle (X4) oge he ha e a signi ican in luence on he in es men decisions o
gene a ion Z in Malang Ci y. This is indica ed by he sig alue o 0.000 < 0.05. Pa ially inancial li e acy (X1) has a signi ican
posi i e e ec on in es men decisions o gene a ion Z in Malang Ci y. This is indica ed by he sig alue o 0.000< 0.05.
Educa ion le el a iable (X2) has a signi ican nega i e e ec on in es men decisions o gene a ion Z in Malang Ci y. This is
indica ed by he sig alue o 0.000 < 0.05. Income le el a iable (X3) has a posi i e in luence on in es men decisions o
gene a ion Z in Malang Ci y. While he li es yle a iable (X4)This is indica ed by a sig alue o 0..000 >0.05. The esul s o he
in e ac ion es analysis show ha he inancial planning a iable is able o s eng hen he in luence o he inancial li e acy
a iable (X1), le el o educa ion (X2) income le el (X3) and li es yle (X4) on he in es men decisions o gene a ion Z in Malang
Ci y. This is indica ed by he sig alue (X1M 0.009< 0.05 ;X2M 0.026< 0.05 ;X3M 0.033< 0.05 ;X4M 0.005 <0.05). Based on he
es esul s, inancial planning is able o s eng hen he in luence o inancial li e acy, educa ion le el, income le el and li es yle
on in es men decisions o gene a ion Z in Malang Ci y.
KEYWORDS: Financial Planning; Financial Li e acy; Educa ion Le el; Income Le el; Li es yle; In es men Decisions
INTRODUCTION
Gene a ion Z, which includes indi iduals bo n be ween 1997 and 2012, g ew up in an en i onmen hea ily in luenced by digi al
echnology. Wi h as access o in o ma ion h ough he in e ne and social media, his gene a ion has g ea po en ial o
in es men . Howe e , e en hough hey ha e access o a ious sou ces o in o ma ion, many s ill ace di icul ies in making sma
in es men decisions. Many o hem end o ocus mo e on sho - e m consump ion a he han planning o long- e m
in es men .
Recen esea ch shows ha inancial li e acy is a c i ical ac o in luencing in es men decisions. Acco ding o Lusa di and
Mi chell (2014), indi iduals wi h high le els o inancial li e acy end o make be e inancial decisions. In addi ion, a s udy by
A kinson and Messy (2012) emphasized he impo ance o o mal educa ion in imp o ing inancial li e acy. Howe e , despi e
ex ensi e esea ch, he e is s ill a lack o unde s anding o how ac o s such as educa ion, income, and li es yle in e ac o
in luence in es men decisions, especially among Gene a ion Z.
Al hough many s udies ha e explo ed he ela ionship be ween inancial li e acy and in es men decisions, he esul s a e s ill
inconsis en . Some s udies show ha o mal educa ion has a signi ican impac , while o he s ind a weak e ec . In addi ion, he
ole o inancial planning as a media o in his ela ionship has no been widely s udied. This c ea es a gap in he li e a u e ha
needs o be illed o be e unde s and he ac o s ha in luence Gene a ion Z's in es men decisions.
The Role o Financial Planning in Mode a ing he In luence o Financial Li e acy, Educa ion Le el, Income Le el and
Li es yle on In es men Decisions o Gene a ion Z in Malang Ci y
JEFMS, Volume 08 Issue 10 Oc obe 2025 www.ije m.co.in Page 6647
This s udy aims o explo e he ole o inancial planning in media ing he in luence o inancial li e acy, educa ion le el, income
le el, and li es yle on in es men decisions o gene a ion Z in Malang Ci y. By unde s anding he complex ela ionship be ween
hese ac o s, i is hoped ha his s udy can p o ide use ul insigh s in de eloping mo e e ec i e inancial educa ion p og ams and
suppo ing gene a ion Z o become sma e and mo e esponsible in es o s.
LITERATURE REVIEW
In es men decisions a e co po a e expendi u es o pu chase capi al goods and p oduc ion equipmen o inc ease he abili y o
p oduce goods and se ices in he economy (Suki no, 2004). Financial planning is a p ocess in which a pe son o indi idual seeks
o achie e his o he inancial goals h ough he c ea ion and implemen a ion o a comp ehensi e inancial plan (P i a Hapza i
Ghozie, 2014). Financial li e acy is he abili y o con ol he money you ha e, so ha you can li e be e and ge be e esul s in
he u u e (O o i as Jasa Keuangan, 2013). Educa ion Le el is an ac i i y ca ied ou by a pe son in de eloping his/he abili ies,
a i udes and o ms o beha io , bo h o u u e li e, whe he h ough a pa icula o ganiza ion o no ( Wi awan, 2016). Income is
an indica o o measu ing he wel a e o an indi idual o socie y, so ha his communi y income e lec s he economic p og ess
o a socie y ( Lumin ang, 2013). s a es ha li es yle is a pe son's pa e n o li ing in he wo ld which is exp essed h ough hei
ac i i ies, in e es s and opinions ( Sangadji & Sopiah, 2013).
The in luence o inancial li e acy on in es men decisions.
In he s udy (Upadana & He awa i, 2020) s a ed ha inancial li e acy has a posi i e e ec on s uden s' in es men decisions. So i
can be concluded ha he highe he inancial li e acy o s uden s, he be e he s uden s' in es men decisions. (Dewi &
Pu bawangsa, 2018) also s a ed ha inancial li e acy has a signi ican posi i e e ec on indi idual in es men decision beha io .
This means ha he highe he le el o inancial li e acy, he be e he indi idual's in es men decision beha io .
H1: Financial li e acy has a signi ican posi i e in luence on in es men decisions o gene a ion Z in Malang Ci y.
The in luence o educa ion le el on in es men decisions.
I a pe son is highly educa ed, hen ha pe son will be able o manage his weal h as a sou ce o in es men . In addi ion,
in es men will help someone in unning a business and paying o deb s (Valina Puby, 2015). In his case, educa ion g ea ly
in luences in es men decisions, bu no all educa ion has a posi i e e ec on in es men decisions. I depends on how a pe son is
able o manage his inances o in es men .
H2: Educa ion le el has a signi ican posi i e e ec on in es men decisions o gene a ion Z in Malang Ci y.
The in luence o income le el on in es men decisions.
Based on he esul s o he discussion o he esea ch conduc ed by (T i Yunda i & Dwi A a i, 2021) ha Income has a posi i e
and signi ican e ec on in es men decisions. This shows ha he be e he income, he mo e i is ollowed by an inc ease in
in es men decisions. In line wi h he esul s o esea ch conduc ed by (Me ha e al, 2018) income has a signi ican posi i e e ec
on indi idual in es men decision beha io . This means ha he highe a pe son's income, he be e he indi idual's in es men
decision beha io .
H3: Income le el has a signi ican posi i e e ec on in es men decisions o gene a ion Z in Malang Ci y.
The in luence o li es yle on in es men decisions.
(Pu i, 2018) s a ed ha li es yle in luences in es men decisions in p oduc i e age employees. This happens because li es yle
shapes a pe son's beha io in spending money and using hei ime. When hey a e wo king and ea ning income, no only a e
basic needs me bu hey also ha e he desi e o mee e ia y needs.
H4: Li es yle has a signi ican posi i e in luence on in es men decisions o gene a ion Z in Malang Ci y.
The in luence o inancial planning on in es men decisions.
Financial planning has a posi i e e ec on in es men decisions, his is in line wi h esea ch conduc ed by (Upadana & He awa i,
2020) which s a es ha inancial planning has a posi i e e ec on in es men decisions. The objec s o esea ch aken by Upadana
we e s uden s a Udayana Uni e si y and Ganesha Uni e si y o Educa ion Bali. These esul s show ha bo h s uden s and exis ing
UMKM s a ed ha inancial planning is one o he a iables conside ed in deciding o in es in he mids o he Co id-19 pandemic
which has esul ed in economic unce ain y.
H5: Financial planning has a signi ican posi i e in luence on in es men decisions o gene a ion Z in Malang Ci y.
The Role o Financial Planning in Mode a ing he In luence o Financial Li e acy, Educa ion Le el, Income Le el and
Li es yle on In es men Decisions o Gene a ion Z in Malang Ci y
JEFMS, Volume 08 Issue 10 Oc obe 2025 www.ije m.co.in Page 6648
The in luence o inancial li e acy on in es men decisions wi h inancial planning as a mode a ing a iable.
(Wa sono, 2010) s a ed ha inancial li e acy is he ex en o knowledge and implemen a ion o a pe son o socie y in managing
hei pe sonal inances. Indi iduals who ha e good inancial li e acy will make he igh choices in dealing wi h inancial p oblems
ha ha e been aced. Financial li e acy occu s when an indi idual has a se o skills and abili ies ha esul in he indi idual being
able o u ilize exis ing inancial esou ces o achie e he desi ed goals (Hous on, 2010). I someone is good a managing hei
inancial esou ces, inancial planning in he amily can un well and he esul s can be el in he u u e. I someone has less
knowledge abou inance, his condi ion becomes a se ious p oblem o indi iduals and socie y.
H6: Financial planning can in luence he ela ionship be ween inancial li e acy and in es men decisions o gene a ion Z in Malang
Ci y.
The in luence o educa ion le el on in es men decisions wi h inancial planning as a mode a ing a iable.
(Rahma Masda & Zai ul, 2011) explained ha one o he easons why many people do no ca y ou pe sonal inancial planning is
because o he lack o educa ion abou pe sonal inance in he o mal educa ion le el ha people ecei e, educa ion abou
inance only s ops a he basic le el, namely he ecommenda ion o sa e, bu is no con inued wi h o he skills ha will suppo a
pe son's decisions in inance.
H7: Financial planning can in luence he ela ionship be ween educa ion le el and in es men decisions o Gene a ion Z in Malang
Ci y.
The in luence o income le el on in es men decisions wi h inancial planning as a mode a ing a iable.
This is p o en by esea ch (Rahma Masda & Zai ul, 2011) showing ha income le els a ec amily inancial planning, low amily
income so ha spending p io i ies a e only on basic needs. The e is s ill no planning ca ied ou by he amily, ma ked by he
amily's lack o p ospe i y in mee ing basic needs.
H8: Financial planning can in luence he ela ionship be ween income le els and in es men decisions o Gene a ion Z in Malang
Ci y.
The in luence o li es yle on in es men decisions wi h inancial planning as a mode a ing a iable.
Resea ch by (Azizah & Ind awa i, 2015), (Pulungan & Feb ia y, 2018), and (Pu i & Les a i, 2019) s a es ha li es yle has a posi i e
in luence on inancial beha io , whe e he highe he li es yle o s uden s, he highe hei consump i e beha io . This shows ha
li es yle is ela ed o he way a pe son plans hei inances. Whe e a luxu ious li es yle ends o be was e ul, on he o he hand a
simple li es yle shows ugal beha io (Pa mi asa i e al., 2018). So he lowe a pe son's li es yle, he be e hei le el o inancial
planning.
H9: Financial planning can in luence he ela ionship be ween li es yle and in es men decisions o gene a ion Z in Malang Ci y.
Figu e 1 Resea ch model
Sou ce: P ocessed by Resea che (2025)
The Role o Financial Planning in Mode a ing he In luence o Financial Li e acy, Educa ion Le el, Income Le el and
Li es yle on In es men Decisions o Gene a ion Z in Malang Ci y
JEFMS, Volume 08 Issue 10 Oc obe 2025 www.ije m.co.in Page 6649
RESEARCH METHOD
This s udy uses a quan i a i e desc ip i e me hod wi h a sample size o 101 esponden s, namely gene a ion Z in Malang Ci y.
This design aims o unde s and he ela ionship be ween he a iables s udied, namely inancial li e acy, educa ion, income,
li es yle, inancial planning, and in es men decisions.
Da a we e collec ed h ough a ques ionnai e consis ing o a numbe o closed and open ques ions. This ques ionnai e is
designed o measu e inancial li e acy, educa ion le el, income le el, li es yle, inancial planning, and in es men decisions. The
ques ionnai e will be es ed o alidi y and eliabili y be o e being dis ibu ed.
Desc ip i e S a is ics: Used o p o ide an o e iew o he cha ac e is ics o esponden s, including he equency dis ibu ion,
mean, and s anda d de ia ion o each a iable s udied. Validi y and Reliabili y Tes Be o e u he analysis, he ques ionnai e will
be es ed o ensu e ha he ins umen s used a e alid and eliable. Mul iple Reg ession Analysis: Used o es he e ec o
inancial li e acy, educa ion, income, and li es yle on in es men decisions. This eg ession model will also be used o es he
mode a ing e ec o inancial planning. Resea ch da a p ocessing This will be done using s a is ical so wa e such as SPSS.
Cha ac e is ics Based on Gende
Tabel 1. F equency Dis ibu ion o Responden s by Gende
Sou ce: P ocessed by Resea che (2025)
i can be seen ha he compa ison be ween male and emale esponden s is no ha big, only a di e ence o 5 people mo e
emale esponden s wi h a o al o 53 people. Based on hese da a, i shows ha he esea ch sample is domina ed by women.
Cha ac e is ics Based on Age
Tabel 2. F equency Dis ibu ion o Responden s by Age
Sou ce: P ocessed by Resea che (2025)
I is known ha esponden s aged 21-25 yea s we e 38 esponden s, ha he majo i y o esponden s came om Gene a ion Z
o Malang Ci y aged 17-20 yea s wi h a o al o 63 esponden s o 62.4% o he o al.
Cha ac e is ics Based on Las Educa ion
Tabel 3. F equency Dis ibu ion o Responden s Based on Las Educa ion
Sou ce: P ocessed by Resea che (2025)
I is known ha he esponden s wi h he highes educa ion le el a e high school, as many as 50 people, ollowed by he highes
educa ion le el is Bachelo 's deg ee (S1/D4) as many as 47 people. The highes educa ion le el is Diploma as many as 4 people.
The Role o Financial Planning in Mode a ing he In luence o Financial Li e acy, Educa ion Le el, Income Le el and
Li es yle on In es men Decisions o Gene a ion Z in Malang Ci y
JEFMS, Volume 08 Issue 10 Oc obe 2025 www.ije m.co.in Page 6650
Cha ac e is ics Based on Income Sou ces
Tabel 4. F equency Dis ibu ion o Responden s Based on Income Sou ce
Sou ce: P ocessed by Resea che (2025)
I is known ha he esponden s wi h he mos income came om pa en al gi s as many as 56 people o 55.4%, hen ollowed
by income om sala ies as many as 28 people. Income om business esul s 14 people. And he smalles is om in es men
esul s as many as 3 people.
Cha ac e is ics Based on Income Le el
Tabel 5. F equency Dis ibu ion o Responden s Based on Income Le el
Sou ce: P ocessed by Resea che (2025)
he mos esponden s wi h income le els < Rp 1,500,000 as many as 28 people o 27.7%, hen ollowed by no income as many as
23 people. Income le els o Rp 1,500,000 o Rp 2,500,000 as many as 22 people. Nex is he income le el > Rp 3,500,000 as
many as 17 people. And he smalles is he income le el o Rp 2,500,000 o Rp 3,000,000 as many as 11 people.
Cha ac e is ics Based on In es men Decisions
Tabel 6. F equency Dis ibu ion o Responden s Based on In es men Decisions
Sou ce: P ocessed by Resea che (2025)
esponden s in es ed he mos in gold as many as 42 people o 41.5%, hen ollowed by s ock in es men as many as 28 people.
Mu ual und in es men as many as 14 people. Deposi in es men was chosen by 9 esponden s. Responden s chose
c yp ocu ency in es men as many as 5 people. And he smalles is he ype o bond in es men as many as 2 people.
RESULT
The esul s o he Mode a ed Reg ession Analysis (MRA) mul iple linea eg ession es show ha he a iables o inancial
li e acy (X1), educa ion le el (X2), income le el (X3) and li es yle (X4) oge he ha e a signi ican e ec on in es men decisions
o gene a ion Z in Malang Ci y. This is indica ed by a sig alue o 0.000 <0.05. Pa ially, inancial li e acy (X1) has a signi ican
posi i e e ec on in es men decisions o gene a ion Z in Malang Ci y. This is indica ed by a sig alue o 0.000 <0.05. The
educa ion le el a iable (X2) has a signi ican nega i e e ec on in es men decisions o gene a ion Z in Malang Ci y. This is
indica ed by a sig alue o 0.000 <0.05. The income le el a iable (X3) has a posi i e e ec on in es men decisions o gene a ion
Z in Malang Ci y. While he li es yle a iable (X4) is indica ed by a sig alue o 0.000> 0.05. The esul s o he in e ac ion es
analysis show ha he inancial planning a iable is able o s eng hen he in luence o he inancial li e acy a iable (X1),
educa ion le el (X2), income le el (X3) and li es yle (X4) on he in es men decisions o gene a ion Z in Malang Ci y. This is
indica ed by he sig alue (X1M 0.009 <0.05; X2M 0.026 <0.05; X3M 0.033 <0.05; X4M 0.005 <0.05). Based on he es esul s,
inancial planning is able o s eng hen he in luence o inancial li e acy, educa ion le el, income le el and li es yle on he
in es men decisions o gene a ion Z in Malang Ci y.
The Role o Financial Planning in Mode a ing he In luence o Financial Li e acy, Educa ion Le el, Income Le el and
Li es yle on In es men Decisions o Gene a ion Z in Malang Ci y
JEFMS, Volume 08 Issue 10 Oc obe 2025 www.ije m.co.in Page 6651
Tabel 7. S a is ical Tes Resul s
Sou ce: P ocessed by Resea che (2025)
DISCUSSION
This s udy ound ha inancial li e acy, educa ion le el, income le el, and li es yle signi ican ly in luence in es men decisions o
Gene a ion Z in Malang Ci y. Financial planning is p o en o be a mode a ing a iable ha s eng hens he ela ionship be ween
hese a iables and in es men decisions. Speci ic indings indica e ha : Financial li e acy has a signi ican posi i e e ec on
in es men decisions. Educa ion le el also imp o es an indi idual's abili y o plan and manage in es men s. Highe income le els
encou age be e in es men beha io . A consump i e li es yle can hinde in es men , while a li es yle exposed o posi i e
in o ma ion encou ages in es men in e es .
The esul s o his s udy indica e he impo ance o inancial li e acy as a ounda ion in making in es men decisions. Gene a ion
Z who ha e high inancial li e acy end o be able o unde s and he isks and po en ial bene i s o in es men , hus making
mo e ma u e decisions. In addi ion, highe educa ion p o ides he insigh needed o plan inances e ec i ely, while su icien
income ensu es he a ailabili y o esou ces o in es . A li es yle ha ends o be consump i e indica es ha inancial habi s and
consump ion pa e ns mus be managed p ope ly o suppo long- e m goals.
The esul s o his s udy suppo he heo y o Consume Beha io , which explains ha in es men decisions a e in luenced by
he le el o li e acy and inancial beha io o indi iduals. In acco dance wi h esea ch by Lusa di & Mi chell (2014), inancial
li e acy was ound o be a key ac o in luencing in es men decision making. This inding is also in line wi h esea ch by Chen &
Volpe (1998), which s a es ha be e inancial educa ion imp o es in es men unde s anding. In he con ex o li es yle, his
inding is ele an o esea ch by Ko le & Kelle (2012), which shows ha a pe son's li es yle in luences hei inancial ac i i ies.
This s udy also complemen s p e ious s udies such as hose conduc ed by P abowo (2023), which ound ha access o
in o ma ion h ough echnology in luences he in es men beha io o Gene a ion Z. Wi h hese esul s, he s udy con ibu es
o he exis ing li e a u e by emphasizing he impo ance o in eg a ing inancial li e acy, educa ion, and income in suppo ing
in es men decisions o he younge gene a ion.
CONCLUSION
This s udy has shown ha inancial li e acy, educa ion le el, income le el, and li es yle ha e a signi ican in luence on
in es men decisions o gene a ion Z in Malang Ci y. The esul s o he s udy con i m he impo ance o inancial li e acy and
educa ion in shaping an indi idual's unde s anding o in es men . In addi ion, inancial planning is p o en o unc ion as a
mode a ion ha s eng hens he ela ionship be ween hese a iables and in es men decisions. These indings indica e ha
gene a ion Z who ha e good inancial knowledge and ho ough planning a e mo e able o make sma and esponsible
in es men decisions.
Financial Li e acy Imp o emen : A mo e s uc u ed and comp ehensi e inancial educa ion p og am is needed o gene a ion
Z. Schools and educa ional ins i u ions mus in eg a e inancial li e acy in o he cu iculum o equip s uden s wi h he necessa y
knowledge.
The Role o Financial Planning in Mode a ing he In luence o Financial Li e acy, Educa ion Le el, Income Le el and
Li es yle on In es men Decisions o Gene a ion Z in Malang Ci y
JEFMS, Volume 08 Issue 10 Oc obe 2025 www.ije m.co.in Page 6652
Financial Planning T aining: O ganiza ions and go e nmen ins i u ions can hold wo kshops o semina s on p ac ical inancial
planning, so ha gene a ion Z can lea n how o manage hei inances well.
Financial Applica ion De elopmen : Thi d pa ies, such as in ech, can de elop applica ions ha help gene a ion Z plan and
manage hei in es men s in a mo e in e ac i e and engaging way.
Fu he Resea ch: Fu he esea ch is ecommended ha includes a la ge and mo e di e se sample and explo es o he
ac o s ha may in luence Gen Z’s in es men decisions, such as social media and pee in luence.
In es men Awa eness Campaign: An awa eness campaign is needed o encou age Gen Z o be mo e ac i e in in es ing and
unde s and he impo ance o in es ing o hei inancial u u e.
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