The Impact of Fear of Missing Out (FOMO), Self-Control, and the Intensity of E-Wallet Use on Generation Z's Financial Management Behavior in the Cashless Era: Financial Stress as an Intervening Variable
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This study aims to analyze the influence of Fear of Missing Out (FOMO), Self-Control, and E-Wallet Usage Intensity on Financial Management Behavior of Generation Z in Sumenep City, with Financial Stress as an intervening variable. The cashless transaction phenomenon and the rapid growth of e-wallet usage among Generation Z have generated various financial behavioral challenges, including financial stress that may affect the quality of financial management. This study employs a quantitative approach with a structured Likert 1–5 scale questionnaire survey. The sample consisted of 50 Generation Z respondents in Sumenep City selected using purposive sampling. Data were analyzed using Structural Equation Modeling–Partial Least Square (SEM-PLS) with SmartPLS 4. Results show that FOMO significantly affects Financial Stress (β=0.470; p<0.001), Self-Control significantly affects Financial Stress (β=0.402; p<0.05), while E-Wallet Usage Intensity does not significantly affect Financial Stress. Self-Control significantly affects Financial Management Behavior (β=0.591; p<0.001), whereas FOMO, E-Wallet Usage Intensity, and Financial Stress do not significantly affect Financial Management Behavior. All mediation effects of Financial Stress are also not significant. The study implies that enhancing Self-Control capacity is a key factor in improving the financial management behavior of Generation Z in the cashless era.
Keywords: Fear of Missing Out (FOMO); Self-Control; E-Wallet Usage Intensity; Financial Stress; Financial Management Behavior; Generation Z
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