Fintech Literacy-Inclusion and Its Impact on Generation Z: Study of Islamic State University Students in Central Java, Indonesia

DOI:
https://doi.org/10.35719/64nm3n30Keywords:
generation Z; online loans; lifestyle; financial literacy; financial inclusionAbstract
This research aims to analyse Generation Z's involvement with Fintech loans in terms of literacy and inclusion and their impact on their lives. This study was conducted as field research with a mixed approach (quantitative and qualitative). As a first step, researchers surveyed five Islamic Religious Universities in Central Java using a questionnaire (G-Form) with 177 respondents. From the survey results, researchers deepened the data by conducting in-depth interviews with ten informants who were selected according to predetermined criteria. The data that has been obtained is analysed descriptively and qualitatively using an interactive model. This research shows that Generation Z at these five Islamic-based campuses has quite good literacy with online loans, as demonstrated by understanding the conceptual-operational definitions and risks. There are also funds from online loans used to meet college needs, such as buying a laptop and other college support needs. Because their literacy and inclusion are pretty good, they have good repayment strategies, such as studying while working, opening a business, etc. However, generation Z's involvement with online loans has more or less disrupted their psychology in living and studying.
References
Baihaqi. (2024). Perkembangan Pinjaman Online Terhadap Pertumbuhan Ekonomi Masyarakat Pidie Jaya. Jurnal Al-Mizan: Jurnal Hukum Islam Dan Ekonomi Syariah, 11(1), 1–5.
Bu, Q. (2023). Risks in Online College Student Lending in China and Coordinated Regulation. Review: Education & Society, 42(2), 807–811. https://doi.org/:https://doi.org/10.15354/si.23.re122
Dayinati, E., Manurung, U. N., & Putri, A. E. (2024). Faktor-faktor yang Mempengaruhi Generasi Milenial dan Z terjebak Pinjaman Online. As-Syirkah: Islamic Economics & Finacial Journal, 3, 753–760. https://doi.org/10.56672/assyirkah.v3i2.152
Gultom, E., & Liyas, J. N. (2024). The Influence of Locus of Control and Financial Literacy on Student Financial Behavior. ASEAN International Journal of Business, 3(1), 27–35.
Izabah, D. N., Meliani, D., Oktaviani, E. L., Nurjanah, R., & Aeni, A. N. (2022). Viner Fintech (Video Explainer Fintech) Sebagai Upaya Peningkatan Pengetahuan Mahasiswa Mengenai Pinjaman Online Dalam Pandangan Islam. Al-‘Adalah: Jurnal Syariah Dan Hukum Islam, 7(1), 191–203.
Jonker, J., & Pennink, B. (2010). The Essence of Research Methodology. Springer.
Kohardinata, C., Suhardianto, N., & Tjahjadi, B. (2024). Peer-To-Peer Lending (P2P) As Disruptive, But Complementary In Covid-19 Exogenous Shock. Business: Theory & Practice, 25(1), 241–251. https://doi.org/https://doi.org/10.3846/btp.2024.16584
Li, L., Freeman, G., & Knijnenburg, B. (2024). Beyond Just Money Transactions: How Digital P2P Payments (Re) shape Existing Offline Interpersonal Relationships. Proc. ACM Hum.-Comput. Interac, 8(April). https://doi.org/10.1145/3637301
Mardiana, S. L., Faridatul, T., Herlindawati, D., Yunus, U., Barykin, S., & Shamina, L. (2019). Society 5.0: Feasibilities and challenges of the implementation of fintech in small and medium industries. 4th Annual Applied Science and Engineering Conference, 5–10. https://doi.org/10.1088/1742-6596/1402/7/077053
Miles, M., & Huberman, M. (1994). Data Management and Analysis Methods. Handbook of Qualitative Research.
Morrisan. (2016). Metode Penelitisn Survei. Penerbit Kencana.
Nasir, A., Shaukat, K., Khan, K. I., & Hameed, I. A. (2021). applied sciences Trends and Directions of Financial Technology (Fintech) in Society and Environment?: A Bibliometric Study. Applied Sciences. https://doi.org/https://doi.org/10.3390/app112110353
Novianta, E., Andani, A., & Pane, S. G. (2024). Financial Technology Dan Literasi Keuangan Terhadap Generasi Z. Jurnal Ekonomika Dan Bisnis (JEBS), 4(1). https://doi.org/https://doi.org/10.47233/jebs.v4i1.1423 ISSN
Ramdhan, N., Bujang, I., Muhamat, A. A., Hendrawaty, E., & Hoong, T. B. (2024). P2P lending approval and sectors segmentation: Investigating the Malaysia key factors. Journal of Emerging Economies & Islamic Research, 12(1), 1–16. https://doi.org/10.24191/jeeir.v12i1.576
Seemiller, C., & Grace, M. (2016). Generation Z goes to college. Jossey-Bass.
Sekaran, U., & Bougie, R. (2011). Metode Penelitian untuk Bisnis (6th, Buku 1 ed.). Penerbit Salemba Empat.
Setiawan, F. H., Radjamin, I. P., & Ariani, M. (2024). Pinjaman Online: Perilaku Konsumtif Mahasiswa Surabaya Dalam Rangka Menunjang Status Sosial. Management Studies and Entrepreneurship Journal, 5(1), 413–425. http://journal.yrpipku.com/index.php/msej
Uthaileang, W., & Kiattisin, S. (2023). Developing the capability of digital financial literacy in developing countries?: A Case of online loan for small entrepreneurs. Heliyon, 9(12), e21961. https://doi.org/10.1016/j.heliyon.2023.e21961
Uyun, L., Herwiyanti, E., & Budiarti, L. (2024). Dampak Pinjol pada Generasi Z dan Generasi Milenial. Sosio E-Kons, 16, 73–84. https://journal.lppmunindra.ac.id/index.php/sosio_ekons
Xinjie, L., & Huofa, L. (2018). Identification of factors influencing the willingness to use online Peer to Peer lending for college students -- Taking Jiaxing University as an example. Financial Engineering and Risk Management (2018), 1, 1–7.
Yulitasari, L., Suryanto, T., & Hilal, S. (2024). Regulatory And Legal Challenges Of Sharia Peer-To- Peer Lending In Indonesia. Al Fiddhoh, 5(1), 28–34.
Downloads
Published
Issue
Section
License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.