The Influence of Psychological Factors on Saving and Investing Behavior among Generation Z

This study investigates the influence of psychological factors on the financial behavior of Generation Z in the digital era, focusing on motivation, investment literacy, locus of control, technology utilization, and social media. Using a quantitative approach, data were collected through a survey of 120 respondents selected via purposive sampling. The data were analyzed using Structural Equation Modeling (SEM) with SmartPLS software. The results reveal that all five psychological factors have a positive and significant impact on saving and investing behavior. These findings suggest that enhancing psychological factors and optimizing technology use can promote healthier financial habits among young people, thereby supporting greater financial independence in the future