The Influence of Sharia Financial Literacy, Religiosity, Capital Limitations, Fear of Missing Out (FoMO) and Social Media on Investment Interest in the Sharia Capital Market in Students of the Faculty of Economics and Business in Lumajang Regency
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Abstract
The development of sharia-based investment in Indonesia has shown a positive trend, particularly through instruments listed on the Indonesia Stock Exchange. The Indonesian Sharia Capital Market provides an investment alternative that aligns with Islamic principles. Students of the Faculty of Economics and Business have considerable potential to become novice investors, although their investment interest remains volatile and suboptimal. This study aims to analyze the influence of Islamic financial literacy, religiosity, capital limitations, fear of missing out (FoMO), and social media on investment interest in the Islamic capital market among students of the Faculty of Economics and Business in Lumajang. Islamic financial literacy reflects students’ understanding of sharia investment products and mechanisms, religiosity reflects adherence to Islamic values in financial decision-making, capital limitations represent financial constraints, while social media serves as a source of investment education and information. This study employs a quantitative approach with an associative research design. The population comprises students of the Faculty of Economics and Business in Lumajang, with purposive sampling as the sampling technique. Data are collected through questionnaires using a Likert scale. Data analysis includes validity and reliability tests, classical assumption tests, multiple linear regression, t-test, F-test, and coefficient of determination (R²).
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