The Role of Financial Planning in Moderating the Influence of Financial Literacy, Education Level, Income Level and Lifestyle on Investment Decisions of Generation Z in Malang City

This study aims to analyze the role of financial planning in moderate the influence of financial literacy, education level, income level, and lifestyle on investment decisions of generation Z in Malang City. This study uses a quantitative descriptive method with a sample size of 100 respondents, namely generation Z in Malang City. In determining the sample, the researcher used the purposive sampling method, namely a data collection technique by giving questionnaires to respondents and documentation. The analysis method used by the researcher is the validity and reliability test, the classical assumption test, the f test (simultaneous) and the multiple linear regression test Moderated Regression Analysis (MRA). Multiple linear regression test results Moderated Regression Analysis (MRA) shows that the financial literacy variable (X1) , level of education (X2) income level (X3) and lifestyle (X4) together have a significant influence on the investment decisions of generation Z in Malang City. This is indicated by the sig value of 0.000 < 0.05. Partially financial literacy (X1) has a significant positive effect on investment decisions of generation Z in Malang City. This is indicated by the sig value of 0.000< 0.05. Education level variable (X2) has a significant negative effect on investment decisions of generation Z in Malang City. This is indicated by the sig value of 0.000 < 0.05. Income level variable (X3) has a positive influence on investment decisions of generation Z in Malang City. While the lifestyle variable (X4)This is indicated by a sig value of 0..000 >0.05. The results of the interaction test analysis show that the financial planning variable is able to strengthen the influence of the financial literacy variable (X1), level of education (X2) income level (X3) and lifestyle (X4) on the investment decisions of generation Z in Malang City. This is indicated by the sig value (X1M 0.009< 0.05 ;X2M 0.026< 0.05 ;X3M 0.033< 0.05 ;X4M 0.005 <0.05). Based on the test results, financial planning is able to strengthen the influence of financial literacy, education level, income level and lifestyle on investment decisions of generation Z in Malang City.