GEN Z's FINANCIAL LIFESTYALE FROM AN ISLAMIC PRESPECTIVE

Safa Zahra Harahap

Abstract


This study explores the financial lifestyle of Generation Z through an Islamic ethical framework, analyzing the interplay between digital finance, modern consumer culture, and religious principles. As digital natives, Gen Z leverages e-wallets, fintech platforms, and social commerce for daily transactions, savings, and investments, which fosters convenience but also amplifies risks of impulsive spending and debt normalization. From an Islamic perspective, wealth is regarded as a divine trust (amanah), mandating management that adheres to halal (lawful) standards and avoids riba (usury), gharar (excessive uncertainty), and israf (extravagance). The research identifies a critical tension: while digital trends encourage instant gratification and lifestyle consumption, Islamic teachings advocate for moderation (wasatiyyah), ethical discipline, and social responsibility emphasizing savings, syariah compliant investments, and wealth distribution through zakat and charity. This dissonance underscores the necessity for enhanced Islamic financial literacy tailored to digital contexts. The study concludes that through targeted education, family guidance, and community based programs, Gen Z can be empowered to harmonize contemporary financial behaviors with enduring Islamic values, fostering a lifestyle that balances economic well being with spiritual integrity and social equity.

 


Full Text:

PDF

References


Abidin, C. (2018). Internet celebrity: Understanding fame online. Emerald Publishing.

Antonio, M. S. (2001). Bank syariah: Dari teori ke praktik. Gema Insani Press.

Barta, S., Flavián, C., & Gurrea, R. (2020). Managing consumer experience and online buying behavior in digital environments. Journal of Retailing and Consumer Services, 56, 102153.

Bryman, A. (2016). Social research methods (5th ed.). Oxford University Press.

Chapra, M. U. (2000). The future of economics: An Islamic perspective. The Islamic Foundation.

Chapra, M. U. (2008). Islamic economics: What it is and how it developed. Islamic Research and Training Institute.

Creswell, J. W. (2014). Research design: Qualitative, quantitative, and mixed methods approaches (4th ed.). SAGE Publications.

Djafarova, E., & Bowes, T. (2021). ‘Instagram made me buy it’: Generation Z impulse purchases in fashion industry. Journal of Retailing and Consumer Services, 59, 102345.

Etikan, I., Musa, S. A., & Alkassim, R. S. (2016). Comparison of convenience sampling and purposive sampling. American Journal of Theoretical and Applied Statistics, 5(1), 1–4.

Field, A. (2018). Discovering statistics using IBM SPSS statistics (5th ed.). SAGE Publications.

Francis, T., & Hoefel, F. (2018). True Gen: Generation Z and its implications for companies. McKinsey & Company.

Ghozali, I. (2018). Aplikasi analisis multivariate dengan program IBM SPSS 25. Badan Penerbit Universitas Diponegoro.

Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics (5th ed.). McGraw-Hill.

Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2019). Multivariate data analysis (8th ed.). Cengage Learning.

Hassan, A. (2019). Islamic ethical values and consumer behavior: A review. Journal of Islamic Marketing, 10(2), 563–577.

Hidajat, T., & Hamdani, N. A. (2019). Islamic financial literacy and financial behavior of Muslim youth. Journal of Islamic Economics, 11(1), 45–60.

Israel, M., & Hay, I. (2006). Research ethics for social scientists. SAGE Publications.

Kotler, P., & Keller, K. L. (2016). Marketing management (15th ed.). Pearson Education.

Likert, R. (1932). A technique for the measurement of attitudes. Archives of Psychology, 22(140), 1–55.

Lissitsa, S., & Kol, O. (2016). Generation X vs. Generation Y – A decade of online shopping. Journal of Retailing and Consumer Services, 31, 304–312.

Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy. Journal of Economic Literature, 52(1), 5–44.

Obaidullah, M. (2016). Islamic financial services. Islamic Economics Research Center.

Podsakoff, P. M., MacKenzie, S. B., Lee, J. Y., & Podsakoff, N. P. (2003). Common method biases in behavioral research. Journal of Applied Psychology, 88(5), 879–903.

Prensky, M. (2001). Digital natives, digital immigrants. On the Horizon, 9(5), 1–6.

Priporas, C. V., Stylos, N., & Fotiadis, A. K. (2017). Generation Z consumers’ expectations of interactions in smart retailing. Computers in Human Behavior, 77, 374–381.

Qardhawi, Y. (2011). Peran nilai dan moral dalam perekonomian Islam. Rabbani Press.

Rahman, A. A., & Amin, H. (2018). Consumer behaviour of Islamic banking: A study of Malaysia. Journal of Islamic Marketing, 9(3), 633–647.

Rohmat, A., & Nugroho, L. (2021). Islamic financial literacy and its impact on financial behavior. Journal of Islamic Finance, 10(1), 55–70.

Sekaran, U., & Bougie, R. (2016). Research methods for business (7th ed.). Wiley.

Sugiyono. (2019). Metode penelitian kuantitatif, kualitatif, dan R&D. Alfabeta.

Sutrisno, B., Rahmawati, D., & Hidayat, R. (2022). Digital finance and sharia compliance challenges. International Journal of Islamic Economics and Finance, 5(2), 101–115.

Szymkowiak, A., Kulawik, P., Gaczek, P., & Jeganathan, K. (2021). The impact of emotions on shopping behavior. Journal of Consumer Behaviour, 20(4), 970–986.

Thaler, R. H. (2016). Misbehaving: The making of behavioral economics. W. W. Norton & Company.




DOI: https://doi.org/10.3059/insis.v0i0.29294

DOI (PDF): https://doi.org/10.3059/insis.v0i0.29294.g14928

Refbacks

  • There are currently no refbacks.