The Impact of Fear of Missing Out (FoMO) and Materialism on Financial Stress Among Students at Public Universities: The Moderating Role of Religiosity
DOI:
https://doi.org/10.55583/ijisim.v4i2.2687Keywords:
Fear of Missing Out (FOMO), Materialism, Financial Stress, Religiosity, College StudentsAbstract
This study aims to examine the effects of Fear of Missing Out (FOMO) and materialism on college students’ financial stress and to analyze the moderating role of religiosity in these relationships. The study was motivated by the increasing influence of digital lifestyles and consumerist behavior among college students, as well as the limited empirical studies integrating psychological and spiritual factors into a comprehensive framework. A quantitative approach was employed involving 200 students from a state university in Pekanbaru City selected through purposive sampling. Data were collected using a structured questionnaire based on a Likert scale and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The findings reveal that FOMO and materialism have a positive and significant effect on students’ financial stress, indicating that higher levels of social comparison and material-oriented values contribute to greater financial pressure. Furthermore, religiosity moderates the effects of FOMO and materialism by weakening their influence on financial stress. These results suggest that psychological factors play a dominant role in generating financial stress, while religiosity serves as a coping mechanism that helps students manage financial challenges. This study contributes to the financial psychology literature by integrating behavioral, cognitive, and spiritual dimensions and offers practical implications for value-based financial literacy and responsible consumer behavior among students.
References
Abdullah, S. M. (2019). Social Cognitive Theory: A Bandura thought review published in 1982–2012. Psikodimensia, 18(1). https://doi.org/10.24167/psidim.v18i1.1708
Arli, D., Tan, L. P., Tjiptono, F., & Yang, L. (2021). Exploring consumers' purchase behavior during the COVID-19 pandemic: The role of religiosity, materialism, and perceived risk. Journal of Retailing and Consumer Services, 61, 102613. https://doi.org/10.1016/j.jretconser.2021.102613
Bandura, A. (1986). Social foundations of thought and action: A social cognitive theory. Prentice-Hall.
Danahy, R., Loibl, C., Montalto, C. P., & Lillard, D. (2024). Financial stress among college students: New data about student loan debt, lack of emergency savings, social and personal resources. Journal of Consumer Affairs, 58(2), 692–709. https://doi.org/10.1111/joca.12581
Dawson, S., & Richins, M. L. (1992). A consumer values orientation for materialism and its measurement: Scale development and validation. Journal of Consumer Research, 19(3), 303–316. https://doi.org/10.1086/209304
Dittmar, H., Bond, R., Hurst, M., & Kasser, T. (2014). The relationship between materialism and personal well-being: A meta-analysis. Journal of Personality and Social Psychology, 107(5), 879–924. https://doi.org/10.1037/a0037409
Elhai, J. D., Yang, H., & Montag, C. (2020). Fear of missing out (FoMO): Overview, theoretical underpinnings, and literature review on relations with severity of negative affectivity and problematic technology use. Brazilian Journal of Psychiatry, 43(2), 203–209. https://doi.org/10.1590/1516-4446-2020-0870
Heo, W., Cho, S. H., & Lee, P. (2020). APR Financial Stress Scale: Development and validation of a multidimensional measurement. Journal of Financial Therapy, 11(1), 1–28.
Huber, S., & Huber, O. W. (2012). The Centrality of Religiosity Scale (CRS). Religions, 3(3), 710–724. https://doi.org/10.3390/rel3030710
Lutfi, Firdaus, D. G. R., Dwiyanti, E. A., & Renta, Y. D. (2022). The effect of materialism and financial knowledge on financial stress: The role of present fatalistic and marital status. Journal of Positive School Psychology, 11(3), 276–291.
Margasari, N., Andhini, M. M., & Bandara, R. A. S. (2024). Student financial well-being: Personal factors and financial behavior as antecedents of financial well-being. Journal of Ecohumanism, 20(2), 313–327.
Ningtyas, M. N., & Vania, A. (2022). Materialism, financial literacy, and online impulsive buying: A study on the post-millennial generation during the pandemic period. Jurnal Manajemen dan Kewirausahaan, 15(1), 1–12.
Pani, W. T., & Muat, S. (2025). Financial wellness of Generation Z: The influence of financial literacy, financial behavior, financial stress, religiosity, locus of control, and Fear of Missing Out (FoMO). Journal of Contemporary Accounting, 8(2), 195–205.
Pargament, K. I., Smith, B. W., Koenig, H. G., & Perez, L. (1998). Patterns of positive and negative religious coping with major life stressors. Journal for the Scientific Study of Religion, 37(4), 710–724.
Przybylski, A. K., Murayama, K., DeHaan, C. R., & Gladwell, V. (2013). Motivational, emotional, and behavioral correlates of fear of missing out. Computers in Human Behavior, 29(4), 1841–1848. https://doi.org/10.1016/j.chb.2013.02.014
Rafiah, A. D., Rohayati, N., & Pertiwi, A. (2025). Generation Z and doom spending: A predictor analysis of hedonic shopping motivation and Fear of Missing Out (FoMO) toward impulsive buying in the digital era. Journal of Consumer Behavior Studies, 10, 258–267.
Samosir, G., Pramono, C., & Ardian, N. (2026). The impact of TikTok social media usage, Fear of Missing Out (FoMO), and financial literacy on personal financial management among management students. Journal of Economics and Business, 6(2), 677–686.
Sari, N. S., Nurhaliza, S., Azizah, G. L., Maharani, N., Cathlya, T. E., & Sangapan, L. H. (2026). The influence of consumptive lifestyle, social media exposure, and self-control on financial stress in Generation Z. Journal of Social and Economic Studies, 14(1), 188–217.
Susanto, A. N. (2023). The relationship between Fear of Missing Out, impulsivity, stress, anxiety, and depression among crypto asset traders in Indonesia. Journal of Behavioral Science, 6, 93–98.
