Mapping Gen Z Vulnerability to Investment Scam Through Digital Literacy and Financial Literacy in the Digital Information Environment

Many members of Generation Z have been the subject of investment scams, and numerous documented instances have resulted in large financial losses. This preliminary study examines the structural factors that make Gen Z susceptible to internet investment scams. Grounded in an integrative framework that combines the Protection Motivation Theory (PMT) and Theory of Planned Behavior (TPB), the suggested research model is assessed in this study using a quantitative method and structural equation modeling via Partial Least Squares Structural Equation Modeling (PLS-SEM). In August 2026, a systematic online survey was used to gather data. A final sample of 87 respondents was obtained by applying a filtering procedure to the data. According to the path analysis, the study found that four hypotheses were supported, namely Financial Literacy to Investment Scam Awareness, Digital Literacy to Investment Scam Awareness, Financial Literacy to Victimization Propensity, and Perceived Trust to Investment Intention. However, the other four hypotheses remain unsupported, including Financial Literacy to Investment Intention, Investment Intention to Victimization Propensity, Perceived Risk to Investment Intention, and Perceived Trust to Perceived Risk. These results show a clear mismatch between Gen Z's cognitive awareness and behavioral vulnerability. Ironically, this also increases their reliance on exploitation despite their knowledge of financial literacy. This emphasizes that without psychological treatments and regulatory mechanisms, traditional education is inadequate. Future anti-fraud tactics will have an empirical basis due to this pilot mapping.