Analysis of Sharia Financial Literacy as A Fortress for Generation Z Against the Traps of Illegal Online Loans: A Systematic Literature Review
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Abstract
The development of financial technology, especially in the aspect of online lending, has expanded public access to financial services. However, on the other hand, this has also raised serious issues in the form of an increase in illegal online lending that traps the younger generation, especially Generation Z. This young group typically has minimal financial understanding, a tendency to engage in consumptive behavior, and is influenced by the fear of missing out (FOMO) phenomenon, which puts them at risk of being trapped in high-interest debt that is not in accordance with sharia principles. This study aims to analyze how Sharia financial literacy can serve as a moral and financial shield for Generation Z from the trap of illegal online loans. The approach taken was a Systematic Literature Review (SLR) of ten scientific articles published between 2021 and 2026, which were relevant to the financial behavior of Generation Z, online lending practices, and Islamic economic perspectives. The data was analyzed using content analysis methods, which included data reduction, data presentation, and conclusion drawing stages. The findings show that a hedonistic lifestyle, social influence, ease of access to technology, and low financial understanding and digital literacy are the main factors that cause Generation Z to fall into online loans. From an Islamic economics perspective, these illegal lending practices contain elements of usury, gharar, and injustice in the contracts and collection methods. Islamic financial literacy has been proven to serve as a preventive tool by instilling the values of qana'ah, self-control, and an understanding of muamalah law, thereby motivating the younger generation to be smarter in managing their finances and avoiding usury-based consumer debt.
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