Journal of Economics, Entrepreneurship, Management Business and Accounting, 2026, 4(2),1-25.
https://doi.org/10.61255/jeemba.v4i2.1027

“I'm Gen Z—Can I Buy a House?” The
Moderating Role of Sharia Risk Tolerance and
Islamic Financial Planning in Homeownership
Intention Models
Ni'ma Umar, Ahmad Syarief Iskandar, Ishak
State Islamic University of Palopo, Indonesia

ABSTRACT

ARTICLE INFO

Purpose – This study aims to investigate the impact of the reality of
the gig economy, especially income volatility and the intensity of
freelance work on the interest in home ownership among Generation
Z and analyze the role of Islamic financial literacy and Islamic risk
tolerance as protective mechanisms (moderation) amid economic
uncertainty.
Design/methodology/approach – Using a quantitative explanatory
approach, primary data were collected through questionnaires from
160 Generation Z respondents who work as freelancers (gig workers)
and are homeless, drawn through purposive sampling. The data were
then analyzed using the Partial Least Squares Structural Equation
Modeling (PLS-SEM) method using SmartPLS 4.0 software..
Finding/Results – The test results demonstrate that access to Islamic
financing, gig work intensity, housing affordability, Islamic financial
literacy, Islamic consumption orientation, and perceived job security
have a positive and significant influence on homeownership interest.
Conversely, income volatility has a very significant negative impact
on this interest. In terms of direct influence, Islamic financial planning
and Islamic risk tolerance do not have a significant effect.
Originality/Value – This research fills a gap in the literature
regarding barriers to home ownership for Gen Z gig workers, which
has often been overlooked in mainstream economic studies. Its
primary contribution lies in empirically testing Sharia Risk Tolerance
as a crucial moderating mechanism that effectively neutralizes the
negative impact of income volatility on long-term housing decisions.

Keywords:
Access to Financing,
Islamic Consumption
Orientation,
Gig Economy,
Sharia Risk Tolerance,
Income Volatility
Article Information:
Received: 19/01/2026
Revise: 15/04/2026
Accepted: 24/04/2026
ISSN:
2985-3168 (Online)
2985-3222 (Print)

___________

*Corresponding Author at:
State Islamic University of Palopo, Indonesia, Balandai, Kota Palopo, 91914 Indonesia.
E-mail address: nimau06@gmail.com (Ni'ma Umar)
The work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International (CC BY-SA 4.0)

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Journal of Economics, Entrepreneurship, Business Management and Accounting

Introduction
Homeownership has become a strategic pathway to advancing inclusive and sustainable
economic well-being, particularly for Generation Z, whose consumption patterns and work
environments are increasingly shaped by the gig economy (Napiórkowska-Baryła et al.,
2024). Beyond contributing to financial stability and long-term asset formation,
homeownership also supports the resilience, adaptability, and future-oriented independence
of Generation Z amidst job market uncertainty. While various economic, social, and
psychological factors influence Generation Z's property decisions, research consistently
emphasizes that financial literacy and access to financing play a central role in strengthening
their capacity and intention to own a home amidst income volatility (Huđek, 2024).
As a generation that grew up alongside technological advancements, Generation Z tends
to choose career paths with high flexibility, such as freelance work in the gig economy. While
this trend offers freedom, it also carries the consequence of high income uncertainty for these
young workers (Rajankar & Raut, 2026). This situation creates significant challenges related
to housing affordability, given that the intention to purchase a home is highly dependent on
how they manage financial risk and understand financing schemes. Therefore, selecting
Generation Z in Luwu Regency as research subjects will provide a strong theoretical
foundation for examining how Islamic consumption values and Sharia financial literacy
transform into interest in homeownership, from the perspective of economic resilience (Basid
& Atmaja, 2022).
Previous literature indicates that financial literacy positively impacts future planning and
investment orientation. However, explanations of how individuals with fluctuating incomes
can maintain their intention to own fixed assets remain limited, particularly within the
framework of Islamic economics, which prioritizes a balance between risk and blessings
(Roemanasari et al., 2022). The majority of previous research relies on the Theory of Planned
Behavior and Social Cognitive Theory (Bandura, 1991). While these two foundations are
crucial in analyzing individual intentions, their application to the property sector rarely
considers extreme income fluctuations or the role of spiritual values in dealing with risk (Yan
& Ming, 2024). Consequently, the function of Islamic risk tolerance to mitigate the negative
impact of salary uncertainty has not been fully addressed in existing theoretical explanations.
This gap hinders a comprehensive understanding of how Gen Z builds financial readiness
for homeownership amidst the freelance work trend (Diyah & Sholikha, 2025).
To bridge this research gap, this study applies an integrative theoretical framework
rooted in Islamic Consumption Theory and Sharia risk management principles (Amin et al.,
2014). Rather than focusing solely on macroeconomic variables, this approach is utilized to
clarify the pathway from perception to action, where Islamic values influence
homeownership intentions. Within this framework, Sharia risk tolerance is positioned as a
strategic psychological asset that acts as a moderator to neutralize the detrimental effects of
income instability on homebuying intentions. (Amin, 2020)
Furthermore, Islamic financial literacy and Islamic consumption orientation are defined as
micro-level knowledge assets that demonstrate the internalization of values in economic
decision-making. More than mere technical expertise, this literacy is a tangible manifestation
of intellectual capital that guides Gen Z when interacting with Islamic financial institutions
to achieve their goal of home ownership (Ekanagara et al., 2023).
Based on this perspective, this study aims to investigate the impact of the gig economy on
homeownership intentions, the role of Islamic financial literacy in encouraging these
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Journal of Economics, Entrepreneurship, Business Management and Accounting

intentions, and specifically analyze how Islamic Risk Tolerance functions as a moderating
mechanism that protects homeownership intentions from income fluctuation shocks
(Worthington & Marzuki, 2021).
Through examining these issues, this research is expected to make two essential
contributions. Theoretically, this study enriches the literature by conceptualizing sharia risk
tolerance as a psychological and economic buffer—an area with little empirical exploration
in property research. Practically, these findings will provide strategic insights for
policymakers and sharia banks in Luwu Regency to design more inclusive and user-friendly
home financing schemes for Gen Z freelancers, in line with the principles of sustainable
economic development.
Literature Review
Islamic Consumption Theory as a Foundation of Behavior
Consumption in Islamic economics is strongly based on the principle of maslahah
(holistic welfare), which integrates the fulfillment of physical material needs with spiritual
and moral aspects, fundamentally different from conventional economics, which focuses on
maximizing individual utility (Pusparini, 2023). Within the sharia paradigm, spending is
seen as an act of worship if done with the right intention, thus requiring a balance between
worldly satisfaction and the blessings of the hereafter (Hidayati, 2024). This orientation to the
principle of maslahah also ensures that economic activities do not cause harm or loss to
oneself or the social environment (Alisa et al., 2023).
The primary foundation of Muslim consumer behavior is the existence of strict moral
boundaries, particularly regarding the strict prohibition against israf (excessiveness) and
tabdzir (wastefulness) (Buri et al., 2024). Islamic law requires individuals to rationally
distinguish between essential needs (daruriyat) and mere desires driven by lust or social
prestige, in order to prevent the phenomenon of conspicuous consumption (Pusparini, 2023).
Through this approach, consumer behavior becomes much more moderate and responsible,
where spending allocation is always directed towards achieving genuine benefits without
sacrificing future financial stability or security (Munifatussaidah & Sulaeman, 2022).
Furthermore, the ethical behavior of Muslim consumers in making every economic
decision is strongly influenced by their level of religiosity, accountability, and conscious
intention to achieve falah, or comprehensive victory (Amin, 2025). This ethical behavior is
manifested in a strong preference for halal products and a reluctance to use institutions that
contain elements of riba, gharar, and maysir (Thamim et al., 2024). Internalization of these
sharia values directly builds consumer psychological resilience, where religious satisfaction
is achieved through adherence to religious rules, not simply from the accumulation of goods
(Amin, 2025).
However, in the contemporary digital era, the implementation of Islamic
consumption principles faces real challenges due to the massive culture of consumerism and
exposure to e-commerce, which triggers impulsive shopping tendencies among the younger
generation (Syalwa & Zulfadilla, 2024). Although the modern Muslim generation often has a
good basic understanding of Islamic consumption literacy and boundaries, they often
struggle to implement these boundaries amidst the temptations of digital lifestyle trends
(Syalwa & Zulfadilla, 2024). Therefore, strengthening Islamic economic literacy is crucial and
urgent to guide the younger generation to maintain rational thinking, moderate behavior,
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Journal of Economics, Entrepreneurship, Business Management and Accounting

and prioritize real needs in accordance with the main pillars of the maqasid sharia (Maqasid
Sharia) (Hidayati, 2024).
Sharia Risk Management as a Moderation Mechanism
Sharia Risk Management is a comprehensive strategic framework implemented by
Islamic financial institutions to identify, measure, and mitigate risks while adhering to the
principles of Sharia law (Liaqat et al., 2025). Unlike conventional systems that often transfer
risk, the Sharia approach emphasizes risk-sharing and prohibits speculative activities, which
in turn successfully creates more inclusive economic stability (Judijanto et al., 2024).
Disciplined risk management implementation is vital to maintaining institutional integrity
and maintaining stakeholder trust in riba-free financial services (Judijanto et al., 2024).
In situations fraught with income volatility, Sharia Risk Management effectively
functions as a moderating variable (a protective cushion) that protects both customers and
business actors from extreme economic shocks (The Moderating Role of Sharia Risk
Management, 2026). The use of a Profit and Loss Sharing (PLS) scheme shifts the burden of
losses, which is usually borne solely by the debtor, to a shared responsibility between the
fund provider and the customer (The Moderating Role of Sharia Risk Management, 2026).
This contractual protection mechanism has been proven to moderate customers' fears of
potential default, thus securing their intention to continue accessing financing amidst
fluctuations in household income (The Moderating Role of Sharia Risk Management, 2026).
The success of Sharia Risk Management as a moderating instrument also depends
heavily on sound Islamic corporate governance and proactive oversight by the Sharia
Supervisory Board (SSB) (Liaqat et al., 2025). The SSB is responsible for auditing and
ensuring that all financing activities and product innovations remain compliant with Sharia
principles, significantly reducing reputational and non-compliance risks (Sup et al., 2023).
Strong governance practices and effective SSB oversight have been shown not only to curb
institutional risk exposure but also to empirically moderate the relationship between market
risk and the strengthening of Islamic banking financial performance (Liaqat et al., 2025).
At the grassroots level, the effectiveness of the moderating function of these shariacompliant instruments is closely correlated with the level of sharia financial literacy
possessed by customers (Priyandono et al., 2025). When communities or micro-entrepreneurs
fully understand the essence of risk sharing in Islamic contracts, they will be much more
adept at utilizing sharia-compliant financing facilities to maintain their business resilience
(Priyandono et al., 2025). This strong synergy between compliant institutional risk
management and customer literacy capabilities ultimately creates a financial ecosystem that
is resilient in the face of economic uncertainty (Siagian & Kamilah, 2025).
Interest in Home Ownership
Interest in homeownership among the younger generation, particularly Generation Z,
is influenced by a complex constellation of factors encompassing economic, physical, sociocultural, and psychological preferences (Harun & Navitas, 2026). While homeownership has
historically been considered a benchmark for social status and success, today's digital
generation tends to assess the value of a home through the lens of lifestyle compatibility,
aesthetics, and flexibility (Harun & Navitas, 2026). This shift in perspective demonstrates
that the intention to purchase property is no longer purely a functional shelter, but also
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Journal of Economics, Entrepreneurship, Business Management and Accounting

includes considerations of personal space autonomy and long-term investment
diversification (Indraina et al., 2025).
From a behavioral science perspective, based on the Theory of Planned Behavior
(TPB), a person's intention to own a home is shaped by individual attitudes, subjective
norms from family or friends, and perceived behavioral control (Economic Annals, 2026).
Family pressure often emerges as a powerful social driver for young people in Asia to
pursue home-buying plans, even when they are aware of their financial limitations
(Economic Annals, 2026). However, pent-up financial anxiety and perceived macroeconomic
vulnerability can quickly undermine young people's self-efficacy, leading to delays or
cancellations of homeownership plans (Economic Annals, 2026).
Empirical evidence on the ground shows that economic turmoil and a tight labor
market have forced the Generation Z demographic to shift their strategies regarding
property ownership aspirations (KESQ, 2026). Many of this group now prioritize meeting
short-term financial goals or job security over being burdened by the intimidating bond of
decades-long mortgage debt (Mustapa et al., 2025). This series of conditions has given rise to
a logical decision, where the preference for continuing to rent a house or extending the
period of living with parents (co-residence) is taken as the safest option to maintain liquidity
from shocks (Mustapa et al., 2025).
Despite facing a series of significant structural barriers, the fundamental desire to
own a home independently has not completely faded among the younger generation
(Abidoye et al., 2021). Findings show that young people still believe property ownership is a
crucial pillar for building wealth, provided there is adequate financial intervention or direct
support from family assets (Urban Institute, 2026). In this context, the availability of flexible,
innovative financing models, such as rent-to-own schemes, is positioned as a highly relevant
bridge to fulfilling the aspirations and dreams of the younger generation to enter the formal
housing landscape (HAR.com, 2025).

Access to Sharia Financing
Widespread access to Islamic financing instruments has consistently proven to be a
crucial catalyst in facilitating home ownership without exposure to usury practices (Nazri &
Noh, 2024). The growing public interest in Islamic-based mortgages (KPR) stems from the
guaranteed certainty of installment amounts and the transparent implementation of fairness
in each transaction (Febriandika et al., 2024). Through Islamic financing, young people and
middle-class families can plan for long-term home ownership without the anxiety of sudden
fluctuations or spikes in market interest rates (Febriandika et al., 2024).
The operational mechanisms of Sharia mortgage products in banking institutions are
generally facilitated by a variety of contractual agreements, including Murabahah (margin
buying and selling), Istishna' (ordering), and Musyarakah Mutanaqisah (gradual ownership)
(Sup et al., 2023). Most consumers choose Murabahah financing due to its transparent pricing
and the advantage of flat installment fees from the first month until the end of the loan
period (Wulandari & Ubaidillah, 2024). Nevertheless, the Musyarakah Mutanaqisah scheme
is now considered by various parties as a superior alternative that can provide fairness in
sharing ownership risks in a real way and uphold the principle of empowerment (Naufal,
2025).
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Journal of Economics, Entrepreneurship, Business Management and Accounting

A customer's interest or likelihood of utilizing Islamic financing is consistently driven
by their level of religiosity, perceived service adequacy, and perceived reasonable pricing
(Mohamad & Basah, 2022). A bank's operational compliance with Islamic law is a nonnegotiable prerequisite that directly resonates with consumers' inner satisfaction (religious
satisfaction), who desire peace of mind from financial pitfalls that violate divine law (Juisin
et al., 2023). When Islamic banks successfully disseminate the values of operational honesty,
millennials' intention to participate and apply for Islamic home ownership loans will
undoubtedly increase positively (Wulandari & Ubaidillah, 2024).
Persistent challenges in expanding the reach of Islamic financing often stem from
internal bank administrative regulations that potentially marginalize blue-collar workers or
entrepreneurs in the volatile informal sector (Priyandono et al., 2025). A policy reform of
subsidized Islamic mortgage products, incorporating far more inclusive creditworthiness
verification criteria, is needed to align with the capabilities of micro-entrepreneurs and gig
workers (Abdurrahman et al., 2024). To complement this, Islamic financial literacy
campaigns need to be intensified so that ordinary people can optimally seize financing
opportunities and maintain the health of their family balance sheets from the burden of
destructive debt (Priyandono et al., 2025).
Gig Work Intensity
The development of computing technology and the proliferation of global digital
platforms have revolutionized the construction of the job market, giving rise to a gig
economy system that relies on temporary contracts and flexible daily assignments (Wanjiru,
2025). Generation Z's involvement in this freelance economy spans from online
transportation drivers to digital content creators, largely drawn by the illusion of freedom to
set working hours compared to traditional work routines (MDPI, 2024). For a large number
of young people in developing countries who are not absorbed by the formal workforce, the
volume or intensity of their gig work has been forcibly transformed into a dominant
livelihood simply to survive (Wanjiru, 2025).
However, despite the alluring rhetoric of independence, the high intensity of gig
work has been shown to linearly create acute financial vulnerability (Brugger et al., 2025).
Individuals who finance their lives almost exclusively through gig work face severe income
volatility, where day-to-day order fluctuations eliminate the opportunity for strategic
financial planning (Brugger et al., 2025). Investigations of transaction records show that dual
gig workers who mix freelance income sources tend to drastically economize by reducing
health and entertainment expenses in order to survive (Tsai & Buell, 2025).
The high intensity of freelance work directly exposes young people to a reality where
social security and job security are completely eliminated from their lives (Daud et al., 2024).
Through the unilateral classification of digital platforms, which label them not as official
employees but merely as third-party contractors, gig workers are denied access to insurance
schemes, pension savings, and unemployment benefits (Wanjiru, 2025). Manipulation of the
system by corporate algorithms makes their income uncertain, forcing them to compete
aggressively with each other without a viable bargaining union (Wanjiru, 2025).
In the property sector, the sharp combination of income volatility and minimal
protection creates a paradox for gig workers when seeking housing loans (The Impact of Gig
Work Intensity, 2026). Current underwriting algorithmic infrastructure consistently
identifies gig workers' volatile income profiles as high risk, ultimately undermining their
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Journal of Economics, Entrepreneurship, Business Management and Accounting

creditworthiness in the eyes of banks (The Impact of Gig Work Intensity, 2026). This
confirms that without innovation in banking product structures or a willingness to
comprehensively understand the patterns of the gig economy, these high-intensity
freelancers will forever be trapped in a lack of permanent assets (Tsai & Buell, 2025).
Housing Affordability
The housing affordability crisis has become the epicenter of global socioeconomic
problems, weighing disproportionately on the shoulders of young adults (Abidoye et al.,
2021). Post-pandemic dynamics, material inflation, and the scarcity of remaining urban land
have resulted in house prices skyrocketing out of control, creating a barrier to entry that is
nearly impassable for young workers just starting out (Mustapa et al., 2025). The
disproportionate ratio of property asset prices to income has crystallized skepticism in the
minds of many young people about the extent to which they can truly settle down (KESQ,
2026).
The core of this market dysfunction stems from the widening gap between rising
housing prices and stagnant employee wage growth and the deflation of the real value of
money (Mustapa et al., 2025). The high down payment and monthly installment
requirements imposed by lenders severely deplete the purchasing power of today's
generation, forcing Gen Z into a cost-of-living trap far more oppressive than their
grandparents ever witnessed (HAR.com, 2025). Consequently, the younger generation is
forced to lower their expectations, both in terms of building size, area accessibility, and the
decision to postpone household purchases in order to accommodate the high cost of space
(Mustapa et al., 2025).
As a result of this housing affordability crisis, there has been a massive shift in
preferences among Gen Z, who are now reluctantly adopting the trend of renting miniapartments in groups or co-living spaces (Indraina et al., 2025). Renting, while sometimes
viewed with disdain, offers the prospect of a break from lifelong debt while allowing for the
flexibility to migrate across cities at any time to pursue job opportunities (Harun & Navitas,
2026). The displacement of working-class residents from city centers has also led them to
establish new settlements in second-tier suburbs, where prices are slightly more favorable
(HAR.com, 2025).
Addressing this property shortage crisis requires a multi-layered and bold policy
initiative from all government entities, the banking system, and developer authorities
(Abidoye et al., 2021). Programs to create sub-market housing projects, rationalize land
zoning regulations, and intervene to curb manipulative land brokers are primary priorities to
neutralize asset inflation and safeguard the livelihoods of working people (Mustapa et al.,
2025). The creation of vertical housing areas and the initiation of affordable housing
developments closely linked to public transportation infrastructure are considered highly
effective in addressing the housing concerns of modern urban youth (Bedi, 2025).
Sharia Financial Literacy
Sharia financial literacy is conceptualized as an individual's comprehensive ability to
use knowledge, skills, and attitudes to manage their financial resources strictly according to
sharia principles (Yuslem et al., 2023). Unlike conventional financial literacy, which focuses
solely on efficiency and wealth maximization, sharia literacy integrates moral accountability,
an understanding of Islamic contracts (akad), and absolute avoidance of riba, gharar, and
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Journal of Economics, Entrepreneurship, Business Management and Accounting

maysir (Priyandono et al., 2025). Mastery of this literacy is religiously obligatory because it
directly impacts one's ability to achieve falah (true success) that balances material well-being
in this world with spiritual rewards in the afterlife (Yuslem et al., 2023).
For Generation Z, the process of internalizing Islamic financial literacy is closely
linked to the penetration of digital technology, with social media and fintech platforms
serving as both primary educational channels and significant challenges (Fathania &
Anindya, 2025). Although this generation is highly adept at using digital ecosystems, they
often face difficulties in verifying the credibility of asymmetrically distributed financial
information, making structured education essential for developing prudent financial
behavior (Nugraha & Sutrisno, 2024). Strong digital and Islamic financial literacy has been
shown to protect the younger generation from the pitfalls of destructive behavior, enabling
them to plan asset allocation more responsibly and curb consumerism (Fathania & Anindya,
2025; Nugraha & Sutrisno, 2024).
Empirically, a solid understanding of Islamic financial literacy significantly boosts
individuals' intentions to save, invest, and use Islamic banking services through online
platforms (Fathania & Anindya, 2025). Generation Z's decision to participate in the Islamic
financial ecosystem is not solely driven by profit-making but is strongly influenced by their
level of self-efficacy and belief that the product aligns with religious values (Asriyani &
Johan, 2023). Therefore, enhancing Islamic-based financial education is an essential pillar for
transforming cognitive knowledge into concrete financial actions, such as the intention to
own long-term assets (Fathania & Anindya, 2025; Asriyani & Johan, 2023).
In the context of macroeconomic instability or the gig economy, Islamic financial
literacy crucially operates as a cognitive moderator, enabling individuals—both freelancers
and MSMEs—to effectively utilize financial protection instruments (Priyandono et al., 2025).
When individuals understand the essence of risk-sharing contracts, they become more
resilient to the threat of income volatility and are able to transform financial panic into a
resilience strategy (Dewi & Ferdian, 2021). This in-depth understanding ensures that Islamic
financial literacy acts as a shield, keeping the desire for homeownership alive despite
economic pressures and limitations (Priyandono et al., 2025; Dewi & Ferdian, 2021).
Islamic Consumption Orientation
The Islamic consumption orientation is based on the fundamental principle of
maslahah (holistic welfare), which sharply distinguishes it from the neoclassical approach
that centers on the assumption of social rationality and the unlimited pursuit of material
desires (Rahmawati, 2025). In the sharia paradigm, the act of spending wealth is not only
evaluated based on physical utility, but must also meet ethical criteria that ensure that
consumption brings physical, spiritual, and intellectual good (Alisa et al., 2023). This
orientation requires a strict harmony between the fulfillment of worldly desires and moral
responsibility so that consumption activities are in line with the maqasid sharia (objectives of
sharia) (Rahmawati, 2025; Alisa et al., 2023).
To control the urge to consume, Islamic orientation operates within a highly
disciplined hierarchy of needs, divided into dharuriyat (primary/essential), hajiyat
(secondary/supplemental), and tahsiniyat (tertiary/aesthetic) (Pusparini, 2023). Adherence to
this hierarchy serves as a strategic compass for young households and Generation Z to curb
aggressive consumerism, particularly in avoiding conspicuous consumption (Pusparini,
2023). By prioritizing the fulfillment of dharuriyat needs over the temptations of a tahsiniyat
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Journal of Economics, Entrepreneurship, Business Management and Accounting

lifestyle, Muslim consumers are able to build solid financial resilience to plan for long-term
home ownership (Hidayati, 2024; Pusparini, 2023).
One of the most essential attributes of Islamic consumer behavior is the absolute
prohibition against israf (excess), tabdzir (waste), and involvement in gharar (uncertainty) in
every economic transaction (Sahnan et al., 2023). Amidst the temptations of e-commerce
algorithms and the digital culture of instant shopping, internalizing these moral boundaries
is a vital psychological defense mechanism for the younger generation (Rahmawati, 2025).
Consumption practices based on these values of moderation have been proven to effectively
curb impulsive spending, which is often a major trigger for financial bankruptcy in young
people (Sahnan et al., 2023; Rahmawati, 2025).
Furthermore, an Islamic consumption orientation inherently embodies an obligation
of social responsibility, manifested through the allocation of a portion of one's wealth for
sharing and promoting economic justice (Hidayati, 2024). Consumers with a strong Sharia
orientation will tend to divert their purchasing power to support the halal industry, local
MSMEs, and ensure the smooth distribution of wealth without exploiting others
(Rahmawati, 2025). Through this mechanism, household consumption activities transform
into a catalyst for sustainable economic development while securing the blessings of their
assets (Hidayati, 2024; Rahmawati, 2025).
Job Security Perception
Perceived job security represents a worker's subjective assessment of the stability,
continuity, and certainty of their future career and income (Aguda & Ebohon, 2021). For
Generation Z, who entered the labor market amidst the massive transition to a platformbased economy, this perception of job security has drastically eroded, giving rise to the term
"lockdown generation," forced to live with persistent vulnerability (The Impact of Gig Work
Intensity, 2026). The dynamics of short-term contracts and the absence of traditional
protections make it difficult for young people to project the economic stability necessary to
plan for the future (Mustapa et al., 2025; The Impact of Gig Work Intensity, 2026).
Psychosocially, low perceptions of job security fundamentally undermine an
individual's capacity to execute large-scale financial plans, such as taking out a home loan
(Mustapa et al., 2025). Faced with algorithmic management and a lack of welfare guarantees,
young workers suffer from acute financial anxiety that degrades "perceived behavioral
control" within the theory of planned behavior (The Impact of Gig Work Intensity, 2026).
This psychological pressure makes them hesitant and afraid to commit to decades-long debt
commitments, triggering a shift in preference toward renting (Mustapa et al., 2025; Aguda &
Ebohon, 2021).
There is a clear paradox within the flexibility claimed by the gig economy model: the
freedom of time is actually paid for by soaring job insecurity and workload exploitation
(Wanjiru, 2025). The sharply fluctuating dynamics of market demand and competition
among freelancers make it difficult for them to predict the continuity of daily and monthly
tasks (The Impact of Gig Work Intensity, 2026). This uncertainty about job continuity not
only contributes to chronic stress but also hinders their opportunities to advance to the level
of asset stability (Wanjiru, 2025; The Impact of Gig Work Intensity, 2026).
A further impact of fragile job security is the limited access of young people to formal
credit facilities from traditional financial institutions (Mustapa et al., 2025). Banking
eligibility assessment systems strongly require a stable employment record, so gig workers
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Journal of Economics, Entrepreneurship, Business Management and Accounting

are automatically identified as high-risk customers for default (The Impact of Gig Work
Intensity, 2026). A logical consequence of this structural situation is the massive delay in
achieving life milestones for young people, with aspirations of home ownership being
postponed indefinitely (Mustapa et al., 2025; Wanjiru, 2025).
Income Volatility
Income volatility, defined as sharp and unpredictable fluctuations in income from
month to month, has become a central characteristic defining the reality of the gig economy
(Daud et al., 2024). For Generation Z freelancers who finance their lives exclusively through
digital platforms, increased freelance work intensity is linearly correlated with higher
dispersion and instability of cash receipts (Tsai & Buell, 2025). This unpredictable situation
eliminates the secure liquidity space traditionally needed by households to develop savings
strategies and meet the requirements for property purchases (Daud et al., 2024; Tsai & Buell,
2025).
This shock of income instability has triggered a structural phenomenon known as the
Gen-Z Credit Paradox (The Gen-Z Credit Paradox, 2026). Banking institutions' underwriting
algorithms interpret fluctuations in freelancers' income as signals of poor credit risk, leading
to extremely high mortgage application rejection rates (The Impact of Gig Work Intensity,
2026). This paradox occurs because credit stability is required as a primary prerequisite for
accessing housing, even though housing itself is a fundamental asset young people need to
secure their livelihoods amidst a volatile labor market (The Gen-Z Credit Paradox, 2026; The
Impact of Gig Work Intensity, 2026).
A high level of dependence on volatile income is directly correlated with daily
financial hardship, manifested in difficulty paying essential bills, a minimal emergency fund,
and a focus on spending on basic necessities (Tsai & Buell, 2025). To bridge cash flow gaps
during slow periods, Generation Z is often driven to use alternative financial services with
high interest rates (Daud et al., 2024). Unfortunately, workers' reliance on short-term debt
further exposes them to the risk of bankruptcy, which cripples their ability to save for a
mortgage down payment (Tsai & Buell, 2025; Daud et al., 2024).
To mitigate the extreme pressures of income volatility, the implementation of Islamic
risk tolerance and protection governance can act as a significant moderator of behavior
(Judijanto et al., 2024). Muslim consumers who understand and trust profit-and-loss sharing
contracts have been shown to be more able to mitigate panic over income fluctuations, as
they know that Islamic financial institutions bear the risk burden fairly (Liaqat et al., 2025).
This usury-free financing instrument provides Gen Z with the rational courage to continue
planning to purchase a home without fear of losing all assets when income declines
(Judijanto et al., 2024; Liaqat et al., 2025).
Islamic Financial Planning
Islamic financial planning is a comprehensive wealth management framework that
synergizes individual cash flow management with spiritual goals enshrined in the maqasid
sharia (Pusparini, 2023). This concept transcends conventional financial planning paradigms
by requiring integration between optimizing investment portfolios for a sustainable life in
this world and achieving rewards in the afterlife (Sevriana et al., 2022). Essential parameters
in this planning require that every asset allocation and household consumption be subject to
10

Journal of Economics, Entrepreneurship, Business Management and Accounting

the obligation of zakat distribution, the rejection of interest (riba), and the prioritization of
long-term economic resilience (Sevriana et al., 2022; Pusparini, 2023).
In navigating a volatile macroeconomic landscape, Islamic financial planning
encourages young people to adopt ethical and socially impactful investment schemes
(Judijanto et al., 2024). Generation Z's growing interest in value-based and sustainable
investment indicators has found a platform highly compatible with Sharia principles, such as
Sharia-compliant mutual funds or project funding through Islamic fintech crowdfunding
(Nugraha & Sutrisno, 2024). This alignment fosters a culture of precision planning, where
major goals, such as home ownership, can be gradually achieved through the accumulation
of wealth net of speculative activity (Nugraha & Sutrisno, 2024; Judijanto et al., 2024).
Another critical component of Islamic financial planning is the establishment of a
financial safety net through a mutual protection mechanism, namely sharia insurance or
takaful (Liaqat et al., 2025). By implementing a risk-sharing scheme rather than commercial
risk transfer practices, takaful ensures that young families or freelancers have a liquidity
cushion in the event of a sudden crisis, such as job loss or health disaster (Priyandono et al.,
2025). This ethical protection has been shown to insulate primary savings from bankruptcy,
ensuring that the younger generation's desire to secure a home is not hampered (Liaqat et al.,
2025; Priyandono et al., 2025).
In today's era, the effectiveness of Islamic financial planning implementation depends
heavily on how well institutions integrate technological innovations to target digital native
profiles (Fathania & Anindya, 2025). The combination of strong financial literacy with
flexible digital tools—such as budget tracking apps or automated investment advisors (roboadvisors)—enables gig workers to smooth out irregular cash flows into consistent microsavings strategies (Bridging Generational Wealth Gaps, 2025). The adaptation of digital
financial reporting tools is believed to be a crucial bridge to realizing Generation Z's asset
ownership aspirations amidst today's fierce property competition (Fathania & Anindya,
2025; Bridging Generational Wealth Gaps, 2025).
Research Hypothesis
Based on the synthesis of theory and previous research results that have been
described above, the development of this research hypothesis is proposed as follows:
H1
: Access to financing influences interest in home ownership
H2
: The intensity of freelance work influences interest in home ownership
H3
: Housing affordability influences ownership interest
House
H4
: Sharia financial literacy has an impact oninterest in home ownership
H5
: Islamic consumption orientation has an impact oninterest in home
ownership
H6
: Islamic financial planning influences ownership interest
House
H7
: Perception of job security has an impact oninterest in home ownership
H8
: Sharia risk tolerance has an impact oninterest in home ownership
H9
: Income volatility has an impact oninterest in home ownership
H10 : Islamic financial planning moderates the relationship between Islamic
financial literacy and Withinterest in home ownership
H11 :Sharia risk tolerance moderates the relationship between income volatility
11

Journal of Economics, Entrepreneurship, Business Management and Accounting

and With interest in home ownership
Methodology
Research Approach
This study uses a quantitative approach with an explanatory (correlational) design to
empirically test causal relationships between variables. A quantitative approach is highly
relevant because it allows researchers to measure social phenomena and individual behavior,
such as financial decisions and homeownership intentions, in a structured manner using
standardized instruments and objective statistical analysis (Creswell & Plano Clark, 2023).
This design focuses on hypothesis testing to explain how independent variables influence
dependent variables, as well as how these relationships are strengthened or weakened by
moderating variables in the context of Generation Z (Sujarweni, 2015).
Instrument Measurement
The main instrument used in data collection was a closed-ended questionnaire with a
Likert scale of 1 to 5, which represents the level of respondent agreement from "strongly
disagree" (1) to "strongly agree" (5) (Fathania & Anindya, 2025). This questionnaire is divided
into a demographic profile section and a core variable measurement section adopted and
modified from several previous literatures to be relevant to the context of gig economy
workers and Islamic financial governance.
Details of the operational definitions and indicators of each variable are presented in
Table 1 below:
Table 1. Indicators and Measurement Instruments of Variables
No
Variables
Indicators / Operational Definitions
Reference Source
1. Uncertain fluctuations in
income every month
Gig Work Intensity /
2. Perception of vulnerability to
1
Income Volatility
Daud et al. (2024)
job stability
(Independent)
3. Lack of social security or job
security
1. Personal attitude to owning
your own home
Home Ownership
2. Family/social incentives for
Abidoye et al.
2
Interest (Dependent)
property asset ownership
(2020)
3. Perception of financial control
over housing purchase costs
1. Understanding the risk sharing
scheme (profit and loss
sharing)
Sharia Risk Tolerance &
2. Psychological peace of mind
Akbar (2021);
3
Risk Management
over interest-free (riba)
Firdaus (2023)
(Moderation)
contracts
3. Preference for sharia-based
protection instruments
4
Sharia Financial Literacy
1. Knowledge of Islamic banking
Fathania &
12

Journal of Economics, Entrepreneurship, Business Management and Accounting

No

Variables
(Independent/Controlled)

Indicators / Operational Definitions
products and services
2. Understanding of sharia-based
risks and benefits
3. Ability to plan finances in an
Islamic manner

Reference Source
Anindya (2025);
Safryani et al.
(2020)

Data Collection and Samples
The target population in this study focused on Generation Z individuals involved in
the gig economy and currently without private homes. The sampling technique used a nonprobability sampling method, specifically purposive sampling, to ensure that the
respondents specifically met the inclusion criteria regarding age limits and fluctuating
income sources (Mertha Jaya, 2020).Combining intended sampling and snowball sampling.
The sample size for this study was calculated to be 180 to 200 samples, which was
determined by applying the 10-fold rule and power analysis to ensure data stability and to
confirm the feasibility of testing for mediation and moderation effects in structural
modeling..
Data collection for this study was primarily conducted by collecting data directly
from the target population, which consists of Generation Z or Gen Z, aged between 18 and 28
years, who live in Luwu Regency and are actively working in Indonesia's gig economy
sector.Primary data collection was conducted through an online survey method utilizing a
digital form platform (Google Forms) which was distributed in a targeted manner through
various social media networks to achieve wider and more efficient participation from
Generation Z (Fathania & Anindya, 2025).
Data analysis
The data analysis in this study used the Partial Least Squares Structural Equation
Modeling (PLS-SEM) method with the help of SmartPLS software. The PLS-SEM approach
was chosen because of its very robust ability to model complex structural relationships, and
is also most recommended for testing model frameworks involving interaction effects of
moderating variables (Hair et al., 2019; Hamid & Anwar, 2019). Modeling evaluation was
carried out through two systematic stages: first, testing the measurement model (outer
model) to ensure convergent validity, discriminant validity, and the level of instrument
reliability through Cronbach's Alpha and composite reliability tests; and second, evaluating
the structural model (inner model) to assess predictive power (R-Square) and the significance
of the causal hypothesis relationship between variables through a bootstrapping process
(Purwanto & Sudargini, 2021).

13

Journal of Economics, Entrepreneurship, Business Management and Accounting

Results and Discussion
Respondent Characteristics
The characteristics of the respondents in this study provide a comprehensive overview of
the profile of Generation Z involved in the gig economy in Luwu Regency. In general,
respondents were predominantly individuals of early productive age who were in the
transition phase toward financial independence. The majority of respondents still lived with
their parents or rented accommodation, indicating that home ownership remains a
significant challenge.
In terms of employment, respondents were spread across various gig economy sectors,
with a predominance of digital platform-based jobs, such as online drivers/couriers and ecommerce players. This aligns with the flexible yet highly uncertain nature of the gig
economy. This is reinforced by the income distribution, which predominantly falls within the
lower-middle class.
Furthermore, most respondents had 1–3 years of freelance experience, indicating a
familiarity with the dynamics of income volatility. In terms of education, the majority of
respondents had secondary to higher education, which theoretically supports their ability to
understand financial literacy, including Islamic finance. Meanwhile, the predominance of
unmarried respondents indicates that their motivation for homeownership is more
anticipatory and oriented toward future planning than immediate family needs.
Table 2 Respondent Characteristics
Characteristics

Category

Frequency

Percentage (%)

18–21 Years

56

35.0

22–25 Years

68

42.5

26–28 Years

36

22.5

Living with Parents/Family

68

42.5

Renting/Boarding/Contracting

63

39.4

Hitchhiking/Other

29

18.1

Online Driver/Courier

42

26.3

Online Merchant/Affiliate

36

22.5

Main Types of

Casual Worker

32

20.0

Freelance Jobs

Creative/Digital Workers

30

18.8

20

12.5

< Rp. 1,500,000

29

18.1

Rp. 1,500,000 – Rp. 3,000,000

57

35.6

Rp. 3,000,001 – Rp. 5,000,000

54

33.8

> Rp. 5,000,000

20

12.5

Length of Time

< 1 Year

37

23.1

Working in the

13 years old

83

51.9

Gig Economy

> 3 Years

40

25.0

Age

Residential Status

Freelance Professional
Services

Monthly Income

14

Journal of Economics, Entrepreneurship, Business Management and Accounting

High School/Vocational

56

35.0

Diploma

31

19.4

Bachelor degree)

60

37.5

Postgraduate

13

8.1

Not married yet

121

75.6

Marry

39

24.4

School
Last education

Marital status

Source: Author's Analysis, (2026)
Table 3. Measurement (Outer) Model Calculation
Construct
Access to
Financing

Gig Work
Intensity
Housing
Affordability
Sharia Financial
Literacy
Interest in
Home
Ownership
Islamic
Consumption
Orientation
Islamic
Financial
Planning
Job Security
Perception
Sharia Risk
Tolerance
Income
Volatility

Item

Loading

APS 1
APS 2
APS 3
IGW1
IGW2
IGW3
KJP1
KJP2
KJP3
LKS1
LKS2
LKS3
MKR1
MKR2
MKR3
OKI1
OIC2
OKI3
PKI1
PKI2
PKI3
PKK1
PKK2
PKK3
TRS1
TRS2
TRS3
VP1
VP2
VP3

0.949
0.942
0.941
0.957
0.949
0.944
0.947
0.946
0.930
0.940
0.944
0.932
0.959
0.953
0.964
0.964
0.953
0.956
0.950
0.928
0.939
0.924
0.939
0.945
0.944
0.953
0.921
0.936
0.958
0.961

Source: Author's Analysis, (2026)
15

𝜶
(≥ 𝟎. 𝟕)

CR
(≥ 𝟎. 𝟕)

AVE
(≥ 𝟎. 𝟕)

0.939

0.961

0.891

0.946

0.965

0.903

0.936

0.959

0.886

0.933

0.957

0.881

0.956

0.972

0.919

0.955

0.971

0.917

0.933

0.957

0.881

0.930

0.955

0.877

0.934

0.958

0.883

0.948

0.966

0.906

Journal of Economics, Entrepreneurship, Business Management and Accounting
Note: APS: Access to Financing, IGW: Gig Work Intensity, KJP: Housing Affordability, LKS: Sharia Financial
Literacy, MKR: Home Ownership Interest, OKI: Islamic Consumption Orientation, PKI: Islamic Financial
Planning, PKK: Job Security Perception, TRS: Sharia Risk Tolerance, VP: Income Volatility

Outer and Inner Assessment Model
Before conducting the hypothesis test, this study first tested the validity and
reliability of the instrument. Based on the data test results, all variables obtained satisfactory
convergent validity values and produced a measurement model that met SEM PLS standards
(see Table 3).The results in Table 4 show that all indicators have good loading factor
reliability. The composite reliability (CR) value has high internal consistency. Furthermore,
the AVE values for all constructs exceed the minimum threshold of 0.50, proving that each
construct meets the convergent validity criteria.
Table 4. Discriminant validity
Variable
APS IGW
KJP
s
APS
0.944
IGW
0.275
0.950
KJP
0.163
0.091
0.941
LKS
0.158
0.242
0.145
MKR
0.492
0.446
0.374
OKI
0.168
0.129
0.171
PKI
0.240
0.726
0.146
PKK
0.207
0.122
0.159
TRS
0.310
0.251
0.146
VP
0.082
0.162
0.148
Source: Author's Analysis, (2026)

LKS

0.939
0.542
0.262
0.711
0.130
0.227
0.088

MKR

OKI

PKI

PKK

TRS

VP

0.959
0.347
0.557
0.333
0.212
-0.133

0.958
0.225
0.149
0.180
0.073

0.939
0.133
0.300
0.167

0.936
-0.004
0.154

0.940
0.067 0.952

Note: APS: Access to Financing, IGW: Gig Work Intensity, KJP: Housing Affordability, LKS: Sharia Financial
Literacy, MKR: Home Ownership Interest, OKI: Islamic Consumption Orientation, PKI: Islamic Financial
Planning, PKK: Job Security Perception, TRS: Sharia Risk Tolerance, VP: Income Volatility

Table 5. Summary of Test Results
Hypothesis
Relationship
H1
APS -> MKR
H2
IGW -> MKR
H3
KJP -> MKR
H4
LKS -> MKR
H5
OKI -> MKR
H6
PKI -> MKR
H7
PKK -> MKR
H8
TRS -> MKR
H9
VP -> MKR
PKI x LKS ->
H10
MKR
H11
TRS x VP ->

Coefficient
0.292
0.242
0.273
0.333
0.123
0.056
0.153
-0.035
-0.355

T-statistic
6,384
4,210
6,138
5,104
3,255
0.657
3,861
0.678
5,596

P-values
0,000
0,000
0,000
0,000
0.001
0.511
0,000
0.498
0,000

0.041
0.418

1,253
6,188

0.210
0,000

16

Decision
Accepted
Accepted
Accepted
Accepted
Accepted
Rejected
Accepted
Rejected
Accepted
Rejected
Accepted

Journal of Economics, Entrepreneurship, Business Management and Accounting

MKR
Source: Author's Analysis, (2026)
Note: APS: Access to Financing, IGW: Gig Work Intensity, KJP: Housing Affordability, LKS: Sharia Financial
Literacy, MKR: Home Ownership Interest, OKI: Islamic Consumption Orientation, PKI: Islamic Financial
Planning, PKK: Job Security Perception, TRS: Sharia Risk Tolerance, VP: Income Volatility

Discussions
The results of the first hypothesis test indicate that access to Sharia financing has a
positive and significant impact on homeownership. Ease of access to Sharia financing
significantly encourages people to meet their primary needs without worrying about the
burdens of conventional systems (Chrisna, 2020). This fair and transparent transaction
system provides psychological peace of mind for prospective homebuyers (Syathori et al.,
2023). Fair accessibility, in turn, removes the stigma of administrative complexity among
freelancers (Harahap, 2024).
The availability of sharia-compliant products has been proven to overcome the initial
funding constraints often experienced by the younger generation (Arisa, 2020). Clear
contractual arrangements guarantee certainty regarding installment amounts, significantly
assisting customers in planning their cash flow (Gupron & Yandi, 2022). This procedural
clarity ultimately increases consumer willingness to take on debt (Yawarman, 2020).
Intensive access and literacy awareness campaigns accelerate consumer decision-making
regarding property assets (Febriandika et al., 2024). Affordable physical and digital access by
financial institutions minimizes distance barriers for highly mobile workers (Kennedy et al.,
2020). This integrated convenience transforms housing needs into credit demand (Paramitha,
2021). These findings align closely with previous research indicating that sharia-compliant
credit facilities are beginning to dominate millennials' interests (Amriani et al., 2023). Other
empirical research findings consistently confirm that ease of access is directly proportional to
the distribution of housing finance (Nurdiani, 2020). This consistency reinforces the postulate
that inclusive access is the foundation of the property market (Sugiarti, 2023).
The second hypothesis confirms that the intensity of gig work has a positive and
significant influence on homeownership interest. Empirically, the intensity of freelance work
reflects the high volume of tasks performed by workers to maximize income (Wibowo, 2020).
Faster capital accumulation from this intensity makes it easier for workers to reach the safe
limit for down payments (Sastri et al., 2017). Self-managed work hours provide flexibility to
continue pursuing funding targets (Sylvia & Sitio, 2023). Workers with high productivity
hours have been shown to be able to cover daily wage gaps due to the lack of a fixed salary
(Yuniarti & Suprianto, 2014). This increase in work hours also provides individuals with
extra confidence when projecting their financial strength (Ramadani, 2020). Therefore, the
increase in intensity is directly proportional to the courage to apply for installments (Djuwita
& Yusuf, 2018). Diversifying work across various online platforms also serves to compensate
for the risk of failure of a single project (Darma, 2021). Maintaining cash flow stability
through this method has successfully fostered economic resilience among young people
17

Journal of Economics, Entrepreneurship, Business Management and Accounting

(Nasrulloh, 2022). This resilience ultimately motivates them to move on to asset purchases
(Purwanto & Sudargini, 2021).
The findings of this study reinforce previous findings regarding a strong work ethic
in the flexible economy sector (Darmawan & Muttaqin, 2023). Previous research has also
demonstrated that long working hours have a significant positive impact on the well-being
of informal workers (Prakoso & Anggraeni, 2023). The similarity of these facts highlights that
dedicated time is a key asset for non-contractual professions (Lubis, 2024). Analysis of the
third hypothesis validates that housing affordability has a positive and significant effect on
homeownership interest. The analysis output shows a path coefficient value of 0.273. This
relationship is confirmed by a t-statistic value of 6.138 (>1.96) and a perfect p-value of 0.000
(<0.05).
The affordability of a house's nominal price is an absolute factor determining whether
someone is interested in purchasing property (Febriani, 2019). The large gap between real
estate prices and monthly wages often forces younger generations to abandon their
purchasing decisions (Han, 2024). This adjustment in the property supply balance is
essentially what triggers purchasing behavior (Hilmiyatus Syamsiah et al., 2022). The
availability of housing through subsidized programs clearly plays a crucial role in saving the
entry-level workforce (Napiórkowska-Baryła et al., 2024). Low down payment schemes
directly break down the financial barriers that limit millennials (Gregory & Bloodworth,
2023).

This

mathematical

reality

always

precedes

subjective

buyer

preferences

(Adhitiawarman, 2025). Minimalist housing design policies can provide a variety of realistic
options for Generation Z's budget constraints (Indah & Wardono, 2021). Flexible installment
payments prevent late purchases for young families (Khasanah & Mustof, 2022). This balance
of price and amenities stimulates consumers' psychological urge to apply for credit
immediately (Marliani, 2022).
The results of the fourth hypothesis test revealed that Islamic financial literacy has a
positive and significant impact. A conceptual understanding of banking equips individuals
with the rationality to choose safe housing financing (Sugiarti, 2023). Good Islamic literacy
keeps consumers away from transactions containing high levels of gharar (Viana et al., 2022).
This cognitive resilience enables individuals to systematically examine the complexities of
credit contracts (Gunawan, 2022). This financial knowledge transforms passive theological
beliefs into highly applicable economic drivers (Pratama & Nisa, 2024). This capacity is
crucial for developing future financial commitment strategies (Nasution, 2020). Literate
consumers are no longer trapped in investment doubts (Hayyinun, 2020).
Customers with a comprehensive understanding have a high level of confidence in
utilizing various banking facilities (Amriani et al., 2023). This education fundamentally
eliminates the information asymmetry bias between banks and buyers (Yulianto, 2018). This
knowledge acquisition confirms the genuine intentions of prospective property mortgage
applicants (Wulandari, 2019). The empirical conclusions of this study align with various
previous studies on banking behavior (Chrisna, 2020). Nearly all studies agree that literacy
18

Journal of Economics, Entrepreneurship, Business Management and Accounting

variables consistently align with the intentions of young consumers (Harahap, 2020). This
fact emphasizes that the foundation of education is inseparable from the entry into asset
ownership (Djuwita & Yusuf, 2018).
The fifth hypothesis proves the positive and significant influence of Islamic
consumption orientation. Islamic ethics and consumption orientation essentially teach selfbalance and emphasize avoiding all forms of waste (Alam et al., 2021). A firm stance on
restraining the desire for lifestyle spending makes it highly likely that household funds will
accumulate (Bosnjak et al., 2020). This religious discipline directs the rotation of assets into
productive sectors (Syaodih Sukmadinata, 2008). Sharia orientation classifies housing as a
primary human need that must be prioritized for achievement (Mustoip et al., 2024).
Prioritization based on halal values encourages consumers to avoid properties sourced from
unblessed sources (Muttaqin & Ayuningtyas, 2023). This religious filter maintains personal
cash flow at the most basic level (Maisur & Shabri, 2015).
The analysis of the sixth hypothesis variable shows that Islamic financial planning
has no significant impact. The routine of creating daily budget tables often focuses solely on
securing short-term liquidity (Anam & Setyawan, 2023). Consequently, this technical design
on paper fails to trigger a strong emotional ambition to execute a housing purchase (Dahrani
et al., 2022). This planning is purely administrative in nature and has no effect on
encouraging action (Perkasa & Magito, 2024). Personal wallet management practices
prioritize the accumulation of reserve funds (Yawarman, 2020). Aversion to debt prevents
installment savings programs from being a priority budget item (Djuwita & Yusuf, 2018).
These cautious choices curb the number of intentions on the exogenous housing variable
(Radillah, 2021).
The seventh hypothesis explains that perceived workplace safety triggers a significant
positive impact. Workers' confidence in the stability of their workflow provides a strong
psychological foundation for daring to agree to debt (Radillah, 2021). The absence of a sense
of danger will successfully alleviate acute anxiety about bank installment delays for decades
to come (Harahap, 2024). This relaxed mental state allows them to take major steps as a
family (Sylvia & Sitio, 2023). Perceived security inherently arises from a high level of selfcompetence in the harshness of the gig industry (Nasution et al., 2020). The existence of a
support system or transparency of digital orders can strengthen workers' emotional
resilience on a daily basis (Gupron & Yandi, 2022). This confidence in reputation is what
drives optimism about owning one's own home (Yuniarti & Suprianto, 2014).
The eighth hypothesis confirms that Sharia-based risk tolerance has been shown to
lose its direct significance. Resilience to individual risk profiles often does not directly relate
to housing as a mandatory commodity (Ayu Wulandari & Iramani, 2014). The fundamental
demands of the council urge all levels of humanity to immediately recognize it, even if their
profiles are conservative (Akbar, 2021). This basic condition neutralizes the influence of
differences in courage levels (Ardiana et al., 2021). Willingness to adopt a religiously labeled
risk level is practically aimed at selecting commercial investment products (Azmi et al.,
19

Journal of Economics, Entrepreneurship, Business Management and Accounting

2020). This resilience theory performs poorly when forcibly crammed into measuring
purchase intentions for fixed consumer goods (Panggabean & Tanjaya, 2022). The nature of
mortgage products with minimal instant loss margins dims the function of risk mentality
(Hatane Samuel, 2007).
Evidence for the ninth hypothesis clarifies the impact of income volatility on the
market, which has significant negative effects. The systemic nature of conventional lenders'
requirements for a stable income history creates passive repression (Dzahabiyyah, 2023). The
inability to rationally guarantee consistent income will ultimately lead to consumer
withdrawal from the property market (Chrisna, 2020). Refusal to meet the threshold reduces
their interest (Yawarman, 2020). Uncertain fluctuations in monthly disbursement volumes
suppress a person's willingness to sign billions of rupiah in contracts (Anggraeni, 2023). The
storm of acute anxiety about the family kitchen during calm times has diverted millennials'
desire to own their dream home (Lubis, 2024). Ultimately, they reconcile with the lifechanging scenario of a home contract (Febriani, 2019).
The tenth hypothesis implies the failure of Islamic financial planning as a moderator
in the model, with insignificant results. Budgeting activities often overlap in their conceptual
role with the depth of cognitive content in literacy (Anam & Setyawan, 2023). This shared
foundation of thought robs the budgeting variable of its potential as an additional multiplier
in complex multivariate modeling (Dahrani et al., 2022). Therefore, the interaction term is
purely pseudo-insignificant (Panggabean & Tanjaya, 2022). Worsening external housing
indicators consistently cripple buyers' personal planning capabilities (Putro et al., 2024).
Although financial management tactics are implemented in accordance with Islamic law, the
drastic increase in housing material prices dampens literacy optimism (Wahyuningtyas,
2022). This brutal market reality intervention weakens its moderating power (Sastri et al.,
2017). Research findings that discontinue the alleged multiplier effect reflect the
inconsistency of moderating instruments in private management studies (Gupron & Yandi,
2022). Several studies have found that neat record-keeping cannot mitigate the lack of
subsidies or the decline in the attractiveness of the housing ecosystem generated by literacy
(Harahap, 2020). This empirical situation reminds us that there are limitations to individual
planning (Hardani, 2020).
Data analysis for the eleventh hypothesis revealed the striking fact that Sharia risk
tolerance acted as a highly significant positive moderating variable. Religious values
regarding the destiny of sustenance during childbirth appeared to act as a stress-reducing
shield against dismal daily income fluctuations (Hisban Thaha & Edhy Rustan, 2017). A
surrendering or "resignation" attitude was effective in avoiding concerns that a drop in
orders this week would permanently destroy potential asset purchases (Muttaqin &
Ayuningtyas, 2023). Theological risk isolation effects reduced feelings of traumatic loss
aversion (Nurdiani, 2020). A strong belief in fair risk sharing restored workers' perceptions
during times of cash crisis (Maisur & Shabri, 2015). Belief that Sharia supports equality
reduced suspicion of restrictive punishment and increased their courage to pursue their
20

Journal of Economics, Entrepreneurship, Business Management and Accounting

dream of owning a home (Ayu Wulandari & Iramani, 2014). The synergy of spiritual and
financial values transformed into psychological immunity (Akbar, 2021).
Conclusion
The study concludes that despite the financial challenges inherent in the gig
economy, Gen Z still harbors a strong desire for homeownership. The integration of Shariacompliant financial instruments and frameworks particularly by leveraging Sharia risk
tolerance to manage income instability provides a viable pathway for gig workers to enter
the property market. The findings suggest that policymakers and Islamic banks should
design more inclusive financing schemes that account for the unique profile of gig workers
to support sustainable economic development.

21

Journal of Economics, Entrepreneurship, Business Management and Accounting

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