Gen Z Investor Behavior: Analyzing the Influence of Sustainable Investment Practices, Financial Education, and Risk Tolerance in Indonesia
Abstract
This research analyzes G Z's investment behavior in Indonesia with a focus on sustainable investment practices, financial education and risk tolerance. The research methods used include online surveys and in-depth interviews with a representative sample of Gen Z in Indonesia. The research results show that most Gen Z tend to choose sustainable investments that align with their values, although varying levels of financial literacy influence their understanding of investment products. Additionally, Gen Z individuals' risk tolerance is influenced by their personal experiences, level of education, and social environmental influences. In conclusion, this research provides a holistic picture of the complex interactions between sustainable investment practices, financial literacy, and risk tolerance in the context of Gen Z in Indonesia. Practical implications of these findings are also presented to help stakeholders in the world of finance understand and respond to investment behavior that is increasingly relevant for future generations.
Keywords: Financial Education, Gen Z Investment Behavior, Sustainable Investment Practices, Risk Tolerance
References
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Hong Shan, L., Cheah, K. S. L., & Leong, S. (2023). Leading Generation Z’s financial literacy through financial education: Contemporary bibliometric and content analysis in China. SAGE Open, 13(3), 21582440231188308. https://journals.sagepub.com/doi/abs/10.1177/21582440231188308
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Kurniasari, F., & Utomo, P. (2022). The Key Determinants of Financial Risk Tolerance Among Gen-Z Investors: Propensity for Regret, Propensity for Overconfidence and Income Level. Eurasia Business and Economics Society Conference, 289–298. https://link.springer.com/chapter/10.1007/978-3-031-36286-6_17
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Malzara, V. R. B., Widyastuti, U., & Buchdadi, A. D. (2023). Analysis of Gen Z’s Green Investment Intention: The Application of Theory of Planned Behavior. Jurnal Dinamika Manajemen Dan Bisnis, 6(2), 63–84. https://journal.unj.ac.id/unj/index.php/jdmb/article/view/36376
Massol, Y., & Molines, A. (2015). Determinants of risk tolerance and investment behavior: A study of French and Swedish Business School students. https://www.diva-portal.org/smash/get/diva2:846375/FULLTEXT01.pdf
Mazzatto, M. (2022). Financial Literacy and Investing Habits of Generation Z as it Pertains to Financial Marketing. https://digitalcommons.bryant.edu/honors_marketing/51/
Nabila, F. S., Fakhri, M., Pradana, M., Kartawinata, B. R., & Silvianita, A. (2023). Measuring financial satisfaction of Indonesian young adults: a SEM-PLS analysis. Journal of Innovation and Entrepreneurship, 12(1), 1–13. https://link.springer.com/article/10.1186/s13731-023-00281-4
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Sentosa, K. Y. K., & Gosal, G. G. (2023). Exploring the Influence of Parental Financial Behavior, Financial Literacy, and Herding Behavior on Investment Behavior Among Generation Z Investors. SAR (Soedirman Accounting Review): Journal of Accounting and Business, 8(2), 192–205. https://jos.unsoed.ac.id/index.php/sar/article/view/10241
Seraj, A. H. A., Alzain, E., & Alshebami, A. S. (2022). The roles of financial literacy and overconfidence in investment decisions in Saudi Arabia. Frontiers in Psychology, 13, 1005075.https://www.frontiersin.org/journals/psychology/articles/10.3389/fpsyg.2022.1005075
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Vlastelica, T., Kostić-Stanković, M., Krstić, J., & Rajić, T. (2023). Generation Z’s Intentions Towards Sustainable Clothing Disposal: Extending the Theory of Planned Behavior. Polish Journal of Environmental Studies, 32(3), 2345–2360.
Weinbrenner, H. L. (2023). Impact investment intentions of Generation Z: exploring the factors that drive young private investors to decide for environmental, social and governance (ESG) funds. https://diposit.ub.edu/dspace/handle/2445/201365
Weixiang, S., Qamruzzaman, M., Rui, W., & Kler, R. (2022). An empirical assessment of financial literacy and behavioral biases on investment decision: Fresh evidence from small investor perception. Frontiers in Psychology, 13, 977444. https://www.frontiersin.org/journals/psychology/articles/10.3389/fpsyg.2022.977444/full
Whelan, T., Atz, U., Van Holt, T., & Clark, C. (2021). ESG and financial performance. Uncovering the Relationship by Aggregating Evidence From, 1, 2015–2020. https://sri360.com/wp-content/uploads/2022/10/NYU-RAM_ESG-Paper_2021-2.pdf
Wijaya, C. P., & Utami, N. (2023). Financial Literacy and Demographics of Investment Decisions: A Study of the Young Generation in JABODETABEK. 20th International Symposium on Management (INSYMA 2023), 57–61. https://www.atlantis-press.com/proceedings/insyma-23/125992128
Yao, Z., & Rabbani, A. G. (2021). Association between investment risk tolerance and portfolio risk: The role of confidence level. Journal of Behavioral and Experimental Finance, 30, 100482. https://www.sciencedirect.com/science/article/abs/pii/S2214635021000265
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Aich, S., Thakur, A., Nanda, D., Tripathy, S., & Kim, H.-C. (2021). Factors affecting ESG towards impact on investment: A structural approach. Sustainability, 13(19), 10868. https://www.mdpi.com/2071-1050/13/19/10868
Al Azizah, U. S., & Mulyono, H. (2020). Dataset on determinants of intention and investment behaviour amongst young Indonesian millennials. Data in Brief, 32, 106083. Al Azizah, U. S., & Mulyono, H. (2020). Dataset on determinants of intention and investment behaviour amongst young Indonesian millennials. Data in Brief, 32, 106083.
Alfaruqy, M. Z., Padmonurcahyo, A., & Salsabila, A. Z. (2022). Explaining the forms of generation Z’s political engagement: A study on generation Z in Semarang, Indonesia. Simulacra, 5(2), 99–112. https://journal.trunojoyo.ac.id/simulacra/article/view/17047
Antwi, J., & Naanwaab, C. B. (2022). Generational Differences, Risk Tolerance, and Ownership of Financial Securities: Evidence from the United States. International Journal of Financial Studies, 10(2), 35. https://www.mdpi.com/2227-7072/10/2/35
Armansyah, R. F., Ardianto, H., & Rithmaya, C. L. (2023). Understanding Gen Z Investment Decisions: Capital Market Literacy And Emotional Biases. Jurnal Manajemen Dan Kewirausahaan, 25(2), 105–119. https://doi.org/10.9744/jmk.25.2.105-119
Ashfaq, M., Shafique, A., & Selezneva, V. (2023). Exploring the missing link: Financial literacy and Cognitive biases in Investment Decisions. Journal of Modelling in Management. https://www.emerald.com/insight/content/doi/10.1108/JM2-11-2022-0266/full/html
Bayar, Y., Sezgin, H. F., Öztürk, Ö. F., & Şaşmaz, M. Ü. (2020). Financial literacy and financial risk tolerance of individual investors: Multinomial logistic regression approach. Sage Open, 10(3), 2158244020945717. https://journals.sagepub.com/doi/full/10.1177/2158244020945717
Bhabha, J. I., Khan, S., Qureshi, Q. A., Naeem, A., & Khan, I. (2014). Impact of financial literacy on saving-investment behavior of working women in the developing countries. Research Journal of Finance and Accounting, 13(5), 118–122. https://core.ac.uk/download/pdf/234630020.pdf
Bhargava, A., & Ligade, P. (2023). Corporate social responsibility (CSR) and sustainability–a scientometric analysis of the interrelationship. Journal of Indian Business Research, 15(1), 110–124. https://www.emerald.com/insight/content/doi/10.1108/JIBR-04-2022-0096/full/html
Bhutta, U. S., Tariq, A., Farrukh, M., Raza, A., & Iqbal, M. K. (2022). Green bonds for sustainable development: Review of literature on development and impact of green bonds. Technological Forecasting and Social Change, 175, 121378. https://www.sciencedirect.com/science/article/pii/S004016252100809X
Corter, J. E., & Chen, Y.-J. (2006). Do investment risk tolerance attitudes predict portfolio risk? Journal of Business and Psychology, 20, 369–381. https://link.springer.com/article/10.1007/s10869-005-9010-5
Davies, A. (2020). Decoding Gen Z Identity Construction in Social Networks Through The Paradigm of Branding. https://openresearch.ocadu.ca/id/eprint/3005/1/Davies_Amy_2020_MDES_SFI_MRP.pdf?ref=insights.geeiq.com
Fu, T., & Li, J. (2023). An empirical analysis of the impact of ESG on financial performance: the moderating role of digital transformation. Frontiers in Environmental Science, 11, 1256052. https://www.frontiersin.org/articles/10.3389/fenvs.2023.1256052/full
Hannes, S., Libson, A., & Parchomovsky, G. (2022). The ESG Gap. Available at SSRN. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4293914
Hanoymak, T., & Küsmüş, Ö. (2022). A glance at blockchain technology and cryptocurrencies as an application. MANAS Journal of Engineering, 10(1), 60–65. https://dergipark.org.tr/en/pub/mjen/article/1034912
Hasibuan, T. F. H., Meifari, V., Muda, I., & Kesuma, S. A. (2023). Technology 4.0 Era Investment Decisions For Milenials And Generation Z. International Journal of Educational Review, Law And Social Sciences (IJERLAS), 3(4), 1297–1304. http://radjapublika.com/cgi-sys/suspendedpage.cgi
Helmi, S., & Setyadi, B. (2022). Undergraduate Students’ Experiences towards Using Google Translate for Learning English. Central European Management Journal. https://doi.org/10.57030/23364890.cemj.30.4.52
Hong Shan, L., Cheah, K. S. L., & Leong, S. (2023). Leading Generation Z’s financial literacy through financial education: Contemporary bibliometric and content analysis in China. SAGE Open, 13(3), 21582440231188308. https://journals.sagepub.com/doi/abs/10.1177/21582440231188308
Jain, M., Sharma, G. D., & Srivastava, M. (2019). Can sustainable investment yield better financial returns: A comparative study of ESG indices and MSCI indices. Risks, 7(1), 15. https://www.mdpi.com/2227-9091/7/1/15
Jihwan Yeon, B. (2021). The Impact of Corporate Social Responsibility on Firm Performance: Does the Life Cycle Stage of a Firm and its Corporate Governance Structure Matter? www.bu.edu/bhr.
Kurniasari, F., & Utomo, P. (2022). The Key Determinants of Financial Risk Tolerance Among Gen-Z Investors: Propensity for Regret, Propensity for Overconfidence and Income Level. Eurasia Business and Economics Society Conference, 289–298. https://link.springer.com/chapter/10.1007/978-3-031-36286-6_17
Kushwaha, B. P. (2021). Paradigm shift in traditional lifestyle to digital lifestyle in Gen Z: a conception of consumer behaviour in the virtual business world. International Journal of Web Based Communities, 17(4), 305–320. https://www.inderscienceonline.com/doi/abs/10.1504/IJWBC.2021.119472
Lusardi, A. (2019). Financial literacy and the need for financial education: evidence and implications. Swiss Journal of Economics and Statistics, 155(1), 1–8. https://link.springer.com/article/10.1186/s41937-019-0027-5
Malzara, V. R. B., Widyastuti, U., & Buchdadi, A. D. (2023). Analysis of Gen Z’s Green Investment Intention: The Application of Theory of Planned Behavior. Jurnal Dinamika Manajemen Dan Bisnis, 6(2), 63–84. https://journal.unj.ac.id/unj/index.php/jdmb/article/view/36376
Massol, Y., & Molines, A. (2015). Determinants of risk tolerance and investment behavior: A study of French and Swedish Business School students. https://www.diva-portal.org/smash/get/diva2:846375/FULLTEXT01.pdf
Mazzatto, M. (2022). Financial Literacy and Investing Habits of Generation Z as it Pertains to Financial Marketing. https://digitalcommons.bryant.edu/honors_marketing/51/
Nabila, F. S., Fakhri, M., Pradana, M., Kartawinata, B. R., & Silvianita, A. (2023). Measuring financial satisfaction of Indonesian young adults: a SEM-PLS analysis. Journal of Innovation and Entrepreneurship, 12(1), 1–13. https://link.springer.com/article/10.1186/s13731-023-00281-4
Oppong, C., Salifu Atchulo, A., Akwaa-Sekyi, E. K., Grant, D. D., & Kpegba, S. A. (2023). Financial literacy, investment and personal financial management nexus: Empirical evidence on private sector employees. Cogent Business & Management, 10(2), 2229106. https://www.tandfonline.com/doi/full/10.1080/23311975.2023.2229106
Pangestu, S., & Karnadi, E. B. (2020). The effects of financial literacy and materialism on the savings decision of generation Z Indonesians. Cogent Business & Management, 7(1), 1743618. https://www.tandfonline.com/doi/full/10.1080/23311975.2023.2229106
Parikh, A., Kumari, D., Johann, M., & Mladenović, D. (2023). The impact of environmental, social and governance score on shareholder wealth: A new dimension in investment philosophy. Cleaner and Responsible Consumption, 8, 100101. https://www.sciencedirect.com/science/article/pii/S2666784323000025
Paseru, A. K., Valencia, C. De, & Hendratno, S. P. (2023b). Analysis Factors Influencing Gen Z on Investment Decisions of Cryptocurrency in Indonesia. Proceedings of the 2023 6th International Conference on Computers in Management and Business, 37–42. https://dl.acm.org/doi/abs/10.1145/3584816.3584822
Rahayu, R., Ali, S., Aulia, A., & Hidayah, R. (2022). The current digital financial literacy and financial behavior in Indonesian millennial generation. Journal of Accounting and Investment, 23(1), 78–94. https://pdfs.semanticscholar.org/3842/7712d28683b76cb68bb465f201db34ed6791.pdf
Rehman, A. (2023). Blockchain and real-world assets: Will blockchain disrupt the trading of real-world assets?. https://www.theseus.fi/handle/10024/813762
Ribau-Peltre, N. (2023). Are Z Generation young people potential investors in sustainable finance? Bankers, Markets & Investors, 1–2, 23–40. https://www.cairn.info/revue-bankers-markets-et-investors-2023-1-page-23.htm
Scardovi, C. (2022). Gen Z and the Future of Wealth. EGEA spa.
Sentosa, K. Y. K., & Gosal, G. G. (2023). Exploring the Influence of Parental Financial Behavior, Financial Literacy, and Herding Behavior on Investment Behavior Among Generation Z Investors. SAR (Soedirman Accounting Review): Journal of Accounting and Business, 8(2), 192–205. https://jos.unsoed.ac.id/index.php/sar/article/view/10241
Seraj, A. H. A., Alzain, E., & Alshebami, A. S. (2022). The roles of financial literacy and overconfidence in investment decisions in Saudi Arabia. Frontiers in Psychology, 13, 1005075.https://www.frontiersin.org/journals/psychology/articles/10.3389/fpsyg.2022.1005075
Setiawan, D., & Winarna, J. (2021b). Effects of Indonesian Students’ Financial Literacy on Financial Behavior. Sixth Padang International Conference On Economics Education, Economics, Business and Management, Accounting and Entrepreneurship (PICEEBA 2020), 553–558. https://www.atlantis-press.com/proceedings/piceeba-20/125957829
Srinivas, H., Shaw, R., & Sharma, A. (2009). Chapter 6 Future perspective of urban risk reduction. In Urban risk reduction: An Asian perspective (pp. 105–115). Emerald Group Publishing Limited. https://www.emerald.com/insight/content/doi/10.1108/S2040-7262(2009)0000001010/full/html
Suherman, S., Kurniawati, H., & Mohidin, R. (2023). Determinants of financial risk tolerance: Evidence from the Indonesian millennials. Humanities and Social Sciences Letters, 11(1), 67–82. https://ideas.repec.org/a/pkp/hassle/v11y2023i1p67-82id3300.html
Sutejo, B. S., Wijayanti, R., & Ananda, C. F. (2023). Five Basic Human Emotions and Investment Decisions on Generation Z in Surabaya-Indonesia. 20th International Symposium on Management (INSYMA 2023), 9–15. https://www.atlantis-press.com/proceedings/insyma-23/125992136
Talan, G., & Sharma, G. D. (2019). Doing well by doing good: A systematic review and research agenda for sustainable investment. Sustainability, 11(2), 353. https://www.mdpi.com/2071-1050/11/2/353
Vlastelica, T., Kostić-Stanković, M., Krstić, J., & Rajić, T. (2023). Generation Z’s Intentions Towards Sustainable Clothing Disposal: Extending the Theory of Planned Behavior. Polish Journal of Environmental Studies, 32(3), 2345–2360.
Weinbrenner, H. L. (2023). Impact investment intentions of Generation Z: exploring the factors that drive young private investors to decide for environmental, social and governance (ESG) funds. https://diposit.ub.edu/dspace/handle/2445/201365
Weixiang, S., Qamruzzaman, M., Rui, W., & Kler, R. (2022). An empirical assessment of financial literacy and behavioral biases on investment decision: Fresh evidence from small investor perception. Frontiers in Psychology, 13, 977444. https://www.frontiersin.org/journals/psychology/articles/10.3389/fpsyg.2022.977444/full
Whelan, T., Atz, U., Van Holt, T., & Clark, C. (2021). ESG and financial performance. Uncovering the Relationship by Aggregating Evidence From, 1, 2015–2020. https://sri360.com/wp-content/uploads/2022/10/NYU-RAM_ESG-Paper_2021-2.pdf
Wijaya, C. P., & Utami, N. (2023). Financial Literacy and Demographics of Investment Decisions: A Study of the Young Generation in JABODETABEK. 20th International Symposium on Management (INSYMA 2023), 57–61. https://www.atlantis-press.com/proceedings/insyma-23/125992128
Yao, Z., & Rabbani, A. G. (2021). Association between investment risk tolerance and portfolio risk: The role of confidence level. Journal of Behavioral and Experimental Finance, 30, 100482. https://www.sciencedirect.com/science/article/abs/pii/S2214635021000265
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Published
2024-05-09
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Articles
Copyright (c) 2024 Loso Judijanto, Eva Yuniarti Utami, Ade Onny Siagian
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