The Role of Financial Literacy and Investment Interest in Capital Market Investment Decisions Among Generation Z

Satria Saputra; Doly Nofiansyah; Melia Frastuti

doi:10.61994/equivalent.v4i2.2135

Authors

Satria Saputra Program Studi Ekonomi Bisnis, Universitas Indo Global Mandiri, Palembang, Sumatera Selatan Author
Doly Nofiansyah Program Studi Manajemen Bisnis Syariah, Universitas Indo Global Mandiri, Palembang, Sumatera Selatan Author
Melia Frastuti Program Studi Ekonomi Bisnis, Universitas Indo Global Mandiri, Palembang, Sumatera Selatan Author

DOI:

https://doi.org/10.61994/equivalent.v4i2.2135

Keywords:

Literasi Keuangan, Minat Berinvestasi, Keputusan Investasi, Generasi Z, Pasar Modal

Abstract

The rapid growth of Generation Z investors in Indonesia's capital market has increased the importance of understanding the factors influencing investment decisions. However, previous studies have reported inconsistent findings regarding the role of financial literacy in shaping investment decisions, indicating the need for further empirical investigation. This study aims to analyze the influence of financial literacy and investment interest on capital market investment decisions among Generation Z. A quantitative approach with an explanatory research design was employed. The study involved 60 students from the Faculty of Islamic Business, Universitas Indo Global Mandiri, selected using purposive sampling. Primary data were collected through structured questionnaires and analyzed using multiple linear regression with SPSS Statistics 25. The findings reveal that financial literacy does not have a significant effect on investment decisions, indicating that knowledge alone is insufficient to encourage Generation Z to invest in the capital market. In contrast, investment interest has a positive and significant influence on investment decisions, suggesting that individuals with stronger investment interest are more likely to make actual investment decisions. These findings imply that enhancing investment participation among Generation Z requires not only improving financial literacy but also fostering investment motivation through financial education, digital investment platforms, and practical investment experiences. This study contributes to the literature by providing empirical evidence on the dominant role of investment interest in shaping investment decisions among Generation Z in the Indonesian capital market.

Abstrak

Pesatnya pertumbuhan investor Generasi Z di pasar modal Indonesia meningkatkan pentingnya memahami faktor-faktor yang memengaruhi keputusan investasi. Namun, penelitian terdahulu masih menunjukkan hasil yang beragam mengenai peran literasi keuangan terhadap keputusan investasi sehingga diperlukan kajian empiris lebih lanjut. Penelitian ini bertujuan menganalisis pengaruh literasi keuangan dan minat berinvestasi terhadap keputusan investasi pasar modal pada Generasi Z. Penelitian menggunakan pendekatan kuantitatif dengan desain explanatory research. Sampel penelitian berjumlah 60 mahasiswa Fakultas Bisnis Syariah Universitas Indo Global Mandiri yang dipilih menggunakan teknik purposive sampling. Data primer dikumpulkan melalui kuesioner terstruktur dan dianalisis menggunakan regresi linear berganda dengan bantuan SPSS Statistics 25. Hasil penelitian menunjukkan bahwa literasi keuangan tidak berpengaruh signifikan terhadap keputusan investasi, yang mengindikasikan bahwa pengetahuan keuangan saja belum cukup mendorong Generasi Z untuk berinvestasi di pasar modal. Sebaliknya, minat berinvestasi berpengaruh positif dan signifikan terhadap keputusan investasi, sehingga menjadi faktor yang lebih dominan dalam mendorong perilaku investasi. Temuan ini menunjukkan bahwa peningkatan partisipasi investasi Generasi Z tidak hanya memerlukan penguatan literasi keuangan, tetapi juga strategi yang mampu meningkatkan minat berinvestasi melalui edukasi keuangan, pemanfaatan platform investasi digital, dan pengalaman investasi yang berkelanjutan. Penelitian ini memberikan kontribusi empiris terhadap pengembangan literatur mengenai perilaku investasi Generasi Z di pasar modal Indonesia.

References

Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T

Bahri, S., Harahap, R. R., Rahmah, H., & Maulana, S. (2023). Analisis Strategi Komunikasi Bisnis Efektif di Era Digital : Studi Kasus dari Berbagai Industri. 7, 14374–14379.

Baveja, G. S., & Verma, A. (2024). Impact of financial literacy on investment decisions and stock market participation using Extreme Learning Machines. arXiv. https://doi.org/10.48550/arXiv.2407.03498

Bencsik, A., Horváth-Csikós, G., & Juhász, T. (2016). Y and Z generations at workplaces. Journal of Competitiveness, 8(3), 90–106.

Candera, M., Prasetyo, A., & Nugraha, R. (2025). Knowledge to action: How digital financial literacy shapes investment decisions of Generation Z through FinTech. Jurnal Reviu Akuntansi dan Keuangan.

Daffina Eka Yulia Prameski, Y. R. (2025). Literasi Keuangan, Persepsi Risiko, Dan Teknologi Keuangan Dalam Keputusan Investasi Generasi Z (Studi Kasus Pada Mahasiswa Di Kabupaten Jepara). Sekolah Tinggi Ilmu Ekonomi Totalwin, 09.

Felita, A. H., Herlina, H., Maranatha, K., Info, A., & History, A. (2025). Pengaruh Literasi Keuangan dan Persepsi Risiko terhadap Minat Investasi Generasi Z di Pasar Modal Indonesia. 8.

Javier, M., Azaria, F., Tubastuvi, N., Purwidianti, W., & Aryoko, P. (2024). Gen Z Investment Decision : Role o f Financial Literacy , Financial Behaviour , Financial Experience a nd Risk Tolerance. 05(04), 721–739.

Jiang, Y., & Shimizu, S. (2024). Does financial literacy impact investment participation and retirement planning in Japan? arXiv. https://doi.org/10.48550/arXiv.2405.01078

Literasi, J., & Vol, A. (2026). LITERA: Jurnal Literasi Akuntansi Vol. 6 No. 2 Juni 2026. 6(2), 351–358. https://doi.org/10.55587/jla.v6i2.301

Lusardi, A., & Mitchell, O. S. (2023). The importance of financial literacy: Theory and evidence. Journal of Economic Literature.

Modal, P., Gaya, D. A. N., & Generasi, H. (2025). Pengaruh Literasi Keuangan , Edukasi Sekolah Terhadap Minat Berinvestasi Saham Syariah. 13(April).

Ningrum, P., & Ariani, K. R. (2026). Pengaruh Literasi Keuangan Dan Return Investasi Influencer Media Sosial Sebagai Variabel Moderasi pada Generasi Z. 15, 4034–4048. Https://Doi.Org/10.34127/Jrlab.V15i2.2363

OECD. (2022). OECD/INFE toolkit for measuring financial literacy and financial inclusion 2022. OECD Publishing. https://doi.org/10.1787/cbc4114f-en

OECD. (2024). OECD/INFE survey instrument to measure digital financial literacy. OECD Publishing. https://doi.org/10.1787/548de821-en

Pratama, I. W. R., & Artini, L. G. S. (2025). Decoding investment behavior: The impact of financial literacy, risk tolerance, and financial satisfaction on Generation Z's investment decisions. International Research Journal of Management, IT and Social Sciences.

Parry, E., & Urwin, P. (2021). Generational differences in work values: A review and research agenda. International Journal of Management Reviews.

Prensky, M. (2001). Digital natives, digital immigrants. On the Horizon, 9(5), 1–6.

Qoyum, A., Al Hashfi, R. U., Zusryn, A. S., Kusuma, H., & Qizam, I. (2021). Does an Islamic socially responsible investment portfolio really matter? Empirical evidence from Indonesia. Borsa Istanbul Review, 21(2), 105–124. https://doi.org/10.1016/j.bir.2020.08.002

Qoriana, V. A., & Ningtyas, M. N. (2024). Financial literacy, financial attitudes, and the environment on investment decisions through investment intention. International Journal of Innovative Science and Engineering.

Revalina Intan Nuraini, S. P. S. (2025). Keputusan Investasi Generasi Z Di Soloraya: Menelisik Peran Literasi Keuangan, Pengetahuan Investasi, Dan Finfluencer. 09.

Sunandes, A. (2023). Analisis Literasi Keuangan terhadap Keputusan Investasi dengan Moderasi Kemajuan Teknologi pada Generasi Z. 109–119.

Susanti, F. E., Widiyanti, N., Kristiyanti, I., & Yusron, H. (2025). Pengaruh Literasi Keuangan , Pengetahuan Keuangan Dan Perilaku Keuangan Terhadap Keputusan Investasi Pada Generasi Z di Yogyakarta. 14(November), 3181–3189.

Susanto, K. P., Mandagie, W. C., Endri, E., & Wiwaha, A. (2025). Financial literacy, technological progress, financial attitudes and investment decisions of Gen Z Indonesian investors. Investment Management and Financial Innovations, 22(1), 25–34. https://doi.org/10.21511/imfi.22(1).2025.03

Suresh, G. (2024). Impact of financial literacy and behavioral biases on investment decisions. FIIB Business Review, 13(1), 72–86. https://doi.org/10.1177/23197145211035481

Tang, I. M. H., & Asandimitra, N. (2023). The influence of mental accounting, regret aversion bias, herding bias, loss aversion, risk perception, and financial literacy on investment decisions of Generation Z investors. Jurnal Ilmu Manajemen, 11(2), 458–472.

Thomas, G. N., Nur, S. M. R., & Indriaty, L. (2024). The impact of financial literacy, social capital, and financial technology on financial inclusion of Indonesian students. arXiv. https://doi.org/10.48550/arXiv.2405.06570

Veny Yovieta , Ika Wahyuni, L. P. S. (2022). Pengaruh Pengetahuan Investasi Terhadap Keputusan Investasi Dengan Minat Investasi Sebagai Variabel Intervening Pada Mahasiswa Fakultas Ekonomi Dan Bisnis Universitas Abdurachman Saleh Situbondo Angkatan Tahun 2018. Universitas Abdurachman Saleh Situbondo.