Pengaruh Financial Self-Efficacy Dan Persepsi Risiko Dalam Pengambilan Keputusan Investor Oleh Investor Gen-Z Di Era Kemajuan Teknologi

Muhammad Iqbal Fahreza, Moh. Cholid Mawardi, Dewi Diah Fakhriyyah

Abstract


This quantitative study aims to analyze the influence of Financial Self-Efficacy (X1) and Risk Perception (X) on Investment Decision Making (Y) among Generation Z Investors (N=80), using multiple linear regression. Simultaneously, both variables were proven to have a significant influence on investment decisions, although they only explained 37.2% of the total variation. Partial results indicate a behavioral discrepancy, namely that Financial Self-Efficacy had no significant effect, implying that Gen-Z's self-confidence is not a primary determinant of investment actions in the digital era. Conversely, Risk Perception had a positive and highly significant effect, making it the most dominant variable that drives Gen-Z to participate in managed investment (risk-taking). The implication of this study emphasizes that in the context of young investors, awareness and ability to manage risk (risk awareness) are more crucial and predictive than the level of self-confidence alone.

Keywords: Financial Self-Efficacy; risk perception; investment decision making; generation z; behavioral finance.


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