Pengaruh Literasi Keuangan, Risk Tolerance dan Herding Behavior terhadap Keputusan Investasi
DOI:
https://doi.org/10.30640/jumma45.v5i1.6094Keywords:
Financial Literacy, Risk Tolerance, Herding Behavior, Investment Decisions, Generation ZAbstract
This research purpose to analyze the impact of financial literacy, risk tolerance, and herding behavior on investment decisions among Generation Z. The study population consisted of 219 Generation Z individuals who had engaged in investment activities, obtained through purposive judgment sampling. The data were analyzed using Partial Least Square-Structural Equation Modeling (PLS-SEM) with the SmartPLS software. The result indicate that financial literacy has a positive and significant impact on investment decisions. Risk tolerance also shows a positive and significant impact on investment decisions. Furthermore, herding behavior is found to have a positive dan significant influence on investment decisions. Overall, this study highlights that cognitive, psychological, and social behavioral factors play an important role in shaping investment decisions among Generation Z. In addition, this study provides empirical evidence that improving financial knowledge and awareness can enhance the quality of individual investment decisions, especially in the context of increasing digital financial access. The findings are expected to contribute to the development of behavioral finance literature and serve as a reference for investors, educators, and policymakers in promoting better financial decision making among young investors.
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