Financial Risk Tolerance of Generation Z Investors: A Behavioral Finance Perspective

Syarwadina, Fira; Kurnia, Akhmad Syakir

doi:10.15408/etk.v25i2.50529

Akses terbuka Jurnal SINTA 1

Financial Risk Tolerance of Generation Z Investors: A Behavioral Finance Perspective

ETIKONOMI · Vol. 25 No. 2 (2026)

DOI: 10.15408/etk.v25i2.50529
ISSN: 2461-0771, 1412-8969
Terbit: 2026-09-28
Penerbit: Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta
Bahasa: eng
Lisensi: creativecommons.org/licenses/by-sa/4.0

Abstrak

Research Originality. This study enriches the literature by integrating demographic, behavioral, and religious factors into the analysis of Gen Z’s financial risk tolerance. It applies behavioral finance and prospect theory to the dimensions that shape investment behavior. Research Objectives. This study examines Generation Z investors’ financial risk tolerance in the greater Jakarta area, focusing on religiosity and herding behavior within the context of behavioral finance and prospect theory. Research Method. The study uses survey data from Gen Z investors in the Jabodetabek area and employs a binary logistic model to estimate the probability of high versus low risk tolerance and to identify its key determinants. Empirical Results. Results indicate that gender, income, marital status, religion, herding, and religiosity significantly influence financial risk tolerance, while experience does not. Male, higher-income, unmarried investors are more risk-tolerant, whereas Muslims and more religious individuals are less so; herding increases risk-taking among Gen Z. Implications. The findings underscore the need for personalized financial education and investment strategies that consider demographic and behavioral factors, such as religiosity, social values, and herd mentality, to enhance Gen Z’s financial literacy and risk management. JEL Classification: G1, G11, G4, G41

Kata kunci

Jaringan kolaborasi para penulis

8 penulis · 7 tautan kepenulisan bersama

Arahkan kursor atau ketuk sebuah nama untuk menyorot rekan penulisnya. Klik dua kali untuk membuka halaman penulis.

Afiliasi tidak diketahui

Organisasi berbeda
Organisasi sama
Afiliasi tidak diketahui
Garis lebih tebal = lebih banyak artikel bersama · lingkaran lebih besar = lebih banyak artikel

Tampilkan sebagai tabel

Rekan penulis	Organisasi	Artikel bersama
Benny Imantria	Afiliasi tidak diketahui	1
Syifa Fauziah	Afiliasi tidak diketahui	1
Nurul Qolbi	Afiliasi tidak diketahui	1
Khoirul Sukma	Afiliasi tidak diketahui	1
FX Sugiyanto	Afiliasi tidak diketahui	1
Muhammad Adnan Assidiq	Afiliasi tidak diketahui	1

Afiliasi berasal dari OpenAlex; metadata OAI-PMH jurnal tidak memuatnya. Penulis tanpa ID OpenAlex dicocokkan berdasarkan nama, sehingga dua orang bisa tergabung atau satu orang bisa terpisah.

Sumber metadata: OAI-PMH (metadata jurnal) http://journal.uinjkt.ac.id/index.php/etikonomi/oai, pertama di-harvest 8 Nov 2026, terakhir terlihat 8 Nov 2026.

Metadata asli (oai_dc)

<oai_dc:dc xmlns="http://www.openarchives.org/OAI/2.0/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:oai_dc="http://www.openarchives.org/OAI/2.0/oai_dc/" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.openarchives.org/OAI/2.0/oai_dc/  http://www.openarchives.org/OAI/2.0/oai_dc.xsd">
	<dc:title xml:lang="en">Financial Risk Tolerance of Generation Z Investors: A Behavioral Finance Perspective</dc:title>
	<dc:creator xml:lang="en">Syarwadina, Fira</dc:creator>
	<dc:creator xml:lang="en">Kurnia, Akhmad Syakir</dc:creator>
	<dc:subject xml:lang="en">prospect theory</dc:subject>
	<dc:subject xml:lang="en">generation z investors</dc:subject>
	<dc:subject xml:lang="en">investment behavior</dc:subject>
	<dc:subject xml:lang="en">religiosity</dc:subject>
	<dc:subject xml:lang="en">herding behavior</dc:subject>
	<dc:description xml:lang="en">Research Originality. This study enriches the literature by integrating demographic, behavioral, and religious factors into the analysis of Gen Z’s financial risk tolerance. It applies behavioral finance and prospect theory to the dimensions that shape investment behavior.
Research Objectives. This study examines Generation Z investors’ financial risk tolerance in the greater Jakarta area, focusing on religiosity and herding behavior within the context of behavioral finance and prospect theory.
Research Method. The study uses survey data from Gen Z investors in the Jabodetabek area and employs a binary logistic model to estimate the probability of high versus low risk tolerance and to identify its key determinants.
Empirical Results. Results indicate that gender, income, marital status, religion, herding, and religiosity significantly influence financial risk tolerance, while experience does not. Male, higher-income, unmarried investors are more risk-tolerant, whereas Muslims and more religious individuals are less so; herding increases risk-taking among Gen Z.
Implications. The findings underscore the need for personalized financial education and investment strategies that consider demographic and behavioral factors, such as religiosity, social values, and herd mentality, to enhance Gen Z’s financial literacy and risk management.
JEL Classification: G1, G11, G4, G41</dc:description>
	<dc:publisher xml:lang="en">Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta</dc:publisher>
	<dc:date>2026-09-28</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.uinjkt.ac.id/index.php/etikonomi/article/view/50529</dc:identifier>
	<dc:identifier>10.15408/etk.v25i2.50529</dc:identifier>
	<dc:source xml:lang="en">ETIKONOMI; Vol. 25 No. 2 (2026)</dc:source>
	<dc:source>2461-0771</dc:source>
	<dc:source>1412-8969</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.uinjkt.ac.id/index.php/etikonomi/article/view/50529/19937</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2026 Fira Syarwadina, Akhmad Syakir Kurnia</dc:rights>
	<dc:rights xml:lang="en">https://creativecommons.org/licenses/by-sa/4.0</dc:rights>
</oai_dc:dc>