The Effects Of Financial Literacy, Risk Tolerance, Overconfidence, And Herding Behavior On Stock Investment Decisions Among Generation Z In Bandar Lampung

Christian Tomi; Tri Joko Prasetyo

doi:10.63922/ijebir.v5i05.5752

Christian Tomi Faculty of Economics, University of Lampung
Tri Joko Prasetyo Faculty of Economics, University of Lampung

DOI: https://doi.org/10.63922/ijebir.v5i05.5752

Keywords: financial literacy, risk tolerance, overconfidence, herding behavior, stock investment decisions.

Abstract

This study aims to analyze the influence of financial literacy, risk tolerance, overconfidence, and herding behavior on stock investment decisions among Generation Z in Bandar Lampung. The study employs a quantitative approach using a survey method. Data were collected through questionnaires distributed to Generation Z respondents who have invested in stocks and were then analyzed using multiple linear regression. The results show that financial literacy has a positive and significant effect on stock investment decisions, indicating that the higher an individual’s level of financial understanding, the more rational their investment decisions tend to be. Risk tolerance also has a positive and significant effect on stock investment decisions, meaning that individuals with high risk tolerance tend to be more willing to take investment risks. Furthermore, overconfidence has a positive and significant effect on stock investment decisions because self-confidence in one’s abilities and knowledge encourages investors to be more confident in making investment choices. Herding behavior also has a positive and significant effect on stock investment decisions, indicating that the tendency to follow the decisions of other investors remains a consideration in the decision-making process. This study implies that improving financial literacy, understanding investment risks, managing overconfidence, and the ability to filter out environmental influences are necessary to support more rational stock investment decision-making among Generation Z in Bandar Lampung.

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