Pengaruh Literasi Keuangan, Overconfidence, dan Toleransi Risiko terhadap Keputusan Investasi (Studi Kasus pada Generasi Z)

Abstract

This study aims to analyze the effect of financial literacy, overconfidence, and risk tolerance on investment decisions among Generation Z in Yogyakarta. Using a quantitative approach, primary data were collected through a structured questionnaire distributed online via social media platforms such as WhatsApp, Instagram, and Twitter. The respondents consisted of Generation Z individuals actively investing in Yogyakarta. Data analysis was conducted using IBM SPSS 27.0. The results show that financial literacy has a positive and significant effect on investment decisions, indicating that higher financial knowledge enhances the quality of investment choices. Similarly, overconfidence also exerts a positive and significant influence, suggesting that Generation Z investors with high self-confidence in their financial knowledge tend to make bolder investment decisions, often influenced by easy access to information and personal experience. In contrast, risk tolerance does not have a significant impact on investment decisions, implying that a high willingness to take risks does not necessarily translate into more aggressive investment behavior. Simultaneously, financial literacy, overconfidence, and risk tolerance collectively have a significant effect on investment decisions, highlighting that investment behavior is shaped by a combination of financial knowledge and psychological factors. These findings underscore the importance of financial education and awareness of behavioral biases in supporting sound investment practices among young investors.