THE EFFECT OF FINANCIAL LITERACY AND RISK PERCEPTION IN INCREASING GENERATION Z INVESTMENT INTEREST IN THE CAPITAL MARKET
Keywords:
Financial Literacy, Risk Perception, Investment Interest, Generation Z, Capital Market
Abstract
This study examined the influence of financial literacy and risk perception on Generation Z investment interest in the capital market. Using a descriptive quantitative approach, primary data were collected from 60 Generation Z students (aged 18-25) through an online questionnaire employing a five-point Likert scale, and analyzed with multiple linear regression in SPSS. Financial literacy had a positive and significant effect on investment interest (B=0.475, t=7.066, p<.001), whereas risk perception did not have a statistically significant effect (B=0.162, t=1.671, p=.100). The two predictors jointly explained 59.5% of the variance in investment interest (R²=.595, Adjusted R²=.581, F (2,57) = 41.894, p<.001). These findings indicate that financial knowledge, rather than risk perception alone, is the primary driver of Generation Z’s readiness to invest, and they underscore the need for structured, technology-based financial education to convert this readiness into informed investment participation.Downloads
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References
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Sari, W., & Setiyawan, S. (2024). Pengaruh pengetahuan investasi, return, dan persepsi risiko terhadap minat mahasiswa untuk berinvestasi di pasar modal. Jurnal Accounting Information System (AIMS), 7(1), 55-64. doi:https://doi.org/10.32627/aims.v7i1.934
Tehupelasuri, N. B., Askandar, N. S., & Mahsuni, A. W. (2021). Pengaruh literasi keuangan dan perilaku keuangan terhadap minat investasi mahasiswa FEB Universitas Islam Malang. E_Jurnal Ilmiah Riset Akuntansi, 10(06), 52–59.
Trisnaningsih, T., Sihabudin, S., & Fauji, R. (2022). Pengaruh influencer dan literasi keuangan terhadap minat investasi mahasiswa. Journal of Business and Economics Research (JBE), 3(2), 82-89. doi:https://doi.org/10.47065/jbe.v3i2.1705
Agata, T. F., & Nurazi, R. (2024). Pengaruh literasi keuangan, inklusi keuangan dan modal minimal terhadap minat investasi Generasi Z Indonesia di pasar modal. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Akuntansi), 8(2), 1797-1813. doi:https://doi.org/10.31955/mea.v8i2.4243
Assari, P. A., & Hariyanto, W. (2022). The role of investment understanding in moderating the effect of financial literacy, risk perception and investment motivation on student interest to invest in the capital market. Indonesian Journal of Innovation Studies, 20(2022). doi:https://doi.org/10.21070/ijins.v20i.702
Avrilly, J. A., Setiawan, A., & Djajadikerta, H. (2024). Melangkah ke dunia pasar modal: Menguak pengaruh literasi digital, literasi keuangan, dan kemajuan teknologi investasi terhadap minat investasi Generasi Z. Journal of Social and Economics Research, 6(1), 1185-1200. doi:https://doi.org/10.54783/jser.v6i1.388
Bastomi, M., & Sudaryanti, D. (2024). The influence of islamic capital market literacy toward intention to invest in islamic capital market: Does risk perception mediate the relationship. Journal of Accounting and Investment, 25(1), 1-24. doi:https://doi.org/10.18196/jai.v25i1.19630
Dewi, P. P., & Apriyati, M. Y. (2023). Analisis keputusan investasi Generasi Z. Fokus Bisnis Media Pengkajian Manajemen Dan Akuntansi, 22(1), 72-84. doi:https://doi.org/10.32639/fokbis.v22i1.365
Felita, A. H., & Herlina, H. (2025). Pengaruh literasi keuangan dan persepsi risiko terhadap minat investasi Generasi Z di pasar modal Indonesia. JIIP-Jurnal Ilmiah Ilmu Pendidikan, 8(8), 8834-8842. doi:https://doi.org/10.54371/jiip.v8i8.8778
Gularso, K., & Nicola, N. (2025). Gen Z’s adoption of investment platforms: The roles of awareness, literacy, and risk perceptions. Journal of Business & Applied Management, 18(1), 63-80. doi:http://dx.doi.org/10.30813/jbam.v18i1.8950
Herdjiono, I., & Jumiati, J. (2022). Factors that influence the interest in becoming an investor in the capital market. Jurnal Economia, 18(2), 159-171. doi:http://orcid.org/0000-0003-4591-4212
Hidi, S., & Renninger, K. A. (2006). The four-phase model of interest development. Educational psychologist, 41(2), 111-127. doi:https://doi.org/10.1207/s15326985ep4102_4
Laturette, K., Widianingsih, L. P., & Subandi, L. (2021). Literasi keuangan pada Generasi Z. Jurnal Pendidikan Akuntansi (JPAK), 9(1), 131-139. doi:https://doi.org/10.26740/jpak.v9n1.p131-139
Listyani, T. T., Rois, M., & Prihati, S. (2019). Analisis pengaruh pengetahuan investasi, pelatihan pasar modal, modal investasi minimal dan persepsi risiko terhadap minat investasi mahasiswa di pasar modal (Studi pada PT Phintraco Sekuritas Branch Office Semarang). Jurnal Aktual Akuntansi Keuangan Bisnis Terapan, 2(1). doi:https://doi.org/10.32497/akunbisnis.v2i1.1524
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of economic literature, 52(1), 5-44. doi:https://doi.org/10.1257/jel.52.1.5
Mu'afi, M. I., Amalia, P. A., & Amalia, T. (2024). Memahami perilaku investasi Generasi Z: Peran literasi keuangan sebagai pendorong utama. Business UHO: Jurnal Administrasi Bisnis, 9(01), 1-9.
Nagy, R. A., & Obenberger, R. W. (1994). Factors influencing individual investor behavior. Financial Analysts Journal, 50(4), 63-68. doi:https://doi.org/10.2469/faj.v50.n4.63
Nareswara, A. A. D., & Putra, I. N. W. A. (2024). Financial literacy, investment motivation, risk tolerance, dan minat berinvestasi di reksa dana. E-Jurnal Akuntansi, 34(9). doi:https://doi.org/10.24843/eja.2024.v34.i09.p10
Nugroho, D. H., & Shahreza, D. (2023). The effect of motivation, investment knowledge, financial literacy on Generation Z interest in investing in the capital market. Assets: Jurnal Ekonomi, Manajemen dan Akuntansi, 13(1), 1-16. doi:https://doi.org/10.24252/assets.v13i1.36117
Potrich, A. C. G., Vieira, K. M., & Mendes-Da-Silva, W. (2016). Development of a financial literacy model for university students. Management Research Review, 39(3), 356-376. doi:https://doi.org/10.1108/MRR-06-2014-0143
Prayoga, A. S., & Widodo, W. (2025). The impact of financial literacy on Gen Z’s investment interest in Indonesia’s sharia capital market. TADBIR: Journal of Islamic Economics and Management, 1(1), 1-19.
Rahima, A., & Anindya, K. N. (2025). Does financial literacy affect investment decisions? Evidence from Gen Z of vocational program. Jurnal Ekonomi & Studi Pembangunan, 26(2), 209-225. doi:https://doi.org/10.18196/jesp.v26i2.28404
Rais, M., Khairi, H., & Hidayat, F. (2023). Pengaruh teknologi digital, religiusitas, dan sosial media terhadap keputusan generasi Z berinvestasi di saham syariah. Maro: Jurnal Ekonomi Syariah Dan Bisnis, 6(2), 342-355. doi:https://doi.org/10.31949/maro.v6i2.7178
Sa’adah, L., Gangga, F., Janah, T. M., & Fadhilah, B. A. (2025). Faktor-faktor yang mempengaruhi keputusan Generasi Z dalam berinvestasi (studi pada mahasiswa Universitas Kh. A Wahab Hasbullah). Jurnal Riset Manajemen, 3(1), 01-11. doi:https://doi.org/10.54066/jurma.v3i1.2901
Sari, W., & Setiyawan, S. (2024). Pengaruh pengetahuan investasi, return, dan persepsi risiko terhadap minat mahasiswa untuk berinvestasi di pasar modal. Jurnal Accounting Information System (AIMS), 7(1), 55-64. doi:https://doi.org/10.32627/aims.v7i1.934
Tehupelasuri, N. B., Askandar, N. S., & Mahsuni, A. W. (2021). Pengaruh literasi keuangan dan perilaku keuangan terhadap minat investasi mahasiswa FEB Universitas Islam Malang. E_Jurnal Ilmiah Riset Akuntansi, 10(06), 52–59.
Trisnaningsih, T., Sihabudin, S., & Fauji, R. (2022). Pengaruh influencer dan literasi keuangan terhadap minat investasi mahasiswa. Journal of Business and Economics Research (JBE), 3(2), 82-89. doi:https://doi.org/10.47065/jbe.v3i2.1705
Published
2026-09-23
How to Cite
Anastasia, L., & Avionita, V. (2026, September 23). THE EFFECT OF FINANCIAL LITERACY AND RISK PERCEPTION IN INCREASING GENERATION Z INVESTMENT INTEREST IN THE CAPITAL MARKET. Jurnal Akuntansi Dan Keuangan (JAK), 31(1), 95-104. https://doi.org/https://doi.org/10.23960/jak.v31i1.4785
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