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All Journal JURNAL ECONOMIA Jurnal Ekonika : Jurnal Ekonomi Universitas Kadiri
Bertha Silvia Sutejo
University of Surabaya
Economics, Econometrics & Finance

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Analyzing the Impact of Heuristic Biases on Investment Decisions Through Risk Tolerance: Evidence from Generation Z Investors in Indonesia Stievanie; Bertha Silvia Sutejo; Liliana Inggrit Wijaya
Ekonika : Jurnal Ekonomi Universitas Kadiri Vol. 11 No. 1 (2026): April 2026
Publisher : Fakultas Ekonomi Universitas Kadiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30737/ekonika.v11i1.7001

Abstract

This study aims to examine the influence of heuristic biases, specifically overconfidence bias, availability bias, and representativeness bias on investment decisions among Generation Z investors in Indonesia, with risk tolerance serving as a mediating variable. The research replicates and extends previous models by incorporating representativeness bias into the framework. Using a quantitative approach, data were collected through an online questionnaire distributed to 208 respondents who met the specified sampling criteria. The data were analyzed using Structural Equation Modeling (SEM) with AMOS software. The results indicate that availability bias, representativeness bias, and risk tolerance have a significant positive effect on investment decisions, while overconfidence bias does not directly influence them. Additionally, overconfidence bias, availability bias, and representativeness bias significantly affect risk tolerance. The mediation analysis shows that risk tolerance mediates the relationship between availability bias and representativeness bias with investment decisions, but does not mediate the relationship between overconfidence bias and investment decisions. These findings highlight the significant role of cognitive biases and risk tolerance in shaping the investment behavior of Generation Z investors in Indonesia. The study contributes to behavioral finance literature by providing evidence on how psychological factors and cognitive tendencies influence financial decision making.
Gender Differences in Financial Well-Being: A Multi-Group Analysis of Indonesian Income-Earning Gen-Z Bertha Silvia Sutejo; Liliana Inggrit Wijaya; Noorliza MD Noordin; Joshua Oktavianus
Jurnal Economia Vol. 22 No. 1 (2026): February 2026
Publisher : Faculty of Economics and Business, Universitas Negeri Yogyakarta in collaboration with the Institute for

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21831/economia.v22i1.83694

Abstract

Gen-Z in Indonesia faces financial challenges due to low financial literacy, impulsive spending, and FOMO, prioritizing short-term desires over long-term financial freedom and stability. This study examines key determinants of financial well-being among Gen-Z, integrating gender differences as a moderator. Through PLS-SEM and MGA analysis of 612 respondents, this study identifies financial literacy, self-control, behavior, and stress as key determinants of financial well-being. Financial behavior and stress mediate key relationships, with gender differences in financial understanding and stress management. This study suggests that governments should introduce financial literacy earlier and offer accessible financial consultations, while Gen-Z must cultivate self-discipline and financial knowledge to achieve sustainable financial well-being.
Co-Authors Joshua Oktavianus Liliana Inggrit Wijaya Noorliza MD Noordin Stievanie