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All Journal Journal of Management Research and Studies
Vidya Wulandari
Universitas Widya Gama
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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The Influence of Financial Literacy, Financial Behavior, and Risk Tolerance on Stock Investment Decisions among Generation Z Students in Malang Vidya Wulandari; Hartini Prasetyaning Pawestri; Endah Puspitosarie
Journal of Management Research and Studies Vol. 4 No. 2: July - December (2026)
Publisher : Optima Science

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Abstract

The rapid development of digital technology has increased Generation Z students' interest in stock market investment. However, investment decisions are influenced by several factors, including financial literacy, financial behavior, and risk tolerance. This study aims to examine the effect of financial literacy, financial behavior, and risk tolerance on stock investment decisions among Generation Z students in Malang City. This research employed a quantitative explanatory approach using a survey method. The sample consisted of 100 respondents selected through purposive sampling supported by convenience sampling. Data were analyzed using multiple linear regression with SPSS version 27. The results indicate that financial literacy and financial behavior have a positive and significant effect on stock investment decisions, while risk tolerance has no significant partial effect. Simultaneously, the three independent variables have a significant effect on stock investment decisions, with an Adjusted R Square value of 0.723. These findings suggest that improving financial literacy and financial behavior plays an important role in encouraging more rational stock investment decisions among Generation Z students.
Co-Authors Endah Puspitosarie Hartini Prasetyaning Pawestri