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All Journal ETIKONOMI
Fira Syarwadina
Faculty of Economics and Business, Diponegoro University
Economics, Econometrics & Finance

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Financial Risk Tolerance of Generation Z Investors: A Behavioral Finance Perspective Fira Syarwadina; Akhmad Syakir Kurnia
ETIKONOMI Vol. 25 No. 2 (2026)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v25i2.50529

Abstract

Research Originality. This study enriches the literature by integrating demographic, behavioral, and religious factors into the analysis of Gen Z’s financial risk tolerance. It applies behavioral finance and prospect theory to the dimensions that shape investment behavior. Research Objectives. This study examines Generation Z investors’ financial risk tolerance in the greater Jakarta area, focusing on religiosity and herding behavior within the context of behavioral finance and prospect theory. Research Method. The study uses survey data from Gen Z investors in the Jabodetabek area and employs a binary logistic model to estimate the probability of high versus low risk tolerance and to identify its key determinants. Empirical Results. Results indicate that gender, income, marital status, religion, herding, and religiosity significantly influence financial risk tolerance, while experience does not. Male, higher-income, unmarried investors are more risk-tolerant, whereas Muslims and more religious individuals are less so; herding increases risk-taking among Gen Z. Implications. The findings underscore the need for personalized financial education and investment strategies that consider demographic and behavioral factors, such as religiosity, social values, and herd mentality, to enhance Gen Z’s financial literacy and risk management. JEL Classification: G1, G11, G4, G41
Co-Authors Akhmad Syakir Kurnia