<![CDATA[Perkembangan teknologi digital mendorong peningkatan partisipasi generasi Z dalam investasi saham. Namun, generasi Z menghadapi tantangan berupa rendahnya literasi keuangan dan tingginya experienced regret akibat keputusan investasi yang impulsif. Penelitian ini bertujuan untuk menganalisis pengaruh literasi keuangan dan experienced regret terhadap keputusan investasi generasi Z di DKI Jakarta, dengan risk tolerance sebagai variabel mediasi. Penelitian ini menggunakan pendekatan kuantitatif dengan sampel sebanyak 175 responden yang dipilih melalui purposive sampling yaitu generasi Z berusia 18-27 tahun, berdomisili di DKI Jakarta, pernah melakukan investasi saham, dan pernah mengalami penyesalan atas keputusan investasi saham. Data dikumpulkan melalui kuesioner online dan dianalisis menggunakan Structural Equation Modeling berbasis Partial Least Square (PLS-SEM). Hasil penelitian menunjukkan bahwa literasi keuangan dan experienced regret secara signifikan berpengaruh terhadap keputusan investasi. Selain itu, literasi keuangan dan experienced regret secara signifikan berpengaruh terhadap risk tolerance dan risk tolerance juga berpengaruh signifikan terhadap keputusan investasi. Hasil analisis mediasi menunjukkan bahwa risk tolerance dapat memediasi pengaruh literasi keuangan dan experienced regret terhadap keputusan investasi. Secara praktis, generasi Z disarankan untuk meningkatkan literasi keuangan, menilai profil risiko, dan mengevaluasi pengalaman investasi sebelumnya, sementara komunitas keuangan dan perusahaan investasi diharapkan menyediakan program pelatihan digital dan fitur simulasi investasi untuk mendukung keputusan investasi yang lebih tepat. Selain itu, peneliti selanjutnya dapat memperluas wilayah penelitian dan menambah variabel lain. The development of digital technology has increased the participation of Generation Z in stock investment. However, Generation Z faces challenges such as low financial literacy and high experienced regret due to impulsive investment decisions. This study aims to analyze the influence of financial literacy and experienced regret on the investment decisions of Generation Z in DKI Jakarta, with risk tolerance as a mediating variable. The study employes a quantitative approach with a sample of 175 respondents selected through purposive sampling, consisting of Generation Z aged 18-27, lived in DKI Jakarta, having invested in stocks before, and having experienced regret over their stock investment decisions. Data were collected through online questionnaires and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The research results indicate that financial literacy and experienced regret significantly influence investment decisions. In addition, financial literacy and experienced regret significantly influence risk tolerance, and risk tolerance also significantly influence investment decisions. The mediation analysis results show that risk tolerance can mediate the influence of financial literacy and experienced regret on investment decisions. Practically, Generation Z is advised to enhance financial literacy, assess their risk profile, and reflect on past investment experiences, while financial community and investment firms are expected to provide digital training programs and virtual trading to support better investment decisions. Furthermore, future researchers can expand the research area and add other variables.]]>
