<![CDATA[The Indonesian capital market is undergoing a significant demographic transformation, marked by the dominance of young investors from Generation Z (born 1997–2012) and Millennials (born 1981–1996), who collectively represent more than 80% of all active investors as of 2024. This study examines, both conceptually and analytically, how the interaction between personality traits (Big Five Personality) and risk perception jointly shapes actual investment behavior among these two generations in the Indonesian capital market. Using a systematic literature review approach of SINTA-indexed sources from 2020 to 2025, this study found that: (1) the personality traits Extraversion and Openness to Experience are positively correlated with risk tolerance and transaction frequency; (2) Neuroticism is negatively correlated with the willingness to make investment decisions; (3) Gen Z exhibits more exploratory behavior and is more prone to FOMO (Fear of Missing Out), whereas Millennials tend to be more conservative and structured; and (4) financial literacy acts as an important moderator in the relationship between personality, risk perception, and actual behavior. These findings have theoretical and practical implications for the development of investor education and capital market policies in Indonesia.]]>
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