REVIEW FAKTOR PENENTU KEPUTUSAN INVESTASI PADA GENERASI Z & MILLENIAL
Abstrak
Investment is one of the trends favored by various generations today, this is evidenced by the percentage growth of assets in 2021. Generation Z & Millennials are the generation that dominates the capital market in Indonesia in 2021. Knowing the behavior and factors that can affect Generation Z & Millennials in making investment decisions is the purpose of this review, so that it can be used by Generation Z & Millennials when making investments in the future. This study uses a literature review method by reviewing the behavior and investment decision factors of Generation Z & Millennials. In developed countries Generation Z & Millennials have understood the impact of investment, while in developing countries Generation Z & Millennials have a high level of trust and choose safer investment instruments. Factors that can influence investment decisions in Generation Z & Millennials include financial literacy, financial attitudes, and financial perceptions.
Referensi
[1] A. Fitriani and A. Widodo, “PENGARUH FINANCIAL KNOWLEDGE TERHADAP FINANCIAL BEHAVIOR DENGAN FINANCIAL ATTITUDE SEBAGAI VARIABEL INTERVENING PADA GENERASI Z.” 2020.
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[3] K. T. Kim, S. G. Anderson, and M. C. Seay, “Financial Knowledge and Short-Term and Long-Term Financial Behaviors of Millennials in the United States,” J. Fam. Econ. Issues, Oct. 2018, doi: https://doi.org/10.1007/s10834-018-9595-2.
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[8] D. R. Anggarini, A. D. Putri, and L. F. Lina, “Literasi Keuangan untuk Generasi Z di MAN 1 Pesawaran,” J. Abdi Masy. Indones., vol. 1, no. 1, pp. 147–182, Sep. 2021, doi: 10.54082/jamsi.42.
[9] R. A. Normawati, S. M. Rahayu, and S. Worokinasih, “Financial Knowledge, Digital Financial Knowledge, Financial Attitude, Financial Behaviour and Financial Satisfaction on Millennials,” 2021, doi: 10.4108/eai.6-3-2021.2305967.
[10] K. Hendarto, N. Anastasia, and S. R. Basana, “The Effect of Financial Literacy, Financial Risk Tolerance, and Financial Socialization Agents on Stock Investment Decision in The Millennial Generation,” Petra Int. J. Bus. Stud., vol. 4, no. 1, pp. 11–22, Jun. 2021, doi: 10.9744/ijbs.4.1.11-22.
[11] N. S. Azizah, “PENGARUH LITERASI KEUANGAN, GAYA HIDUP PADA PERILAKU KEUANGAN PADA GENERASI MILENIAL,” Prisma Platf. Ris. Mhs. Akunt., vol. 1, no. 2, pp. 92–101, 2020.
[12] A. F. Audini, A. M. Mus, and H. Sjahruddin, “Pengaruh Literasi Keuangan Terhadap Keputusan Investasi Dengan Perilaku Kuangan Sebagai Varaibel Moderasi,” NIAGAWAN, vol. 9, no. 2, pp. 102–107, 2020, doi: https://doi.org/10.24114/niaga.v9i2.19035.
[13] G. S. Gustika and H. Yaspita, “Pengaruh Literasi Keuangan Terhadap Keputusan Investasi Mahasiswa STIE Indragiri Rengat,” J-MAS J. Manaj. Dan Sains, vol. 6, no. 1, pp. 261–269, 2021, doi: http://dx.doi.org/10.33087/jmas.v6i1.252.
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[15] E. L. M. Sitinjak, “Pola Strategi Investasi Investor Individu Saham Menurut Generasi X, Y, Dan Z,” J. Pasar Modal Dan Bisnis, vol. 1, no. 1, pp. 67–78, 2019, doi: https://doi.org/10.37194/jpmb.v1i1.10.
[16] O. E. Ogunlusi and O. Obademi, “The Impact of Behavioural Finance on Investment Decision-making: A Study of Selected Investment Banks in Nigeria,” Glob. Bus. Rev., pp. 1–17, 2019, doi: https://doi.org/10.1177/0972150919851388.
[17] P. Hunguru, V. Sibanda, and R. Tadu, “Determinants of Investment Decisions: A Study of Individual Investors on the Zimbabwe Stock Exchange,” Appl. Econ. Finance, vol. 7, no. 5, pp. 38–53, 2020, doi: https://doi.org/10.11114/aef.v7i5.4927.
[18] Tim GLN, “Materi Pendukung Literasi Finansial,” Jakarta: Kementerian Pendidikan dan Kebudayaan, 2017.
[19] I. F. Yudasella and A. Krisnawati, “PENGARUH LITERASI KEUANGAN TERHADAP PERILAKU KONSUMTIF SISWA SEKOLAH MENENGAH ATAS DI KOTA BANDUNG,” J. Mitra Manaj., vol. 3, no. 6, pp. 674–687, Jul. 2019, doi: 10.52160/ejmm.v3i6.245.
[20] B. F. Arianti, “Pengaruh Pendapatan Dan Perilaku Keuangan Terhadap Literasi Keuangan Melalui Keputusan Berinvestasi Sebagai Variabel Intervening,” J. Akunt., vol. 10, no. 1, pp. 13–36, 2020, doi: https://doi.org/10.33369/j.akuntansi.10.1.13-36.
[21] T. K. Khairunnisa, G. N. Ahmad, and E. Gurendawati, “Pengaruh Religiusitas, Preferensi Risiko, Dan Locus Of Control Terhadap Perilaku Keuangan Dan Dampaknya Terhadap Personal Financial Distress Pada Pekerja Muda Di DKI Jakarta,” JRMSI J. Ris. Manaj. Sains Indones., vol. 11, no. 2, pp. 381–403, 2020, doi: https://doi.org/10.21009/JRMSI.011.2.010.
[22] V. Deenanath, S. M. Danes, and J. Jang, “Purposive and Unintentional Family Financial Socialization, Subjective Financial Knowledge, and Financial Behavior of High School Students,” J. Financ. Couns. Plan., vol. 30, no. 1, pp. 83–96, 2019, doi: http://dx.doi.org/10.1891/1052-3073.30.1.83.
[23] E. Loveland, “Instant Generation,” J. Coll. Admiss., vol. 235, pp. 34–38, 2017.
[24] R. Iramani and Lutfi, “An Integrated Model of Financial Well-Being: The Role of Financial Behavior,” Grow. Sci., vol. 7, no. 3, pp. 691–700, 2021, doi: https://doi.org/10.5267/j.ac.2020.12.007.
[25] N. Lajuni, I. Bujang, Abd. A. Karia, and Y. Yacob, “Religiosity, Financial Knowledge, and Financial Behavior Influence on Personal Financial Distress Among Millennial Generation,” J. Manaj. Dan Kewirausahaan, vol. 20, no. 2, pp. 92–98, 2018, doi: https://doi.org/10.9744/jmk.20.2.92-98.
[26] R. Moray, V. Pabalkar, and N. Buch, “Investing Behaviour of the IT Millennials with Respect to Retirement Planning,” Asian J. Empir. Res., vol. 9, no. 8, pp. 188–201, 2019, doi: https://doi.org/ 10.18488/journal.1007/2019.9.8/1007.8.188.201.
[27] J. T. C. Bona, “The Savings Behavior of the IGeneration,” Religación, vol. 4, no. 15, pp. 122–128, 2019.
[28] T. N. T. Phan, P. Bertrand, X. V. Vo, and K. Jones, “Investigating financial decision-making when facing skewed distributions of return: A survey study in Vietnam,” Q. Rev. Econ. Finance, 2021, doi: 10.1016/j.qref.2021.04.015.
[29] R. Rosdiana, “Investment Behavior in Generation Z and Millennial Generation,” Dinasti Int. J. Econ. Finance Account., vol. 1, no. 5, pp. 766–780, 2020, doi: https://doi.org/10.38035/dijefa.v1i5.595.
[30] R. Saputra, B. R. Kartawinata, C. Wijayangka, and N. N. K. Moeliono, “ANALISIS FAKTOR INVESTASI PADA MAHASISWA GENERASI Z,” p. 18.
[31] N. Utami, M. L. Sitanggang, and M. L. Sitanggang, “The Analysis of Financial Literacy and Its Impact on Investment Decisions: A Study on Generation Z In Jakarta,” Inovbiz J. Inov. Bisnis, vol. 9, no. 1, p. 33, Jun. 2021, doi: 10.35314/inovbiz.v9i1.1840.
[32] Y. Yolanda and A. Tasman, “Pengaruh Financial Literacy dan Risk Perception terhadap Keputusan Investasi Generasi Millennial Kota Padang,” J. Ecogen, vol. 3, no. 1, p. 144, Mar. 2020, doi: 10.24036/jmpe.v3i1.8533.
[33] Valendy Pradita, Wiwik Lestari, and Himapas STIE Perbanas Surabaya, “ICOBBI2019 - Valendy Pradita - Study of Demographic Factors and Financial Literation and its Effect on Individual Investment Decision in Generation X and Generation Y,” p. 153990 Bytes, 2019, doi: 10.6084/M9.FIGSHARE.9849122.
[34] C. R. Hudson, M. Phillips, T. Smalls, and J. Young, “Investment Behavior: Factors that Impact African American Women’s Investment Behavior,” Rev. Black Polit. Econ., vol. 48, no. 3, pp. 349–367, Sep. 2021, doi: 10.1177/0034644620986882.
[35] F. Schmid, P. Rafih, and K. L. Guan, “Attitudes and Sustainable Investment Behavior of Millennials in China and Germany: Recommendations for Investment Providers,” Innov. Kreat. Chinas Wirtsch., vol. 1, no. 17, pp. 433–464, 2021, doi: https://doi.org/10.1007/978-3-658-34039-1_17.
[36] K. Sumpter and J. Koonce, “Extension Investing Resources for the Millennial Generation: An Exploratory Study,” J. Ext., vol. 57, no. 1, pp. 1–9, 2019.
[37] Y. Fitria, R. A. Rahadi, K. F. Afgani, N. A. R. Putranto, I. Murtaqi, and T. Faturohman, “The Influence of Demographic, Financial Literacy and Information Factors on Investment Decision Among Millenial Generations in Bandung,” Eur. J. Bus. Manag. Res., vol. 4, no. 6, Nov. 2019, doi: 10.24018/ejbmr.2019.4.6.152.
[38] K. Hendarto, N. Anastasia, and S. R. Basana, “The Effect of Financial Literacy, Financial Risk Tolerance, and Financial Socialization Agents on Stock Investment Decision in The Millennial Generation,” Petra Int. J. Bus. Stud., vol. 4, no. 1, pp. 11–22, Jun. 2021, doi: 10.9744/ijbs.4.1.11-22.
[39] Isnaini Nuzula Agustin and F. Lysion, “Analisis Faktor-Faktor yang Mempengaruhi Pengambilan Keputusan Investasi Saham pada Investor Generasi Milenial di Kota Batam yang dengan Locus of Control sebagai Variabel Moderasi,” Conf. Manag. Bus. Innov. Educ. Soc. Sci., vol. 1, no. 1, pp. 2081–2098, 2021.
[40] M. Leelapamornkit and T. Sethjinda, “The Influence of Investment Knowledge and Risk Perception on Mutual Fund Choices among Millennials Investors in Bangkok Metropolitan Area,” p. 6, 2020.
[2] M. van Deventer, “African Generation Y students’ personal finance behavior and knowledge,” Invest. Manag. Financ. Innov., vol. 17, no. 4, pp. 136–144, Nov. 2020, doi: 10.21511/imfi.17(4).2020.13.
[3] K. T. Kim, S. G. Anderson, and M. C. Seay, “Financial Knowledge and Short-Term and Long-Term Financial Behaviors of Millennials in the United States,” J. Fam. Econ. Issues, Oct. 2018, doi: https://doi.org/10.1007/s10834-018-9595-2.
[4] D. N. Priswari and Munari, “FAKTOR YANG MEMPENGARUHI KEPUTUSAN INVESTASI GENERASI MILLENIAL,” Conf. Econ. Bus. Innov., vol. 1, no. 1, 2021.
[5] B. R. Kartawinata and C. Wijayangka, “PENGARUH PERSONAL INTEREST DAN SELF CONTROL TERHADAP MINAT INVESTASI PADA MAHASISWA GENERASI Z DI BANDUNG,” J. Din. Ekon. Pembang., vol. 4, no. 1, pp. 426–432, Jan. 2021, doi: 10.33005/jdep.v4i1.203.
[6] K. Laturette, L. P. Widianingsih, and L. Subandi, “Literasi Keuangan Pada Generasi Z,” J. Pendidik. Akunt. JPAK, vol. 9, no. 1, pp. 131–139, 2021.
[7] R. Rosdiana, “ANALYSIS OF INVESTMENT INTERESTS, MOTIVATION, SOCIAL ENVIRONMENT, FINANCIAL LITERACY (COMPARATIVE STUDY OF GENERATION Z AND MILLENNIAL GENERATION),” Int. J. Bus. Econ. Law, vol. 22, no. 1, pp. 111–121, 2020.
[8] D. R. Anggarini, A. D. Putri, and L. F. Lina, “Literasi Keuangan untuk Generasi Z di MAN 1 Pesawaran,” J. Abdi Masy. Indones., vol. 1, no. 1, pp. 147–182, Sep. 2021, doi: 10.54082/jamsi.42.
[9] R. A. Normawati, S. M. Rahayu, and S. Worokinasih, “Financial Knowledge, Digital Financial Knowledge, Financial Attitude, Financial Behaviour and Financial Satisfaction on Millennials,” 2021, doi: 10.4108/eai.6-3-2021.2305967.
[10] K. Hendarto, N. Anastasia, and S. R. Basana, “The Effect of Financial Literacy, Financial Risk Tolerance, and Financial Socialization Agents on Stock Investment Decision in The Millennial Generation,” Petra Int. J. Bus. Stud., vol. 4, no. 1, pp. 11–22, Jun. 2021, doi: 10.9744/ijbs.4.1.11-22.
[11] N. S. Azizah, “PENGARUH LITERASI KEUANGAN, GAYA HIDUP PADA PERILAKU KEUANGAN PADA GENERASI MILENIAL,” Prisma Platf. Ris. Mhs. Akunt., vol. 1, no. 2, pp. 92–101, 2020.
[12] A. F. Audini, A. M. Mus, and H. Sjahruddin, “Pengaruh Literasi Keuangan Terhadap Keputusan Investasi Dengan Perilaku Kuangan Sebagai Varaibel Moderasi,” NIAGAWAN, vol. 9, no. 2, pp. 102–107, 2020, doi: https://doi.org/10.24114/niaga.v9i2.19035.
[13] G. S. Gustika and H. Yaspita, “Pengaruh Literasi Keuangan Terhadap Keputusan Investasi Mahasiswa STIE Indragiri Rengat,” J-MAS J. Manaj. Dan Sains, vol. 6, no. 1, pp. 261–269, 2021, doi: http://dx.doi.org/10.33087/jmas.v6i1.252.
[14] PT Kustodian Sentral Efek Indonesia, 2021. [Online]. Available: https://www.ksei.co.id/
[15] E. L. M. Sitinjak, “Pola Strategi Investasi Investor Individu Saham Menurut Generasi X, Y, Dan Z,” J. Pasar Modal Dan Bisnis, vol. 1, no. 1, pp. 67–78, 2019, doi: https://doi.org/10.37194/jpmb.v1i1.10.
[16] O. E. Ogunlusi and O. Obademi, “The Impact of Behavioural Finance on Investment Decision-making: A Study of Selected Investment Banks in Nigeria,” Glob. Bus. Rev., pp. 1–17, 2019, doi: https://doi.org/10.1177/0972150919851388.
[17] P. Hunguru, V. Sibanda, and R. Tadu, “Determinants of Investment Decisions: A Study of Individual Investors on the Zimbabwe Stock Exchange,” Appl. Econ. Finance, vol. 7, no. 5, pp. 38–53, 2020, doi: https://doi.org/10.11114/aef.v7i5.4927.
[18] Tim GLN, “Materi Pendukung Literasi Finansial,” Jakarta: Kementerian Pendidikan dan Kebudayaan, 2017.
[19] I. F. Yudasella and A. Krisnawati, “PENGARUH LITERASI KEUANGAN TERHADAP PERILAKU KONSUMTIF SISWA SEKOLAH MENENGAH ATAS DI KOTA BANDUNG,” J. Mitra Manaj., vol. 3, no. 6, pp. 674–687, Jul. 2019, doi: 10.52160/ejmm.v3i6.245.
[20] B. F. Arianti, “Pengaruh Pendapatan Dan Perilaku Keuangan Terhadap Literasi Keuangan Melalui Keputusan Berinvestasi Sebagai Variabel Intervening,” J. Akunt., vol. 10, no. 1, pp. 13–36, 2020, doi: https://doi.org/10.33369/j.akuntansi.10.1.13-36.
[21] T. K. Khairunnisa, G. N. Ahmad, and E. Gurendawati, “Pengaruh Religiusitas, Preferensi Risiko, Dan Locus Of Control Terhadap Perilaku Keuangan Dan Dampaknya Terhadap Personal Financial Distress Pada Pekerja Muda Di DKI Jakarta,” JRMSI J. Ris. Manaj. Sains Indones., vol. 11, no. 2, pp. 381–403, 2020, doi: https://doi.org/10.21009/JRMSI.011.2.010.
[22] V. Deenanath, S. M. Danes, and J. Jang, “Purposive and Unintentional Family Financial Socialization, Subjective Financial Knowledge, and Financial Behavior of High School Students,” J. Financ. Couns. Plan., vol. 30, no. 1, pp. 83–96, 2019, doi: http://dx.doi.org/10.1891/1052-3073.30.1.83.
[23] E. Loveland, “Instant Generation,” J. Coll. Admiss., vol. 235, pp. 34–38, 2017.
[24] R. Iramani and Lutfi, “An Integrated Model of Financial Well-Being: The Role of Financial Behavior,” Grow. Sci., vol. 7, no. 3, pp. 691–700, 2021, doi: https://doi.org/10.5267/j.ac.2020.12.007.
[25] N. Lajuni, I. Bujang, Abd. A. Karia, and Y. Yacob, “Religiosity, Financial Knowledge, and Financial Behavior Influence on Personal Financial Distress Among Millennial Generation,” J. Manaj. Dan Kewirausahaan, vol. 20, no. 2, pp. 92–98, 2018, doi: https://doi.org/10.9744/jmk.20.2.92-98.
[26] R. Moray, V. Pabalkar, and N. Buch, “Investing Behaviour of the IT Millennials with Respect to Retirement Planning,” Asian J. Empir. Res., vol. 9, no. 8, pp. 188–201, 2019, doi: https://doi.org/ 10.18488/journal.1007/2019.9.8/1007.8.188.201.
[27] J. T. C. Bona, “The Savings Behavior of the IGeneration,” Religación, vol. 4, no. 15, pp. 122–128, 2019.
[28] T. N. T. Phan, P. Bertrand, X. V. Vo, and K. Jones, “Investigating financial decision-making when facing skewed distributions of return: A survey study in Vietnam,” Q. Rev. Econ. Finance, 2021, doi: 10.1016/j.qref.2021.04.015.
[29] R. Rosdiana, “Investment Behavior in Generation Z and Millennial Generation,” Dinasti Int. J. Econ. Finance Account., vol. 1, no. 5, pp. 766–780, 2020, doi: https://doi.org/10.38035/dijefa.v1i5.595.
[30] R. Saputra, B. R. Kartawinata, C. Wijayangka, and N. N. K. Moeliono, “ANALISIS FAKTOR INVESTASI PADA MAHASISWA GENERASI Z,” p. 18.
[31] N. Utami, M. L. Sitanggang, and M. L. Sitanggang, “The Analysis of Financial Literacy and Its Impact on Investment Decisions: A Study on Generation Z In Jakarta,” Inovbiz J. Inov. Bisnis, vol. 9, no. 1, p. 33, Jun. 2021, doi: 10.35314/inovbiz.v9i1.1840.
[32] Y. Yolanda and A. Tasman, “Pengaruh Financial Literacy dan Risk Perception terhadap Keputusan Investasi Generasi Millennial Kota Padang,” J. Ecogen, vol. 3, no. 1, p. 144, Mar. 2020, doi: 10.24036/jmpe.v3i1.8533.
[33] Valendy Pradita, Wiwik Lestari, and Himapas STIE Perbanas Surabaya, “ICOBBI2019 - Valendy Pradita - Study of Demographic Factors and Financial Literation and its Effect on Individual Investment Decision in Generation X and Generation Y,” p. 153990 Bytes, 2019, doi: 10.6084/M9.FIGSHARE.9849122.
[34] C. R. Hudson, M. Phillips, T. Smalls, and J. Young, “Investment Behavior: Factors that Impact African American Women’s Investment Behavior,” Rev. Black Polit. Econ., vol. 48, no. 3, pp. 349–367, Sep. 2021, doi: 10.1177/0034644620986882.
[35] F. Schmid, P. Rafih, and K. L. Guan, “Attitudes and Sustainable Investment Behavior of Millennials in China and Germany: Recommendations for Investment Providers,” Innov. Kreat. Chinas Wirtsch., vol. 1, no. 17, pp. 433–464, 2021, doi: https://doi.org/10.1007/978-3-658-34039-1_17.
[36] K. Sumpter and J. Koonce, “Extension Investing Resources for the Millennial Generation: An Exploratory Study,” J. Ext., vol. 57, no. 1, pp. 1–9, 2019.
[37] Y. Fitria, R. A. Rahadi, K. F. Afgani, N. A. R. Putranto, I. Murtaqi, and T. Faturohman, “The Influence of Demographic, Financial Literacy and Information Factors on Investment Decision Among Millenial Generations in Bandung,” Eur. J. Bus. Manag. Res., vol. 4, no. 6, Nov. 2019, doi: 10.24018/ejbmr.2019.4.6.152.
[38] K. Hendarto, N. Anastasia, and S. R. Basana, “The Effect of Financial Literacy, Financial Risk Tolerance, and Financial Socialization Agents on Stock Investment Decision in The Millennial Generation,” Petra Int. J. Bus. Stud., vol. 4, no. 1, pp. 11–22, Jun. 2021, doi: 10.9744/ijbs.4.1.11-22.
[39] Isnaini Nuzula Agustin and F. Lysion, “Analisis Faktor-Faktor yang Mempengaruhi Pengambilan Keputusan Investasi Saham pada Investor Generasi Milenial di Kota Batam yang dengan Locus of Control sebagai Variabel Moderasi,” Conf. Manag. Bus. Innov. Educ. Soc. Sci., vol. 1, no. 1, pp. 2081–2098, 2021.
[40] M. Leelapamornkit and T. Sethjinda, “The Influence of Investment Knowledge and Risk Perception on Mutual Fund Choices among Millennials Investors in Bangkok Metropolitan Area,” p. 6, 2020.
Diterbitkan
2022-05-15
##submission.howToCite##
Maghfirah Nur Fadilah, Nathasya Indriwan, Nur Khoirunnisa, & Sri Mulyantini. (2022). REVIEW FAKTOR PENENTU KEPUTUSAN INVESTASI PADA GENERASI Z & MILLENIAL. MANAJEMEN, 2(1), 17-29. https://doi.org/10.51903/manajemen.v2i1.112
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