BEHAVIORAL BIASES AND FINANCIAL RISK TOLERANCE: A COMPARATIVE ANALYSIS BETWEEN MILLENNIAL AND GEN Z INVESTORS IN EMERGING MARKETS
DOI:
https://doi.org/10.51903/jiab.v5i1.1043Keywords:
Bias Perilaku, Toleransi Risiko Keuangan, Investor Milenial, Generasi Z, Pasar BerkembangAbstract
Perkembangan teknologi digital telah mendorong generasi milenial dan Gen Z di Indonesia untuk aktif berinvestasi melalui instrumen berbasis teknologi. Namun, keputusan investasi mereka masih dipengaruhi oleh bias perilaku seperti overconfidence, herding, dan loss aversion, yang berdampak pada tingkat toleransi risiko keuangan. Penelitian ini bertujuan menganalisis pengaruh ketiga jenis bias tersebut terhadap toleransi risiko serta membandingkan perbedaannya antara Milenial dan Gen Z. Penelitian dilakukan dengan pendekatan kuantitatif melalui survei kepada 500 responden dari kedua generasi, menggunakan kuesioner skala Likert 5 poin. Data dianalisis menggunakan Structural Equation Modeling (SEM) melalui SmartPLS, termasuk uji multi-group analysis untuk membandingkan antar generasi. Hasil menunjukkan bahwa overconfidence meningkatkan toleransi risiko, sementara loss aversion menurunkannya. Pengaruh herding bervariasi di antara kedua generasi, menunjukkan perbedaan karakteristik perilaku investasi. Temuan ini memperkaya literatur perilaku keuangan dengan konteks lokal dan menyoroti pentingnya pendekatan edukasi keuangan yang disesuaikan dengan profil generasi. Selain itu, hasil penelitian ini membuka peluang pemanfaatan teknologi, termasuk kecerdasan buatan (AI), untuk membantu investor muda dalam mengenali dan mengelola bias perilaku serta meningkatkan pengambilan keputusan keuangan yang lebih rasional dan adaptif di era digital.
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