The Influence of Financial Technology, Financial Literacy and Risk Perception on Stock Investment Decisions Through Financial Behavior as a Moderating Variable on Generation Z in Pontianak City

Teresiwi Wulan; Dedi  Hariyanto

Authors

Teresiwi Wulan Management Study Program, Faculty of Economics and Business, Muhammadiyah University of Pontianak, Indonesia
Dedi Hariyanto Management Study Program, Faculty of Economics and Business, Muhammadiyah University of Pontianak, Indonesia

Keywords:

Investment, Financial Technology, Financial Literacy, Risk Perception, Financial Behavior

Abstract

Investment is an activity of investing funds in an asset with the aim of obtaining future returns, which are differentiated based on instruments, time periods, and risk levels. Currently, people's investment interest, especially Generation Z, is increasing along with technological advances and easy access to information through digital platforms based on financial technology (fintech). However, this convenience is not always accompanied by an understanding of risk, so financial literacy becomes important. Risk perception is also an important factor in making investment decisions, especially with the threat of digital security. This study aims to analyze the influence of fintech, financial literacy, and risk perception on investment decisions with financial behavior as a moderating variable. This study uses a quantitative approach with an associative research type. Data were collected through questionnaires distributed to 150 Generation Z respondents in Pontianak City who are actively investing, with purposive sampling techniques and analysis using a structural model (SEM-PLS). The results show that all indicators are valid and reliable. R-Square and Q-Square show that the model has good clarity and predictive relevance, and SRMR shows adequate model suitability. The results of the hypothesis testing show that fintech and financial literacy have a positive but insignificant effect on investment decisions, while risk perception and financial behavior have a positive and significant effect. Financial behavior is also proven to significantly moderate the relationship between fintech and risk perception on investment decisions.

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