Gen Z’s Adoption of Investment Platforms: The Roles of Awareness, Literacy, and Risk Perceptions
Abstract
Keywords
Full Text:
PDFReferences
Adam, A. M. (2020). Sample Size Determination in Survey Research. Journal of Scientific Research & Reports, 26(5), 90–97. https://doi.org/10.9734/JSRR/2020/v26i530263
Akibun, F., Prayitno, H., Z, R., & Otto, N. (2025). Financial Literacy In Gen Z Generation (Case Study at Bina Taruna University Gorontalo). Jurnal Ekonomi, Manajemen, Akuntansi Dan Keuangan, 6(2), 8. https://doi.org/10.53697/emak.v6i2.2286
Al-Khalaf, E., & and Choe, P. (2020). Increasing Customer Trust Towards Mobile Commerce in a Multicultural Society: A Case of Qatar. Journal of Internet Commerce, 19(1), 32–61. https://doi.org/10.1080/15332861.2019.1695179
Alalwan, A. A., Dwivedi, Y. K., & Rana, N. P. (2017). Factors influencing adoption of mobile banking by Jordanian bank customers: Extending UTAUT2 with trust. International Journal of Information Management, 37(3), 99–110. https://doi.org/10.1016/j.ijinfomgt.2017.01.002
Annisa, R., Majid, M. S. A., Agustina, M., Nurdin, R., Sartiyah, S., & Riyaldi, M. H. (2023). Do Financial Literacy and Digital Technology Drive Investment Intention Among Gen Z in the Islamic Capital Market: A Mediating Role of Risk Tolerance. 2023 International Conference on Sustainable Islamic Business and Finance (SIBF), 276–280. https://doi.org/10.1109/SIBF60067.2023.10379888
Apau, R., & Lallie, H. (2022). Measuring User Perceived Security of Mobile Banking Applications. https://doi.org/10.48550/arXiv.2201.03052
Bruin, M., & Mersinas, K. (2024). Individual and Contextual Variables of Cyber Security Behaviour -- An empirical analysis of national culture, industry, organisation, and individual variables of (in)secure human behaviour. https://doi.org/10.48550/arXiv.2405.16215
Chan, R., Troshani, I., Rao Hill, S., & Hoffmann, A. (2022). Towards an understanding of consumers’ FinTech adoption: the case of Open Banking. International Journal of Bank Marketing, 40(4), 886–917. https://doi.org/10.1108/IJBM-08-2021-0397
Chong, L.-L., Ong, H.-B., & Tan, S.-H. (2021). Acceptability of mobile stock trading application: A study of young investors in Malaysia. Technology in Society, 64, 101497. https://doi.org/https://doi.org/10.1016/j.techsoc.2020.101497
Christian, M., Pardede, R., & Indriyarti, E. R. (2022). Generation Z in Jakarta’s Attitude Towards COVID-19 Ad Distribution on YouTube. Journal of Distribution Science, 20(3), 13–22. https://doi.org/10.15722/jds.20.03.202203.13
Christian, M., Yulita, H., Girsang, L. R., Wibowo, S., Indriyarti, E. R., & Sunarno, S. (2023). The Impact of Cashless Payment in Application-Based Transportation on Gen Z User Behavior in Jakarta. 2023 International Conference on IT Innovation and Knowledge Discovery (ITIKD), 1–6. https://doi.org/10.1109/ITIKD56332.2023.10100198
Christian, M., Yulita, H., Yuniarto, Y., Wibowo, S., Indriyarti, E. R., & Sunarno, S. (2023). Resistant to Technology and Digital Banking Behavior Among Jakarta’s Generation Z. 2023 International Conference on IT Innovation and Knowledge Discovery (ITIKD), 1–6. https://doi.org/10.1109/ITIKD56332.2023.10099594
Dabas, S., & Nagvanshi, S. (2024). The Role of Social Media in the Adoption of Stock Investment Applications Among Gen Z. In D. Singh, G. Malik, & S. Bhatnagar (Eds.), Revolutionizing Customer-Centric Banking Through ICT (pp. 199–220). IGI Global. https://doi.org/10.4018/979-8-3693-2061-7.ch010
Ekaimi, S., Utomo, P., Gunawan, D., Jimmy, S. Y., & Christian, M. (2024). Examining the Factors Influencing Teleconsultation Adoption During the Pandemic Using the TAM Model. Global Business and Finance Review, 29(3), 149–160. https://doi.org/10.17549/gbfr.2024.29.3.149
Gómez-Hurtado, C., Gálvez-Sánchez, F. J., Prados-Peña, M. B., & Ortíz-Zamora, A. F. (2024). Adoption of e-wallets: trust and perceived risk in Generation Z in Colombia. Spanish Journal of Marketing - ESIC, ahead-of-p(ahead-of-print). https://doi.org/10.1108/SJME-01-2024-0017
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203
Hair, J., Hult, G. T. M., Ringle, C., & Sarstedt, M. (2022). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM). https://doi.org/10.1007/978-3-030-80519-7
Indriyarti, E. R., Christian, M., Yulita, H., Aryati, T., & Arsjah, R. J. (2023). Digital Bank Channel Distribution: Predictors of Usage Attitudes in Jakarta’s Gen Z. Journal of Distribution Science, 21(2), 21–34. https://doi.org/10.15722/jds.21.02.202302.21
Indriyarti, E. R., Christian, M., Yulita, H., Ruminda, M., Sunarno, S., & Wibowo, S. (2022). Online Food Delivery App Distribution and Determinants of Jakarta’s Gen Z Spending Habits. Journal of Distribution Science, 20(7), 73–86. https://doi.org/10.15722/jds.20.07.202207.73
Johri, A., Wasiq, M., Kaur, H., & Asif, M. (2023). Assessment of users’ adoption behaviour for stock market investment through online applications. Heliyon, 9(9). https://doi.org/10.1016/j.heliyon.2023.e19524
Kaabachi, S., Ben Mrad, S., & O’Leary, B. (2019). Consumer’s initial trust formation in IOB’s acceptance. International Journal of Bank Marketing, 37(2), 507–530. https://doi.org/10.1108/IJBM-12-2017-0270
Khan, M. S., Rabbani, N., & Kadoya, Y. (2020). Is Financial Literacy Associated with Investment in Financial Markets in the United States? In Sustainability (Vol. 12, Issue 18). https://doi.org/10.3390/su12187370
Khan, S. U., Liu, X., Khan, I. U., Liu, C., & Rasheed, M. I. (2020). Assessing the Investors’ Acceptance of Electronic Stock Trading in a Developing Country: The Mediating Role of Perceived Risk Dimensions. Information Resources Management Journal (IRMJ), 33(1), 59–82. https://doi.org/10.4018/IRMJ.2020010104
Kim, H.-W., Chan, H. C., & Gupta, S. (2007). Value-based Adoption of Mobile Internet: An empirical investigation. Decision Support Systems, 43(1), 111–126. https://doi.org/https://doi.org/10.1016/j.dss.2005.05.009
Lyons, A. C., & Kass-Hanna, J. (2021). A methodological overview to defining and measuring “digital” financial literacy. Financial Planning Review, 4(2), e1113. https://doi.org/https://doi.org/10.1002/cfp2.1113
Mishra, R. (2018). Financial Literacy, Risk Tolerance and Stock Market Participation. Asian Economic and Financial Review, 8(12), 1457–1471. https://doi.org/10.18488/journal.aefr.2018.812.1457.1471
Nair, P. S., Shiva, A., Yadav, N., & Tandon, P. (2023). Determinants of mobile apps adoption by retail investors for online trading in emerging financial markets. Benchmarking: An International Journal, 30(5), 1623–1648. https://doi.org/10.1108/BIJ-01-2022-0019
Parsai, P., & Chandok, A. K. (2025). The Role of Financial Literacy in Investment Decision-Making: A Review. International Journal of Innovations in Science, Engineering And Management, 4(1), 296–301. https://doi.org/10.69968/ijisem.2025v4i1296-301
Potrich, A. C. G., Vieira, K. M., & Mendes-Da-Silva, W. (2016). Development of a financial literacy model for university students. Management Research Review, 39(3), 356–376. https://doi.org/10.1108/MRR-06-2014-0143
Prabu, A., & Gajendran, A. (2021). Descriptive Study On Investors Stock Market Awareness and Their Perception Towards Investment Pattern (With Special Reference to Tamil Nadu). Natural Volatiles & Essential Oils, 8(4), 14318–14330. https://www.nveo.org/index.php/journal/article/view/3074/2582
Ratnawati, R. (2024). Generation Z Investment Decisions Influenced by Financial Behavior: Mediated by Financial Literacy. East African Scholars Journal of Economics, Business and Management, 7(1), 1–8. https://doi.org/10.36349/easjmb.2024.v07i01.001
Sanjay S Kishan, & Venugopal.J.S. (2024). A Study On The Adoptability of Mobile Trading Applications Among Young Investors in Southern Kerala. Educational Administration: Theory and Practice, 30(5), 10715–10721. https://doi.org/10.53555/kuey.v30i5.4821
Sarstedt, M., Ringle, C. M., & Hair, J. F. (2021). Partial Least Squares Structural Equation Modeling. In: Homburg, C., Klarmann, M., Vomberg, A.E. (eds) Handbook of Market Research. Springer, Cham. https://doi.org/10.1007/978-3-319-05542-8_15-2
Sembel, J. S., Widjaja, A. W., & Antonio, F. (2024). Determinants of mobile stock investment application adoption and its impact on intention to recommend the applications in emerging countries: a case study of Indonesia. Management & Marketing, 19(3), 555–578. https://doi.org/10.2478/mmcks-2024-0025
Sheila Pinasti, U., Yuli Astuti, M., Rakhmawati, R., Achiria, S., & Dwi Pusparini, M. (2022). Innovation Features of Digital Literacy Services in Shariah Online Trading System (Sots) Application in an Effort to Minimize the Risk of Investing. KnE Social Sciences, 7(10), 248–260. https://doi.org/10.18502/kss.v7i10.11363
Stålnacke, O. (2019). Individual investors’ information use, subjective expectations, and portfolio risk and return. The European Journal of Finance, 25(15), 1351–1376. https://doi.org/10.1080/1351847X.2019.1592769
Sukmaratna, H. A., Sari, R., & Andrian, T. (2024). Examining Factors of Mobile Banking Experience and Trust on Intention to Use among Gen Y and Gen Z. 2024 7th International Conference of Computer and Informatics Engineering (IC2IE), 1–9. https://doi.org/10.1109/IC2IE63342.2024.10748053
Tan, S.-M., Liew, T. W., Gan, C. L., Jamaluddin, H., Lee, Y. Y., & Tey, J. Y. Z. (2023). What drives the continuous adoption of mobile stock trading applications among Gen-Z traders? An investigation of the TAM, social influence, trust, and perceived security. Proceedings of the 2023 5th World Symposium on Software Engineering, 96–103. https://doi.org/10.1145/3631991.3632006
Thomas, A., & Spataro, L. (2018). Financial Literacy, Human Capital and Stock Market Participation in Europe. Journal of Family and Economic Issues, 39(4), 532–550. https://doi.org/10.1007/s10834-018-9576-5
Trang, P. T. M., & Tho, N. H. (2017). Perceived Risk, Investment Performance and Intentions in Emerging Stock Markets. International Journal of Economics and Financial Issues, 7(1), 269–278. https://www.econjournals.com/index.php/ijefi/article/view/3381
Utami, E., Gusni, G., Yuliani, R., & Pesakovic, G. (2025). Financial Knowledge and Social Influence on Generation Z Intention to Invest: The Mediating Role of Financial Attitude and Literacy. Media Ekonomi Dan Manajemen, 40, 121. https://doi.org/10.56444/mem.v40i1.5378
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User Acceptance of Information Technology: Toward a Unified View. MIS Quarterly, 27(3), 425–478. https://doi.org/10.2307/30036540
Yusup, A. K., & Gunawan, K. (2024). Gen Z Investment Decision: Role of Financial Literacy, Interest and Risk Tolerance Using Logistic Regression. Ultima Management : Jurnal Ilmu Manajemen, 16(1), 136–149. https://doi.org/10.31937/manajemen.v16i1.3667
DOI: http://dx.doi.org/10.30813/jbam.v18i1.8950
Refbacks
- There are currently no refbacks.
UNIVERSITAS BUNDA MULIA PRESS
PROGRAM STUDI MAGISTER MANAJEMEN
Lantai 3 Ruang Pascasarjana - Universitas Bunda Mulia
Jl. Lodan Raya No. 2, Ancol – Jakarta Utara 14430, Indonesia
Telp: +62 21 692 9090 ext.1317
Email: jobamubm@gmail.com
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
View My Stats