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Determinasi Psikologis dalam Pengambilan Keputusan Investasi Generasi Z di Wilayah Jabodetabek
Investment decision-making is a complex psychological process influenced by cognitive biases and emotional traits. Prospect Theory posits that individuals evaluate financial choices based on perceived gains and losses rather than absolute outcomes, often leading to irrational decision-making. This study examines the impact of herding effect, overconfidence, trait anger, and trait anxiety on investment decisions among Generation Z (born between 1997 and 2012) in the Jabodetabek region. As digital natives, Generation Z has greater access to financial markets but may also be more susceptible to cognitive biases affecting their investment behavior. Employing a quantitative approach, data were collected from 200 respondents through an online survey and analyzed using Structural Equation Modeling (SEM). The findings reveal that, among the psychological factors assessed, only overconfidence significantly influences investment decisions. This suggests that Generation Z investors in Jabodetabek tend to overestimate their knowledge and predictive abilities, potentially leading to excessive risk-taking. Conversely, herding effect, anger trait, and anxiety trait do not exhibit a significant impact, indicating that social influence and emotional responses may play a lesser role in shaping financial behavior within this demographic. These findings reinforce Prospect Theory by highlighting the dominance of cognitive biases—particularly overconfidence—in financial decision-making under uncertainty. The study emphasizes the need for targeted financial literacy programs to mitigate the risks associated with overconfidence. Strengthening financial education, particularly in risk assessment, could help promote more rational investment behavior. Future research should explore additional psychological constructs and demographic factors to further understand financial decision-making among Generation Z investors in Indonesia.
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