Unveiling Gen-Z Investment Intention: An Integrated TPB and Social Cognitive Theory Approach with Financial Literacy Moderation

Tri Nanda Anugrah Hutasoit; Wendy; Anggraini Syahputri; Mustaruddin; Helma Malini

doi:10.61987/jemr.v5i5.3044

Authors

Tri Nanda Anugrah Hutasoit Universitas Tanjungpura
Wendy Universitas Tanjungpura
Anggraini Syahputri Universitas Tanjungpura
Mustaruddin Universitas Tanjungpura
Helma Malini Universitas Tanjungpura

DOI:

https://doi.org/10.61987/jemr.v5i5.3044

Keywords:

Financial Literacy, Investment Intention, Gen-Z, Educational Management

Abstract

This study examines the determinants of Gen-Z investment intention by integrating financial capacity, risk perception, self-efficacy, and peer influence, while investigating the moderating role of financial literacy. It also highlights the educational management dimension by considering how financial education and learning management can support informed investment decision-making among young adults. Method: A quantitative expl anatory design was employed using survey data from 404 Gen-Z respondents aged 20–29 years. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM), including outer-model, inner-model, moderating-effect, and Multi-Group Analysis (MGA) procedures. Results: Financial capacity, risk perception, self-efficacy, and peer influence significantly influence investment intention. The model explains 78.1% of the variance in investment intention. Financial literacy significantly strengthens the relationship between financial capacity and investment intention but does not significantly moderate the relationships involving risk perception, self-efficacy, and peer influence. Implications: The findings suggest that financial education should be managed beyond knowledge transmission by integrating financial capability, cognitive confidence, risk awareness, and social learning. Educational management can therefore play a strategic role in developing more objective, adaptive, and responsible investment decision-making among Gen-Z.

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