Investment Trends Among Young Generation: Exploring Motivation and Educational Influence of Gen Z and Millennials
Abstract
This study aims to analyze how motivation and education affect investment interest among the younger generation, especially Generation Z and Millennials, which shows a dominance trend in capital market investment activities in Indonesia. With economic growth and the rapid development of digital technology, the younger generation now has wider and easier access to applicable information and investment instruments. This study utilizes a quantitative method with a population consisting of students of Gunung Jati Swadaya University Cirebon. Data was obtained through a questionnaire distributed to 157 respondents and analyzed using SmartPLS 3.0. The results of the analysis show that investment motivation and education have a positive and significant influence on investment interest. This suggests that the higher the level of motivation and education an individual receives, the greater their inclination to invest in the capital market. The implications of this study show the importance of providing inclusive and adaptive financial education to the characteristics of the younger generation. This research also provides strategic input for financial industry players and the government in designing future education programs that are able to arouse the interest and participation of the younger generation in the capital market. However, the limitations of this study include the narrow scope of respondents and approaches that do not capture changes in long-term dynamics, so further and in-depth follow-up research is needed.
Downloads
References
Adediran, I. A., Okunade, S. O., & Aor, R. L. (2022). Diaspora investments in low & high interest rate environments. Research in Globalization, 5(September), 100094. https://doi.org/10.1016/j.resglo.2022.100094
Ajzen, I. (2002). Perceived behavioral control, self-efficacy, locus of control, and the theory of planned behavior. Journal of Applied Social Psychology, 32(4), 665–683. https://doi.org/10.1111/j.1559-1816.2002.tb00236.x
Alawag, A. M., Alaloul, W. S., Mohamad, H., Liew, M. S., Awang, M., & Baarimah, A. O. (2025). Evaluating the role of critical success factors of Total quality management (TQM) implementation through SmartPLS in industrialized building projects (IBS). Ain Shams Engineering Journal, 16(3), 103294. https://doi.org/10.1016/j.asej.2025.103294
Ammer, J., Claessens, S., Tabova, A., & Wroblewski, C. (2019). Home country interest rates and international investment in U.S. bonds. Journal of International Money and Finance, 95, 212–227. https://doi.org/10.1016/j.jimonfin.2018.06.010
Asrulla, Risnita, Jailani, M. S., & Jeka, F. (2023). Populasi dan Sampling (Kuantitatif), Serta Pemilihan Informan Kunci (Kualitatif) dalam Pendekatan Praktis. Jurnal Pendidikan Tambusai, 7(3), 26320–26332.
Assaf, C., Monne, J., & Harriet, L. (2025). Gender and ESG investing: Same behavior but different motivations. International Review of Financial Analysis, 104(May). https://doi.org/10.1016/j.irfa.2025.104327
Aulia, M., Afiff, A. Z., Hati, S. R. H., & Gayatri, G. (2024). Consumers’ sustainable investing: A systematic literature review and research agenda. Cleaner and Responsible Consumption, 14(August), 100215. https://doi.org/10.1016/j.clrc.2024.100215
Bhat, A. S. (2025). A stochastic field theory for the evolution of quantitative traits in finite populations. Theoretical Population Biology, 161(November 2023), 1–12. https://doi.org/10.1016/j.tpb.2024.10.003
Binekasri, R. (2024). Gen Z dan Milenial Dominan Investor Pasar Modal RI. Indonesia. In CNBC (p. https://www.cnbcindonesia.com/market/2024102811422).
Cohen, J., Gil, J., & Rosado, L. (2025). Extending the TPB of residential waste sorting with situational factors using a data-driven approach: The case of Gothenburg, Sweden. Waste Management Bulletin, 3(1), 87–95. https://doi.org/10.1016/j.wmb.2024.12.007
Darvin, R., & Norton, B. (2023). Investment and motivation in language learning: What’s the difference? Language Teaching, 56(1), 29–40. https://doi.org/10.1017/S0261444821000057
Guasoni, P., & Wang, G. (2019). Consumption and investment with interest rate risk. Journal of Mathematical Analysis and Applications, 476(1), 215–239. https://doi.org/10.1016/j.jmaa.2019.01.003
Hilmi, R. Z., Hurriyati, R., & Lisnawati. (2018). Pengaruh Edukasi Investasi, Return, Persepsi Harga dan Motivasi Investasi Terhadap Minat Mahasiswa Untuk Berinvestasi di Pasar Modal. 3(2), 91–102.
Isbahi, M. B. (2023). Factors Influencing Purchase Behavior: Consumer Interest, Price, and Product Quality (Literature Review HRM). Danadyaksa: Post Modern Economy Journal, 1(1), 18–36. https://doi.org/10.69965/danadyaksa.v1i1.6
Judijanto, L., Destiana, R., Sudarmanto, E., Suprapti, I. A. P., & Harsono, I. (2024). Analisis Pengaruh Adopsi Teknologi Finansial, Kepercayaan Nasabah, dan Regulasi Terhadap Penggunaan Layanan Keuangan Digital. Jurnal Akuntansi Dan Keuangan West Science, 3(01), 20–28. https://doi.org/10.58812/jakws.v3i01.906
Jusman, J., & Lestari, T. (2023). MINAT INVESTASI MAHASISWA DI PASAR MODAL YANG DIDETERMINASI OLEH PENGETAHUAN INVESTASI, MANFAAT INVESTASI DAN MODAL MINIMAL INVESTASI (STUDI PADA MAHASISWA STIE PANCASETIA BANJARMASIN). Kindai, 20(2), 1185–1197.
KSEI Indonesia Central Securities Depository. (2024). Statistik Pasar Modal Indonesia. Publikasi PT Kustodian Sentral Efek Indonesia, 1–7. https://www.ksei.co.id/publications/demografi_investor
Liu, Z., Chen, S., Tang, T., Luo, H., & Guan, Q. (2024). How public education investment and advanced human capital structure affect regional innovation: A spatial econometric analysis from the perspective of innovation value chain. Socio-Economic Planning Sciences, 91(March 2023), 101800. https://doi.org/10.1016/j.seps.2023.101800
Luo, J., Zhang, Y., Yang, L., Ma, W., & Hasan, M. R. (2022). Educational Expectation, Educational Investment and Educational Performance of Migrant Children -- From the Perspective of Emotional Behavior Change. International Journal of Neuropsychopharmacology, 25(Supplement_1), A42–A43. https://doi.org/10.1093/ijnp/pyac032.058
Lusardi, A., & Mitchell, O. S. (2013). The economic importance of financial literacy. Journal of Economic Literature, 52(1), 65.
Maharani, A., & Farhan Saputra. (2021). Relationship of Investment Motivation, Investment Knowledge and Minimum Capital to Investment Interest. Journal of Law, Politic and Humanities, 2(1), 23–32. https://doi.org/10.38035/jlph.v2i1.84
Morgan, K., Kingston, K., & Sproule, J. (2005). Effects of different teaching styles on the teacher behaviours that influence motivational climate and pupils’ motivation in physical education. European Physical Education Review, 11(3), 257–285. https://doi.org/10.1177/1356336X05056651
Narayan, P., & Das, S. (2025). Socio-Cultural variations in Consumer preferences on Sexual Wellness Products in Urban and Rural Communities: A Comprehensive Analysis. Danadyaksa: Post Modern Economy Journal, 2(1), 58–77. https://doi.org/10.69965/danadyaksa.v2i1.99
Nesia, S., & Widayati, I. (2022). Efek Motivasi Investasi Sebagai Moderator Pengaruh Pengetahuan Investasi Dan Perilaku Keuangan Terhadap Minat Investasi. Jurnal Pendidikan Akuntansi (JPAK), 10(3), 267–281. https://doi.org/10.26740/jpak.v10n3.p267-281
Nurtanto, M., Nawanksari, S., Sutrisno, V. L. P., Syahrudin, H., Kholifah, N., Rohmantoro, D., Utami, I. S., Mutohhari, F., & Hamid, M. A. (2025). Determinants of behavioral intentions and their impact on student performance in the use of AI technology in higher education in Indonesia: A SEM-PLS analysis based on TPB, UTAUT, and TAM frameworks. Social Sciences and Humanities Open, 11(May), 101638. https://doi.org/10.1016/j.ssaho.2025.101638
Okoye, K., Nganji, J. T., Escamilla, J., Fung, J. M., & Hosseini, S. (2022). Impact of global government investment on education and research development: A comparative analysis and demystifying the science, technology, innovation, and education conundrum. Global Transitions, 4, 11–27. https://doi.org/10.1016/j.glt.2022.10.001
Oyetunji, A. K., Olukolajo, M. A., & Ndudirim, N. (2025). Motivations for investing in flood risk environments: An agreement analysis between property investors and estate agents. International Journal of Disaster Risk Reduction, 119(August 2024), 105304. https://doi.org/10.1016/j.ijdrr.2025.105304
Pangestu, A., & Batara Daniel Bagana. (2022). Faktor-Faktor Yang Mempengaruhi Minat Investasi Generasi Milenial di Kota Semarang. E-Bisnis : Jurnal Ilmiah Ekonomi Dan Bisnis, 15(2), 212–220. https://doi.org/10.51903/e-bisnis.v15i2.671
Psacharopoulos, G., & Patrinos, H. A. (2018). Returns to investment in education: a decennial review of the global literature. Education Economics, 26(5), 445–458. https://doi.org/10.1080/09645292.2018.1484426
Rahayu, N. P. H., & Yuniarta, G. A. (2022). Pengaruh Edukasi Investasi, Return, Persepsi Harga dan Motivasi Investasi Terhadap Minat Mahasiswa Untuk Berinvestasi di Pasar Modal. Jurnal Akuntansi Profesi, 13(2), 94–99. https://ejournal.undiksha.ac.id/index.php/JAP/article/view/37141
Ramirez, K. B. C., Ong, A. K. S., & Tablan, J. P. (2025). Analysis of architect profession career pursuance intention among Filipinos: A TPB-SDT approach under public and private educational administration. Acta Psychologica, 258(May), 105286. https://doi.org/10.1016/j.actpsy.2025.105286
Rosli, M. S., Awalludin, M. F. N., Han, C. T., Saleh, N. S., & Noor, H. M. (2024). Unlocking insights: A comprehensive dataset analysis on the acceptance of computational thinking skills among undergraduate university students through the lens of extended technology acceptance model, HTMT, covariance-based SEM, and SmartPLS. Data in Brief, 54, 110463. https://doi.org/10.1016/j.dib.2024.110463
Rubaltelli, E., Lotto, L., Ritov, I., & Rumiati, R. (2015). Moral investing: Psychological motivations and implications. Judgment and Decision Making, 10(1), 64–75. https://doi.org/10.1017/s1930297500003181
Saputra, S. A., Darma, I. K., & Tantra, I. G. L. P. (2023). Pengaruh Pengetahuan Investasi, Modal Investasi dan Motivasi Investasi Terhadap Minat Investasi di Pasar Modal Pada Mahasiswa Fakultas Ekonomi dan Bisnis yang Terdaftar di Galeri Investasi Universitas Warmadewa. Warmadewa Economic Development Journal (WEDJ), 6(2), 72–82. https://doi.org/10.22225/wedj.6.2.2023.72-82
Sutarno, & Kuncoro, M. (2000). Dan Ketimpangan Antar Kecamatan Di Kabupaten Banyumas , 1993-2000. Jurnal Ekonomi Pembangunan, 8(2), 97–110.
Syauqina, A. H., & Munandar, A. (2023). The Influence of Education Level, Financial Literacy and Lifestyle on Investment Decision. SAR (Soedirman Accounting Review): Journal of Accounting and Business, 08(02), 162–170. https://doi.org/10.32424/1.sar.2023.8.2.8646
Thompsett, L. (2024). Bitpanda: Gen Z, Millennials Spearheading Crypto Adoption (p. https://fintechmagazine.com/articles/bitpanda-gen-).
Toha, Mohamad & Supriyanto. (2023). Factors Influencing the Consumer Research Process: Market Target, Purchasing Behavior and Market Demand (Literature Review Of Consumer Behavior). Danadyaksa: Post Modern Economy Journal, 1(1), 1–17. Retrieved from https://e-journal.bustanul-ulum.id/in
Wei, W., Prasetyo, Y. T., Belmonte, Z. J. A., Cahigas, M. M. L., Nadlifatin, R., & Gumasing, M. J. J. (2025). Applying the technology acceptance model – Theory of planned behavior (TAM-TPB) model to study the acceptance of building information modeling (BIM) in green building in China. Acta Psychologica, 254(October 2024), 104790. https://doi.org/10.1016/j.actpsy.2025.104790
Zhang, D., Yang, T., & Lou, S. (2025). Combining Maslow’s hierarchy of needs theory with the TPB: What influences waste separation behavior in Chinese residents: Evidence from Shanghai. Sustainable Futures, 9(May), 100660. https://doi.org/10.1016/j.sftr.2025.100660
Zhang, X., & Huang, C. H. (2024). Investor characteristics, intention toward socially responsible investment (SRI), and SRI behavior in Chinese stock market: The moderating role of risk propensity. Heliyon, 10(14), e34230. https://doi.org/10.1016/j.heliyon.2024.e34230
Zhang, Y. (2023). The contribution of personal investment theory of motivation in second language acquisition. Heliyon, 9(6), e16681. https://doi.org/10.1016/j.heliyon.2023.e1668
Copyright (c) 2025 Fitria Dewi, Herni Herni, Rina Destiana
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
