Financial Literacy, Risk Perception, and Fintech in Gen Z Investment Decisions
Keywords:
Financial Literacy, Financial Technology, Generation Z, Investment Decisions, Risk PerceptionAbstract
This study aims to systematically review previous literature regarding the influence of financial
literacy and risk perception on investment decisions, with financial technology as a moderating
variable among Generation Z. The rapid growth of young investors, particularly Gen Z, has raised
concerns regarding the quality of investment decisions, which are often influenced by low
financial literacy and distorted risk perception due to digital platforms and social media exposure.
This research adopts a Systematic Literature Review (SLR) approach by analyzing relevant
academic publications from the last ten years. The findings indicate that financial literacy
generally has a positive influence on investment decisions, although some studies reveal
inconsistent results due to behavioral biases such as Fear of Missing Out (FOMO). Risk
perception also shows mixed results, where higher awareness of risk may lead to more rational
decisions, but in some cases, it does not significantly influence investment behavior. Furthermore,
financial technology plays a dual role as a moderating variable, enhancing accessibility and
efficiency while also potentially encouraging impulsive investment decisions. This study
contributes to the behavioral finance literature by highlighting the complex interaction between
cognitive, psychological, and technological factors in shaping Gen Z investment behavior.
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Copyright (c) 2026 Ni Putu Indri Suartini (Author)
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