Risk Perception and Investment Decisions among Generation Z: A Comparative Study of Economics and Non-Economics Students in Makassar City
DOI:
https://doi.org/10.61912/jeinsa.v4i1.131Keywords:
Risk perception, investment decision, financial behavior, student investors, financial literacy, academic backgroundAbstract
This study aims to examine the differences in risk perception and investment decision-making among students with economic and non-economic academic backgrounds in Makassar City. Employing a quantitative approach and utilizing independent sample t-tests, the research collected responses from 90 students representing both disciplines. The results indicate that there are no statistically significant differences in either risk perception or investment decision-making between the two groups (p > 0.05). These findings suggest that academic background does not substantially influence students’ investment behaviors, which may instead be shaped by individual experiences, access to financial education, and exposure to investment-related content through digital platforms. The study highlights the growing role of financial information accessibility in bridging knowledge gaps across disciplines and underscores the need for inclusive financial literacy programs at the university level. These programs should target students from all academic areas to foster sound financial decision-making among youth. This research contributes to the understanding of behavioral finance among the young generation in emerging economies and calls for further studies with broader samples and multi-factorial models.
References
Atkinson, A., & Messy, F. A. (2012). Measuring financial literacy: Results of the OECD / International Network on Financial Education (INFE) pilot study. OECD Working Papers on Finance, Insurance and Private Pensions, No. 15. https://doi.org/10.1787/5k9csfs90fr4-en
Azwar, S. (2015). Reliabilitas dan Validitas. Yogyakarta: Pustaka Pelajar.
Barber, B. M., & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. Quarterly Journal of Economics, 116(1), 261–292. https://doi.org/10.1162/003355301556400
Gitman, L. J., & Zutter, C. J. (2012). Principles of Managerial Finance (13th ed.). Boston: Pearson.
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate Data Analysis (7th ed.). Upper Saddle River, NJ: Prentice Hall.
Hasriani, H., Rahman, R., & Darwis, R. S. (2023). The Influence of Financial Literacy on Student Investment Decision in Makassar. Jurnal Manajemen dan Bisnis, 8(2), 115–123. https://doi.org/10.14710/jmb.v8i2.2023.115
Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263–291. https://doi.org/10.2307/1914185
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Nunnally, J. C., & Bernstein, I. H. (1994). Psychometric Theory (3rd ed.). New York: McGraw-Hill.
Nurdiana, A., & Anshar, M. A. (2024). Pengaruh Risiko dan Teknologi terhadap Minat Investasi Mahasiswa Generasi Z di Sulawesi Selatan. Jurnal Ilmu Ekonomi dan Bisnis Islam, 6(1), 45–57.
Rachmawati, E., Hidayat, R. R., & Prabowo, T. J. (2022). Pengaruh literasi keuangan dan persepsi risiko terhadap keputusan investasi. Jurnal Ekonomi dan Bisnis, 10(1), 22–31. https://doi.org/10.22219/jebi.v10i1.2022.22
Ricciardi, V., & Simon, H. K. (2000). What is behavioral finance? Business, Education & Technology Journal, 2(2), 1–9.
Sekaran, U., & Bougie, R. (2016). Research Methods for Business: A Skill Building Approach (7th ed.). Chichester: Wiley.
Slovic, P. (1987). Perception of risk. Science, 236(4799), 280–285. https://doi.org/10.1126/science.3563507
Downloads
Published
How to Cite
Issue
Section
License
All writing in this journal is the sole responsibility of the author. Jeinsa provides open access to anyone so that the information and findings in these articles are useful for everyone. Jeinsa can be accessed and downloaded for free, free of charge, following the 
Jeinsa : Jurnal Ekonomi Sidenreng Rappang is licensed under a Creative Commons Attribution 4.0 International License.
