JOURNAL INFORMATIC.
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Vol 8 No 1 .
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ISSN: 2716-0696.
DOI: 10.
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A 570
Analysis of Factors Affecting the Interest in Investing in the Capital Market for Generation Z Students at Universitas Prima Indonesia Calista Eugenia 1*.
Serlina 1.
Louis Fernando 1.
Agus Tina 1*.
Mahyudin 2 Universitas Prima Indonesia Politeknik Unggul LP3M Article Info Article history:
Received 23 December 2025 Revised 26 December 2025 Accepted 29 December 2025 Keywords:
Technological Progress.
Investment Knowledge.
Investment Return.
Risk Tolerance.
Investment Interest
ABSTRACT
This study was motivated by the increasing access to and ease of financial technology, as well as the growing interest of the younger generation in investment instruments.
The method used in this study was quantitative.
Data were collected by distributing questionnaires to 100 students who met the purposive sampling criteria.
The results of the partial regression test show that the four independent variables, namely technological progress, investment knowledge, investment returns, and risk tolerance, have a significant effect on investment interest.
This is indicated by the significance value of each variable being less than 0.
Simultaneously, the F test results show that the four variables together have a significant effect on investment interest with a calculated F value of 98.
and a significance of 0.
This study concludes that Gen Z students' interest in investing in the capital market is significantly influenced by the factors of technology, knowledge, return, and risk.
This is an open access article under the CC BY-SA license.
Corresponding Author:
Calista Eugenia.
Agus Tina | Universitas Prima Indonesia Email: calistaeugenia9@gmail.
com, agustina@unprimdn.
Introduction Investment is a method that individuals can choose to increase their assets.
By investing capital now, it is hoped that profits can be achieved in the future.
There are two types of investment, namely real assets and financial assets (Lioera et al.
, 2.
Capital investment in the stock market plays a crucial role in a country's economy.
The capital generated through these investment activities can help companies develop their businesses, which in turn enables them to contribute higher taxes to the state.
This additional tax revenue can be used by the government to build various infrastructures that benefit the community, such as toll roads, improved health services, and many more (Hellen et al.
, 2.
In recent years, the capital market has attracted the attention of Indonesians, especially the younger generation, in terms of investment.
The rapid growth of digital technology, easier access to information, and the presence of various online investment platforms have Journal homepage: http://w.
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encouraged a shift in the way people manage their finances.
Antini & Pasek .
state that investment activities are now not only attractive to professionals but are also beginning to attract the attention of students, who are showing an increased interest in investing in capital market instruments, such as stocks, mutual funds, and bonds.
According to information released by the Indonesian Central Securities Depository (KSEI), it appears that the number of investors in the Indonesian capital market has increased significantly over time.
In Table 1 below, the researchers present data on the number of market investors in Indonesia over the last seven years:
Table 1.
Data on the Number of Capital Market Investors Year Number of Capital Market Investors Sumber: (KSEI, 2.
Based on Table 1 above, the number of capital market investors in Indonesia has grown significantly from year to year.
In 2018, there were 1,619,372 investors, and this number continued to increase sharply, reaching 14,871,639 investors in 2024.
According to researchers, this growth indicates an increase in public awareness and interest in capital market investment instruments, including stocks, mutual funds, and bonds.
For example, from 2018 to 2019, there was a surge in the number of investors, which rose from 1.
6 million 48 million.
The sharpest surge was seen in the 2020Ae2021 period, where the number of investors nearly doubled, from 3.
88 million to 7.
49 million.
According to information from KSEI, the Indonesian capital market has recorded significant growth, mainly thanks to the increasing number of retail investors, especially from the younger generation.
One group that has begun to show interest in investing is Generation Z (Gen Z), which includes individuals born between 1997 and 2012.
Gen Z is known as a generation that is highly skilled in technology, has broad access to information, and tends to be willing to take risks in order to achieve higher returns.
Gen Z students' interest in investing is influenced by various elements, both internal and These elements include financial literacy, risk tolerance, and excessive confidence, which impact investment choices (Purwanti & Seltiva, 2.
Research by Lestari et al.
shows that interest in investing is influenced by financial knowledge, the impact of the social environment, advances in digital technology, and views on the risks and benefits of investing.
Access to digital platforms, such as stock trading apps and social media, also plays a crucial role in shaping the mindset and investment decisions of Gen Z.
However, there are still a number of students who are not interested or do not have the courage to start investing, even though information and tools are readily available (Lioera et al.
, 2.
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In identifying the variables that influence interest in investing in the capital market, such as technological advances, investment knowledge, investment returns, and risk tolerance must be carefully analyzed.
Technological developments have provided more opportunities for Generation Z students to engage with the capital market directly and in real time, through various digital investment applications, online education platforms, and social networks that quickly disseminate financial information.
Based on the above description, this study aims to analyze the influence of each element on the interest of Gen Z students at Prima Indonesia University in investing in the capital This study is expected to provide clear insights into the psychological, cognitive, and digital environment that influence the investment behavior of today's students.
Research Method This research approach is quantitative.
The population refers to all students at Prima Indonesia University, with 100 respondents selected using purposive sampling.
This study relies on primary data obtained directly from respondents through an online survey.
The questionnaire used was designed using a five-point Likert scale to measure the variables under study.
This study applied multiple linear regression analysis to process the data, with the aim of testing the simultaneous effect of independent variables on the dependent variable.
The analysis process was assisted using SPSS software, with calculations based on the following multiple linear regression formula:
Y = yu yeEya ycya yeEya ycya yeEyc ycyc yeEye ycye yeI Description:
= Investment Interest = Constant yca1 ycU1 = Regression coefficient of technological progress yca2 ycU2 = Regression coefficient of investment knowledge yca3 ycU3 = Regression coefficient of investment return yca4 ycU4 = Regression coefficient of risk tolerance = Error .
This study tested the questionnaire results, including validity testing, classical assumption testing, and hypothesis testing.
Result and Research Instrument Test Results Instrument testing to determine the validity and reliability of the questionnaire.
With the results of both instruments, the following results were obtained:
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Table 2.
Validity Test Results Variable Item Technological Progress (X.
Investment Knowledge (X.
Investment Return (X.
Risk Tolerance (X.
Investment Return (Y) A 573
r table Description KT1
0,796
0,1966
Valid
KT2
0,700
0,1966
Valid
KT3
0,769
0,1966
Valid
PI1
0,819
0,1966
Valid
PI2
0,845
0,1966
Valid
PI3
0,770
0,1966
Valid
RI1
0,852
0,1966
Valid
RI2
0,886
0,1966
Valid
RI3
0,749
0,1966
Valid
TR1
0,929
0,1966
Valid
TR2
0,905
0,1966
Valid
TR3
0,921
0,1966
Valid
MI1
0,343
0,1966
Valid
MI2
0,794
0,1966
Valid
MI3
0,723
0,1966
Valid
MI4
0,445
0,1966
Valid
MI5
0,344
0,1966
Valid
MI6
0,758
0,1966
Valid Source: Data processed by SPSS .
From Table 2, validity tests were conducted to determine whether the items in the questionnaire were able to measure the intended construct.
Validity was measured by comparing the calculated r value with the table r value.
If the calculated r > table r, then all items were declared valid.
Table 3.
Reliability Test Results Variable Statement
Cronbach Alpha
Technological Progress
0,615
(X.
Investment Knowledge 0,742 (X.
Investment Return (X.
0,763 Risk Tolerance (X.
0,907 Journal homepage: http://w.
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php/jiem Description Reliable Reliable Reliable Reliable JOURNAL INFORMATIC.
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Investment Return (Y) Source: Data processed by SPSS .
A 574
0,638
Reliable Based on Table 3 above, the Cronbach's alpha for the dependent variable (Y) and independent variable (X) is valid because it meets the reliability requirement with a value > Therefore, it can be said that the research instrument is reliable.
Results of Classical Assumption Tests Normality Test Results The normality test is used to test whether the data used is normally distributed or not using the Kolmogorov-Smirnov test.
The results of the Kolmogorov-Smirnov test are as follows:
Table 4.
Normality Test Results Unstandardized Residual Normal Parametersa,b Mean Std.
Deviation Most Extreme Differences ,0000000 1,31447155 Absolute ,061 Positive ,061 Negative -,033 Test Statistic ,061 Asymp.
Sig, .
-taile.
Source: Data processed by SPSS .
Source: Data processed by SPSS .
Figure 1.
Histogram and P-Plot of Normality Test Journal homepage: http://w.
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From Table 4 of the SPSS output, it is known that the Asiymp.
Sig .
-taile.
significance value of 0.
200 is greater than 0.
Figure 1 shows a bell-shaped curve and an even diagram line, as well as scattered points that consistently follow the diagonal line, indicating that the regression model meets the normality assumption and can be used for further analysis.
Multicollinearity Test Results Multicollinearity testing is used to determine whether there are independent variables that are similar to other independent variables in a model.
Multicollinearity can be detected through the Variance Inflation Factor (VIF).
The following are the results of the multicollinearity test:
Table 5.
Multicollinearity Test Results Coefficientsa Collinearity Statistics Model Tolerance VIF (Constan.
Technological Progress Investment Knowledge Investment Return Risk Tolerance a.
Dependent Variable: Investment Return
,914
,504
,199
,302
1,094
1,982
5,020
3,310
Source: Data processed by SPSS .
Based on Table 5 above, all variables from the multicollinearity test results have tolerance values greater than 0.
1 and VIF values less than 10.
Therefore, it can be concluded that there is no multicollinearity in these variables.
Heteroscedasticity Test Results The heteroscedasticity test aims to test whether the regression model shows variance inequality from one observation to another.
The results of this test are reviewed in the following scatterplots.
Source: Data processed by SPSS .
Figure 2.
Scatterplot Results Journal homepage: http://w.
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Based on Figure 2, the scatterplot results between the studentized residual values and the standard regression prediction values show that the points are scattered randomly around the horizontal zero line without forming a specific pattern.
This random distribution indicates that the residual variance tends to be constant at each prediction value level.
Thus, it can be concluded that the regression model satisfies the assumption of homoscedasticity and there is no indication of heteroscedasticity.
Autocorrelation Test Results The autocorrelation test is a statistical process used to detect the relationship between disturbance errors .
in a given period and errors in the previous period in a regression model.
The results are as follows:
Table 6.
Autocorrelation Test Results Model Summaryb Model ,898a R Square Adjusted R Square ,806 Std.
Error of the Estimate Durbin-Watson
1,342
2,226
,798
Predictors: (Constan.
Technological Progress.
Investment Knowledge.
Investment Return.
Risk Tolerance b.
Dependent Variable: Investment Return Source: Data processed by SPSS .
From Table 6, the Durbin-Watson test result is 2.
From the test results conducted using SPSS, the result is 1.
75 < 2.
226 < 4 - 1.
75, namely 1.
75 < 2.
226 < 2.
Therefore, it can be concluded that there are no signs of autocorrelation.
Multiple Linear Analysis Results Table 7.
Multiple Linear Analysis Results (Constan.
5,577 Technological Progress
,469
Investment Knowledge ,764 Investment Return
,508
Risk Tolerance -,192 a.
Dependent Variable: Investment Return Source: Data processed by SPSS .
Table 7 above shows the results of multiple linear regression, which explains the multiple linear regression equation where:
Y = 5,577 yu 0,469 X1 0,764 X2 0,508 X3 - 0,1920 X4 e Journal homepage: http://w.
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Based on the above equation, the explanation of the relationship between the dependent and independent variables is as follows:
The constant .
obtained is 5.
This means that if the variables of technological progress, investment knowledge, investment returns, and risk tolerance are considered constant or unchanged, then the level of investment interest of student respondents is estimated to be at 5.
577 on the Likert scale.
The regression coefficient for technological progress is 0.
469, which means that every one-unit increase in the technological progress variable, assuming other variables remain constant, will increase the investment interest of Gen Z students at Prima Indonesia University by 0.
469 units.
The regression coefficient for investment knowledge is 0.
764, indicating that if there is an increase of one unit in investment knowledge and other variables are considered constant, the investment interest of Gen Z students at Prima Indonesia University will increase by 0.
764 units.
The regression coefficient for investment returns is 0.
508, indicating that if there is an increase of one unit in investment returns and other variables are considered constant, the investment interest of Gen Z students at Prima Indonesia University will increase by 508 units.
The regression coefficient for risk tolerance is -0.
192, which means that if there is an increase of one unit in risk tolerance and other variables remain unchanged, the investment interest of Gen Z students at Prima Indonesia University will actually decrease by 0.
192 units.
Hypothesis Testing Results Partial Test .
and Simultaneous Test (F) Results Partial testing is done by comparing the calculated t-value with the table t-value.
The following shows the partial testing in the table below:
Table 8.
Partial Test Results Coefficientsa Unstandardized Coefficients Standardized Coefficients Model Std.
Error 1 (Constan.
5,577 1,161 4,804 ,000 Technological Progress
,469
,092
,242 5,113 ,000
Investment
Knowledge ,764 ,084 ,577 9,060 ,000 Investment Return
,508
,123
,418 4,127 ,000
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Risk Tolerance -,192 ,094 A 578
,168 2,040 ,044
Dependent Variable: Investment Return Source: Data processed by SPSS .
Based on Table 8, it is known that the variables of technological progress, investment knowledge, investment return, and risk tolerance obtained a significance value of < 0.
Therefore, it can be concluded that the variables of Technological Progress, investment knowledge, investment return, and risk tolerance partially have a significant effect on investment interest.
Simultaneous testing aims to see the combined effect of all independent variables on the dependent variable.
The simultaneous testing can be seen in the table below:
Table 9.
Simultaneous Test Results ANOVAa
Sum of Squares Model
Mean Square Regression 709,454 177,364 Residual 171,056 1,801 Total
880,510
98,503
Sig, ,000b a.
Dependent Variable: Investment Return b.
Predictors: (Constan.
Technological Progress.
Investment Knowledge.
Investment Return.
Risk Tolerance Source: Data processed by SPSS .
Based on Table 9, it is known that the calculated F value is 98.
503 and the significance value Therefore, it can be concluded that the variables of technological progress, investment knowledge, investment return, and risk tolerance simultaneously affect investment interest.
Coefficient of Determination Results (R.
Table 10.
Coefficient of Determination Results Model Summaryb Model R Square Adjusted R Square Std.
Error of the Estimate ,898a ,806 ,798 1,342 a.
Predictors: (Constan.
Technological Progress.
Investment Knowledge.
Investment Return.
Risk Tolerance b.
Dependent Variable: Investment Return Source: Data processed by SPSS .
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Table 11 shows that the Adjusted R-Square of 0.
798 indicates that this regression model is able to explain 79.
8% of the variation in the dependent variable of investment interest, which can be explained by the independent variables consisting of technological progress, investment knowledge, investment returns, and risk tolerance.
Discussion The Effect of Technological Progress on Investment Interest Technological progress have significantly influenced the investment interests of Gen Z students at Prima Indonesia University.
This shows that the development of information and financial technology, such as the availability of mobile-based stock trading applications and real-time market data access, has made the investment process easier and more attractive.
Generation Z, who are very familiar with digital technology, feel comfortable using these platforms to access information and make investment transactions.
Research by Nugroho & Maisara .
concludes that advances in financial technology .
provide ease of access and increase the participation of young people in the capital market.
This is reinforced by Arraida et al.
, .
, who found that the use of digital technology contributes positively to an increase in student investment interest due to the ease of conducting transactions and obtaining information.
The Effect of Investment Knowledge on Investment Interest The results of the study indicate that investment knowledge has a significant effect on the investment interest of Gen Z students at Prima Indonesia University.
This means that the higher the level of students' knowledge about investment, the greater their interest in The knowledge referred to includes an understanding of various investment instruments such as stocks, bonds, mutual funds, and the risks and benefits that accompany When students have sufficient information and understanding, they feel they have control over their investment activities (Amela et al.
, 2.
A study by Isnaini & Rikumahu .
proves that investment literacy has a positive and significant influence on students' interest in investing.
The study explains that students who have good financial knowledge are better prepared to face risks and are more active in seeking investment opportunities.
Another study by Mawaddah & Prasetyo .
also shows that the higher the level of understanding of investment concepts, the more likely students are to engage in investment activities.
The Effect of Investment Returns on Investment Interest The results of the analysis show that investment returns have a significant effect on the investment interest of Gen Z students at Prima Indonesia University.
This means that students will be more interested in investing if they see clear and profitable potential from the investment.
Investment returns are one of the main motivations that encourage individuals to allocate funds in capital market instruments (Amela et al.
, 2.
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A relevant previous study was conducted by Nugroho & Maisara .
, which found that investment has a significant effect on students' interest in investing.
The study explained that students who have a positive perception of investment returns tend to be more motivated to start investing, even if only in small amounts.
The Effect of Risk Tolerance on Investment Interest The results of the study show that risk tolerance has a significant effect on the investment interest of Gen Z students at Prima Indonesia University.
This means that the higher the risk tolerance of students, the higher their interest in investing.
Risk tolerance is a psychological attitude that reflects an individual's readiness to face uncertainty and losses from investing.
In the context of investment, someone with high risk tolerance does not easily panic over extreme price changes and is willing to wait in the long term to get results.
Research by Purwanti & Seltiva .
supports this finding, stating that risk tolerance significantly influences students' investment decisions.
The higher the level of risk tolerance, the more likely students are to make financial decisions that involve uncertainty.
Conclusion Based on the results of the study, the researcher concluded that technological progress, investment knowledge, investment returns, and risk tolerance have a partial and simultaneous significant effect on the investment interest of Gen Z students at Prima Indonesia University.
Based on this conclusion, the researcher offers the following Gen Z students at Prima Indonesia University are expected to continue to improve their understanding of investment and financial technology developments so that they can make smarter and more responsible investment decisions.
The university is advised to provide educational activities such as training, workshops, and seminars on investment so that students' interest and ability in investing can increase.
Further research is recommended to include additional variables such as the influence of social environment, economic motivation, or lifestyle to broaden the scope of the research and reflect the various factors that influence investment interest.
References