Pengaruh Literasi Keuangan, Persepsi Risiko, Dan Motivasi terhadap Minat Investasi Berkelanjutan pada Mahasiswa Generasi Z Di Surabaya

Prananto, Afrizal Randy (2026) Pengaruh Literasi Keuangan, Persepsi Risiko, Dan Motivasi terhadap Minat Investasi Berkelanjutan pada Mahasiswa Generasi Z Di Surabaya. Other thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Ekosistem investasi berkelanjutan di Indonesia berkembang pesat, tercermin dari kenaikan dana kelolaan reksa dana berbasis Environmental, Social, and Governance (ESG) dari Rp0,34 triliun menjadi Rp8,21 triliun dalam kurun sembilan tahun terakhir. Generasi Z yang mendominasi lebih dari 55 persen investor individu di pasar modal Indonesia memiliki nilai aset terkecil dan partisipasi pada instrumen berkelanjutan yang belum optimal. Inkonsistensi empiris ditemukan pada pengaruh literasi keuangan dan persepsi risiko terhadap minat investasi Generasi Z, sementara pengujian simultan ketiga faktor tersebut dalam konteks investasi berkelanjutan pada mahasiswa Generasi Z di Surabaya belum ditemukan. Penelitian ini menghasilkan hasil akhir mengenai pengaruh Literasi Keuangan (X1), Persepsi Risiko (X2), dan Motivasi (X3) terhadap Minat Investasi Berkelanjutan (Y) pada mahasiswa Generasi Z di Kota Surabaya, menggunakan kerangka Theory of Planned Behavior (TPB). Pendekatan kuantitatif kausal dengan metode Structural Equation Modeling dan Partial Least Squares (SEM-PLS) melalui SmartPLS digunakan, dengan 155 responden valid dari 27 perguruan tinggi di Surabaya, dipilih melalui purposive sampling dan dua tahap screening. Hasil penelitian menunjukkan Literasi Keuangan berpengaruh positif dan signifikan terhadap Minat Investasi Berkelanjutan (β = 0,363; T = 5,115; p = 0,000) dan menjadi prediktor terkuat, Motivasi juga berpengaruh positif dan signifikan (β = 0,301; T = 4,038; p = 0,000), sementara Persepsi Risiko tidak terbukti berpengaruh signifikan (β = 0,079; T = 1,107; p = 0,268). Ketiga variabel secara bersama-sama menjelaskan 36,4 persen variasi Minat Investasi Berkelanjutan (R² = 0,364). Temuan ini mengonfirmasi relevansi kerangka TPB dalam konteks investasi berkelanjutan di Indonesia dan memberikan dasar empiris bagi perancangan program edukasi keuangan yang tepat sasaran bagi Generasi Z.
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Indonesia's sustainable investment ecosystem is growing rapidly, reflected in the increase of assets under management of Environmental, Social, and Governance (ESG)-based mutual funds from IDR 0.34 trillion to IDR 8.21 trillion over the past nine years. Generation Z, who represent more than 55 percent of individual investors in Indonesia's capital market, hold the smallest total assets and their participation in sustainable investment instruments remains suboptimal. Inconsistent empirical findings have been reported on the influence of financial literacy and risk perception on Generation Z's investment interest, while the simultaneous examination of all three factors in the context of sustainable investment among Generation Z students in Surabaya has not been found. This study produces final results on the influence of Financial Literacy (X1), Risk Perception (X2), and Motivation (X3) on Sustainable Investment Interest (Y) among Generation Z students in Surabaya, using the Theory of Planned Behavior (TPB) framework. A quantitative causal approach with Structural Equation Modeling and Partial Least Squares (SEM-PLS) via SmartPLS was employed, with 155 valid respondents from 27 higher education institutions in Surabaya, selected through purposive sampling and two stages of screening. The findings show that Financial Literacy has a significant positive influence on Sustainable Investment Interest (β = 0.363; T = 5.115; p = 0.000) and is the strongest predictor, Motivation also has a significant positive influence (β = 0.301; T = 4.038; p = 0.000), while Risk Perception shows no significant effect (β = 0.079; T = 1.107; p = 0.268). Together, the three variables explain 36.4 percent of the variation in Sustainable Investment Interest (R² = 0.364). These findings confirm the relevance of the TPB framework in the context of sustainable investment in Indonesia and provide an empirical basis for designing targeted financial education programs for Generation Z.

Item Type:	Thesis (Other)
Uncontrolled Keywords:	Financial Literacy, Generation Z, Motivation, Risk Perception, Sustainable Investment Interest
Subjects:	H Social Sciences > HC Economic History and Conditions > HC79.E5 Sustainable development. (circular economy) H Social Sciences > HG Finance > HG4529 Investment analysis
Divisions:	Faculty of Business and Management Technology > Business Management > 61205-(S1) Undergraduate Thesis
Depositing User:	Afrizal Randy Prananto
Date Deposited:	29 Jul 2026 02:42
Last Modified:	29 Jul 2026 02:42
URI:	http://repository.its.ac.id/id/eprint/139090

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