DINAMIKA DISKUSI INVESTASI GENERASI Z DI MEDIA SOSIAL : ANALISIS BEHAVIORAL FINANCE

JUM'AN

JUM'AN IAIS

Keywords: Behavioral Finance; Generation Z; Social Media; Investment Decision-Making; Digital Ethnography

Abstract

The rapid growth of social media has significantly transformed how Generation Z acquires financial information and makes investment decisions. As digital natives, Generation Z actively engages in online discussions through platforms such as Instagram, TikTok, Telegram, and Discord, where investment narratives, trends, and opinions circulate rapidly. From a behavioral finance perspective, investment decisions are not purely rational but are often influenced by psychological biases emerging from social interaction and digital communication dynamics. However, limited qualitative research explores how these online discussions shape behavioral biases and investment decision-making among Generation Z.

This study aims to analyze the dynamics of investment discussions among Generation Z on social media and to identify behavioral finance biases embedded in these digital interactions. Specifically, it seeks to explore how online discourse contributes to the formation of risk perception, return expectations, and final investment choices.

This research employs a qualitative approach using digital ethnography. Data were collected through in-depth semi-structured interviews with 18 Generation Z investors aged 18–26 years who actively participate in online investment communities. Additionally, participatory observation was conducted in selected Telegram and Discord investment groups, as well as content analysis of investment-related discussions on TikTok and Instagram. The data were analyzed using thematic analysis involving open, axial, and selective coding to identify recurring patterns and behavioral constructs.

The findings reveal that social media discussions play a central role in amplifying herding behavior, Fear of Missing Out (FOMO), overconfidence, and confirmation bias among Generation Z investors. Investment decisions are frequently influenced by viral narratives, influencer opinions, and peer validation rather than comprehensive fundamental analysis. The study also identifies a cyclical mechanism in which digital interaction reinforces collective sentiment, which subsequently shapes individual risk-taking behavior. These results contribute to the development of a conceptual model linking digital social interaction, behavioral biases, and investment decision-making among Generation Z, offering implications for digital financial literacy policies and investor education strategies.

References

Ainia, N. S., & Lutfi, L. (2019). The influence of risk perception, risk tolerance, overconfidence, and loss aversion on investment decision making. Journal of Economics, Business & Accountancy Ventura, 22(3), 401–413.
Arianti, B. F. (2018). The influence of financial literacy, financial behavior and income on investment decision. E-Journal of Management, 7(5), 1–15.
Barber, B. M., & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The Quarterly Journal of Economics, 116(1), 261–292. https://doi.org/10.1162/003355301556400
Bikhchandani, S., & Sharma, S. (2000). Herd behavior in financial markets. IMF Staff Papers, 47(3), 279–310.
Creswell, J. W., & Poth, C. N. (2018). Qualitative inquiry and research design: Choosing among five approaches (4th ed.). Sage Publications.
Hadi, N. (2013). Pasar modal: Acuan teoretis dan praktis investasi di instrumen keuangan pasar modal. Graha Ilmu.
Halim, A. (2015). Analisis investasi dan aplikasinya. Salemba Empat.
Hine, C. (2015). Ethnography for the internet: Embedded, embodied and everyday. Bloomsbury Academic.
Husnan, S. (2015). Dasar-dasar teori portofolio dan analisis sekuritas (edisi ke-5). UPP STIM YKPN.
Jogiyanto, H. M. (2017). Teori portofolio dan analisis investasi (edisi ke-11). BPFE Yogyakarta.
Kahneman, D. (2011). Thinking, fast and slow. Farrar, Straus and Giroux.
Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263–291. https://doi.org/10.2307/1914185
Lutfi, L. (2010). The relationship between demographic factors and investment decision in Surabaya. Journal of Economics, Business & Accountancy Ventura, 13(3), 213–224.
Moleong, L. J. (2018). Metodologi penelitian kualitatif (edisi revisi). Remaja Rosdakarya.
Przybylski, A. K., Murayama, K., DeHaan, C. R., & Gladwell, V. (2013). Motivational, emotional, and behavioral correlates of fear of missing out. Computers in Human Behavior, 29(4), 1841–1848. https://doi.org/10.1016/j.chb.2013.02.014
Puspitaningtyas, Z. (2017). Investor behavior in investment decision making: Behavioral finance perspective. Jurnal Akuntansi dan Keuangan Indonesia, 14(2), 1–18.
Rasyid, R. (2020). The role of financial literacy and behavioral bias on investment decision among millennials. Jurnal Keuangan dan Perbankan, 24(3), 345–360.
Sari, D. P., & Anam, C. (2021). Herding behavior and investment decision in the Indonesian capital market. Jurnal Manajemen dan Kewirausahaan, 23(1), 45–56.
Shefrin, H. (2000). Beyond greed and fear: Understanding behavioral finance and the psychology of investing. Harvard Business School Press.
Shiller, R. J. (2017). Narrative economics. American Economic Review, 107(4), 967–1004. https://doi.org/10.1257/aer.107.4.967
Shiller, R. J. (2019). Narrative economics: How stories go viral and drive major economic events. Princeton University Press.
Statman, M. (1999). Behavioral finance: Past battles and future engagements. Financial Analysts Journal, 55(6), 18–27.
Sugiyono. (2022). Metode penelitian kualitatif, kuantitatif, dan R&D. Alfabeta.
Sunstein, C. R. (2001). Republic.com. Princeton University Press.
Thaler, R. H. (2015). Misbehaving: The making of behavioral economics. W. W. Norton & Company.
Thaler, R. H., & Sunstein, C. R. (2008). Nudge: Improving decisions about health, wealth, and happiness. Yale University Press.
Widyastuti, U., & Andayani, S. (2022). Social media exposure and investment decisions among young investors in Indonesia. Jurnal Manajemen dan Bisnis Indonesia, 9(2), 123–138.
Widoatmodjo, S. (2015). Pengetahuan pasar modal untuk konteks Indonesia. Elex Media Komputindo.