Digital Investment Behavior: Insights from Gen-Y and Gen-Z

Digital investment services have changed investor behavior from conventional to more practical and flexible. Investors use investment applications that feel safe and friendly to operate. This study aims to identify the UTAUT model in understanding the behavior of Generation Y and Z investors in using investment applications. An online survey was conducted among 294 investors from Y and Z generations in Indonesia to answer the research objectives. The collected data were analyzed using multivariate-Structural Equation Modeling (SEM) based on the covariate. The results of this study have proven that performance expectancy, effort expectancy, facilitating condition, and social influence have a positive and significant effect on behavioral intention. Likewise, facilitating conditions and behavioral intentions positively and significantly affect user behavior. The four factors in the UTAUT model become determinants for investors in making decisions on using investment applications. In conclusion, understanding consumer behavior in adopting technology is crucial for companies developing technology.