Factors Influencing Cryptocurrency Investment Interest Among Generation Z In Indonesia
Keywords:
cryptocurrency; investment interest; Generation Z; financial literacy; fear of missing outAbstract
Generation Z has become one of the most active groups of crypto asset investors in Indonesia, yet the factors that drive their interest in investing in cryptocurrency are not well understood. Drawing on the Theory of Planned Behavior, behavioral finance, and the literature on financial literacy and perceived risk, this study examines the effects of financial literacy, perceived return, perceived risk, social influence, and fear of missing out (FOMO) on cryptocurrency investment interest among Indonesian Generation Z. Data were collected through an online questionnaire from 312 respondents aged 18–29 selected by purposive sampling, and analyzed using instrument validity and reliability tests, classical assumption tests, and multiple linear regression with heteroskedasticity-robust standard errors. The results show that financial literacy, perceived return, and FOMO have positive and significant effects on investment interest, perceived risk has a negative and significant effect, and social influence has no significant effect. Together, the five factors explain 34.2% of the variation in investment interest. A sub-group analysis indicates that financial literacy matters more for respondents with investment experience, whereas perceived risk matters more for those without. The findings suggest that Gen Z interest in cryptocurrency is driven by a combination of rational evaluation and emotional impulses, with implications for financial education, platform design, and investor protection.
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