Financial Literacy and Investment Decision-Making Tendencies: A Comparative Study between Millennials and Gen Z in Indonesia

This study aims to comparatively analyze financial literacy and investment decision tendencies between Millennials and Gen Z in Indonesia. Utilizing a qualitative approach and a comparative study design, this research involved in-depth interviews with 15–20 participants from each generation, selected through purposive sampling. The findings reveal that both generations possess basic financial literacy, but their sources and depth of understanding differ. Millennials (aged 29–44) acquire financial knowledge from conventional sources such as formal education and mainstream media, resulting in a comprehensive understanding of financial concepts. Their investment motivations are centered on long-term financial stability and protection against inflation, favoring conservative instruments like mutual funds, bonds, and blue-chip stocks. For them, technology serves as a facilitator, and social environments act as confirmation sources. Their risk tolerance is measured, focusing on risk management. Gen Z (aged 13–28), on the other hand, learns from digital platforms and social media (TikTok, YouTube), with a pragmatic understanding oriented toward quick results. Their motivation lies in early financial independence and seizing fast-moving opportunities, often influenced by trends and FOMO (Fear of Missing Out). They tend to be aggressive, quick to adapt, and prefer crypto assets and meme stocks. For Gen Z, digital technology and social environments are primary sources for decision-making. This generation shows a high-risk tolerance, viewing youth as "time" to recover from potential losses.