DETERMINANTS OF STOCK INVESTMENT APP ADOPTION AMONG GENERATION Z: AN APPLICATION OF UTAUT2

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Febryanti, Shavira (2026) DETERMINANTS OF STOCK INVESTMENT APP ADOPTION AMONG GENERATION Z: AN APPLICATION OF UTAUT2. Undergraduate thesis, IPMI Institute.

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Abstract

Generation Z’s rapid uptake of fintech presents both an opportunity and a risk. Although registrations for stock-investment apps in Indonesia have surged, sustained trading activity and informed usage remain relatively low, raising concerns about the quality and depth of young investors’ participation in the capital market. This study examines the determinants of stock-investment app adoption among Generation Z in Greater Jakarta using the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2), extended with Financial Literacy as a moderating variable. A quantitative survey of 190 Generation Z users of stock-investment applications was conducted and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that Performance Expectancy and Facilitating Conditions have positive and significant effects on Behavioral Intention, which in turn strongly predicts Adoption Behavior. In contrast, Effort Expectancy and Social Influence do not significantly influence Behavioral Intention, suggesting that Generation Z’s digital familiarity and independent decision-making reduce the importance of ease-of-use and social pressure. Furthermore, Financial Literacy negatively moderates the relationship between Performance Expectancy and Behavioral Intention, indicating that more financially literate users assess perceived usefulness more critically and are less easily driven by performance claims alone. This study contributes to technology adoption literature by integrating a knowledge-based moderator into UTAUT2 within a high-stakes financial context and provides practical implications for designing more reliable, transparent, and value-oriented investment platforms tailored to young investors. Keywords: UTAUT2, Stock-Investment Application, Generation Z, Financial Literacy, Behavioral Intention

Item Type: Thesis (Undergraduate)
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Thesis > Bachelor of Business Administration
Depositing User: sandra margaretha
Date Deposited: 06 Mar 2026 03:12
Last Modified: 06 Mar 2026 03:12
URI: http://repository.ipmi.ac.id/id/eprint/2956

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