Investment Decisions of Generation Z Fintech Users : Overconfidence and Financial Experience

Abstract

This study examined whether overconfidence and financial experience were associated with investment decisions among Generation Z users of financial technology. Quantitative survey data were analyzed using validity and reliability tests, classical assumption tests, and multiple linear regression. The supplied statistical output contained 336 cases in the principal regression model. The Kolmogorov–Smirnov test indicated normally distributed standardized residuals (p = .200). Multicollinearity was not indicated because tolerance was 0.992 and VIF was 1.009 for both predictors, while the Glejser test produced p-values of .833 for overconfidence and .978 for financial experience. The multiple regression model was statistically significant, F(2,333) = 15.737, p < .001, with R = .294, R² = .086, and adjusted R² = .081. Overconfidence had a positive and significant coefficient (B = 0.190, ? = .198, t = 3.760, p < .001), as did financial experience (B = 0.176, ? = .200, t = 3.800, p < .001). Thus, both variables were positively associated with investment decisions in the observed sample, although the model explained 8.6% of the variance. The findings are discussed in relation to behavioral finance and recent evidence concerning Generation Z, digital financial technology, and investor decision-making.