Financial Literacy and Personal Characteristics in Shaping the Investment Decisions of Millennials and Generation Z to Achieve SDGs Goals

Objectives: The purpose of this study is to measure the effect of financial literacy, herding behaviour, risk aversion, and risk perception on the investment decisions of generation Z and millennial generation moderated by gender, education level, and income level in accordance with SDGs goal number 8. Theoretical Framework: The advancement of technological development and information makes people feel they need all the goods offered by producers, the growth of people's consumptive attitude is supported by the ease of payment transactions offered by financing institutions such as banks. Method: The data in this study is a study that uses primary data, namely through a questionnaire. Data analysis conducted in this study is a quantitative approach, namely by conducting Moderated Regression Analysis (MRA) using the help of the SPSS version 22.0 application. Results and Discussion: This study shows some important research results, namely that the investment perception of the millennial generation and generation Z is influenced by financial literacy, risk averse, gender, education level, and income level. However, the investment perception of millennials and generation Z is not determined by herdging behaviour and risk perception. Research Implication: The implication of the results of this study is that financial literacy greatly determines the investment perception of millennials and generation Z. Therefore, strengthening financial literacy is very necessary to be able to produce the right investment decisions from millennials and generation Z. Originality/Value: This reseatch use variable gender, education level, and, income level for moderation.