Identification and Prioritization of Factors Affecting Financial and Investment Decisions (Case Study: Generation Z Investors)

Document Type : Original Article

Authors

1 Ph.D. Candidate in Marketing Management, Faculty of Management & Economics, Tarbiat Modares University, Tehran, Iran

2 Prof., Faculty of Management & Economics, Tarbiat Modares University, Tehran, Iran

3 Professor in Business Management, Faculty of Management and Economics, Tarbiat Modares University

4 Associate Prof., Faculty of Management & Economics, Tarbiat Modares University, Tehran, Iran

10.48308/jbmp.2025.232989.1542

Abstract

Objective: This study aimed to identify and prioritize the factors influencing the financial and investment decisions of Generation Z, based on behavioral finance theory. This theory emphasizes that investor behavior is not solely driven by rational factors but is also significantly influenced by cognitive, emotional, and social dimensions.
Method: This research employed a mixed-methods approach (qualitative-quantitative). In the qualitative phase, interviews were conducted with 23 financial and investment experts, and thematic analysis of the data revealed 26 basic themes and 9 organizing themes. In the quantitative phase, a questionnaire based on the qualitative findings was designed and, after validation by experts, distributed among 384 Generation Z investors. Data analysis was performed using SPSS and Excel software, employing descriptive statistics and one-sample t-tests.
Findings: The study findings showed that the most important factors affecting the financial and investment decisions of Generation Z investors are security and support, profitability, ease of investment, following past experiences, knowledge and awareness, following others, and advertising atmosphere.
Conclusion: As emerging digital-native investors, Generation Z requires a distinct approach to engagement and guidance. The findings indicate that this generation's decision-making drivers differ from conventional assumptions in finance. This study serves as an initial step toward understanding their financial behavior and designing strategies tailored to their characteristics

Keywords

Main Subjects

References

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  • Receive Date: 02 September 2023
  • Revise Date: 08 May 2025
  • Accept Date: 08 May 2025

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