Factors Influencing The Investment Behavior Of Generation Z in Prachinburi Province

Abstract

The objectives of this research were 1) to study the personal factors of Generation Z, including gender, marital status, education level, monthly income, and occupation, that influence investment behavior, and 2) to study the behavioral economics factors, including Prospect Theory, Overconfidence Bias, Anchoring Bias, and Availability Bias, that influence investment behavior. The study used questionnaires as a tool for data collection with a sample of 402 individuals in Prachinburi province. The results showed that only the "occupation" factor had a statistically significant relationship with the most invested asset type. Regarding behavioral economics factors, Prospect Theory significantly influenced the most invested asset type, while Overconfidence Bias had no significant influence on any aspect of investment behavior. Anchoring Bias had a significant influence on future investment interests, monthly expenses, and the time period for which investment funds are not needed. Availability Bias had a significant influence on monthly expenses, the number of assets in a portfolio, the main investment goal, and the next investment decision. Most respondents were female (60.7%), held a bachelor's degree (74.4%), worked as civil servants/state enterprise employees (45.8%), and had an average monthly income between 10,000 and 20,000 baht. The most common investment was in "alternative assets" (48.0%). A large majority (88.6%) had monthly expenses greater than 75% of their income, and their main investment goal was to achieve returns higher than inflation (39.1%).