Pengaruh Fear of Missing Out dan Herding Behavior terhadap Keputusan Investasi Saham Generasi Z: Sebuah Systematic Literature Review

Abstract

The increase in the number of Generation Z stock investors in Indonesia goes hand in hand with the advancement of digital investment apps. However, the ease of accessing investment opportunities is not always accompanied by rational decision-making due to the influence of psychological factors, such as Fear of Missing Out (FOMO) and herding behavior. This study aims to analyze the impact of FOMO and herding behavior on Generation Z’s stock investment decisions, as well as the role of digital investment apps, using a Systematic Literature Review (SLR) method following the PRISMA 2020 protocol. Data were obtained from Google Scholar, Garuda, and Sinta, yielding 30 articles that met the inclusion criteria for the 2022–2026 period. The findings indicate that FOMO has a positive and significant influence on investment decisions in 86% of the reviewed articles, while Herding Behavior has a positive and significant influence in 94% of the articles. Furthermore, digital investment apps support both behaviors by providing easy access to information and facilitating social interaction. Digital financial literacy was identified as a factor that can mitigate the impact of these two behavioral biases. These findings have implications for the development of research on Generation Z’s investment behavior in the digital age.