Millennials and zoomers as investors: Behavioral factors shaping financial choices
Surendra Mahato, Shiva Raj Adhikari, Bijay Mahato and Mandip Dulal
Investment decision-making, once viewed as purely rational, is now recognized as subject to behavioral biases. This study examines the psychological factors influencing investment decisions among Generation Y and Z investors in commercial banks, using a causal-comparative design. Data were collected from 405 investors aged 18 to 44 via electronic questionnaires. The study explores the impact of traits such as anger, anxiety, and overconfidence. Results show that Trait Anger and Overconfidence positively influence investment decisions, while Trait Anxiety has a negative effect. Herding and Self-Monitoring showed no significant impact. Regression analysis confirmed the substantial influence of these psychological traits. While offering valuable insights into investor behavior, the study is limited by its sample scope and cross-sectional design. Future research should consider broader samples and longitudinal approaches for deeper analysis.
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