Dataset on Heuristic Bias, Herding, and Financial Self-Efficacy: Moderated by Technology in Investment Behavior of Generation Z East Java in Capital Market
Description
The dataset examines key variables influencing the investment interest of Generation Z in East Java, Indonesia, including heuristic bias, herding, financial self-efficacy, and the moderating role of access to technology. The data were collected through a structured questionnaire distributed to 360 respondents using cluster random sampling. Demographic variables such as age, gender, education level, occupation, monthly income, investment experience, and district of origin are also included to provide context to the participants' profiles. The research tests six hypotheses to analyze both direct and moderating effects. The findings demonstrate that heuristic bias, herding, and financial self-efficacy have a positive and significant effect on investment interest. Meanwhile, technological access strengthens financial self-efficacy but weakens herding and strengthens heuristic bias, although not significantly, suggesting that internal cognitive factors dominate the heuristic influence. The dataset highlights the importance of behavioral and psychological factors in shaping investment interest and illustrates the role of technology as both an enabler and disruptor in decision-making. The data are valuable for researchers, policymakers, and financial educators seeking to understand the dynamics of investment behavior among digital-native investors. In addition, this dataset provides insight into the development of financial education programs tailored to increase interest in more rational investment among Generation Z.