Sheep or Shepherds? Gender-Based Behavioral Biases in Gen Z Investing

Tia Yuliawati (), Maya Sari, Nugraha Nugraha and Frido Saritua Simatupang
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Tia Yuliawati: Universitas Pendidikan Indonesia, Faculty of Economics and Business Education
Maya Sari: Universitas Pendidikan Indonesia, Faculty of Economics and Business Education
Nugraha Nugraha: Universitas Pendidikan Indonesia, Faculty of Economics and Business Education
Frido Saritua Simatupang: Universitas Jenderal Achmad Yani, Faculty of Economics and Business

A chapter in Proceedings of the 9th Global Conference on Business, Management and Entrepreneurship (GCBME 2024), 2025, pp 61-69 from Springer

Abstract: Abstract This study aims to analyze gender differences in behavioral biases, specifically overconfidence and herding, among Generation Z investors. The research employs the Mann-Whitney U test, a non-parametric method, to compare differences between male and female groups. The analysis focuses on two main variables: overconfidence and herding. The results indicate no significant gender differences in both overconfidence and herding biases. These findings challenge previous studies suggesting that males are generally more overconfident and females are more prone to herding behavior. This discrepancy may be attributed to the unique characteristics of Generation Z, who are more digitally connected, informed, and influenced by diverse sources of information. This generation’s exposure to financial knowledge through social media and digital platforms could contribute to more balanced decision-making behaviors regardless of gender. The study concludes that gender does not significantly influence these behavioral biases among Generation Z investors. This insight is valuable for developing targeted financial education programs and investment strategies. The impact of this research contributes to behavioral finance literature by providing a contemporary perspective on how digital environments shape investment decisions and reduce traditional gender-based behavioral biases.

Keywords: Generation Z; Overconfidence; Herding; Gender Differences; Behavioral Biases; Investment (search for similar items in EconPapers)
Date: 2025
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DOI: 10.2991/978-94-6463-817-2_8

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