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

DOI

10.2991/978-94-6463-817-2_8How to use a DOI?

Keywords

Generation Z; Overconfidence; Herding; Gender Differences; Behavioral Biases; Investment

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.

Copyright

© 2025 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Tia Yuliawati
AU  - Maya Sari
AU  - Nugraha Nugraha
AU  - Frido Saritua Simatupang
PY  - 2025
DA  - 2025/09/12
TI  - Sheep or Shepherds? Gender-Based Behavioral Biases in Gen Z Investing
BT  - Proceedings of the 9th Global Conference on Business, Management and Entrepreneurship (GCBME 2024)
PB  - Atlantis Press
SP  - 61
EP  - 69
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-817-2_8
DO  - 10.2991/978-94-6463-817-2_8
ID  - Yuliawati2025
ER  -