Factors influencing stock investment decisions: A study for generation Z in Ho Chi Minh city in the context of sustainable development of the Vietnamese stock market

Abstract

The study investigates the factors influencing the stock investment decisions of Gen Z in Ho Chi Minh City in the context of sustainable development of the stock market with the desire to bring practical values to the young generation, financial planners as well as businesses in attracting capital investment. The study was carried out in two phases: secondary data research and quantitative research. By employing the data set from a survey which was conducted in 2023 with 300 participants aged 26 years and under in Ho Chi Minh City and using IBM SPSS Statistics 25.0 software, the authors propose a 5-factor study model including Attitude towards Finance (AF), Financial Literacy (FL), Subjective Norms (SN), Perceived Behavioral Control (PBC) and Risk Acceptance (RA). The results show that 04 out of 05 factors have an impact on Gen Z’s investment decisions, of which the PBC has the opposite effect, Risk Acceptance is the strongest influencing factor, followed by Perceived Behavioral Control, Subjective Norms and Attitude towards Finance while Financial Literacy is the factor that does not influence stock investment decisions in Gen Z. Thereby, financial planners can understand what influences Gen Z's investment decisions and financial mindset to have specific actions for their business while ensuring the sustainability of current and future projects.