Generation Z’s rapid uptake of fintech presents both an opportunity and a risk. Although registrations for stock-investment apps in Indonesia have surged,
sustained trading activity and informed usage remain relatively low, raising concerns about the quality and depth of young investors’ participation in the
capital market. This study examines the determinants of stock-investment app adoption among Generation Z in Greater Jakarta using the Unified Theory of
Acceptance and Use of Technology 2 (UTAUT2), extended with Financial Literacy as a moderating variable. A quantitative survey of 190 Generation Z
users of stock-investment applications was conducted and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that
Performance Expectancy and Facilitating Conditions have positive and significant effects on Behavioral Intention, which in turn strongly predicts Adoption
Behavior. In contrast, Effort Expectancy and Social Influence do not significantly influence Behavioral Intention, suggesting that Generation Z’s digital familiarity
and independent decision-making reduce the importance of ease-of-use and social pressure. Furthermore, Financial Literacy negatively moderates the relationship
between Performance Expectancy and Behavioral Intention, indicating that more financially literate users assess perceived usefulness more critically and are less
easily driven by performance claims alone. This study contributes to technology adoption literature by integrating a knowledge-based moderator into UTAUT2
within a high-stakes financial context and provides practical implications for designing more reliable, transparent, and value-oriented investment platforms
tailored to young investors.
Keywords: UTAUT2, Stock-Investment Application, Generation Z, Financial
Literacy, Behavioral Intention