The Relationship Between Risk Perception, Return Perception, and Investment Interest in Sharia Mutual Funds Among Generation Z in Medan City (JURNAL MANAJEMEN MOTIVASI)

Summary

• The total net asset value (NAV) of Indonesia's mutual fund industry stood at IDR 504.86 trillion at the end of 2022 before declining to IDR 501.46 trillion in 2023.p.1
• Sharia mutual funds accounted for 8.53% of the total mutual fund industry NAV in 2023, reaching IDR 42.78 trillion.p.2
• According to KSEI, Indonesia recorded 15,350,324 mutual fund investor identification codes (SIDs) as of April 2025.p.2
• Generation Z represented 27.94% of Indonesia's national population in the 2020 Population Census, amounting to around 75.49 million people.p.2
• A survey of 100 Generation Z respondents aged 18–27 in Medan City was conducted to assess factors influencing interest in sharia mutual funds.p.5
• The statistical regression model explained 56.8% of the variation in investment interest, with an adjusted R² of 0.559.p.7

Key insights

1. Risk perception demonstrated a statistically significant positive effect on investment interest in sharia mutual funds (t = 2.647, p = 0.009).p.7
2. Return perception showed a strong positive association with investment interest, yielding a t-value of 11.163 (p < 0.001).p.7
3. Return perception had a larger standardized regression coefficient (Beta = 0.748) than risk perception (Beta = 0.177) in explaining investment interest.p.8
4. The joint model combining risk and return perceptions was statistically significant with an F-value of 63.676.p.7
5. The study suggests that transparent communication of managed risk increases investor confidence rather than discouraging participation.p.8
6. Medan City recorded a total population of 2,486,283 residents in 2024 according to BPS data.p.5