Penelitian ini menyelidiki pengaruh Big Five Personality Traits terhadap niat partisipasi di pasar saham pada individu Generasi Z dan Milenial yang berdomisili di wilayah Jabodetabek, dengan perencanaan keuangan sebagai variabel moderasi. Pendekatan yang digunakan adalah kuantitatif, dengan pengumpulan data dari 184 responden dan dianalisis menggunakan metode Partial Least Squares Structural Equation Modeling (PLS-SEM) melalui bantuan perangkat lunak SmartPLS 4. Hasil penelitian menunjukkan bahwa dua dimensi kepribadian—agreeableness dan openness to experience—berpengaruh positif dan signifikan terhadap niat partisipasi di pasar saham. Sebaliknya, extraversion, conscientiousness, dan neuroticism tidak menunjukkan pengaruh yang signifikan. Selain itu, perencanaan keuangan terbukti secara signifikan memoderasi hubungan antara extraversion dan agreeableness dengan niat partisipasi di pasar saham, sehingga memperkuat pengaruh kedua dimensi tersebut. Penelitian ini memberikan kontribusi bagi literatur behavioral finance dengan menekankan pentingnya mengintegrasikan dimensi kepribadian dan kemampuan kognitif finansial dalam menganalisis dan memahami perilaku investor, khususnya di kalangan generasi muda.

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This research investigates the influence of the Big Five personality traits on stock market participation intentions among Generation Z and Millennial individuals residing in the Jabodetabek area, with financial planning included as a moderating variable. Employing a quantitative approach, the study gathered data from 184 respondents and analyzed it using Partial Least Squares Structural Equation Modeling (PLS-SEM) with the help of SmartPLS 4 software. The results reveal that two traits—agreeableness and openness to experience—positively and significantly influence individuals’ intentions to participate in the stock market. In contrast, extraversion, conscientiousness, and neuroticism do not exhibit a significant effect. In addition, the research finds that financial planning significantly moderates the relationship between extraversion and agreeableness with stock market participation intentions, strengthening the influence of these traits. This study contributes to the growing body of behavioral finance literature by emphasizing the importance of incorporating both personality traits and financial cognitive factors when analyzing and understanding investor behavior, especially among young generations.