Uso de corretoras digitais de investimento no Brasil : fatores determinantes nas gerações X, Y e Z

Abstract

Over the last decades, the diffusion of the internet, personal computers, and smartphones has significantly transformed the relationship between investors, traditional banks, investment brokerages, and other financial institutions, creating room for digital platforms that offer products previously restricted to face-to-face service channels. Despite their growing popularity, little is known about the factors that lead consumers from different generations to adopt digital investment platforms. This study analyzes the determinants of the use of digital investment brokerages by Generations X, Y, and Z in Brazil, combining the UTAUT3 model (Unified Theory of Acceptance and Use of Technology 3) with the complementary constructs of brand image, trust, data security and privacy, and perceptions of government and regulation. The research adopted a quantitative, descriptive, and cross-sectional approach, operationalized through an electronic survey with 471 valid responses, distributed as follows: Generation X (143), Generation Y (172), and Generation Z (156). The data were analyzed using partial least squares structural equation modeling (PLS-SEM), including generational multigroup analysis. The results show that performance expectancy, social influence, hedonic motivation, habit, brand image, and data security and privacy positively influence intention to use. Habit showed the strongest effect on intention to use and was the main determinant of actual use, whereas intention to use did not exert a significant influence on this behavior. Brand image was the second most expressive antecedent of intention to use. Generational moderation was identified only in the relationship between brand image and intention to use, with a stronger effect for Generation Z than for Generation Y. The study contributes by integrating technology acceptance, financial consumer behavior, and a generational perspective, offering insights for segmentation, communication, digital experience design, and trust-building strategies. [resumo fornecido pelo autor]