The growth of both financial literacy index and financial inclusion index showed that there’s a tremendous improvement of understanding on the benefits and importance of financial management among Indonesians especially in the Gen-Z segments. During the Covid-19 pandemic, the number of Gen-Z investors in the Indonesia stock market (IDX) segments are growing significantly due to the easiness of trading using the application platform. Gen-Z investors have to consider the level of risk that is associated with the investment instruments and they are prefer instruments that match their risk tolerance. Behavioral factors such as propensity for regret and propensity for overconfidence have an important role in the process of measuring investor's risk tolerance level. In addition to behavioral factors, the demographic factors such as the amount of individual income also affect the level of risk tolerance. This research will study the effects of two behavioral factors, namely propensity for regret and propensity for overconfidence, a demographic factor, namely the individual income level to financial risk tolerance. The study conducted by distributing the questionnaires among 186 un-married Gen-Z who are already becoming stock investors. The result showed that the propensity for overconfidence had the highest impact on the Gen-Z investors risk tolerance followed with the income level. Meanwhile, the propensity for regret had the lowest impact in the Gen-Z risk tolerance in stock investment. Since propensity for overconfidence related with the individual understanding of cognitively complex financial concepts, it’s necessary for the key players in financial ecosystem to give better financial education and knowledge to Gen-Z investors. They should provide necessary information available and accessible for the Gen-Z investors as the consideration before making investment decision.