Dampak Literasi Keuangan, Preferensi Risiko dan Pendapatan Terhadap Keputusan Investasi Generasi Milenial

Shafira Amelia; Anna Widiastuti

doi:10.47065/ekuitas.v7i3.9138

Shafira Amelia Universitas Nahdlatul Ulama Jepara, Jepara, Indonesia
Anna Widiastuti * Universitas Nahdlatul Ulama Jepara, Jepara, Indonesia

(*) Corresponding Author

DOI: https://doi.org/10.47065/ekuitas.v7i3.9138

Keywords: Investment Decisions; Financial Literacy; Risk Preference; Income; Millennials; Theory of Reasoned Action

Abstract

This study aims to assess the extent to which financial literacy, risk preference, and income level influence investment decisions among millennials in Jepara Regency. The growing interest in investment among millennials has not been fully supported by adequate financial literacy and sustainable risk management capabilities. This study employs a quantitative approach with an associative design to examine the relationships among variables. The sample was determined using a purposive sampling technique, involving 150 respondents categorized as millennials who already have investment experience. Data were collected through a structured questionnaire and analyzed using the Partial Least Squares (PLS) method with SmartPLS software. The findings reveal that financial literacy and income have a positive and significant effect on investment decisions, while risk preference does not show a significant effect. The R-square value of 0.588 indicates that the three independent variables collectively explain 58.8% of the variance in investment decisions. These results support the Theory of Reasoned Action (TRA), which posits that behavior is shaped by intention influenced by attitude and subjective norms. In this context, financial literacy reflects the attitude toward investment behavior, whereas income represents the subjective norm associated with economic capacity. Practically, the findings underscore the importance of improving financial literacy and maintaining income stability to promote rational and sustainable investment behavior among millennials.

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