Impact of financial literacy and financial behavior on investment among millennial in Indonesia: the moderating role of risk profile

Auteurs

  • Yuliani Yuliani Universitas Sriwijaya, Indonesia https://orcid.org/0000-0003-3488-7941
  • Taufik Taufik Universitas Sriwijaya, Indonesia
  • Shelfi Malinda Universitas Sriwijaya, Indonesia
  • Rasyid Hs Umrie Universitas Sriwijaya, Indonesia

DOI :

https://doi.org/10.61549/ijfsem.v3i1.137

Mots-clés :

Financial literacy, Financial behavior, Investment, Millennial, Risk profile

Résumé

This study aims to provide empirical evidence of millennials' investment behaviors, considering their risk profiles as a moderating factor. It also explores the financial literacy and behaviors of millennials. Predictions from the Central Bureau of Statistics (Badan Pusat Statistik/BPS) suggest that millennials will form the majority in Indonesia's demographic structure, thereby shaping the country's future. The study involved 168 millennials, recruited through convenience sampling, with data collection occurring in June-July 2021. The data was analyzed using exploratory factor analysis and a structural equation model, revealing that financial literacy and behavior significantly and positively impact investing; however, while risk profile moderation affects financial literacy, it does not moderate financial behavior. The study faced limitations, including a sample size of 168 respondents—barely meeting the minimum requirements for SEM analysis—and the geographic limitation of respondents being from Palembang city. Future studies are recommended to explore a broader region with a larger sample size to enhance understanding of the moderating effect of risk profiles in financial planning.

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Publiée

2024-03-22

Comment citer

Yuliani, Y., Taufik , T. ., Malinda, S. ., & Umrie, R. H. . (2024). Impact of financial literacy and financial behavior on investment among millennial in Indonesia: the moderating role of risk profile. International Journal of Financial Studies, Economics and Management, 3(1), 13–25. https://doi.org/10.61549/ijfsem.v3i1.137

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