The Influence of Financial Literacy and Demographic Factors on Investment Decisions in the Capital Market
Article Sidebar
Main Article Content
Abstract
The growing number of capital market investors in Southeast Sulawesi demonstrates popular interest in investment as a long-term financial management strategy. However, this condition contrasts with the current disparity in financial literacy levels and the influence of demographic factors, which may impair individuals' capacity to make prudent investment decisions. The goal of this research is to study how knowledge of finances and demographic elements influence investment decisions of stock investors in Southeast Sulawesi. The context of this research is the paradox between the actual rapid increase in capital market investors along with the low degree of national monetary literacy, which is causes hesitation and the possibility of poor investment decisions. This study employs a survey as a quantitative method. Purposive sampling consists of 110 selected stock investors. Primary surveys were used to gather data, which was then examined utilising the SPSS 30.0 program. The outcomes showed that investment decisions are significantly and positively impacted by financial knowledge (β = 0.449; t = 4.283; p < 0.05). characteristics of the population also have a favourable and noteworthy impact on investing choices (β=0.291; t=2.780; p<0.005). Both independent variables can be responsible for 47.2% of the variance in the choice to invest variables simultaneously. This research found that knowledge of finance and demographic attributes are the main factors that influence capital market investment choices. The autocomes show the actual importance of organized financial education.
Article Details
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
References
Ajzen, I. (1991). The Theory of Planned Behavior. Organizational Behavior and Human Decision Processes.
Al-Aziz, M. A., & Rinofah, R. (2021). Pengaruh Literasi Keuangan dan Faktor Demografi Terhadap Keputusan Investasi Mahasiswa FE Universitas Sarjanawiyata Tamansiswa. J-MAS (Jurnal Manajemen Dan Sains), 6(1), 81. https://doi.org/10.33087/jmas.v6i1.231
Alhabsi, Z. S., Pandurengan, V., & Harthy, S. A. al. (2025). Evaluating The Effect of Financial Literacy on Investment Decision-Meta-Analysis. Lex Localis - Journal of Local Self-Government, 23(S6), 2951–2971. https://doi.org/10.52152/g35f7f76
Anggarini, V. Y., & Riyadi, S. (2022). Pengaruh Literasi Keuangan dan Faktor Demografi terhadap Minat Masyarakat Berinvestasi Di Pasar Modal (Studi Kasus Pada Masyarakat usia 21-35 Tahun di DKI Jakarta). Jurnal Ilmu Manajemen, 11(2), 139. https://doi.org/10.32502/jimn.v11i2.3701
Aren, S., & Zengin, A. N. (2016). Influence of Financial Literacy and Risk Perception on Choice of Investment. Procedia - Social and Behavioral Sciences, 235, 656–663. https://doi.org/10.1016/j.sbspro.2016.11.047
Assael, H. (2024). Consumer Behavior: A Strategic Approach. Houghton Mifflin.
Bannier, C. E., & Neubert, M. (2016). Gender differences in financial risk taking: The role of financial literacy and risk tolerance. Economics Letters, 145, 130–135. https://doi.org/10.1016/j.econlet.2016.05.033
Chen, H., & Volpe, R. P. (1998). An Analysis of Personal Financial Literacy Among College Students. Financial Services Review, 7(2), 107–128. https://doi.org/10.1016/S1057-0810(99)80006-7
Dewi Purnamasari, E. (2023). Pengaruh Literasi Keuangan Terhadap Keputusan Investasi Pasar Modal (Studi Kasus Mahasiswa di Kota Palembang). Management and Sustainable Development Journal, 5(1), 34–45. https://doi.org/10.46229/msdj.v5i1.657
Faidah, F. (2019). Pengaruh Literasi Keuangan dan Faktor Demografi Terhadap Minat Investasi Mahasiswa. JABE (Journal of Applied Business and Economic), 5(3), 251. https://doi.org/10.30998/jabe.v5i3.3484
Ghozali, I. (2011). Aplikasi Analisis Multivariate dengan Program SPSS. Universitas Diponegoro.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) (2nd ed.). SAGE Publications, Inc.
Latifah, R. R. T. F., & Juwita, H. A. J. (2022). Pengaruh Literasi Keuangan, Perilaku Keuangan dan Pendapatan Terhadap Keputusan Investasi. Jurnal Management Risiko Dan Keuangan, 1(3), 148–158. https://doi.org/10.21776/jmrk.2022.01.3.01
Munawar, A., Suryana, S., & Nugraha, N. (2020). Pengaruh Literasi Keuangan dan Faktor Demografi terhadap Pengambilan Keputusan Berinvestasi. AKUNTABILITAS, 14(2), 253–268. https://doi.org/10.29259/ja.v14i2.11480
Nugroho, A. T., Zul, Bay, A. Z., Srisulistiowati, D. B., & Oktaviani, N. F. (2025). Manajemen Investasi dan Pasar Modal. Get Press Indonesia.
OJK RI. (2024, October 17). Survei Nasional Literasi dan Inklusi Keuangan (SNLIK) 2024. Https://Www.Ojk.Go.Id/Id/Berita-Dan-Kegiatan/Publikasi/Documents/Pages/Survei-Nasional-Literasi-Dan-Inklusi-Keuangan-(SNLIK)-2024/Booklet%20Survei%20Nasional%20Literasi%20dan%20Inklusi%20Keuangan%20(SNLIK)%202024.Pdf.
Potrich, A. C. G., Vieira, K. M., & Kirch, G. (2018). How well do women do when it comes to financial literacy? Proposition of an indicator and analysis of gender differences. Journal of Behavioral and Experimental Finance, 17, 28–41. https://doi.org/10.1016/j.jbef.2017.12.005
Pratiwi, A. D., Indriasari, I., & Meiriyanti, R. (2023). Pengaruh Literasi Keuangan, Pendapatan, Modal Minimal, dan Pengetahuan Investasi Terhadap Keputusan Investasi Karyawan. TRANSEKONOMIKA: AKUNTANSI, BISNIS DAN KEUANGAN, 3(5), 867–876. https://doi.org/10.55047/transekonomika.v3i5.525
Rehman, K., & Mia, M. A. (2024). Determinants of financial literacy: a systematic review and future research directions. Future Business Journal, 10(1), 75. https://doi.org/10.1186/s43093-024-00365-x
Sartika, F., & Humairo, N. (2021). Literasi Keuangan dan Faktor Sosiodemografi terhadap Keputusan Investasi melalui Bias Perilaku. Jurnal Ilmiah Manajemen Dan Bisnis, 22(2), 164–177. https://doi.org/10.30596/jimb.v22i2.7766
Shah, S. S., Qureshi, F., Memon, F. A., & Uddin, M. H. (2024). Financial literacy and investment behavior of individuals in Pakistan: Evidence from an Environment prone to religious sentiment. Journal of Behavioral and Experimental Finance, 44, 100974. https://doi.org/10.1016/j.jbef.2024.100974
Siratan, E. D., & Setiawan, T. (2021). Pengaruh Faktor Demografi dan Literasi keuangan dengan Behavior Finance dalam Pengambilan Keputusan Investasi. Esensi: Jurnal Bisnis Dan Manajemen, 11(2), 237–248. https://doi.org/10.15408/ess.v11i2.23671
Sridayani, A. I., Kumalasari, F., & Bay, A. Z. (2023). Pengaruh Pengetahuan Investasi dan Uang Saku terhadap Minat Berinvestasi pada Reksadana. Journal of Trends Economics and Accounting Research, 4(1), 143–151. https://doi.org/10.47065/jtear.v4i1.821
Tandelilin, E. (2010). Portofolio dan Investasi Teori dan Aplikasi (1st ed.). Kanisius.
Wang, G., Zhang, M., & He, B. (2024). Financial literacy and investment returns: The moderating effect of education level. Finance Research Letters, 67, 105781. https://doi.org/10.1016/j.frl.2024.105781
Zul Bay, A., Kartomo, K., & Kumalasari, F. (2023). Impact of Capital Structure and Profitability on Stock Return of Manufacturing Companies Listed on the Indonesian Stock Exchange (IDX) in the Period 2018-2021. JAE (JURNAL AKUNTANSI DAN EKONOMI), 8(3), 1–10. https://doi.org/10.29407/jae.v8i3.20185