Analysis of Financial Literacy, Financial Inclusion and Mental Accounting on Investment Decisions of The Millenial Generation in Surabaya
DOI:
https://doi.org/10.36555/jasa.v8i1.2452Keywords:
Investment Decisions, Financial Literacy, Financial Inclusion, Mental AccountingAbstract
There are several factors that influence investment decision making, one of which is the psychology of the millennial generation in Surabaya in making investment decisions. The basis for making investment decisions consists of rate of return, risk and time period. Investment decisions are steps taken by individuals to place their funds in the hope of obtaining a rate of return in the future. This cannot be separated from the influence of financial literacy, financial inclusion and accounting mentality. This research aims to analyze the influence of financial literacy, financial inclusion and mental accounting on investment decisions of the millennial generation in Surabaya. This research method uses quantitative methods. The instrument used was a questionnaire. The data used is data from 152 millennial generation respondents in Surabaya and the data was analyzed using the Partial Least Square-Structural Equation Modeling (PLS-SEM) method. The research results show that financial literacy, financial inclusion and mental accounting have a significant positive effect on the investment decisions of the millennial generation in Surabaya. The contribution of this research in the future can provide an overview of investment products for the millennial generation in Surabaya in making investment decisions related to the level of financial literacy, financial inclusion and mental accounting in the post-pandemic era.
References
Alaaraj, H., & Bakri, A. (2020). The Effect of Financial Literacy on Investment Decision MaIDng in Southern Lebanon. International Business and Accounting Research Journal, 4(1), 37. https://doi.org/10.15294/ibarj.v4i1.118
Anggini, N. D. (2019). Pengaruh self-attribution bias, mental accounting, dan familiarity bias terhadap pengambilan keputusan investasi (studi pada mahasiswa di Kota Malang). 6(3), 97–106.
Armansyah, R. F. (2021). Over Confidence, Mental Accounting, and Loss Aversion In Investment Decision. Journal of Auditing, Finance, and Forensic Accounting, 9(1), 44–53. https://doi.org/10.21107/jaffa.v9i1.10523
Chin, W. W. (1998). Partial Least Squares Aproach to Structural Equation Modeling. Modern Methods for Business Research, 295, 295–336.
D.A.T, Kumari. (2020). The Impact of Financial Literacy on Investment Decisions: With Special Reference to Undergraduates in Western Province, Sri Lanka. Asian Journal of Contemporary Education, 4(2), 110–126. https://doi.org/10.18488/journal.137.2020.42.110.126
Fitriah, W. (2021). Financial Literacy and Financial Inclusion on the Financial Planning of the City of Palembang. Review of Management and Entrepreneurship, 5(1), 19–32. https://doi.org/10.37715/rme.v5i1.1629
Hamonangan, Y. E., & Wisuda, H. P. (2022). Pemahaman Investasi pada Generasi Milenial di Indonesia. Jurnal Ilman, 10(2), 29–40.
Melati, W. P. (2023, April 12). Pandemi Covid-19 Dan Menurunnya Perekonomian Indonesia. https://www.djkn.kemenkeu.go.id/artFIel/baca/16064/Pandemi-Covid-19-Dan-Menurunnya-Perekonomian-Indonesia.html diakses 17 Oktober 2023
Novandalina, A., Ernawati, F. Y., & Adriyanto, A. T. (2022). Risk Attitudes, Mental Accounting and Overconfidence in Investment Placement Decision During and Post Covid-19. International Journal of Economics, Business and Accounting Research (IJEBAR), 6(1), 498. https://doi.org/10.29040/ijebar.v6i1.4453
Nugraha, F. M., Tulung, J. E., & Arie, F. V. (2021). the Impact of Financial Literacy and Financial Inclusion on Investment Decision in Manado. Jurnal EMBA, 9(3), 411–418.
Purwowidhu, C. (2023, Mei 2). Prospek Cerah Perekonomian Indonesia 2023. https://mediakeuangan.kemenkeu.go.id/article/show/prospek-cerah-perekonomian-indonesia-2023 diakses 17 Oktober 2023
Putri, W. W., & Hamidi, M. (2020). Pengaruh Literasi Keuangan Dan Faktor Demografi Terhadap Pengambilan Keputusan Berinvestasi. Akuntabilitas, 14(2), 253–268. https://doi.org/10.29259/ja.v14i2.11480
Santi, F., Sahara, N. V., & Kamaludin. (2019). the Effect of Mental Accounting on Student’S Investment Decisions: a Study At Investment Gallery (Gi) Feb University of Bengkulu and Syariah Investment Gallery (Gis) Feb Iain Bengkulu. Journal of Business Economics, 24(2), 152–167. https://doi.org/10.35760/eb.2019.v24i2.1907
Sutejo, D. A. (2021). Analisis Pengaruh Literasi Keuangan, Inklusi Keuangan, Dan Pengelolaan Keuangan Terhadap Keputusan Investasi Generasi Milenial Di Kota Malang. Jurnal Ilmiah Mahasiswa FEB, 10(1). https://jimfeb.ub.ac.id/index.php/jimfeb/article/view/7784
Thaler, R. H. (2011). Mental accounting matters. In Advances in Behavioral Economics. https://doi.org/10.2307/j.ctvcm4j8j.8
Wardani, A. K., & Lutfi, L. (2019). Pengaruh literasi keuangan, experienced regret, risk tolerance, dan motivasi pada keputusan investasi keluarga dalam perspektif masyarakat Bali. Journal of Business & BanIDng, 6(2), 195–214. https://doi.org/10.14414/jbb.v6i2.996
