The Influence of Financial Literacy and Risk Perception on Invesment Decisions with Finansial Behavior as a Moderating Variable on Investors Using the Stockbit Securities Application
Pengaruh Literasi Keuangan dan Persepsi Risiko Terhadap Keputusan Investasi Dengan Perilaku Keuangan Sebagai Variabel Moderasi Pada Investor Pengguna Aplikasi Stockbit Sekuritas
DOI:
https://doi.org/10.21070/ups.10591Keywords:
Financial Literacy, Risk Perception, Financial Behavior, Investment DecisionsAbstract
This study examines the effect of financial literacy and risk perception on investment decisions, with financial behavior as a moderating variable, among investors using the Stockbit Securities application. A quantitative cross-sectional survey was conducted, and data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The results show that financial literacy and risk perception have a positive and significant effect on investment decisions. Financial behavior has a significant direct effect on investment decisions and strengthens the effect of financial literacy, as well as moderates the relationship between risk perception and investment decisions. These findings underscore theoimportant roleoof literacy, risk perception, and financialobehavior in digital investors investment decision-making.
Downloads
References
R. S. M. Lokhande, “Impact of FinTech on Capital Markets,” Int. J. Sci. Res., 2023, doi: 10.21275/sr23713151112.
S. Rachapudi, “The Case for Robo-Advisors in Capital Market Investing for Small Investors,” Int. J. Sci. Res., 2024, doi: 10.21275/sr24831101737.
“Stockbit: Platform Komunitas dan Analisis Pasar Saham Indonesia,” 2024. [Online]. Available: https://stockbit.com
B. P. Statistik, “Indikator Penduduk Menurut Generasi,” 2024. [Online]. Available: https://www.bps.go.id/id
J. K. Singh, “Technological Innovations and Financial Literacy: Navigating Digital Investment Platforms,” Int. J. Multidiscip. Res., 2024, doi: 10.36948/ijfmr.2024.v06i03.20114.
O. J. Keuangan, “Survei Nasional Literasi dan Inklusi Keuangan (SNLIK),” 2022. [Online]. Available: https://www.ojk.go.id/id/Default.aspx
A. Bernales, M. Valenzuela, and I. Zer, “Effects of Information Overload on Financial Markets: How Much Is Too Much?,” 2023. doi: 10.17016/ifdp.2023.1372.
OECD, “OECD/INFE Toolkit for Measuring Financial Literacy and Financial Inclusion,” OECD Publishing, 2022. [Online]. Available: http://www.oecd.org
N. A. Ahmad, E. S. B. M. Zahid, I. bin A. Halim, A. T. bin A. Lateh, and G. Ghutai, “Financial Literacy among Investors,” Int. J. Acad. Res. Bus. Soc. Sci., vol. 12, no. 4, 2022, doi: 10.6007/ijarbss/v12-i4/13120.
S. Patil, “Mastering Money: An Introduction to Financial Literacy,” Int. J. Multidiscip. Res., vol. 6, no. 6, 2024, doi: 10.36948/ijfmr.2024.v06i06.31067.
M. Ramu, “Analysing the Effect of Financial Risk Perception and Risk Tolerance on Investment Behaviour: An Empirical Analysis,” Turkish J. Comput. Math. Educ., 2021, doi: 10.17762/TURCOMAT.V12I3.2214.
J. Xu, “Behavioral Finance Provides Insights into Risk Perception and Risk Management,” Acad. J. Manag. Soc. Sci., vol. 4, no. 1, pp. 12–15, 2023, doi: 10.54097/ajmss.v4i1.11472.
M. Angerer, C. H. Hoffmann, F. Neitzert, and S. Kraus, “Objective and Subjective Risks of Investing into Cryptocurrencies,” Financ. Res. Lett., vol. 40, p. 101737, 2021, doi: 10.1016/J.FRL.2020.101737.
M. Idrus, “Risk Perception and Investment Decisions among Generation Z: A Comparative Study of Economics and Non-Economics Students in Makassar City,” J. Ekon. Ichsan Sidenreng Rappang, 2025, doi: 10.61912/jeinsa.v4i1.131.
I. Subaida, “The Influence of Financial Behavior on Financial Well-Being Through Financial Satisfaction,” J. Ekon. Pembang., 2024, doi: 10.22219/jep.v22i01.29654.
Hesniati and H. Handayani, “Pengaruh Perilaku Keuangan Terhadap Keputusan Investasi,” Combines, vol. 1, no. 1, pp. 2221–2230, 2021.
I. N. Firdausi and L. Nirawati, “Dampak Adanya Influencer Investor Serta Perilaku Fear Of Missing Out (FOMO) Terhadap Keputusan Pembelian Saham Di Indonesia,” Masip, vol. 1, no. 3, pp. 190–196, 2023, doi: 10.59061/masip.v1i3.347.
P. Rahmaddian and V. Ghozali, “Pengaruh Literasi Keuangan, Persepsi Risiko, Perilaku Keuangan, dan Pendapatan Terhadap Keputusan Investasi,” Akunesa, vol. 12, no. 3, pp. 292–301, 2024.
M. P. Dewi, “Pengaruh Literasi Keuangan, Persepsi Risiko, dan Perilaku Keuangan Terhadap Keputusan Investasi,” Universitas Muhammadiyah Magelang, 2023.
I. Ajzen, “Icek Ajzen: Research on Attitudes and the Theory of Planned Behavior,” 2016. [Online]. Available: https://aizen.socialpsychology.org/
R. Amyulianthy, “Digital Investment Literacy and Financial Behaviour: A Theory Planned Behaviour,” Int. Res. J. Econ. Manag. Stud., 2025, [Online]. Available: https://irjems.org/Volume-4-Issue-6/IRJEMS-V4I6P113.pdf
M. Azizah and L. Tamanni, “Determinants of Online Investment Decision Using Theory of Planned Behavior,” 2024. doi: 10.58968/icm.v1i1.443.
R. Shefyana and R. Kusumawardhani, “Factors Influencing Investment Intentions of Generation Z Using TPB,” Int. J. Econ. Bus. Account. Manag., vol. 3, no. 6, 2025, doi: 10.63901/ijebam.v3i6.144.
F. D. A. Wandira and P. Putra, “Peran Perilaku Keuangan Memoderasi Literasi Keuangan, Persepsi Risiko, dan Familiarity terhadap Keputusan Investasi,” Inov. J. Ilm. Ilmu Manaj., vol. 10, no. 1, pp. 163–171, 2023.
L. P. Abadi, C. Hidayat, M. A. Abdurahman, and M. Efendi, “Peran Literasi Keuangan Terhadap Pengambilan Keputusan Investasi,” J. Econ. Manag. Business, Account., 2023, doi: 10.54783/jemba.v1i3.61.
N. Utami and M. L. Sitanggang, “The Analysis of Financial Literacy and Its Impact on Investment Decisions: A Study on Generation Z in Jakarta,” 2021, doi: 10.35314/INOVBIZ.V9I1.1840.
B. Firmansyah, M. F. Saputra, H. D. Hastungkara, M. Yovita, and R. Pandin, “The Influence of Investment Profitability and Investment Risk on Individual Investment Decisions,” Jin Rong, 2023, doi: 10.62017/finance.v1i2.28.
F. A. Ahzar and R. Sari, “Investasi Digital: Faktor Penentu dalam Keputusan Investasi,” J. Ilm. Inf. Komput. Akunt. dan Manaj., pp. 23–33, 2023.
A. G. Korkmaz, Z. Yin, P. Yue, and H. Zhou, “Does Financial Literacy Alleviate Risk Attitude and Risk Behavior Inconsistency,” Int. Rev. Econ. Financ., vol. 74, pp. 293–310, 2021, doi: 10.1016/J.IREF.2021.03.002.
R. B. Pathmu and G. Shreevarsha, “A Study on Impact of Financial Literacy on Investment Decisions,” Int. J. Multidiscip. Res., 2025, doi: 10.36948/ijfmr.2025.v07i02.42898.
S. Atmaningrum, D. S. Kanto, and Z. Kisman, “Investment Decisions: The Results of Knowledge, Income, and Self-Control,” J. Econ. Bus., vol. 4, no. 1, 2021, doi: 10.31014/AIOR.1992.04.01.324.
C. J. Mongan, J. B. Halik, K. H. P. Lambe, and Irdawati, “Investor Risk Behavior as a Mediator in the Influence of Financial Literacy on Millennial Investment Decisions: Evidence from Makassar, Indonesia,” J. Manag. Bus. Rev., 2025, doi: 10.34149/jmbr.v22i2.820.
N. Fadila, G. Goso, R. S. Hamid, and I. Ukkas, “Pengaruh Literasi Keuangan, Financial Technology, Persepsi Risiko, dan Locus of Control Terhadap Keputusan Investasi Pengusaha Muda,” Own. Ris. Dan J. Akunt., vol. 6, no. 2, pp. 1633–1643, 2022, doi: 10.33395/owner.v6i2.789.
F. Fitriasuri and R. Simanjuntak, “Pengaruh Pengetahuan Investasi, Manfaat Motivasi, dan Modal Minimal Investasi Terhadap Keputusan Investasi di Pasar Modal,” Own. Ris. Dan J. Akunt., vol. 6, no. 4, pp. 3333–3343, 2022, doi: 10.33395/owner.v6i4.1186.
Anika and P. K. Ahlawat, “Analyzing the Role of Social Media in Shaping Stock Market Investment Choices,” Int. J. Res. - Granthaalayah, vol. 13, no. 8, 2025, doi: 10.29121/granthaalayah.v13.i8.2025.6301.
I. Ajzen, “The Theory of Planned Behavior,” Organ. Behav. Hum. Decis. Process., vol. 50, no. 2, pp. 179–211, 1991, doi: 10.1016/0749-5978(91)90020-T.
A. D. Bank, “Financial Literacy in Southeast Asia: Challenges and Digital Opportunities,” Asian Development Bank, 2024. [Online]. Available: https://www.adb.org/
D. A. Pillai, A. S. Singh, T. Bhosale, and A. Doifode, “A Perspective on the Application of Fintech as a Gateway for Financial Literacy,” in Proceedings of the International Conference on Intelligent Technologies, 2023, pp. 811–814. doi: 10.1109/icit58056.2023.10225810.
E. M. Utami, G. Gusni, R. Yuliani, and G. Pesakovic, “Financial Knowledge and Social Influence on Generation Z Intention to Invest: The Mediating Role of Financial Attitude and Literacy,” Media Ekon. dan Manaj., 2025, doi: 10.56444/mem.v40i1.5378.
P. Patel and K. Nayak, “Financial Behavior Based on Theory of Planned Behavior,” ShodhKosh J. Vis. Perform. Arts, vol. 4, no. 2, 2023, doi: 10.29121/shodhkosh.v4.i2.2023.2924.
N. F. H. Panjaitan and A. Andayani, “Literasi Keuangan dan Pendapatan pada Keputusan Investasi dengan Perilaku Keuangan sebagai Variabel Moderasi,” J. Ilm. Akunt. dan Humanika, vol. 11, no. 1, pp. 142–155, 2021.
J. F. Hair, A Primer in Partial Least Squares Structural Equation Modeling (PLS-SEM). Sage Publications, 2022.
M. A. Memon, “Sample Size for Survey Research: Review and Recommendations,” J. Appl. Sci. Evid. Manag., 2020.
R. Putri and M. Mulyani, “Pengaruh Literasi Keuangan, Perilaku Keuangan, dan Persepsi Risiko Terhadap Pengambilan Keputusan Investasi Mahasiswa,” J. Bus. Econ. Manag., pp. 611–616, 2025.
M. J. Wu, “Response Rate of Online Surveys in Published Research: A Meta-Analysis,” Open Access Meta-Analysis, 2022.
A. F. Hayes, Introduction to Mediation, Moderation, and Conditional Process Analysis. The Guilford Press, 2022.
A. A. Rizani, E. Hendrawaty, and N. Puspitasari, “Theory of Planned Behavior: The Effect of Financial Literacy and Risk Tolerance on Investment Intention,” J. Bus. Manag. Rev., vol. 5, no. 1, pp. 1–19, 2024, doi: 10.47153/jbmr52.8822024.
A. E. E. Sobaih and I. Elshaer, “Risk-Taking, Financial Knowledge, and Risky Investment Intention: Expanding Theory of Planned Behavior Using a Moderating-Mediating Model,” Mathematics, vol. 11, no. 2, p. 453, 2023, doi: 10.3390/math11020453.
Downloads
Additional Files
Posted
License
Copyright (c) 2026 UMSIDA Preprints Server
This work is licensed under a Creative Commons Attribution 4.0 International License.
