Analisis Literasi Keuangan, Efikasi Diri, dan Persepsi Risiko terhadap Minat Investasi Dimoderasi Kemajuan Teknologi Investasi
Abstract
The purpose of this study was to understand the influence of financial literacy, self-efficacy, and risk perception on investment interest, as moderated by advances in investment technology. The study utilized 105 university students in Surabaya as respondents. The analysis results provided evidence of a significant partial influence of financial literacy, self-efficacy, and risk perception on students' investment interest. Another finding was that advances in investment technology were proven to moderate the influence of financial literacy, self-efficacy, and risk perception on students' investment interest. Based on the results, it is recommended that students further improve their financial literacy, build self-efficacy by starting to invest gradually, and understand risk rationally. With the synergy between education, psychological factors, and technology, students' investment interest is expected to increase optimally.
References
Ajzen I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179-211. https://doi.org/10.1016/0749-5978(91)90020-T.
Ajzen I. (2020). The theory of planned behavior: Frequently asked questions. Human Behavior & Emerging Technologies, 2, 314–324. https://doi.org/10.1002/hbe2.195.
Amruddin, Priyanda, R., Agustina, T. S., Ariantini, N. S., Rusmayani, N. G. A. L., Aslindar, D. A., Ningsih, K. P., Wulandari, S., Putranto, P., Yuniati, I., Untari, I., Mujiani, S., & Wicaksono, D. (2022). Metodologi penelitian kuantitatif (Edisi 1). CV. Pradina Pustaka Group.
Anfas, A., Syamsuddin, F. R., & Zainuddin, Z. (2022). The impact of financial literacy and information technology on millennials’ stock market investment motivation. International Journal Of Research In Business And Social Science, 11(7), 201–209. https://doi.org/10.20525/ijrbs.v11i7.2005.
Ardian, N., Rizky, M. C., & Capah, A. B. (2023). Pengenalan investasi dan perencanaan keuangan jangka panjang bagi masyarakat Desa Kwala Serapuh Kabupaten Langkat. Journal Of Social Responsibility Projects By Higher Education Forum, 4(2), 117–122. https://doi.org/10.47065/jrespro.v4i2.4532.
Ardiana, T. E., Sugianto, L. O., & Chamidah, S. (2020). The influence of minimum investment capital, risk perception on students investment in indonesia capital market. International Journal Of Economics, Business And Accounting Research (IJEBAR), 4(3), 313–323. https://doi.org/10.29040/ijebar.v4i03.1248.
Baihaqqy, M. R. I., Disman, Nugraha, Sari, M., & Ikhsan, S. (2020). The effect of financial literacy on the investment decision. Budapest International Research And Critics Institute-Journal (BIRCI - Journal), 3(4), 3073–3083. https://doi.org/10.33258/birci.v3i4.1333.
Barlian, U. C., Ismelani, N., & F, A. M. (2022). Metaverse sebagai upaya menghadapi tantangan pendidikan di masa depan. Journal Of Educational And Language Research, 8721(1), 2133–2140. https://doi.org/10.64014/hipkin-jer.v1i1.8.
Davis, F. D, Bagozzi, R. P., & Warhaw, P. R. (1989). User acceptance of computer technology: A comparison of two theoretical models. Management Science, 35(8), 982-1003. https://doi.org/10.1287/mnsc.35.8.982.
Fahmi, M. M. (2023). Pengembangan theory of planned behavior (TPB) untuk mengukur minat investasi generasi Z di pasar modal Syariah: Studi kasus pada mahasiswa Fakultas Ekonomi UIN Maulana Malik Ibrahim Malang. Masters Thesis. Universitas Islam Negeri Maulana Malik Ibrahim. http://etheses.uin-malang.ac.id/id/eprint/55352.
Fathurrahman, I. (2020). Pengaruh literasi keuangan, sikap love of money, dan pengetahuan laporan keuangan terhadap perilaku pengelolaan keuangan UMKM di wilayah Kabupaten Subang. Jurnal Akuntansi, 2(1), 43-46. https://doi.org/10.35310/jass.v2i01.615.
Firdhausa, F., & Apriani, R. (2021). Pengaruh platform media sosial terhadap minat generasi milenial dalam berinvestasi di pasar modal. Supremasi Hukum, 17(2), 96–103. https://doi.org/10.33592/jsh.v17i02.1227.
Fitriyadi, M. Y., Rahman, M. R., Asshidiqi, M. R. A., Ilham, M. A., Nurleli, Aibina, O. I., Hesda, N., & Fayyedh, F. A. (2023). Pengaruh dunia IT terhadap perilaku remaja generasi Z. Religion: Jurnal Agama, Sosial, Dan Budaya, 1(2), 21-37. https://doi.org/10.55606/religion.v1i2.61.
Frans, F., & Handoyo, S. E. (2020). Pengaruh ekspektasi pengembalian, toleransi risiko, dan efikasi diri terhadap minat investasi saham. Jurnal Manajerial Dan Kewirausahaan, 2(1), 22–32. https://doi.org/10.24912/jmk.v2i1.7421.
Gede, I., Perdana, B. W., & Yasa, G. W. (2021). The effect of minimum investment capital, financial literacy level, and family environment on students investment interest in the Indonesian Capital Market. American Journal Of Humanities And Social Sciences Research, 5, 253–260. https://www.ajhssr.com/wp-content/uploads/2021/02/ZC2152253260.pdf.
Ghozali, I., & Latan, H. (2015). Partial least squares: Konsep, teknik dan aplikasi menggunakan progam SmartPLS 3.0. Badan Penerbit Universitas Diponegoro Semarang.
Ginee. (2021). Gen Z hobi shopping dominasi pengguna internet di Indonesia? Ginee. https://ginee.com/id/insights/pengguna-internet-indonesia.
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2013). Multivariate data analysis. Pearson Education Limited.
Hair, J. F., Ringle, G. T. M. H. C. M., Danks, M. S. N. P., & Ray, S. (2022). Partial Least squares structural equation modeling (PLS-SEM) using R. Springer Nature Link. https://doi.org/10.1007/978-3-030-80519-7.
Jufrida, F., Syechalad, M. N., & Nasir, M. (2016). Analisis pengaruh investasi asing langsung (FDI) dan investasi dalam negeri terhadap pertumbuhan ekonomi Indonesia. Jurnal Perspektif Ekonomi Darussalam, 2(1), 54–68. https://doi.org/10.71094/ecoin.v2i1.198.
Kaja, L. D., Angi, Y. F., & Tungga, C. (2021). Pengaruh ekspektasi return, persepsi risiko, dan self efficacy terhadap minat investasi saham pada mahasiswa program studi Akuntansi Fakultas Ekonomi Dan Bisnis Universitas Nusa Cendana. Conference On Economic And Business Innovation, 26(35), 1573–1585. https://dx.doi.org/10.22441/jies.v10i1.11693.
Khalid, F. (2020). Factor affecting investment behavior: Mediating role of self-efficacy. Journal Of Finance & Economics Research, 5(2), 112–125. https://doi.org/10.20547/jfer2005204.
Kurniawan, P. I. (2021). Effect of expected return, self efficacy, and perceived risk on investment intention: An empirical study on Accounting Master Degree in Udayana University, Bali. Journal Of Accounting Finance And Auditing Studies (JAFAS), 7(1), 40–55. https://doi.org/10.32602/jafas.2021.002.
Lating, A. I. S., Putri, S. W. P., Soulisa, M. R., & Muflihin, M. D. (2023). The effect of financial literacy, investment knowledge, financial efficacy and investment motivation on student interest in capital market investing (Study on students of 2018 Faculty of Economics and Islamic Business UIN Sunan Ampel Surabaya). JRMA (Jurnal Riset Manajemen dan Akuntansi), 11(2), 173–187. https://journal.ukwms.ac.id/index.php/jrma/article/view/6571.
Margaretha, F., & Sari, S. M. A. Y. (2015). Faktor penentu tingkat literasi keuangan para pengguna kartu kredit di Indonesia. Jurnal Akuntansi & Investasi, 16(1), 132–144. https://doi.org/10.18196/jai-2015.0038.
Mulatsih, L. S., Tawil, M. R., Lianti, L., Wendy, W., & Ristati, R. (2023). Pengaruh investmen knowledge, self efficacy dan perceived risk terhadap minat mahasiswa investasi saham. Jurnal Ilmiah Edunomika, 8(1), 1-10. https://doi.org/10.29040/jie.v8i1.11625.
Nisa, A. M., & Hidayati, A. N. (2022). Pengaruh pengetahuan investasi, risiko investasi, kemajuan teknologi dan motivasi terhadap minat generasi Z berinvestasi di Pasar Modal Syariah. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 4(1), 28–35. https://doi.org/10.47065/ekuitas.v4i1.1676.
Nyoman, N., Rahayu, S., Dewi, T., Fridagustina, K., Herry, G., & Asana, S. (2017). Modal investasi awal dan persepsi risiko. Jurnal Ilmiah Akuntansi, 2(2), 173–190. https://doi.org/10.23887/jia.v2i2.15636.
OECD. (2022). OECD/INFE toolkit for measuring financial literacy and financial inclusion 2022. Report. http://www.oecd.org/financial/education/2022-INFE-Toolkit-Measuring-Finlit-Financial-Inclusion.pdf.
Pangestika, T., & Rusliati, E. (2019). Literasi dan efikasi keuangan terhadap minat mahasiswa berinvestasi di pasar modal. Jurnal Riset Bisnis Dan Manajemen, 12(1), 37–42. https://doi.org/10.23969/jrbm.v12i1.1524.
Pradnyani, N. D. A., & Pramitari, I. G. A. A. (2017). Fasilitas online trading dan modal minimal investasi pada minat investasi mahasiswa. Jurnal Bisnis Dan Kewirausahaan, 15(3), 168-174. https://dx.doi.org/10.31940/jbk.v15i3.1562.
Pramono, B. S. H. Y. (2023). Pengaruh pengetahuan investasi syariah, ekspektasi return dan pemahaman kemajuan teknologi terhadap minat investasi mahasiswa di pasar modal. Jurnal Risma, 4(3), 414-416. https://doi.org/10.29303/risma.v4i3.1224.
Putri, O. A., & Hariyanti, S. (2022). Review artikel: Transformasi digital dalam bisnis dan manajemen. Proceedings Of Islamic Economics, Business, And Philanthropy Volume, 1(1), 135-158. https://jurnalfebi.uinkediri.ac.id/index.php/proceedings/article/view/229.
Rizky, M. (2023). Pengaruh information literacy terhadap perilaku pengguna media sosial menggunakan model theory of reasoned action dan theory of planned behavior. Undergraduate Thesis, Universitas Islam Negeri Syarif Hidayatullah. https://repository.uinjkt.ac.id/dspace/handle/123456789/76763.
Saputra, D. (2018). Pengaruh manfaat, modal, motivasi dan edukasi terhadap minat dalam berinvestasi di pasar modal. Jurnal Manajemen Dan Akuntansi, 5(2), 178–190. https://doi.org/10.31004/jptam.v5i3.2677.
Saputra, R. F., Suyanto, S., & Japlani, A. (2021). Pengaruh literasi keuangan terhadap minat berinvestasi di pasar modal dengan perkembangan teknologi digital sebagai variabel moderasi (Studi empiris mahasiswa Akuntansi Universitas Muhammadiyah Metro). Jurnal Akuntansi AKTIVA, 2(2), 196-203. https://scholar.ummetro.ac.id/index.php/aktiva/article/view/1543.
Sari, V. M., Putri, N. K., Arofah, T., & Suparlinah, I. (2021). Pengaruh motivasi investasi, pengetahuan dasar investasi, modal minimal, pengaruh motivasi investasi, pengetahuan dasar investasi, modal minimal, dan kemajuan teknologi terhadap minat investasi mahasiswa. Jurnal Doktor Manajemen (JDM), 4(1), 88-104. https://doi.org/10.22441/jdm.v4i1.12117.
Savitri, A. E. (2018). Analisis perbedaan reaksi pasar modal sebelum dan sesudah adanya perusahaan financial technology (Studi pada sektor perbankan terdaftar di Bursa Efek Indonesia 2017). Undergraduate Thesis, Universitas Islam Negeri Maulana Malik Ibrahim. http://etheses.uin-malang.ac.id/13352/1/14510125.pdf.
Septyawati, R. (2018). Determinan faktor internal, eksternal dan religiusitas terhadap aset dana pensiun lembaga keuanganbank Muamalat Indonesia periode tahun 2009-2017. Undergraduate Thesis, Universitas Islam Negeri Syarif Hidayatullah. https://repository.uinjkt.ac.id/dspace/handle/123456789/40848.
Sugiyono. (2018). Metode penelitian kuantitatif, kualitatif, dan R&D. Alfabeta.
Susanti, S. N., Hermawan, N. A., & Pattihahuan, A. (2023). Kemajuan teknologi dan pemahaman terhadap minat generasi Z dalam berinvestasi di pasar modal. Jurnal Pijar, 1(2), 76–82. https://doi.org/10.24843/EEB.2025.v14.i05.p10.
Susilowati, E. M. (2021). Pemahaman, trading online, modal minimal, return dan risiko di pasar modal. Aktual: Jurnal Akuntansi Dan Keuangan, 6(2), 38–45. https://e-journal.stie-aub.ac.id/index.php/aktual/article/view/1102.
Tandio, T., & Widanaputra, A. A. G. P. (2016). Pengaruh pelatihan pasar modal, return, persepsi risiko, gender, dan kemajuan teknologi pada minat investasi mahasiswa. E-Jurnal Akuntansi Universitas Udayana, 16(3), 2316–2341. https://ejurnal.stie-trianandra.ac.id/index.php/jsr/article/view/975.
Trisnatio, Y. A., & Pustikaningsih, A. (2017). Pengaruh ekspektasi return, persepsi terhadap risiko, dan self efficacy terhadap minat investasi saham mahasiswa Fakultas Ekonomi Universitas Negeri Yogyakarta. Profita: Kajian Ilmu Akuntansi, 6(3), 1-15. https://journal.student.uny.ac.id/ojs/index.php/profita/article/view/13790.
Uma, S. R., & Anasrulloh, M. (2023). Pengaruh pendidikan kewirausahaan dan efikasi diri terhadap minat berwirausaha mahasiswa. Jurnal Economina, 2(9), 2346–2360. https://doi.org/10.55681/economina.v2i9.815.
Wahyuningsih, T. (2022).Pengaruh pengetahuan investasi, literasi keuangan dan persepsi risiko terhadap minat investasi di pasar modal syariah dengan kemajuan teknologi sebagai variabel moderasi (Studi kasus mahasiswa FEB di tiga perguruan tinggi di Kota Salatiga). Undergraduate Thesis, E-Repository Universitas Islam Negeri Salatiga. http://e-repository.perpus.iainsalatiga.ac.id/15375/.
Wulandari, P. A., Sinarwati, N. K., & Purnamawati, I. G. A. (2017). Pengaruh manfaat, fasilitas, persepsi kemudahan, modal, return, dan persepsi risiko terhadap minat mahasiswa untuk berinvestasi secara online (Studi pada mahasiswa Jurusan Akuntansi Program S1 Universitas Pendidikan Ganesha). JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 8(2), 168-174. https://doi.org/10.23887/jimat.v8i2.12258.
Copyright (c) 2026 Moh. Ansyar Abdillah, Hariyati Hariyati, Luqman Hakim
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
