THE ROLE OF FINANCIAL LITERACY, BEHAVIOR, TECHNOLOGY, AND ATTITUDE IN INVESTMENT INTENTION
DOI:
https://doi.org/10.31000/dmj.v10i2.16184Abstract
Investment interest among university students is critical for early financial participation, yet remains underexplored in the context of multidimensional financial factors. This study aims to analyze the influence of financial literacy, financial Experience, financial Behavior, financial technology, and financial Attitude on investment interest, with an empirical focus on active undergraduate students at the Faculty of Economics and Business (FEB), Universitas Muhammadiyah Tangerang. A quantitative method was employed, using SPSS version 25 for analysis. Data were collected via online questionnaires distributed via Google Forms, using a Likert scale, from 97 respondents. The analysis included validity and reliability tests, classical assumption tests, multiple linear regression, and hypothesis testing using t-tests and F-tests. The findings reveal that, in part, financial literacy does not significantly affect investment interest, whereas financial Experience, financial Attitude, and financial technology each have a positive and significant effect. However, financial Behavior shows no significant partial effect. Simultaneously, all five variables together exert a significant influence on investment interest. This study provides empirical evidence from a student sample in a developing institutional context. It offers novelty by integrating five financial constructs, including financial technology, into a single investment-interest model that has rarely been tested collectively among active university students.References
Abdeldayem, M., & Aldulaimi, S. (2025). Innovative pathways in capital markets: The fusion of behavioural finance and Fintech for strategic investor decision-making. International Journal of Organizational Analysis, ahead-of-print(ahead-of-print). https://doi.org/10.1108/IJOA-01-2025-5193
Alhabsi, Z. S., Pandurengan, V., & al Harthy, S. A. (2025). Evaluating the effect of financial literacy on investment decision: A meta-analysis. Lex Localis: Journal of Local Self-Government, 23(S6), 2951-2971.
Ansari, Z. J., Gupta, S., & Bhatia, M. (2024). Mapping the conceptual and intellectual structure of the investor's financial behaviour: A bibliometric analysis. South Asian Journal of Business and Management Cases, 13(2), 228-258. https://doi.org/10.1177/22779779241264350
Bank Indonesia. (2017). *Peraturan Bank Indonesia Nomor 19/12/PBI/2017 tentang penyelenggaraan teknologi finansial*. Bank Indonesia.
Chuang, M. Y., & Shrestha, S. K. (2025). FinTech converges with investment and risk: A bibliometric review. Journal of Risk and Financial Management, 18(9), 517. https://doi.org/10.3390/jrfm18090517
Dangwal, R. C., & Singh, A. (2024). Determinants of investment-related FinTech services among retail investors of India: A multi-group analysis using PLS-SEM. Journal of Modelling in Management. https://doi.org/10.1108/JM2-01-2024-0025
Del Sarto, N. (2025). FinTech and financial inclusion in emerging markets: A bibliometric analysis. International Journal of Organizational & Economical Management, 20(13), 270. https://doi.org/10.1108/IJOEM-08-2024-1428
Dika, R., Indarto, I., & Santoso, A. (2023). Early detection of the role of individual attitudes in intention investment: Lessons from Semarang's millennial generation. AFRE Accounting and Financial Review, 6(2), 279-294. https://doi.org/10.26905/afr.v6i2.9792
Erdawati, L., Ahmad, G. N., Sunaryo, D., & Febrianto, H. G. (2025). Rural Bank Resilience And Performance: A Study Of Governance, Risk Management And Compliance. Risk Governance & Control: Financial Markets & Institutions, 15.
Eichler, K. S., & Schwab, E. (2024). Evaluating robo-advisors through behavioral finance: A critical review of technology potential, rationality, and investor expectations. Frontiers in Behavioral Economics, 3, 1489159. https://doi.org/10.3389/frbhe.2024.1489159
Febrianto, H. G., Mikrad, Fitriana, A. I., Karim, A., Hakim, L., & Priharta, H. (2026). CEO duality, digital governance, and environmental, social, governance: Innovation-driven firm value in the digital era. Corporate Governance and Sustainability Review, 10(2), 56–65. https://doi.org/10.22495/cgsrv10i2p5
Field, A. (2018). Discovering statistics using IBM SPSS statistics (5th ed.). Sage Publications.
Fitriana, A. I., Febrianto, H. G., Negara, A. K., Pambudi, J. E., & KartaloÄŸlu, M. (2025). Environmental Management Accounting and Green Innovation on Financial Performance: The Moderating Role of Regulatory Pressure. Riset Akuntansi dan Keuangan Indonesia, 10(3), 302-313.
Freibauer, J., Grawert, S., & Rieger, M. O. (2024). The effects of trading apps on investment behavior over time. European Journal of Finance. https://doi.org/10.1080/1351847X.2024.2401604
Ghozali, I. (2018). Aplikasi analisis multivariate dengan program IBM SPSS 25. Badan Penerbit Universitas Diponegoro.
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2019). Multivariate data analysis (8th ed.). Cengage Learning.
Harahap, K., A.W, J., Rizal, M., & Thohiri, R. (2025). The influence of financial attitude, financial behavior, financial knowledge, and financial technology on students' investment interest in the capital market. Proceedings of the 6th International Conference on Innovation in Education, Science, and Culture (ICIESC 2024). EAI. https://doi.org/10.4108/eai.17-9-2024.2353117
Hasanah, H., & Azansyah, A. (2025). Digital financial transformation: The influence of fintech on the stability of the Indonesian financial system. Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS), 6(3). https://doi.org/10.47065/ekuitas.v6i3.6837
Herijawati, E., & Wi, P. (2025). The effect of financial literacy, fintech exposure, accounting information, and investor psychology on investment decisions. Jurnal Ilmiah Akuntansi Kesatuan, 13(6), 1749-1762. https://doi.org/10.37641/jiakes.v13i6.4433
Ikhsan, M. A., & Wulandari, R. (2024). Impact of attitude, subjective norms, and perceived behavioural control on intention to invest in retail green sukuk among Muslim millennials in Jabodetabek. Journal of Islamic Economics Lariba, 10(1), 149-168.
Jafri, J. A., Mohd Amin, S. I., & Abdul Rahman, A. (2025). Financial technology (Fintech) research trend: A bibliometric analysis. Discover Sustainability, 6, 513. https://doi.org/10.1007/s43621-025-01225-6
Junita, A. N. (2024). The Influence Of Financial Literacy, Parents's Income, Lifestyle And Campus Environment On Students Personal Financial Management Behavior. Dynamic Management Journal (DMJ), 8(1), 1-17.
Keller, C., & Siegrist, M. (2006). Money attitude typology and stock investment. The Journal of Behavioral Finance, 7(2), 88-96.
Kou, G., & Lu, Y. (2025). FinTech: A literature review of emerging financial technologies and applications. Financial Innovation, 11(1). https://doi.org/10.1186/s40854-024-00668-6
Kusuma, H. Y., Apriyo, R. B., & Pratama, F. P. (2025). Investment behavior and FinTech transformation: A bibliometric perspective on global research trends. Proceeding of the International Conference on Management, Entrepreneurship, and Business, 2(2), 893-901. https://doi.org/10.61132/icmeb.v2i2.331
Lam, A. Y. S. (2025). Artificial intelligence applications in financial technology. Journal of Theoretical and Applied Electronic Commerce Research, 20(1). https://doi.org/10.3390/jtaer20010029
Lathief, J. T. A., Kumaravel, S. C., Velnadar, R., Vijayan, R. V., & Parayitam, S. (2024). Quantifying risk in investment decision-making. Journal of Risk and Financial Management, 17(2), 82.
Lestari, N. L. Imronudin.(2024). The Effect Of Financial Literacy, Self-Efficacy On Risk Credit Behavior Among Students Of The University Of Muhammadiyah Surakarta. Dynamic Management Journal, 8 (4), 942–956.
Loebiantoro, I. Y., Cheng, E. H., & Annuar, N. (2024). Smart investing: Unveiling key drivers of strategic investment for investors in the Indonesia Stock Exchange. Investment Management and Financial Innovations, 21(4). https://doi.org/10.21511/imfi.21(4).2024.13
Nunnally, J. C., & Bernstein, I. H. (1994). Psychometric theory (3rd ed.). McGraw-Hill.
Otoritas Jasa Keuangan (OJK). (2024). Survei nasional literasi dan inklusi keuangan 2024. Otoritas Jasa Keuangan.
Pambudi, J. E., Sunaryo, D., Fitriana, A. I., & Febrianto, H. G. (2026). Can institutional investors shape tax efficiency? Evidence from green accounting, capital intensity, and deferred tax strategies in emerging markets. Corporate and Business Strategy Review, 7(2), 16–24. https://doi.org/10.22495/cbsrv7i2art2
Ringle, C. M., Wende, S., & Becker, J. M. (2022). SmartPLS 4. SmartPLS GmbH. https://www.smartpls.com
Salem, M. R. M., & Shahimi, S. (2025). A comprehensive analysis of FinTech (1968-2025): A bibliometric approach. Future Business Journal, 11, 233. https://doi.org/10.1186/s43093-025-00652-1
Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill-building approach (7th ed.). John Wiley & Sons.
Strategi Nasional Keuangan Inklusif (SNKI). (2024). Laporan strategi nasional keuangan inklusif tahun 2024. SNKI.
Syamsiah, S. (2025). Bibliometric analysis of financial technology (FinTech) and its implications for financial management. International Journal of Education, Social Studies, and Management (IJESSM), 5(2), 1276-1289.
Willim, A. P. (2025). Behavioral finance in the digital era: Understanding investor psychology in a high volatility market. International Forum for Economic Behaviour (INFEB), 7(2). https://doi.org/10.37034/infeb.v7i2.1134
Yudaruddin, R., Nugroho, B. A., Mardiany, F., Fitrian, Z., Hapsari, P., Fitrianto, Y., & Santi, E. N. (2024). Liquidity and credit risk in Indonesia: The role of FinTech development. SAGE Open, 14(2). https://doi.org/10.1177/21582440241245248
Yuliani, Y., & Susilawati, D. (2024). Intention to invest has a high impact on decision making? New contribution to the planning field of financial behavior in Indonesia. Finance: Theory and Practice, 28(6), 1252-1262. https://doi.org/10.26794/2587-5671-2024-28-6-1252-02
Zhang, R. (2025). The impact of fintech innovation on investor behavior from the perspective of behavioral finance. Advances in Economics, Management, and Political Sciences, 138(1), 47-53. https://doi.org/10.54254/2754-1169/2024.19205
Downloads
Published
Issue
Section
License
The author submits the manuscript with the understanding that if it is accepted for publication, the copyright of the article will be granted to the Dynamic Management Journal (DMJ), Management Study Program, Faculty of Economics and Business, University Of Muhammadiyah Tangerang, Indonesia as the publisher of the journal
Dynamic Management Journal (DMJ) first publication rights with works licensed simultaneously under a Creative Commons Attribution-ShareAlike 4.0 International License (CC BY-SA 4.0) which allows others to share (copy and redistribute material in the media or any format) and adapt (remix, modify, and build upon material) the work for any purpose, even commercially with acknowledgment of the work's authorship and initial publication in Dynamic Management Journal (DMJ). Authors may enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal published version of the work (for example, posting it to an institutional repository or publishing it in a book), with an acknowledgment of its initial publication in the Dynamic Management Journal (DMJ). Authors are permitted and encouraged to post their work online (for example, in an institutional repository or on their website) prior to and during the submission process, as this can lead to productive exchanges, as well as earlier and larger citations of published work (See The Effect of Open Access).
