Financial Literacy, Investment Motivation, Risk Tolerance, and Investing Interest in Mutual Funds
Abstract
Mutual funds represent investments in a variety of financial instruments, including the money market, stocks, bonds, and deposits. This study, conducted with 100 Generation Z respondents in Denpasar City, aims to empirically examine the impact of financial literacy, investment motivation, and risk tolerance on the interest in investing in mutual funds. Data was collected via questionnaires and analyzed using multiple linear regression with the SPSS software. The findings reveal that both financial literacy and investment motivation significantly enhance interest in mutual fund investments. Conversely, risk tolerance appears to have no significant effect on this interest. Theoretically, this research supports and expands knowledge related to the theory of planned behavior, motivation theory, and prospect theory. Practically, the study serves as a guide for investors in making informed decisions and enhances their understanding of mutual fund investments, investment motivations, and risk tolerance levels.
Downloads
Download data is not yet available.
References
Adel, B., & Mariem, T. (2013). The Impact of Overconfidence on Investors’ Decisions. Business and Economic Research, 3(2), 53–75. https://doi.org/10.5296/ber.v3i2.4200
Ainia, N. S. N., & Lutfi, L. (2019). The influence of risk perception, risk tolerance, overconfidence, and loss aversion towards investment decision making. Journal of Economics, Business & Accountancy Ventura, 21(3), 401–413.
Ajzen, I. (1991). Theory of Planned Behavior. Organizational Behavior and Human Decision on Processes, 50, 179–211.
Bisnisbali.com. (2023). Sebaran Investor Saham Bali Didominasi Wilayah Denpasar.
Budiarto, A., & Susanti. (2017). Pengaruh Financial Literacy, Overconfidence, Regret Aversion Bias, DanRisk Tolerance Terhadap Keputusan Investasi. Jurnal Ilmu Manajemen, 05, 1–9.
Cahya, B. T., & Kusuma, N. A. (2019). Pengaruh Motivasi dan Kemajuan Teknologi Terhadap Minat Investasi Saham. Jurnal Ilmu Ekonomi Dan Keislaman, 7(2), 192–207.
Chen, H., & Volpe, R. P. (1998). An Analysis of Personal Financial Literacy Among College Students. Financial Service Review, 7(2), 107–128.
Darmawan, A., & Japar, J. (2020). Investment Knowledge, Minimal Capital, Capital Market Training and Motivation for Influence of Investment Interest in Sharia Capital Markets. International Journal of Islamic Economics & Business Management in Emerging Market, 1(1), 1–9.
Djaelani, Y., & Zainuddin, Z. (2021). Experimental Study: Financial Literacy and Financial Efficacy of Interest in Investing. ATESTASI : Jurnal Ilmiah Akuntansi, 4(2), 352–364. https://doi.org/10.33096/atestasi.v4i2.668
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. https://doi.org/10.24912/jmk.v2i1.7421
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 26 (9th ed.). Badan Penerbit Universitas Diponegoro.
Grable, J. E. (2000). Financial Risk Tolerance and Additional Factors That Affect Risk Taking in Everyday Money Matters. Journal of Business and Psychology, 14(4), 625–630. https://doi.org/10.1023/A:1022994314982
Hamka, H., Jupri, M., & Budiono, R. (2020). The Influence of Financial Literacy on Interest in Investing for the Academic Community of Akademi Keuangan & Bisnis Indonesia Internasional (AKBII), Bandung, Indonesia. International Journal of Business, Economics, and Social Development, 1(1), 1–12. https://doi.org/10.46336/ijbesd.v1i1.13
Hanifah, F., Sudarno, & Noviani, L. (2022). Pengaruh Literasi Keuangan Terhadap Keputusan Investasi Mahasiswa Universitas Sebelas Maret (UNS) Di Pasar Modal Dimoderasi oleh Persepsi Risiko. PROSPEK, 1(1), 194–203.
Hasibuan, M. S. . (2005). Manajemen Dasar Pengertian dan Masalah (Revisi). PT. Bumi Aksara.
Jain, R., & Roy, B. (2020). Financial Literacy Among Working Women : Need of the Hour (1st ed). Nitya Publications.
Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263–290.
Ksei.co.id. (2023). Statistik Pasar Modal Indonesia 2023.
Lika, E. E., & Dananti, K. (2022). Implementasi Theory of Planned Behavior, Risk Tolerance Dan Financial Literacy Terhadap Investment Intention Pada Peer To Peer Lending Di Surakarta. Jurnal Ilmiah Manajemen, Bisnis Dan Kewirausahaan, 2(2), 88–96.
Lilis, D. S. (2021). Pengaruh Pengetahuan Investasi, Modal Investasi Minimal, Persepsi Return Dan Risiko, Motivasi, Dan Kemajuan Teknologi Terhadap Minat Investasi Mahasiswa di Pasar Modal. Universitas Muhammadiyah Ponorogo.
Lubis, P. K. D. (2019). Influence of Knowledge Investment and Investment Motivation Against the Interest of Investing in the Stock Market on Economic Education Status of Students of State University of Medan. Journal of Physics: Conference Series,1387(1), 1-5. https://doi.org/10.1088/1742-6596/1387/1/012064
Lucas, D. B., & Britt, S. H. (2003). Advertising psychology and research. McGraw-Hill. New York.
Mahdi, S. A., Jeandry, G., & Wahid, F. A. (2020). Pengetahuan, Modal Minimal, Motivasi Investasi Dan Minat Mahasiswa Untuk Berinvestasi Di Pasar Modal. Jurnal Ekonomi, Akuntansi Dan Manajemen Multiparadigma (JEAMM), 1(2), 44–55. https://doi.org/10.51182/jeamm.v1i2.1840
Oktavia, T. W., & Masdiantini, P. R. (2023). Pengaruh Pemahaman Akuntansi, Sosialisasi dan Tingkat Pendidikan Pelaku Usaha Terhadap Penerapan SAK EMKM Pada UMKM di Kabupaten Buleleng. Jurnal Akuntansi Profesi, 14(02), 391–405. https://doi.org/10.23887/jap.v14i02.64344
Paranita, E. S., & Agustinus, M. (2021). The Influence of Investment Motivation and Financial Literacy on Interest in Investing During the COVID-19 Pandemic. Proceedings of the 3rd International Conference on Banking, Accounting, Management and Economics (ICOBAME 2020), 169(3), 299–303. https://doi.org/10.2991/aebmr.k.210311.059
Puspitasari, V. E., Yetty, F., & Nugraheni, S. (2021). Pengaruh Literasi Keuangan Syariah, Persepsi Imbal Hasil, dan Motivasi terhadap Minat Investasi di Pasar Modal Syariah Vania. Journal of Islamic Economics and Finance Studies Volume, 2(2), 122–141.
Rosdiana, R. (2020). Analysis of Investment Interests, Motivation,Social Environment, Financial Literacy (Comparative Study of Generation Z and Millennial Generation). International Journal of Business, Economics and Law, 22(1), 111–121.
Samsuri, A. (2020). Literasi Keuangan, Toleransi Risiko, Persepsi Risiko Dan Niat Berinvestasi. Universitas Airlangga.
Situmorang, M., Andreas, & Natariasari, R. (2014). PENGARUH MOTIVASI TERHADAP MINAT BERINVESTASI DI PASAR MODAL DENGAN PEMAHAMAN INVESTASI DAN USIA SEBAGAI VARIABEL MODERAT (Effect of Motivation towards Investment Interest In Stock Market with Investment Knowledge and Age as Moderating Variable ). JOM FEKOM, 1(2), 1–18.
Solekhan, A., & Setyorini, D. (2020). Pengaruh Financial Literacy, Risk Tolerance Dan Locus of Control Terhadap Minat Investasi Saham Mahasiswa Fakultas Ekonomi Universitas Negeri Yogyakarta Angkatan 2017. Jurnal KPAI, 9(4), 1–22.
Stillman, D., & Stillman, J. (2017). Gen Z @ work: how the next generation is transforming the workplace (First Edit). New York, NY : Harper Business, an imprint of HarperCollinsPublishers.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.
Sujatmiko, A. (1988). Alternatif Investasi Melalui Reksadana. PERSPEKTIF, 3(2), 1–8.
Sun, S., & Lestari, E. (2022). Analisis Pengaruh Literasi Keuangan (Financial Literacy), Pengetahuan Investasi (Investment Knowledge), Motivasi Investasi (Investment Motivation) Dan Pendapatan (Income) Terhadap Keputusan Investasi Pada Masyarakat Di Batam. Jurnal Akuntansi AKUNESA, 10(3), 101–114. https://doi.org/10.26740/akunesa.v10n3.p101-114
Suprihati, & Pradanawati, S. L. (2020). The Influence Of Knowledge, Investment Motivation And Investment Understanding On Student Interest To Invest In The Capital Market. International Journal of Economics, Business and Accounting Research (IJEBAR), 4(4), 1030–1038. https://jurnal.stie-aas.ac.id/index.php/IJEBAR/article/view/1487
Yuliani, W., Usman, S., & Sudarwadi, D. (2020). Analisa Minat Investasi Pasar Modal Pada Mahasiswa Feb Di Universitas Papua. Nominal: Barometer Riset Akuntansi Dan Manajemen, 9(2), 150–167. https://doi.org/10.21831/nominal.v9i2.30033
Ainia, N. S. N., & Lutfi, L. (2019). The influence of risk perception, risk tolerance, overconfidence, and loss aversion towards investment decision making. Journal of Economics, Business & Accountancy Ventura, 21(3), 401–413.
Ajzen, I. (1991). Theory of Planned Behavior. Organizational Behavior and Human Decision on Processes, 50, 179–211.
Bisnisbali.com. (2023). Sebaran Investor Saham Bali Didominasi Wilayah Denpasar.
Budiarto, A., & Susanti. (2017). Pengaruh Financial Literacy, Overconfidence, Regret Aversion Bias, DanRisk Tolerance Terhadap Keputusan Investasi. Jurnal Ilmu Manajemen, 05, 1–9.
Cahya, B. T., & Kusuma, N. A. (2019). Pengaruh Motivasi dan Kemajuan Teknologi Terhadap Minat Investasi Saham. Jurnal Ilmu Ekonomi Dan Keislaman, 7(2), 192–207.
Chen, H., & Volpe, R. P. (1998). An Analysis of Personal Financial Literacy Among College Students. Financial Service Review, 7(2), 107–128.
Darmawan, A., & Japar, J. (2020). Investment Knowledge, Minimal Capital, Capital Market Training and Motivation for Influence of Investment Interest in Sharia Capital Markets. International Journal of Islamic Economics & Business Management in Emerging Market, 1(1), 1–9.
Djaelani, Y., & Zainuddin, Z. (2021). Experimental Study: Financial Literacy and Financial Efficacy of Interest in Investing. ATESTASI : Jurnal Ilmiah Akuntansi, 4(2), 352–364. https://doi.org/10.33096/atestasi.v4i2.668
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. https://doi.org/10.24912/jmk.v2i1.7421
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 26 (9th ed.). Badan Penerbit Universitas Diponegoro.
Grable, J. E. (2000). Financial Risk Tolerance and Additional Factors That Affect Risk Taking in Everyday Money Matters. Journal of Business and Psychology, 14(4), 625–630. https://doi.org/10.1023/A:1022994314982
Hamka, H., Jupri, M., & Budiono, R. (2020). The Influence of Financial Literacy on Interest in Investing for the Academic Community of Akademi Keuangan & Bisnis Indonesia Internasional (AKBII), Bandung, Indonesia. International Journal of Business, Economics, and Social Development, 1(1), 1–12. https://doi.org/10.46336/ijbesd.v1i1.13
Hanifah, F., Sudarno, & Noviani, L. (2022). Pengaruh Literasi Keuangan Terhadap Keputusan Investasi Mahasiswa Universitas Sebelas Maret (UNS) Di Pasar Modal Dimoderasi oleh Persepsi Risiko. PROSPEK, 1(1), 194–203.
Hasibuan, M. S. . (2005). Manajemen Dasar Pengertian dan Masalah (Revisi). PT. Bumi Aksara.
Jain, R., & Roy, B. (2020). Financial Literacy Among Working Women : Need of the Hour (1st ed). Nitya Publications.
Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263–290.
Ksei.co.id. (2023). Statistik Pasar Modal Indonesia 2023.
Lika, E. E., & Dananti, K. (2022). Implementasi Theory of Planned Behavior, Risk Tolerance Dan Financial Literacy Terhadap Investment Intention Pada Peer To Peer Lending Di Surakarta. Jurnal Ilmiah Manajemen, Bisnis Dan Kewirausahaan, 2(2), 88–96.
Lilis, D. S. (2021). Pengaruh Pengetahuan Investasi, Modal Investasi Minimal, Persepsi Return Dan Risiko, Motivasi, Dan Kemajuan Teknologi Terhadap Minat Investasi Mahasiswa di Pasar Modal. Universitas Muhammadiyah Ponorogo.
Lubis, P. K. D. (2019). Influence of Knowledge Investment and Investment Motivation Against the Interest of Investing in the Stock Market on Economic Education Status of Students of State University of Medan. Journal of Physics: Conference Series,1387(1), 1-5. https://doi.org/10.1088/1742-6596/1387/1/012064
Lucas, D. B., & Britt, S. H. (2003). Advertising psychology and research. McGraw-Hill. New York.
Mahdi, S. A., Jeandry, G., & Wahid, F. A. (2020). Pengetahuan, Modal Minimal, Motivasi Investasi Dan Minat Mahasiswa Untuk Berinvestasi Di Pasar Modal. Jurnal Ekonomi, Akuntansi Dan Manajemen Multiparadigma (JEAMM), 1(2), 44–55. https://doi.org/10.51182/jeamm.v1i2.1840
Oktavia, T. W., & Masdiantini, P. R. (2023). Pengaruh Pemahaman Akuntansi, Sosialisasi dan Tingkat Pendidikan Pelaku Usaha Terhadap Penerapan SAK EMKM Pada UMKM di Kabupaten Buleleng. Jurnal Akuntansi Profesi, 14(02), 391–405. https://doi.org/10.23887/jap.v14i02.64344
Paranita, E. S., & Agustinus, M. (2021). The Influence of Investment Motivation and Financial Literacy on Interest in Investing During the COVID-19 Pandemic. Proceedings of the 3rd International Conference on Banking, Accounting, Management and Economics (ICOBAME 2020), 169(3), 299–303. https://doi.org/10.2991/aebmr.k.210311.059
Puspitasari, V. E., Yetty, F., & Nugraheni, S. (2021). Pengaruh Literasi Keuangan Syariah, Persepsi Imbal Hasil, dan Motivasi terhadap Minat Investasi di Pasar Modal Syariah Vania. Journal of Islamic Economics and Finance Studies Volume, 2(2), 122–141.
Rosdiana, R. (2020). Analysis of Investment Interests, Motivation,Social Environment, Financial Literacy (Comparative Study of Generation Z and Millennial Generation). International Journal of Business, Economics and Law, 22(1), 111–121.
Samsuri, A. (2020). Literasi Keuangan, Toleransi Risiko, Persepsi Risiko Dan Niat Berinvestasi. Universitas Airlangga.
Situmorang, M., Andreas, & Natariasari, R. (2014). PENGARUH MOTIVASI TERHADAP MINAT BERINVESTASI DI PASAR MODAL DENGAN PEMAHAMAN INVESTASI DAN USIA SEBAGAI VARIABEL MODERAT (Effect of Motivation towards Investment Interest In Stock Market with Investment Knowledge and Age as Moderating Variable ). JOM FEKOM, 1(2), 1–18.
Solekhan, A., & Setyorini, D. (2020). Pengaruh Financial Literacy, Risk Tolerance Dan Locus of Control Terhadap Minat Investasi Saham Mahasiswa Fakultas Ekonomi Universitas Negeri Yogyakarta Angkatan 2017. Jurnal KPAI, 9(4), 1–22.
Stillman, D., & Stillman, J. (2017). Gen Z @ work: how the next generation is transforming the workplace (First Edit). New York, NY : Harper Business, an imprint of HarperCollinsPublishers.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.
Sujatmiko, A. (1988). Alternatif Investasi Melalui Reksadana. PERSPEKTIF, 3(2), 1–8.
Sun, S., & Lestari, E. (2022). Analisis Pengaruh Literasi Keuangan (Financial Literacy), Pengetahuan Investasi (Investment Knowledge), Motivasi Investasi (Investment Motivation) Dan Pendapatan (Income) Terhadap Keputusan Investasi Pada Masyarakat Di Batam. Jurnal Akuntansi AKUNESA, 10(3), 101–114. https://doi.org/10.26740/akunesa.v10n3.p101-114
Suprihati, & Pradanawati, S. L. (2020). The Influence Of Knowledge, Investment Motivation And Investment Understanding On Student Interest To Invest In The Capital Market. International Journal of Economics, Business and Accounting Research (IJEBAR), 4(4), 1030–1038. https://jurnal.stie-aas.ac.id/index.php/IJEBAR/article/view/1487
Yuliani, W., Usman, S., & Sudarwadi, D. (2020). Analisa Minat Investasi Pasar Modal Pada Mahasiswa Feb Di Universitas Papua. Nominal: Barometer Riset Akuntansi Dan Manajemen, 9(2), 150–167. https://doi.org/10.21831/nominal.v9i2.30033
Published
2024-10-09
How to Cite
DIVAS NARESWARA, Anak Agung; WIJANA ASMARA PUTRA, I Nyoman.
Financial Literacy, Investment Motivation, Risk Tolerance, and Investing Interest in Mutual Funds.
E-Jurnal Akuntansi, [S.l.], v. 34, n. 9, oct. 2024.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/114073>. Date accessed: 14 nov. 2024.
Issue
Section
Artikel
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
