Financial Literacy Level, Financial Behavior, and Income on Investment Decisions
Abstract
This study aims to determine the effect of financial literacy, financial sophistication, and income on investment decisions. The population in this study were members of the Capital Market Study Group (KSPM) of Udayana University batch 2019 and 2020, which were 116 members. The number of samples in this study were 90 respondents calculated based on the slovin formula. The sampling technique used is simple random sampling technique. The data collection method in this study used a questionnaire. The data analysis technique used was multiple linear regression analysis and used the SPSS program as an analytical tool. The results of this study indicate that financial literacy and financial sophistication have a positive effect on investment decisions, but income has no effect on investment decisions.
Keywords: Investment Decisions; Financial Literacy; Financial Sophistication; Income
Downloads
Download data is not yet available.
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
Akhtar, M., Muhammad, F., & Siddiqui, M. A. (2018). Financial Sophistication, Personality and Stock Market Participation: Theory and Evidence. Lahore Journal of Business, 7(1), 61–84. https://doi.org/10.35536/ljb.2018.v7.i1.a3
Alquraan, T., Alqisie, A., & Al Shorafa, A. (2016). Do Behavioral Finance Factors Influence Stock Investment Decisions of Individual Investors? (Evidences from Saudi Stock Market). American International Journal of Contemporary Research, 6(3), 159–169. www.aijcrnet.com
Andonov, A., & Mao, M. Q. (2019). Financial Sophistication and Conflicts of Interest: Evidence from 401(k) Investment Menus. SSRN Electronic Journal, 401. https://doi.org/10.2139/ssrn.3485462
Ansari, S., & Phatak, Y. (2018). an Empirical Study on Analyzing the Effect of Income on Preferred Investment Avenues. Prestige I(02), 1–7.
Ariani, S., Rahmah, P. A. A. A., Putri, Y. R., Rohmah, M., Budiningrum, A., & Lutfi, L. (2016). Pengaruh Literasi Keuangan, Locus of Control, dan Etnis Terhadap Pengambilan Keputusan Investasi. Journal of Business & Banking, 5(2), 257. https://doi.org/10.14414/jbb.v5i2.706
Arianti, B. F. (2018). Pengaruh Literasi Keuangan, Perilaku Keuangan Dan Pendapatan Terhadap Keputusan Investasi. Fakultas Ekonomi Universitas Pamulang, 1(1).
Asandimitra, N., Seno Aji, T., & Achmad Kautsar. (2019). Financial Behavior of Working Women in Investment Decision-Making. Information Management and Business Review, 11(2(I)), 10–20. https://doi.org/10.22610/imbr.v11i2(i).2878
Atmaningrum, S., Kanto, D. S., & Kisman, Z. (2021). Investment Decisions: The Results of Knowledge, Income, and Self-Control. Journal of Economics and Business, 4(1), 100–112. https://doi.org/10.31014/aior.1992.04.01.324
Audini, A. F., Mus, A. M., & Sjahruddin, H. (2020). Pengaruh Literasi Keuangan Terhadap Keputusan Investasi Dengan Perilaku Kuangan Sebagai Varaibel Moderasi. Niagawan, 9(2), 102. https://doi.org/10.24114/niaga.v9i2.19035
Awais, M., Fahad Laber, M., Rasheed, N., & Khursheed, A. (2016). Impact of Financial Literacy and Investment Experience on Risk Tolerance and Investment Decisions: Empirical Evidence From Pakistan. International Journal of Economics and Financial Issues, 6(1), 73–79.
Budiarto, A., & Susanti. (2017). Pengaruh Financial Literacy, Overconfidence, Regret Aversion Bias, Danrisk Tolerance Terhadap Keputusan Investasi (Studi pada investor PT. Sucorinvest Central Gani Galeri Investasi BEI Universitas Negeri Surabaya). Jurnal Ilmu Manajemen (JIM), 5(2), 1–9.
Faidah, F. (2019). Pengaruh Literasi Keuangan Dan Faktor Demografi Terhadap Minat Investasi Mahasiswa. JABE (Journal of Applied Business and Economic), 5(3), 251. https://doi.org/10.30998/jabe.v5i3.3484
Ghozali, I. (2016). Aplikasi Analisis Multivariete Dengan Program IBM SPSS 23 (Edisi 8) (8th ed.). Badan Penerbit Universitas Diponegoro.
Goyal, K., & Kumar, S. (2021). Financial Literacy: A Systematic Review and Bibliometric Analysis. International Journal of Consumer Studies, 45(1), 80–105. https://doi.org/10.1111/ijcs.12605
Hastings, J., & Mitchell, O. S. (2020). How Financial Literacy and Impatience Shape Retirement Wealth and Investment Behaviors. Journal of Pension Economics and Finance, 19(1), 1–20. https://doi.org/10.1017/S1474747218000227
Janor, H., Yakob, R., Hashim, N. A., Aniza, C., & Wel, C. (2016). Financial literacy and investment decisions in Malaysia and United Kingdom: A comparative analysis. Geografia : Malaysian Journal of Society and Space, 12(2), 106–118.
Jappelli, T., & Padula, M. (2013). Investment in financial literacy and saving decisions. Journal of Banking and Finance, 37(8), 2779–2792. https://doi.org/10.1016/j.jbankfin.2013.03.019
Jappelli, T., & Padula, M. (2017). Consumption growth, the interest rate, and financial sophistication. Journal of Pension Economics and Finance, 16(3), 348–370. https://doi.org/10.1017/S147474721600010X
Jariwala, H. V. (2015). Analysis of Financial Literacy Level of Retail Individual Investors of Gujarat State and Its Effect on Investment Decision. Journal of Business and Finance Librarianship, 20(September 2014), 133–158. https://doi.org/10.1080/08963568.2015.977727
Khairunizam, & Isbanah, Y. (2019). Pengaruh Financial Literacy Dan Behavioral Finance Factors Terhadap Keputusan Investasi (Studi Terhadap Investor Saham Syariah Pada Galeri Investasi Syariah Uin Sunan Ampel Surabaya). Jurnal Ilmu Manajemen Fakultas Ekonomi Universitas Negeri Surabaya, 7(2), 516–528.
Kim, K. T., & Hanna, S. (2015). Does Financial Sophistication Matter in Retirement Preparedness ? Journal of Personal Finance, 14(2), 9–20.
Landang, R. D., Widnyana, I. W., & Sukadana, I. W. (2021). Pengaruh Literasi Keuangan, Perilaku Keuangan dan Pendapatan Terhadap Keputusan Berinvestasi Mahasiswa Fakultas Ekonomi Universitas Mahasaraswati Denpasar. Jurnal EMAS, 2(2), 51–70.
Lusardi, A. (2019). Financial Literacy and The Need for Financial Education: Evidence and Implications. Swiss Journal of Economics and Statistics, 155(1), 1–8. https://doi.org/10.1186/s41937-019-0027-5
Lusardi, A., Mitchell, O. S., & Curto, V. (2009). Financial Literacy and Financial Sophistication Among Older Americans. Nber Working Paper Series 15469. http://www.nber.org/papers/w15469
Lusardi, A., Mitchell, O. S., & Curto, V. (2014). Financial literacy and financial sophistication in the older population. Journal of Pension Economics and Finance, 13(4), 347–366. https://doi.org/10.1017/S1474747214000031
Maldini, R. (2020). Pengaruh Literasi Keuangan dan Pendapatan Terhadap Keputusan Investasi. Universitas Muhammadiyah Sumatera Utara, Management. http://repository.umsu.ac.id/handle/123456789/4567
Mertha Dewi, I., & Purbawangsa, I. B. A. (2018). Pengaruh Literasi Keuangan, Pendapatan Serta Masa Bekerja Terhadap Perilaku Keputusan Investasi. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 7, 1867. https://doi.org/10.24843/eeb.2018.v07.i07.p04
Mishra, R. (2018). Financial Literacy, Risk Tolerance and Stock Market Participation. Asian Economic and Financial Review, 8(12), 1457–1471. https://doi.org/10.18488/journal.aefr.2018.812.1457.1471
Munir, I. U., Yue, S., Ijaz, M. S., Zaidi, S. Y., & Hussain, S. (2018). Effect of Emotional Intelligence on Behavior of Investment: Possible Role of Financial Literacy and Gender. Asia Proceedings of Social Sciences, 2(2), 79–83. https://doi.org/10.31580/apss.v2i2.342
Nalini, R., Alamelu, R., Amudha, R., & Cresenta Shakila Motha, L. (2016). Financial Literacy and Its Contributing Factors in Investment Decisions Among Urban Populace. Indian Journal of Science and Technology, 9(27). https://doi.org/10.17485/ijst/2016/v9i27/97616
Nur’Aini, Syafitri, L., & Wijaya, T. (2017). Pengaruh Literasi Keuangan Dan Faktor Demografi Terhadap Keputusan Investasi Di Pasar Modal (Studi Kasus Karyawan PT. Semen Baturaja (PERSERO) Tbk). 1–12.
Otoritas Jasa Keuangan. (2021). Strategi Nasional Literasi Keuangan Indonesia. Otoritas Jasa Keuangan, 378.
Prasad, S., Kiran, R., & Sharma, R. K. (2021). Influence of Financial Literacy on Retail Investors’ Decisions in Relation to Return, Risk and Market Analysis. International Journal of Finance and Economics, 26(2), 2548–2559. https://doi.org/10.1002/ijfe.1920
Putri, P. T., & Simanjuntak, M. (2020). The Role of Motivation, Locus of Control and Financial Literacy on Women Investment Decisions Across Generations. Journal of Consumer Sciences, 5(2), 102–123. https://doi.org/10.29244/jcs.5.2.102-123
Putri, R. A., & Yuyun, I. (2020). Faktor-Faktor Yang Mempengarui Keputusan Investasi Pada Investor Saham Di Surabaya. Jurnal Ilmu Manajemen, 8(1), 197–209.
Rasuma Putri, N. M. D., & Rahyuda, H. (2017). Pengaruh Tingkat Financial Literacy Dan Faktor Sosiodemografi Terhadap Perilaku Keputusan Investasi Individu. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 9, 3407. https://doi.org/10.24843/eeb.2017.v06.i09.p09
Ricciardi, V., & Helen K., S. (2000). What Is Behavioral Finance? Business, Education and Technology Journal Fall, 1–9. https://doi.org/10.1002/9780470404324.hof002009
Safryani, U., Aziz, A., & Triwahyuningtyas, N. (2020). Analisis Literasi Keuangan, Perilaku Keuangan, Dan Pendapatan Terhadap Keputusan Investasi. Jurnal Ilmiah Akuntansi Kesatuan, 8(3), 319–332. https://doi.org/10.37641/jiakes.v8i3.384
Sari, D. R. (2017). Pengaruh Literasi Keuangan, Pendapatan dan Pendidikan Terhadap Keputusan Investasi Keluarga Etnis China di Surabaya. STIE Perbanas Surabaya, 1–16.
Smith, H., Finke, M., & Huston, S. (2012). The Influence of Financial Sophistication and Financial Planners of Roth IRA Ownership. Journal of Financial Service Professionals, 66(6), 69–81.
Upadana, I. W. Y. A., & Herawati, N. T. (2020). Pengaruh Literasi Keuangan dan Perilaku Keuangan terhadap Keputusan Investasi Mahasiswa. Jurnal Ilmiah Akuntansi Dan Humanika, 10(2), 126. https://doi.org/10.23887/jiah.v10i2.25574
Akhtar, M., Muhammad, F., & Siddiqui, M. A. (2018). Financial Sophistication, Personality and Stock Market Participation: Theory and Evidence. Lahore Journal of Business, 7(1), 61–84. https://doi.org/10.35536/ljb.2018.v7.i1.a3
Alquraan, T., Alqisie, A., & Al Shorafa, A. (2016). Do Behavioral Finance Factors Influence Stock Investment Decisions of Individual Investors? (Evidences from Saudi Stock Market). American International Journal of Contemporary Research, 6(3), 159–169. www.aijcrnet.com
Andonov, A., & Mao, M. Q. (2019). Financial Sophistication and Conflicts of Interest: Evidence from 401(k) Investment Menus. SSRN Electronic Journal, 401. https://doi.org/10.2139/ssrn.3485462
Ansari, S., & Phatak, Y. (2018). an Empirical Study on Analyzing the Effect of Income on Preferred Investment Avenues. Prestige I(02), 1–7.
Ariani, S., Rahmah, P. A. A. A., Putri, Y. R., Rohmah, M., Budiningrum, A., & Lutfi, L. (2016). Pengaruh Literasi Keuangan, Locus of Control, dan Etnis Terhadap Pengambilan Keputusan Investasi. Journal of Business & Banking, 5(2), 257. https://doi.org/10.14414/jbb.v5i2.706
Arianti, B. F. (2018). Pengaruh Literasi Keuangan, Perilaku Keuangan Dan Pendapatan Terhadap Keputusan Investasi. Fakultas Ekonomi Universitas Pamulang, 1(1).
Asandimitra, N., Seno Aji, T., & Achmad Kautsar. (2019). Financial Behavior of Working Women in Investment Decision-Making. Information Management and Business Review, 11(2(I)), 10–20. https://doi.org/10.22610/imbr.v11i2(i).2878
Atmaningrum, S., Kanto, D. S., & Kisman, Z. (2021). Investment Decisions: The Results of Knowledge, Income, and Self-Control. Journal of Economics and Business, 4(1), 100–112. https://doi.org/10.31014/aior.1992.04.01.324
Audini, A. F., Mus, A. M., & Sjahruddin, H. (2020). Pengaruh Literasi Keuangan Terhadap Keputusan Investasi Dengan Perilaku Kuangan Sebagai Varaibel Moderasi. Niagawan, 9(2), 102. https://doi.org/10.24114/niaga.v9i2.19035
Awais, M., Fahad Laber, M., Rasheed, N., & Khursheed, A. (2016). Impact of Financial Literacy and Investment Experience on Risk Tolerance and Investment Decisions: Empirical Evidence From Pakistan. International Journal of Economics and Financial Issues, 6(1), 73–79.
Budiarto, A., & Susanti. (2017). Pengaruh Financial Literacy, Overconfidence, Regret Aversion Bias, Danrisk Tolerance Terhadap Keputusan Investasi (Studi pada investor PT. Sucorinvest Central Gani Galeri Investasi BEI Universitas Negeri Surabaya). Jurnal Ilmu Manajemen (JIM), 5(2), 1–9.
Faidah, F. (2019). Pengaruh Literasi Keuangan Dan Faktor Demografi Terhadap Minat Investasi Mahasiswa. JABE (Journal of Applied Business and Economic), 5(3), 251. https://doi.org/10.30998/jabe.v5i3.3484
Ghozali, I. (2016). Aplikasi Analisis Multivariete Dengan Program IBM SPSS 23 (Edisi 8) (8th ed.). Badan Penerbit Universitas Diponegoro.
Goyal, K., & Kumar, S. (2021). Financial Literacy: A Systematic Review and Bibliometric Analysis. International Journal of Consumer Studies, 45(1), 80–105. https://doi.org/10.1111/ijcs.12605
Hastings, J., & Mitchell, O. S. (2020). How Financial Literacy and Impatience Shape Retirement Wealth and Investment Behaviors. Journal of Pension Economics and Finance, 19(1), 1–20. https://doi.org/10.1017/S1474747218000227
Janor, H., Yakob, R., Hashim, N. A., Aniza, C., & Wel, C. (2016). Financial literacy and investment decisions in Malaysia and United Kingdom: A comparative analysis. Geografia : Malaysian Journal of Society and Space, 12(2), 106–118.
Jappelli, T., & Padula, M. (2013). Investment in financial literacy and saving decisions. Journal of Banking and Finance, 37(8), 2779–2792. https://doi.org/10.1016/j.jbankfin.2013.03.019
Jappelli, T., & Padula, M. (2017). Consumption growth, the interest rate, and financial sophistication. Journal of Pension Economics and Finance, 16(3), 348–370. https://doi.org/10.1017/S147474721600010X
Jariwala, H. V. (2015). Analysis of Financial Literacy Level of Retail Individual Investors of Gujarat State and Its Effect on Investment Decision. Journal of Business and Finance Librarianship, 20(September 2014), 133–158. https://doi.org/10.1080/08963568.2015.977727
Khairunizam, & Isbanah, Y. (2019). Pengaruh Financial Literacy Dan Behavioral Finance Factors Terhadap Keputusan Investasi (Studi Terhadap Investor Saham Syariah Pada Galeri Investasi Syariah Uin Sunan Ampel Surabaya). Jurnal Ilmu Manajemen Fakultas Ekonomi Universitas Negeri Surabaya, 7(2), 516–528.
Kim, K. T., & Hanna, S. (2015). Does Financial Sophistication Matter in Retirement Preparedness ? Journal of Personal Finance, 14(2), 9–20.
Landang, R. D., Widnyana, I. W., & Sukadana, I. W. (2021). Pengaruh Literasi Keuangan, Perilaku Keuangan dan Pendapatan Terhadap Keputusan Berinvestasi Mahasiswa Fakultas Ekonomi Universitas Mahasaraswati Denpasar. Jurnal EMAS, 2(2), 51–70.
Lusardi, A. (2019). Financial Literacy and The Need for Financial Education: Evidence and Implications. Swiss Journal of Economics and Statistics, 155(1), 1–8. https://doi.org/10.1186/s41937-019-0027-5
Lusardi, A., Mitchell, O. S., & Curto, V. (2009). Financial Literacy and Financial Sophistication Among Older Americans. Nber Working Paper Series 15469. http://www.nber.org/papers/w15469
Lusardi, A., Mitchell, O. S., & Curto, V. (2014). Financial literacy and financial sophistication in the older population. Journal of Pension Economics and Finance, 13(4), 347–366. https://doi.org/10.1017/S1474747214000031
Maldini, R. (2020). Pengaruh Literasi Keuangan dan Pendapatan Terhadap Keputusan Investasi. Universitas Muhammadiyah Sumatera Utara, Management. http://repository.umsu.ac.id/handle/123456789/4567
Mertha Dewi, I., & Purbawangsa, I. B. A. (2018). Pengaruh Literasi Keuangan, Pendapatan Serta Masa Bekerja Terhadap Perilaku Keputusan Investasi. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 7, 1867. https://doi.org/10.24843/eeb.2018.v07.i07.p04
Mishra, R. (2018). Financial Literacy, Risk Tolerance and Stock Market Participation. Asian Economic and Financial Review, 8(12), 1457–1471. https://doi.org/10.18488/journal.aefr.2018.812.1457.1471
Munir, I. U., Yue, S., Ijaz, M. S., Zaidi, S. Y., & Hussain, S. (2018). Effect of Emotional Intelligence on Behavior of Investment: Possible Role of Financial Literacy and Gender. Asia Proceedings of Social Sciences, 2(2), 79–83. https://doi.org/10.31580/apss.v2i2.342
Nalini, R., Alamelu, R., Amudha, R., & Cresenta Shakila Motha, L. (2016). Financial Literacy and Its Contributing Factors in Investment Decisions Among Urban Populace. Indian Journal of Science and Technology, 9(27). https://doi.org/10.17485/ijst/2016/v9i27/97616
Nur’Aini, Syafitri, L., & Wijaya, T. (2017). Pengaruh Literasi Keuangan Dan Faktor Demografi Terhadap Keputusan Investasi Di Pasar Modal (Studi Kasus Karyawan PT. Semen Baturaja (PERSERO) Tbk). 1–12.
Otoritas Jasa Keuangan. (2021). Strategi Nasional Literasi Keuangan Indonesia. Otoritas Jasa Keuangan, 378.
Prasad, S., Kiran, R., & Sharma, R. K. (2021). Influence of Financial Literacy on Retail Investors’ Decisions in Relation to Return, Risk and Market Analysis. International Journal of Finance and Economics, 26(2), 2548–2559. https://doi.org/10.1002/ijfe.1920
Putri, P. T., & Simanjuntak, M. (2020). The Role of Motivation, Locus of Control and Financial Literacy on Women Investment Decisions Across Generations. Journal of Consumer Sciences, 5(2), 102–123. https://doi.org/10.29244/jcs.5.2.102-123
Putri, R. A., & Yuyun, I. (2020). Faktor-Faktor Yang Mempengarui Keputusan Investasi Pada Investor Saham Di Surabaya. Jurnal Ilmu Manajemen, 8(1), 197–209.
Rasuma Putri, N. M. D., & Rahyuda, H. (2017). Pengaruh Tingkat Financial Literacy Dan Faktor Sosiodemografi Terhadap Perilaku Keputusan Investasi Individu. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 9, 3407. https://doi.org/10.24843/eeb.2017.v06.i09.p09
Ricciardi, V., & Helen K., S. (2000). What Is Behavioral Finance? Business, Education and Technology Journal Fall, 1–9. https://doi.org/10.1002/9780470404324.hof002009
Safryani, U., Aziz, A., & Triwahyuningtyas, N. (2020). Analisis Literasi Keuangan, Perilaku Keuangan, Dan Pendapatan Terhadap Keputusan Investasi. Jurnal Ilmiah Akuntansi Kesatuan, 8(3), 319–332. https://doi.org/10.37641/jiakes.v8i3.384
Sari, D. R. (2017). Pengaruh Literasi Keuangan, Pendapatan dan Pendidikan Terhadap Keputusan Investasi Keluarga Etnis China di Surabaya. STIE Perbanas Surabaya, 1–16.
Smith, H., Finke, M., & Huston, S. (2012). The Influence of Financial Sophistication and Financial Planners of Roth IRA Ownership. Journal of Financial Service Professionals, 66(6), 69–81.
Upadana, I. W. Y. A., & Herawati, N. T. (2020). Pengaruh Literasi Keuangan dan Perilaku Keuangan terhadap Keputusan Investasi Mahasiswa. Jurnal Ilmiah Akuntansi Dan Humanika, 10(2), 126. https://doi.org/10.23887/jiah.v10i2.25574
Published
2025-05-26
How to Cite
ARIESTIANI, Ni Wayan; PUTRI, I G. A. M. Asri Dwija.
Financial Literacy Level, Financial Behavior, and Income on Investment Decisions.
E-Jurnal Akuntansi, [S.l.], v. 35, n. 5, may 2025.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/83044>. Date accessed: 20 july 2025.
doi: https://doi.org/10.24843/EJA.2025.v35.i05.p10.
Issue
Section
Articles
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
