The Influence of Education Level, Financial Literacy and Lifestyle on Investment Decision
Abstract
This study aims to test shareholders' investment decisions from the perspective of education level, financial literacy and lifestyle. The methodology used is by utilizing purposive sampling techniques, a total of 90 individuals who have invested in the capital market will answer out a questionnaire as a primary data. The collected data is tested by multiple linear regression analysis, reliability, validity, heteroscedasticity, normality and multicolonierity, autocorrelation, determination, simultaneous and partial significant test. This study shows if lifestyle and education level will not affect investment decisions. Meanwhile, financial literacy variables partially affect investment decisions.
References
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Munawar, A., Suryana, S., and Nugraha, N. (2020). Pengaruh Literasi Keuangan Dan Faktor Demografi Terhadap Pengambilan Keputusan Berinvestasi. Akuntabilitas, 14(2), 253–268. https://doi.org/10.29259/ja.v14i2.11480
Nurfaeda, U., and Rahmat Syah, T. Y. (2021). Role Analysis of Debt Equity Ratio on Dividend Payout Ratio, Stock Return, and Earning Per Share with Firm Size and Return on Equity as Intervening Variable (Case Study of Infrastructure Companies Listed in Indonesia Stock Exchange Year of 2015-2019). International Journal of Research and Review, 8(11), 293–310. https://doi.org/10.52403/ijrr.20211138
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Razak, M. (2016). Perilaku Konsumen. Makassar: Alauddin University Press. https://online.flipbuilder.com/wyeg/fryq/index.html#p=3
Riri, V., Manurang, A. H., and Kartika, T. R. (2020). The Effect of Overconfidence and Behavioural Motivation on Stock Investment Decisions. International Journal of Creative Research Thoughts, 8(11), 503–511.
Rizaldy, M., Baihaqqy, I., and Sari, M. (2020). The Effect of Financial Literacy on the Investment Decision. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 3(4), 3073–3083.
Senda, D. A., Rahayu, C. W. E., and Tri Rahmawati, C. H. (2020). The Effect of Financial Literacy Level and Demographic Factors on Investment Decision. Media Ekonomi Dan Manajemen, 35(1), 100. https://doi.org/10.24856/mem.v35i1.1246
Setiana, S. M., Rusman, and Ali, M. (2020). Tracer Study of Japanese Department Graduates in West Java. International Conference on Business, Economic, Social Science, and Humanities – Humanities and Social Sciences Track (ICOBEST-HSS 2019), 391, 171–174. https://doi.org/10.2991/assehr.k.200108.038
Syah, A., and Barsah, A. (2022). Pengaruh Gaya Hidup dan Literasi Keuangan terhadap Keputusan Berinvestasi Generasi Milinial Kota Tangerang Selatan. Scientific Journal of Reflection: Economic, Accounting, Management and Business, 5(3), 649–655. https://doi.org/10.37481/sjr.v5i3.518
Tanusdjaja, H. (2018). Keputusan Investasi Investor Individu Berdasarkan Kompetensi, Overconfidence, Dan Pendidikan. Jurnal Muara Ilmu Ekonomi Dan Bisnis, 2(1), 234. https://doi.org/10.24912/jmieb.v2i1.998
Virlics, A. (2013). Investment Decision Making and Risk. Procedia Economics and Finance, 6(December 2013), 169–177. https://doi.org/10.1016/s2212-5671(13)00129-9
Ajzen, I. (2005). Attitudes, Personality, and Behavior (Mapping Social Psychology).
Awais, M., Fahad Laber, M., Rasheed, N., and 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.
Baihaqqy, M. R. I., Disman, Nugraha, and Sari, M. (2020). The correlation between education level and understanding of financial literacy and its effect on investment decisions in capital markets. Journal of Education and E-Learning Research, 7(3), 306–313. https://doi.org/10.20448/JOURNAL.509.2020.73.306.313
Chusanudin, A., and Munandar, A. (2022). Pengaruh Pengetahuan Keuangan terhadap Niat Investasi Saham di Indonesia dengan Persepsi Risiko sebagai Variabel Moderasi. Jurnal Ilmiah Indonesia, 7(8.5.2017), 2003–2005.
Deo, M., and Sundar, V. (2015). An Analysis of Momentum Strategies in Indian Stock Returns. Rajagiri Management Journal, 9(2), 67–82. https://doi.org/10.3126/md.v23i2.35818
Fachrudin, K. A. (2016). The influence of education and experience toward investment decision with moderated by financial literacy. Polish Journal of Management Studies, 14(2), 51–60. https://doi.org/10.17512/pjms.2016.14.2.05
Fishbein, M., and Ajzen, I. (1975). Belief, Attitude, Intention, and Behavior: An Introduction to Theory and Research. In Philosophy and Rhetoric (Vol. 10, Issue 2, pp. 130–132). https://philpapers.org/rec/FISBAI
Friska, L., Pijoh, A., Indradewa, R., Yanuar, T., and Syah, R. (2020). Financial Literacy, Financial Behaviour and Financial Anxiety: Implication for Financial Well Being of Top Management Level Employees. Journal of Multidisciplinary Academic, 4(6), 381–386. http://www.kemalapublisher.com/index.php/JoMA/article/view/499
Gustika, G. S., and Yaspita, H. (2021). Pengaruh Literasi Keuangan Terhadap Keputusan Investasi Mahasiswa STIE Indragiri Rengat. J-MAS (Jurnal Manajemen Dan Sains), 6(1), 261. https://doi.org/10.33087/jmas.v6i1.252
Hermanto. (2017). Perilaku Mahasiswa Ekonomi Di Universitas Esa Unggul Dalam Melakukan Investasi di Pasar Modal. Jurnal Ekonomi, 8(2), 1–12.
Hikmah, and Rustam, T. A. (2020). Pengetahuan Investasi, Motivasi Investasi, Literasi Keuangan dan Persepsi Resiko Terhadap Minat Investasi Pada Pasar Modal. SULTANIST: Jurnal Manajemen Dan Keuangan, 8(2), 131–140. file:///C:/Users/Toshiba/Pictures/proposal akun 1/210-734-1-PB.pdf
Joseph F. Hair Jr., William C. Black, Barry J. Babin, R. E. A. (2018). Multivariate Data Analysis. https://doi.org/10.1002/9781119409137.ch4
KBBI. (2016). Pengertian Gaya Hidup. https://kbbi.kemdikbud.go.id/entri/gaya hidup
Undang-Undang Republik Indonesia Nomor 20 Tahun 2003 tentang Sistem Pendidikan Nasional, 49 Demographic Research 1 (2003).
Khan, M. S. R., Rabbani, N., and Kadoya, Y. (2020). Is financial literacy associated with investment in financial markets in the United States? Sustainability (Switzerland), 12(18), 1–14. https://doi.org/10.3390/SU12187370
Kotler, P., Keller, K., Brady, M., Goodman, M., and Hansen, T. (2009). Marketing Management: First European Edition. In England : Pearson Education Limited. http://books.google.no/books?id=8VDYaWzc9MgC
KSEI. (2022). Dewan Komisaris Baru KSEI Siap Jalankan Fungsi Pengawasan dan Supervisi (p. 20). PT Kustodian Sentral Efek Indonesia (KSEI).
Lutfi, L. (2011). the Relationship Between Demographic Factors and Investment Decision in Surabaya. Journal of Economics, Business, and Accountancy | Ventura, 13(3). https://doi.org/10.14414/jebav.v13i3.13
Mohamad, A., Suziwana Tahir, N., and Ahmad, Y. (2021). 732|Arifha Mohamad FACTORS IN INVESTMENT DECISION MAKING FROM DIRECTORS’ PERSPECTIVES FACTORS IN INVESTMENT DECISION MAKING FROM DIRECTORS’ PERSPECTIVES. Ilkogretim Online-Elementary Education Online, Year, 20(4), 732–742. https://doi.org/10.17051/ilkonline.2021.04.77
Munawar, A., Suryana, S., and Nugraha, N. (2020). Pengaruh Literasi Keuangan Dan Faktor Demografi Terhadap Pengambilan Keputusan Berinvestasi. Akuntabilitas, 14(2), 253–268. https://doi.org/10.29259/ja.v14i2.11480
Nurfaeda, U., and Rahmat Syah, T. Y. (2021). Role Analysis of Debt Equity Ratio on Dividend Payout Ratio, Stock Return, and Earning Per Share with Firm Size and Return on Equity as Intervening Variable (Case Study of Infrastructure Companies Listed in Indonesia Stock Exchange Year of 2015-2019). International Journal of Research and Review, 8(11), 293–310. https://doi.org/10.52403/ijrr.20211138
OJK. (2021). Strategi Nasional Literasi Keuangan Indonesia (SNLKI) 2021 - 2025. Ojk. Go. Id, 1–130. https://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/Pages/Strategi-Nasional-Literasi-Keuangan-Indonesia-2021-2025.aspx
Pelawi, J., and Suliati, R. (2021). Analisis Faktor-Faktor Yang Mempengaruhi Minat Investasi Individu di Pasar Modal Saham di Tengah Pandemi COVID-19. Jurnal Ilmu Sosial Dan Pendidikan, 2(5), 25.
Razak, M. (2016). Perilaku Konsumen. Makassar: Alauddin University Press. https://online.flipbuilder.com/wyeg/fryq/index.html#p=3
Riri, V., Manurang, A. H., and Kartika, T. R. (2020). The Effect of Overconfidence and Behavioural Motivation on Stock Investment Decisions. International Journal of Creative Research Thoughts, 8(11), 503–511.
Rizaldy, M., Baihaqqy, I., and Sari, M. (2020). The Effect of Financial Literacy on the Investment Decision. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 3(4), 3073–3083.
Senda, D. A., Rahayu, C. W. E., and Tri Rahmawati, C. H. (2020). The Effect of Financial Literacy Level and Demographic Factors on Investment Decision. Media Ekonomi Dan Manajemen, 35(1), 100. https://doi.org/10.24856/mem.v35i1.1246
Setiana, S. M., Rusman, and Ali, M. (2020). Tracer Study of Japanese Department Graduates in West Java. International Conference on Business, Economic, Social Science, and Humanities – Humanities and Social Sciences Track (ICOBEST-HSS 2019), 391, 171–174. https://doi.org/10.2991/assehr.k.200108.038
Syah, A., and Barsah, A. (2022). Pengaruh Gaya Hidup dan Literasi Keuangan terhadap Keputusan Berinvestasi Generasi Milinial Kota Tangerang Selatan. Scientific Journal of Reflection: Economic, Accounting, Management and Business, 5(3), 649–655. https://doi.org/10.37481/sjr.v5i3.518
Tanusdjaja, H. (2018). Keputusan Investasi Investor Individu Berdasarkan Kompetensi, Overconfidence, Dan Pendidikan. Jurnal Muara Ilmu Ekonomi Dan Bisnis, 2(1), 234. https://doi.org/10.24912/jmieb.v2i1.998
Virlics, A. (2013). Investment Decision Making and Risk. Procedia Economics and Finance, 6(December 2013), 169–177. https://doi.org/10.1016/s2212-5671(13)00129-9
Published
2023-10-31
How to Cite
SYAUQINA, Aisha Humayro; MUNANDAR, Agus.
The Influence of Education Level, Financial Literacy and Lifestyle on Investment Decision.
SAR (Soedirman Accounting Review) : Journal of Accounting and Business, [S.l.], v. 8, n. 2, p. 162 - 170, oct. 2023.
ISSN 2598-0718.
Available at: <https://jos.unsoed.ac.id/index.php/sar/article/view/8646>. Date accessed: 14 mar. 2025.
doi: https://doi.org/10.32424/1.sar.2023.8.2.8646.
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