Revealing the Investment Interests of Part-Time Working Students: Implications for Financial Literacy and Behavior
DOI:
https://doi.org/10.33005/jasf.v6i2.481Keywords:
Investment interest, financial literacy, financial behavior, income, part-time students, step-wise Jamovi regressionAbstract
This study aims to explore the factors affecting the investment interest of part-time students at the Faculty of Economics and Business, Wijayakusuma University, Purwokerto. A total of 177 respondents were selected using the snowball sampling technique, and the data were analyzed through multiple linear regression with the step-wise method, utilizing Jamovi software. The findings indicate that both financial literacy and financial behavior have a significant positive impact on investment interest, with a significance level of 1%. In contrast, the income variable does not show a significant effect on investment interest. Three regression models were evaluated, all of which demonstrated a strong goodness of fit. The model with the best explanatory power reveals that students' investment interest is primarily influenced by their financial literacy and behavior, rather than their income. These results highlight the need for enhancing financial literacy and behavior through formal education and training programs, in order to boost investment interest among students.
Downloads
References
Adela Putri, S., Hariyanto, D., & Ramdhan Ryanto, F. (2023). The Influence of Investment Knowledge and Minimum Investment Capital on Investment Interest in The Capital Market. Journal of World Science, 2(10), 1599–1609. https://doi.org/10.58344/jws.v2i10.437.
Adil, M., Singh, Y. and Ansari, M.S. (2022), How financial literacy moderate the association between behaviour biases and investment decision? Asian Journal of Accounting Research, Vol. 7 No. 1, 17-30. https://doi.org/10.1108/AJAR-09-2020-0086
Ahmed, A. A., & Muhammad, R. A. (2021). A Beginners Review of Jamovi Statistical Software for Economic Research. Dutse International Journal of Social and Economic Research, 6(1), 109-118.
https://fud.edu.ng/journals/DIJSER/DIJSER_Vol6_July2021/6_1/10_Volume_6_No_1_Page109-118.pdf.
Ajzen, I., & Fishbein, M. (2018). The Influence of Attitudes on Behavior (2nd ed., Vol. 1). https://www.taylorfrancis.com/chapters/edit/10.4324/9781315178103-5/influence-attitudes-behavior-icek-ajzen-martin-fishbein-sophie-lohmann-dolores-albarrac%C3%ADn.
Allgood, S., & Walstad, W. B. (2016). The Effects of Perceived and Actual Financial Literacy on Financial Behaviors. Economic Inquiry, 54(1), 675–697. https://doi.org/10.1111/ecin.12255.
Arianti, B. F. (2018). The Influence of Financial Literacy, Financial Behavior and Income on Investment Decision. EAJ (Economic and Accounting Journal), 1(1), 1–10. https://doi.org/10.32493/eaj.v1i1.y2018.p1-10.
Asmara, N., Lako, A., & Trimeiningrum, E. (2020). The Impact of Employee Characteristics in the Relation of Financial Knowledge, Financial Management Behavior and Personal Income with Investment Decision of Employee. Journal of Management and Business Environment (JMBE), 1(2), 195. https://doi.org/10.24167/jmbe.v1i2.2408.
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). https://doi.org/10.31014/aior.1992.04.01.324.
Bebasari, N., & Istikomah, A. (2020). The Effect of Investment Motivation, Financial Literation, and Financial Behavior on Investment Decisions (Studies on Management Students at Pelita Bangsa University). Journal of Research in Business, Economics, and Education, 2(4), 842–851. https://e-journal.stiekusumanegara.ac.id/index.php/jrbee/article/view/124.
Brooks, Chris. (2014). Introduction Econometrics for Finance: Third Edition. Cambrige University Press.
Choi, I. & Kim, W. C. (2023), Enhancing financial literacy in South Korea: Integrating AI and data visualization to understand financial instruments’ interdependencies, Societal Impacts, Volume 1, Issues 1–2, December 2023, 100024. https://doi.org/10.1016/j.socimp.2023.100024
Felicia, F., & Handoyo, S. E. (2023). Determinants of Investment Intention in Indonesian Capital Market Moderated by Investor Age. International Journal of Application on Economics and Business, 1(1), 481–488. https://doi.org/10.24912/ijaeb.v1i1.481-488.
Fong J. F., Koh, B. S. K., Mitchell O. S., & Rohwedder, S. (2021), Financial literacy and financial decision-making at older ages, Pacific-Basin Finance Journal Volume 65, February 2021, 101481. https://doi.org/10.1016/j.pacfin.2020.101481
Guntoro, A. G., Gracia, & Juliana, R. (2020). Firm Life Cycle and Investment Inefficiency: Empirical Study in Indonesian Stock Exchange. JASF: Journal of Accounting and Strategic Finance, 3(2), 169–184. https://doi.org/10.33005/jasf.v3i2.86
Johan, I., Rowlingson, K., & Appleyard, L. (2020). The Effect of Personal Finance Education on The Financial Knowledge, Attitudes and Behaviour of University Students in Indonesia, Volume 42, 351-367. https://link.springer.com/article/10.1007/s10834-020-09721-9
Kappal, J.M. and Rastogi, S. (2020), Investment behaviour of women entrepreneurs, Qualitative Research in Financial Markets, Vol. 12 No. 4, 485-504. https://doi.org/10.1108/QRFM-04-2020-0053.
Kartini, K., & Nahda, K. (2021). Behavioral Biases on Investment Decision: A Case Study in Indonesia. The Journal of Asian Finance, Economics and Business, 8(3), 1231–1240. https://doi.org/10.13106/JAFEB.2021.VOL8.NO3.1231.
Koesoemasari, D. S. P., Andriani, N. Y., & Syafii, M. (2023). The Influence of Financial Education and Financial Literacy on Savings Behavior with the Mediation of Financial Confidence. SEIKO: Journal of Management & Business, 6(2), 333–340. https://journal.stieamkop.ac.id/index.php/seiko/article/view/6128.
Koesoemasari, D. S. P., Haryono, T., Trinugroho, I., & Setiawan, D. (2022). Investment Strategy Based on Bias Behavior and Investor Sentiment in Emerging Markets. ETIKONOMI, 21(1), 1–10. https://doi.org/10.15408/etk.v21i1.22290.
Kumari, D.A.T. (2020). The Impact of Financial Literacy on Investment Decisions: With Special Reference to Undergraduates in Western Province, Sri Lanka. Asian Journal of Contemporary Education, 4(2), 110–126. https://eric.ed.gov/?id=EJ1280365.
Landang, R. D., Widnyana, W. , & Sukadana, W. (2021). Pengaruh Literasi Keuangan, Perilaku Keuangan dan Pendapatan terhadap Keputusan Berinvestasi Mahasiswa Fakultas Ekonomi Universitas Mahasaraswati Denpasar, Jurnal EMAS, Vol.2. No.2, 51-70. https://e-journal.unmas.ac.id/index.php/emas/article/view/1671.
Lau, E. A., & Kulsum, U. (2023). Becoming a Cashless Society: The Role of QRIS from the Z-Generation Student’s Perspective. JASF: Journal of Accounting and Strategic Finance, 6(1), 172–191. https://doi.org/10.33005/jasf.v6i1.404
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://link.springer.com/article/10.1186/s41937-019-0027-5
Mahapatra, M. S., & Mishra, R. (2020). Behavioral influence and financial decision of individuals: A study on mental accounting process among Indian households. Cogent Economics & Finance, 8(1), 1827762. https://doi.org/10.1080/23322039.2020.1827762.
Muntiah, N. S., Tama, R. A., & Wafirotin, K. Z. (2022). Pengaruh Pendapatan, Literasi Keuangan, dan Inklusi Keuangan terhadap Minat Investasi di Masa Pandemi Covid-19 (Studi Kasus pada Komunitas Investor Saham Pemula (ISP) Tahun 2021). ASSET: Jurnal Manajemen dan Bisnis, 5(2). https://doi.org/10.24269/asset.v5i2.5631.
Navarro, D. J., & Foxcroft, D. R. (2018). Learning statistics with Jamovi: A tutorial for psychology students and other beginners. Danielle J. Navarro and David R. Foxcroft. https://doi.org/10.24384/HGC3-7P15.
Nugraha, B. A., & Rahadi, R. A. (2021). Analysis of Young Generations toward Stock Investment Intention: A Preliminary Study in an Emerging Market. Journal of Accounting and Investment, 22(1), 80–103. https://doi.org/10.18196/jai.v22i1.9606.
Nurfadilah, N., Ika, W., Ida, S. (2022). Pengaruh Pengetahuan Investasi dan Kemajuan Teknologi terhadap Keputusan Investasi dengan Minat Investasi sebagai Variabel Intervening (Studi Mahasiswa Prodi Manajemen Universitas Abdurachman Saleh Situbondo). Jurnal Mahasiswa Entrepreneurship (JME), 1(8), 1630-1644. https://doi.org/10.36841/jme.v1i8.2209.
Prasetiyo, Y. (2023). Using Electronic Money in Financial Transactions: Integrating the Second UTAUT Model. JASF: Journal of Accounting and Strategic Finance, 6(2), 212–235. https://doi.org/10.33005/jasf.v6i2.405
Rahardjo, B., Akbar, B. M. B., & Novitaningtyas, I. (2020). The Analysis of Intention and Use of Financial Technology: (The Case of E-money). JASF: Journal of Accounting and Strategic Finance, 3(1), 88–102. https://doi.org/10.33005/jasf.v3i1.70
Rahmani, A., Mashayekh, J., Aboojafari R., & Naeini, A. B. (2023). Determinants of households' intention for investment in renewable energy projects, Renewable Energy Volume 205, March 2023, Pages 823-837, https://doi.org/10.1016/j.renene.2023.01.096.
Raut, R.K., Kumar, R. & Das, N. (2021), "Individual investors’ intention towards SRI in India: an implementation of the theory of reasoned action", Social Responsibility Journal, Vol. 17 No. 7, pp. 877-896. https://doi.org/10.1108/SRJ-02-2018-0052
Remund, David L. (2010). Financial Literacy Explicated: The Case for a Clearer Definition in an Increasingly Complex Economy. Journal Of Consumer Affairs, 44(2):276–95. https://doi.org/10.1111/j.1745-6606.2010.01169.x.
Sachse, K, Jungermann, H., & Belting, J. M. (2012), Investment risk – The perspective of individual investors, Journal of Economic Psychology, Volume 33, Issue 3, June 2012, 437-447. https://doi.org/10.1016/j.joep.2011.12.006.
Safryani, U., Aziz, A., & Triwahyuningtyas, N. (2020). Analisis Literasi Keuangan, Perilaku Keuangan, dan Pendapatan terhadap Keputusan Investasi, Jurnal Ilmiah Akuntansi Kesatuan, Vol. 8. No. 3, 319-332. https://doi.org/10.37641/jiakes.v8i3.384.
Sinnewe, E. & Nicholson, G. (2023). Healthy financial habits in young adults: An exploratory study of the relationship between subjective financial literacy, engagement with finances, and financial decision-making, The Journal of Consumer Affairs, 57(1), Spring, 564-592. https://doi.org/10.1111/joca.12512
Siregar, N. Asyiah dan Z. Ritonga. (2018). Analisis Tingkat Pendidikan dan Tingkat Pendapatan Terhadap Kesejahteraan Sosial di Kabupaten Labuhan Batu, Jurnal Ilmiah AMIK Labuhan Batu, Vol.6. No.1. https://doi.org/10.36987/informatika.v6i1.736.
Statman, M. (2014). Behavioral finance: Finance with normal people. Borsa Istanbul Review, 14(2), 65–73. https://doi.org/10.1016/j.bir.2014.03.001.
Suriadi, B., & Soemitra, A. (2022). Analisis Pengaruh Literasi, Motivasi, Persepsi, dan Pendapatan Terhadap Minat Mahasiswa Menggunakan Produk Reksadana Syariah (Study Kasus Mahasiswa FEBI UINSU). Jurnal Ilmiah Ekonomi Islam, 8(02), 2059–2067. https://jurnal.stie-aas.ac.id/index.php/jei/article/view/5289.
Van Horne, J. C., & Wachowicz, J. M. (2005). Fundamentals of financial management. Pearson education.
Yeo, K. H. K., Lim, W. M., & Yii, K-J. (2023), Financial planning behavior: a systematic literature review and new theory development, Volume 29, pages 979–1001, https://link.springer.com/article/10.1057/s41264-023-00249-1.
Zahroh, F. (2014). Menguji Tingkat Pengetahuan Keuangan, Sikap Keuangan Pribadi, dan Perilaku Keuangan Pribadi Mahasiswa Jurusan Manajemen Fakultas Ekonomika dan Bisnis Semester 3 dan Semester 7. Undergraduate thesis, Fakultas Ekonomika dan Bisnis, Semarang: Universitas Diponegoro.
