Consumer Attitude Towards Intention to Invest Private Retirement Scheme (PRS) in Structure Equation Modelling

This study examines the influence of financial literacy, risk tolerance, and trust on cryptocurrency investment decision-making among the millennial generation in Jabodetabek. Cryptocurrency adoption in Indonesia has surged, with millennials as the dominant investor group, despite the inherent risks such as price volatility and regulatory uncertainty. Using the Theory of Planned Behavior (TPB) as the theoretical framework, this research investigates how attitudes, subjective norms, and perceived behavioral control, alongside financial literacy, risk tolerance, and trust, affect millennials’ decisions to invest in cryptocurrencies. A quantitative approach was employed, surveying 325 millennial investors across Jabodetabek. The findings indicate that attitudes, subjective norms, perceived behavioral control, risk tolerance, and trust significantly influence investment intentions and behavior. Contrarily, financial literacy showed no significant direct effect on investment intentions, suggesting that even investors with limited financial knowledge are inclined to invest due to positive attitudes and social influences. Risk tolerance and trust were found to play critical roles in shaping investment decisions, highlighting the importance of psychological factors in navigating cryptocurrency markets. These insights provide valuable implications for policymakers, financial educators, and cryptocurrency platform developers to foster more informed and responsible investment behaviors among young investors

This study examined the determinants of intentions to participate in digital asset investment among Thai mutual fund investors with medium-to-high risk tolerance by extending the Theory of Planned Behavior (TPB) to include financial literacy and trust. A quantitative survey was conducted with 360 respondents, and the proposed model was analyzed using structural equation modeling. The results indicate that attitudes toward behavior, subjective norms, and perceived behavioral control are positively associated with the intention to invest. Financial literacy and trust also demonstrate direct and indirect effects, with financial literacy emerging as the strongest overall predictor. In addition, perceived behavioral control and attitudes toward behavior serve as important mediating mechanisms linking cognitive and social factors to the intention to invest. The model explains 52% of the variance in investment intention, indicating moderate explanatory power. These findings suggest that intention to invest in digital assets among Thai mutual fund investors with medium-to-high risk tolerance is shaped by a combination of financial capability, social influence, perceived control, and evaluative judgment. However, these findings should be interpreted cautiously due to the purposive sampling approach and the fact that they are primarily applicable to financially experienced and relatively risk-tolerant investors rather than the broader Thai population.

Investment decision-making among millennials in Indonesia is not only influenced by rational considerations but also by behavioral and psychological factors, which can be explained using the Theory of Planned Behavior (TPB). Millennials represent the most active group in adopting digital financial services and participating in various capital market instruments, making it important to understand the determinants of their investment behavior. This study aims to analyze the influence of financial literacy, risk tolerance, financial attitude, and investment experience on investment decisions among millennial employees. The research employed a quantitative design by distributing structured questionnaires to 100 respondents selected using an incidental sampling technique. The study population consisted of millennial employees working at BRI Tower 2, Jakarta. Data were analyzed using Structural Equation Modeling (SEM) with the Partial Least Squares (PLS) approach, processed through SmartPLS version 4.1.1.2. The results indicate that financial literacy, risk tolerance, and financial attitude significantly and positively affect investment decisions, whereas investment experience has a positive but insignificant effect. These findings confirm the TPB framework, in which financial literacy and financial attitude strengthen attitude toward behavior, while risk tolerance reflects perceived behavioral control. However, investment experience alone is not sufficient to consistently shape rational decision-making. This research contributes theoretically to behavioral finance studies and extends the application of TPB in the context of investment behavior. Practically, the findings imply the need for organizations and policymakers to design targeted financial literacy programs and initiatives that foster positive financial attitudes. Strengthening these aspects is expected to encourage sustainable and rational investment practices among young employees in Indonesia.

Investment decision is a decision to allocate a certain amount of funds in a particular type of investment with the aim of generating profits in the future. Accessing technology-based financial services, known as fintech, makes the process of investing in financial securities feasible. This study will analyze the investment behavior of Generation Z investors by examining the factors that influence investment decisions based on the theory of financial planning behavior and prospect theory. This research is conducted in Denpasar with a participant sample of 260 Generations Z investors which then analyzed using the SEM-PLS method. The findings show that Financial Satisfaction, Risk Tolerance, Financial Literacy and Investment Intention have a direct positive effect on Investment Decisions. Financial Satisfaction and Financial Literacy have a positive effect on Investment Intention, however Risk Tolerance has a significant negative effect on Investment Intention. This study also found that Investment Intention acts as a mediator between Financial Satisfaction and Financial Literacy on Investment Decision, not between Risk Tolerance and Investment Decision. The Indonesia Stock Exchange Investment Gallery (IDX) and financial institutions ought to understand Generation Z's investing behavior. By understanding this behavior, they can help issuers identify opportunities to attract young investors.

The investment intention is important to be explored because intention to invest in Indonesian capital market is still low. This study analyze the factors that influence investment intention by using Theory of Planned Behaviour (TPB). Through TPB, investment intention can be measured from explanatory variables which in turn will encourage actual behaviour. The variables used to predict investment intention are attitudes, subjective norms, perceived behavioural control, financial literacy, and risk perception. This study uses 161 respondents that were collected through a questionnaire. Data were analyzed with validity, reliability, and hypothesis testing using Structural Equation Modeling (SEM) through path analysis method. The results show that attitudes and subjective norms have no significant effect on investment intention. Meanwhile, perceived of behavioural control, financial literacy, and risk perception have a positive effect on investment intention in the Indonesian capital market. This results are expected to contribute for future research and provide advice to the government to design programs that can increase investment intention in the capital market. Keywords: Investment Intention, Theory of Planned Behaviour (TPB), Financial Literacy, Risk Perception

This research uses a quantitative approach and Partial Least Square- Structural Equation Modeling (PLS-SEM) to test the relationship between the variables Financial Literacy (X1), Investment Experience (X2), Overconfidence (X3), Risk Tolerance (Z), and Investment Decisions ( Y) for National University Master of Management study program students. The results of descriptive statistical analysis reveal that Financial Literacy, Investment Experience, and Overconfidence have a positive and significant effect on Risk Tolerance, while Financial Literacy, Investment Experience, and Overconfidence have a positive effect on Investment Decisions. However, the results of the analysis show that Financial Literacy has an insignificant influence on Investment Decisions, while Investment Experience and Overconfidence have a positive and significant influence on Investment Decisions. Risk Tolerance also has a positive and significant effect on Investment Decisions. In addition, this research finds that Risk Tolerance mediates the relationship between Financial Literacy, Investment Experience, and Investment Decisions. In other words, the greater the Financial Literacy and Investment Experience, the Risk Tolerance will increase, which in turn will increase Investment Decisions. The results of this research provide important insights for National University Master of Management study program students and other stakeholders in understanding the factors that influence investment decisions, as well as the importance of understanding the level of financial literacy and investment experience in managing risk and making wise investment decisions.

PurposeIn an emerging economy like India, the contribution of Indians in the stock market is very low, despite having the highest percentage of savings. The research tries to look for the variables which influence the investor's intentions to invest in the Indian stock market, by considering the theory of planned behavior (TPB). Moreover, the study incorporates financial literacy (FL) in the model to examine its influence on investors’ investment intention and also examine the moderation effect of financial literacy.Design/methodology/approachData were collected using a structured questionnaire from a sample of 393 respondents by using the convenience sampling method which is followed by the snowball sampling technique. For testing the research hypotheses, SEM and PROCESS macro v3.0 for SPSS were taken into consideration.FindingsThe results explain that factors of TPB i.e. attitude (AT), subjective norms (SNs) and perceived behavioral control (PBC) are significantly associated with investment intentions (IIs). Furthermore, along with the original components of the TPB model, Financial Literacy (FL) was also incorporated in the model, which predicted the investors' intention better. The results also stated that FL has a positive impact on AT, PBC and II. Moreover, results reveal that FL moderates the association between AT, PBC and II.Research limitations/implicationsThe study describes that financial literacy can help in increasing the participation of investors in the stock market. Therefore, in this situation, the current research permits the Security Exchange Board of India (SEBI), governments and financial institutions (FIs) to plan and design seminars or courses, programs, to enhance FL among individuals and promote individuals in making well-organized and efficient investment decisions in stock markets that will in turn upsurge individual investors participation. The study contributes to the existing literature of investment behavior by incorporating FL as a moderator. Research avoids considering actual investment behavior. The study also neglects demographic and socio-psychological factors which are the major factor that affects an investment decision. Furthermore, the research has only considered the objective dimension of FL.Originality/valueThe current research tries to incorporate FL in TPB model. Moreover, tries to examine the moderation effect of FL. The research is one of its kind as the past research neglect to examine the moderation effect of FL in relationship between AT, PBC and investment intension to investment in stock market. The research helps to understand how FL encourages investors to invest in the Indian stock market.

The development of stock markets is pivotal for economic growth, particularly through the mobilization of idle resources into productive investments. Despite recent reforms to enhance Uzbekistan’s capital market, public engagement remains limited. This study examines the behavioral determinants of stock market investment intention and participation among university students, employing the Theory of Planned Behavior (TPB) and Partial Least Squares Structural Equation Modeling (PLS-SEM). The model investigates the influence of digital literacy, financial literacy, social interaction, herding behavior, overconfidence bias, risk tolerance, and financial well-being on investment intention and behavior. A survey of 369 university students was conducted to assess the proposed relationships. The results reveal that risk tolerance, overconfidence bias, and herding behavior significantly and positively affect investment intention, while digital literacy demonstrates a notable negative effect, suggesting caution in assuming technology readiness automatically translates to investment readiness. Investment intention, in turn, strongly predicts actual participation and mediates several of these effects. Conversely, financial literacy, financial well-being, and social interaction showed no significant direct or mediating influence. Additionally, differences according to gender and academic background were observed in how intention translates into behavior. The findings underscore the need for integrated financial and behavioral education to enhance market participation and contribute to policy discourse on youth financial engagement in emerging economies.

This study examines personality traits, financial literacy, and risk tolerance for investment intentions. In addition, this study also examines the role of risk tolerance as a mediator in the influence of personality traits on investment intentions. A quantitative research method is used to measure personality traits, financial literacy, risk tolerance, and investment intention. A survey was conducted among young individuals in Indonesia. Respondents came from various regions in Indonesia, especially those from Java, Indonesia. The number of samples was 405 questionnaires. The results show that several personality traits, such as extraversion, neuroticism, and openness, affect investment intentions. However, the results show conscientiousness and agreeableness do not affect investment intentions. Researchers have found that extraversion and conscientiousness do not affect risk tolerance, but neuroticism, openness, and agreeableness do. Financial literacy and risk tolerance are also proven to affect investment intentions. When the mediation effect was tested, it was found that neuroticism, openness, and agreeableness affect investment intentions. On the other hand, risk tolerance does not act as a mediator variable between extraversion and investment intention. The practical implication of the study lies in assisting stock exchanges in developing countries to craft effective strategies for attracting Generation Z and Alpha investors, particularly during periods of economic volatility.

This research was conducted to analyze the effect of Personality Traits, Financial Literacy, and Risk Tolerance on Investment Intentions in environmentally friendly companies with Risk Tolerance as a moderating variable, providing input for environmentally friendly companies so they can be more attractive to investors, and contribute to the science of financial management by developing an understanding of the Investment Intentions variable in environmentally friendly companies. This research used quantitative method. The sample is 280 respondents with purposive sampling technique to the employees of PT Bank Central Asia, Tbk. Data was analyzed with Structural Equation Modelling-Partial Least Square (SEM-PLS). The results are personality traits, financial literacy, and risk tolerance had effect on investment intentions and risk tolerance had a moderating effect between financial literacy and investment intentions. With this research, it is hoped that environmentally friendly companies will manage their companies well and do environmentally friendly things included in its annual report so that potential investors are interested in investing in environmentally friendly companies. This research also expected to enrich the knowledge of financial management by providing an understanding of the Investment Intentions variable in environmentally friendly companies. Keywords:environmentally friendly company financial literacy, risk tolerance, investment intentions, personality traits

Data from the pre-survey results indicated that financial literacy, investment experience was in average good. While in risk-taking, investors tend to take low risks in making investment decisions. This study aims to determine the effects to financial literacy and investment experience on risk tolerance and investment decisions. The sampling technique that has been chosen is an incidental method that is giving an opportunity to the entire population to be sampled but will be re-elected according to the characteristics of 160 respondents. Primary data is collected by questionnaire as an instrument to prove the results of research, to test the hypothesis in the study is to use path analysis with the help of the SPSS program. The results of this study indicate that financial literacy and investment experience has a negative and significant effect on risk tolerance. Financial literacy and investment experience have a positive and significant effect on investment decision. Risk tolerance able to mediate the influence of financial literacy and investment experience on investment decisions. Risk tolerance has a negative and significant effect on investment decision. a good investment decision is influenced by the level of financial knowledge, investment experience, and risk analysis of the investor.

This research examines the impact of trust and authenticity in financial influencers (finfluencers) on the investment intentions of Generation Z, with financial literacy serving as a moderating variable. Drawing upon Source Credibility Theory (SCT) and the Theory of Planned Behavior (TPB), the study posits that the perception of trust and authenticity enhances Generation Z's propensity to invest. Financial literacy potentially influences the strength of this relationship. A quantitative survey design was employed, targeting Vietnamese Generation Z investors, with data gathered through online questionnaires disseminated via social media platforms. Scales measuring authenticity, trust, financial literacy, and investment intention were derived from existing scholarly literature, with subsequent assessments of their reliability and validity conducted. Results demonstrate that authenticity exerts a significant positive influence on investment intention (β = 0.625, p < 0.05), followed by trust (β = 0.616, p < 0.05). Financial literacy further moderates the trust–intention pathway (β = 0.578, p < 0.05), enhancing evaluative capacity and reducing vulnerability to misinformation. This research contributes to theoretical frameworks of SCT and TPB within the context of online finance, offering insights into financial education, influencer regulation, and strategies that promote responsible investment behaviors among novice investors.

The growing impact of technology has attracted a greater number of people, especially Generation Z, to financial markets. Enhancing financial literacy and attitudes is essential for promoting informed investing choices. This research analyzes the impact of financial knowledge and social influence on Generation Z's investment aspirations, while accounting for the mediating functions of financial literacy and attitude. This research seeks to elucidate the mediating role of financial literacy and attitude in the interaction among financial knowledge, social influence, and investment intentions. A survey methodology was used with a sample size of 200 students enrolled in capital market courses at Widyatama University. The results demonstrate that financial knowledge and attitudes substantially affect investing intentions among Generation Z. Furthermore, financial acumen and social influence indirectly impact investing intentions via these mediating variables. These findings emphasize the need of thorough financial education to develop superior investing strategies among young individuals. Theoretical implications indicate that augmenting financial awareness and attitudes may significantly enhance investment decision-making among Generation Z.

This paper investigates the relationships among financial literacy, investment experience, risk tolerance, and investment decision-making. The study, carried out in the top two populated states in Peninsular Malaysia, is to better understand investment behavior, especially during the coronavirus disease (COVID-19) pandemic. The target respondents are widely distributed across ages, academic qualifications, years of investment experience, occupations, and gender. The correlations and regressions propose significant relationships among financial literacy, investment experience, risk tolerance, and investment behavior. Generally, financial literacy, investment experience, and risk tolerance are important factors contributing to the investment decision-making prescribed, with experience typically outpacing literacy in our sample. At the same time, investment experience is found to be relevant in describing the level of risk tolerance. The result supports the importance of understanding finance to aid investment decision-making and manage investment risks. It contributes to the literature by covering experience as one of the factors in describing investment behavior. This year-2021 survey also helps to better understand investment behavior among Malaysians in recent days and during the pandemic.

This study investigates the investment intentions of university students in Delhi NCR and the factors influencing their decision-making, guided by the Theory of Planned Behavior (TPB). Specifically, the research examines how financial attitude, risk tolerance, and academic background contribute to students' intent to invest, alongside demographic factors such as gender, family income, and family structure. A structured questionnaire was administered to 454 university students, and data were analyzed using one-way ANOVA, chi-square tests, and multiple linear regression. Findings indicate that financial attitude and risk appetite significantly influence investment intention, with financial attitude showing the strongest negative effect. While the course of study did not significantly predict general investment intention, it showed a meaningful association with preference for equity investments. Gender differences were statistically significant, with male students more likely to invest both generally and in equities. In contrast, no significant differences were found for family income or family structure. The regression model explained 40.7% of the variance in investment intention, reinforcing TPB’s attitudinal and control constructs. The study highlights the importance of integrating behavioral finance elements into education and encourages a shift beyond theoretical literacy toward experiential learning. Although variables such as social influence, financial self-efficacy, and digital platform awareness were not included in this study, their relevance is acknowledged for future research. These insights have practical implications for financial education policies under the NEP 2020 and for designing student-targeted financial awareness programs.