Identifying salient beliefs underlying intention to save regularly: an elicitation study of Malaysian Gen Y

Objective – This study examines how financial literacy affects Indonesia's millennial generation's financial behavior and investment decisions. This study will also look at the influence of financial literacy as mediated by financial behavior on the millennial generation's investment decisions. Methodology/Technique – This research utilizes quantitative methods. The demography for this study is the millennial generation in Jakarta, Indonesia, which comprises 15,575 people. A non-probability and purposive sampling strategy were used to sample 100 people. The analytical tool makes use of path analysis and Smart-PLS. Result - According to the study's findings, basic financial literacy does not impact the millennial age's investment decisions or financial behavior. Advanced financial literacy cannot impact the investment decisions of the millennial generation in Jakarta, but it can influence their financial behavior. The millennial generation's financial behavior might impact investing decisions. Basic financial knowledge does not influence Millennial investing decisions as mediated through financial behavior. Advanced financial literacy can influence Millennial investing decisions as mediated through financial behavior. Novelty - This research is expected to be a reference for the millennial generation in making investment decisions. The millennial generation is expected to increase financial literacy and improve financial behavior in making investment decisions. Type of Paper: Empirical JEL Classification: G2, G23 Keywords: Basic Financial Literacy, Millennial Generation, Financial Behavior, Investment Decisions Reference to this paper should be referred to as follows: Riwayati, H.E; Cahaya,Y.F; Markonah, M. (2023). Financial Literacy's Influence on Investment Decisions, Acc. Fin. Review, 8(1), 27 – 35. https://doi.org/10.35609/afr.2023.8.1(1)

This study aims to determine the effect of financial literacy, financial behavior, religiosity and risk on financial distress in the millennial generation during the Covid-19 pandemic (Case Study in Bekasi City). In this study, quantitative and descriptive research methods are used where the Millennial Generation in the city of Bekasi is the object. In this study using purposive sampling technique and using a sample of 95 respondents. The design used in this study is hypothesis testing using a structural equitation model (SEM) – SmartPLS 4.0. The results of this study indicate that 2 X variables consisting of Financial Literacy and Financial Behavior have an influence on Financial Distress in the Millennial Generation during the Covid-19 pandemic (a case study in the city of Bekasi). As for the other 2 X variables, namely Religiosity and Risk, it has no influence on Financial Distress in the Millennial Generation during the Covid-19 pandemic (case study in the city of Bekasi). This study has a limited object of research that only uses 95 Millennial Generation in the city of Bekasi as research respondents. This is used as a suggestion for future researchers.

The existence of the Covid-19 outbreak in 2019 made people have a habit of shopping online through marketplace platforms, which made people have very consumptive and apprehensive financial behavior. This study aims to identify and analyze the influence of financial literacy, locus of control, income, hedonism lifestyle, and optimism on financial behavior. The object of this study is the millennial generation with an age range of 26-41 years who live in Surabaya and who are already working and have income. The research method used is the quantitative research method with multiple linear regression analysis. The number of samples collected was 220 respondents using purposive sampling by distributing questionnaires online. Based on the t-test, the results showed a partial influence between locus of control, hedonism lifestyle, and optimism on financial behavior. However, there is no influence between financial literacy and income on financial behavior. Therefore, the millennial generation needs to increase self-control and a sense of optimism and reduce their hedonic lifestyle so that they can manage their finances properly and wisely according to their needs. Therefore the millennial generation in Surabaya is expected to improve their locus of control and optimism in themselves so that they can manage finances wisely by controlling their finances so that he does not have a hedonistic lifestyle that worsens financial management.

The millennial generation, born between 1980 and 2000, is currently the focus of attention in various aspects of life, including in terms of financial behavior. This study aims to analyze the financial behavior of the millennial generation and identify factors that affect the financial behavior of the millennial generation, such as financial literacy, lifestyle, technology and social media, and the social environment. This study uses a qualitative approach with a survey method. Data was obtained through interviews with millennial generation respondents. The millennial generation tends to be more comfortable using digital platforms to manage their finances, including mobile banking and investment applications. The millennial generation has a tendency to prioritize experiences and lifestyles over the accumulation of traditional assets. Those who have higher education and stable jobs tend to exhibit more planned and long-term oriented financial behavior. One of the main findings is the significant influence of digital technology on the financial behavior of the millennial generation. Financial influencers on social media have a significant influence on the investment decisions of the millennial generation. This can explain some patterns of financial behavior that seem irrational from a traditional economic perspective.

This research aims to determine the level of financial literacy among the millennial generation in Pekanbaru City and understand the influence of financial knowledge, attitudes, and skills on financial behavior. The practical implications of this research are significant, as it can provide insights into how financial literacy can be improved among millennials. This research uses multiple linear regression analysis by conducting reliability and validity tests, classical assumption tests, and hypothesis tests. This type of research is quantitative descriptive research with a sample size of 100 respondents from the millennial generation in Pekanbaru City who have met the sample criteria. The research findings show that financial knowledge, attitudes, and skills positively and significantly affect financial behavior among the millennial generation in Pekanbaru. The coefficient of determination (R2) with an adjusted R square value of 0.876 or 87.6% shows that financial knowledge, attitudes, and skills influence 87.2% of financial behavior. In comparison, the remaining 12.4% is influenced by other variables not used in this research. Therefore, it is hoped that the millennial generation can implement their financial behavior well, not just following trends but considering the benefits they get from every financial decision. It is hoped that the government can also provide education regarding financial management behavior through advertising, social media, or outreach to the public, fostering a hopeful and optimistic future.

This study is to examine the relationship between financial behavior of millennial generation during the COVID-19 pandemic which was influenced by factors such as financial literacy, lifestyle, emotional intelligence and the development of financial technology. The existence of the COVID-19 pandemic for the millennial generation certainly affects their financial behavior. The ability that has not been maximized in self-control, namely not being able to be wise in using money, not being able to control oneself when hanging out with other people and not being able to wisely face the changing times, indicates that the millennial generation still has low emotional intelligence. The results of this study were carried out descriptively or through descriptions that described and explained the research subject. Then for the approach in this research follow the steps of quantitative research work. The sample used in this study was 100 Millennials in Yogyakarta. The research variable data was processed using the Software Statistical Product and Service Solution (SPSS) version 22. The analytical methods used included descriptive statistical analysis, multiple linear regression analysis, and hypothesis testing. Financial literacy, lifestyle, emotional intelligence, and the development of fintech have a significant positive effect on the financial behavior. Financial literacy has a significant positive effect on the financial behavior. Lifestyle has a significant positive effect on the financial behavior. Emotional intelligence has a significant positive effect on the financial behavior. The development of financial technology has a significant positive effect on the financial behavior.

This study is to examine the relationship between financial behavior of millennial generation during the COVID-19 pandemic which was influenced by factors such as financial literacy, lifestyle, emotional intelligence and the development of financial technology. The existence of the COVID-19 pandemic for the millennial generation certainly affects their financial behavior. The ability that has not been maximized in self-control, namely not being able to be wise in using money, not being able to control oneself when hanging out with other people and not being able to wisely face the changing times, indicates that the millennial generation still has low emotional intelligence. The results of this study were carried out descriptively or through descriptions that described and explained the research subject. Then for the approach in this research follow the steps of quantitative research work. The sample used in this study was 100 Millennials in Yogyakarta. The research variable data was processed using the Software Statistical Product and Service Solution (SPSS) version 22. The analytical methods used included descriptive statistical analysis, multiple linear regression analysis, and hypothesis testing. Financial literacy, lifestyle, emotional intelligence, and the development of fintech have a significant positive effect on the financial behavior. Financial literacy has a significant positive effect on the financial behavior. Lifestyle has a significant positive effect on the financial behavior. Emotional intelligence has a significant positive effect on the financial behavior. The development of financial technology has a significant positive effect on the financial behavior

- This study aims to examine the factors that influence millennial investment decisions. This study predicts that financial knowledge, financial behavior and financial attitudes of the millennial generation who tend to be independent are the considerations for millennial investment decisions. Previous studies that examined investment decision factors only focused on quantitative financial factors without paying attention to financial factors in terms of knowledge and attitude maturity in managing finances. Data from PT Kustodian Sentra Efek, the current number of millennial Indonesian investors is 51.36% in the age range of 21-40 years. Therefore, this study will examine how Financial Knowledge, Financial Behavior, and Financial Attitudes influence investment decision making for the millennial generation. 123 respondent questionnaires have been collected throughout Java by using purposive random sampling. This study finds that these three variables have a positive effect on investment decision making for the millennial generation on the island of Java.
 Keywords: Financial Attitude; Financial Behavior; Financial Knowledge; Investment Decision; Millennial Generation

This study aims to analyze the effect of financial literacy, financial inclusion and lifestyle on financial behavior in the millennial generation in South Jakarta. This study uses quantitative research and primary data sources with a questionnaire technique distributed to 100 respondents. Data analysis used multiple linear regression technique. The results showed that Financial Literacy (X1), Financial Inclusion (X2), and Lifestyle (X3) had a positive and significant effect on Financial Behavior (Y) in the Millennial Generation in South Jakarta. Based on the results of this study, it is hoped that the millennial generation can maintain and improve financial literacy and a good lifestyle so that their financial behavior will continue to improve.

Financial attitudes are important in influencing the financial behaviour of individuals, especially students, in order to ensure financial well-being. This is because a good financial attitude will reflect a person's personality in managing finances. Meanwhile, it is difficult for a person to have savings and capital to invest if he does not possess good financial management. This is further demonstrated by the increase in bankruptcy cases among the young generation. Withdrawal of old-age savings through the Employees' Provident Fund (EPF) account is also high in percentage, and the youth's retirement savings show that they cannot sustain beyond three months' salary. The cause of bankruptcy among the young generation is due to the attitude towards money. Awareness of the problems and the importance of financial behaviour in life leads to an investigation of the relationship between financial attitudes and financial behaviour. However, this study will focus on undergraduate students as representatives of the younger generation. Therefore, this study focuses on introducing a conceptual framework related to the relationship between financial attitudes and the level of financial behaviour among undergraduate students. In this study, a quantitative approach with a questionnaire design was used. The sample of the study consists of 376 UPSI students who are continuing their studies in the fields of Bachelor's Degree and Bachelor's Degree in Education, who are in semester one to semester eight. In order to obtain the study sample, the researcher used a stratified sampling technique and the selection of respondents was random. To answer each research question, descriptive analysis and inferential analysis were used. The results of this study may contribute to the government, universities, and the Ministry of Higher Education in the form of strategies and programmes, as well as improving the financial behaviour of students.

Millennials is very familiar with technology that makes it easier for them to access information and to do many things easily. However, this often makes the millennial generation less careful in managing finances, and causes financial problems. The study wanted to find out how the influence of financial knowledge and financial attitude on financial distress through financial behavior in the millennial generation. Data was collected using a questionnaire for millennial generation respondents who already have their own income. Data analysis using path analysis. The results show that financial knowledge does not directly affect financial distress, but financial knowledge has an effect on financial distress through financial behavior. This indicates that financial knowledge does not guarantee that millennials will avoid financial distress, if this knowledge is not applied in financial behavior. The results also show that financial attitude affects financial distress either directly or through financial behavior.

This study aims to determine the level of financial literacy among the millennial generation and to examine the correlation of their financial knowledge, financial attitude, and financial skills with their financial behavior. Multiple choice questions were used to measure financial knowledge with results grouped into three categories: low, moderate, and high. Financial attitude, financial skills, and financial behavior were also grouped using the quartile method into three categories: poor, fair, and good. Chi-squared analysis was used to test the hypotheses, with correspondence analysis conducted to identify the characteristics of the millennial generation and to graphically illustrate the gap. Regarding financial attitude, financial skills, and financial behavior, the proportions of respondents in the 'fair' category, were 70.6%, 66.5%, and 72.2%, respectively. Significant relationships were found not only between financial attitude and financial management behavior, but also between financial skills and financial management behavior. However, the relationship was not significant between financial knowledge and financial behavior.

This study aims to observe the impact of financial influencers, social influencers, and the FOMO economy moderated by financial behavior and financial literacy on the decision-making to invest in the millennial generation and Gen Z of Indonesia. This study used a Likert scale questionnaire to collect the data. There were 306 samples gathered. The data were analyzed using Smart PLS software with the PLS method. The result showed that the financial influencers and the FOMO economy significantly influenced investment decision-making for the Millennial and Generation Z generations. However, when financial influence as a variable when moderated either by financial literacy or by financial behavior, it would become less significant in influencing investment decision-making for the Millennial and Generation Z generations. In contrast, social influence was not significantly influencing investment decision-making for the Millennial and Generation Z generations. However, after the variable social influence moderated by financial literacy or financial behavior, the social influence effect had a significant impact on investment decision-making. On the other hand, the FOMO economy as a variable after being moderated by financial literacy or financial behavior has a significant impact on investment decision-making.

The current era of globalization can have various impacts that can affect a person's behavior, namely financial behavior (behavior finance) in the millennial generation in Jakarta Special Capital Region. The millennial generation has a stigma that tends to be extravagant, difficult to save, has a high lifestyle, and is also consumptive, thus showing the millennial generation does not yet have good financial management behavior. This research aims to analyze the effect of financial attitudes, financial knowledge, and individual income on the financial management behavior of millennials in Jakarta Special Capital Region. The sampling technique was conducted using non-probability sampling with purposive sampling method. The data analysis method used is SEM-PLS analysis. The results of this research indicate that financial attitudes,and financial knowledge has a positive and significant effect on the financial management behavior of the millennial generation in DKI Jakarta, and for individual income it has no significant effect on the financial management behavior of the millennial generation in DKI Jakarta

Objective – This study aims to determine whether financial knowledge, financial attitudes, and financial behavior influence the investment decisions of millennial generation workers in Palangka Raya City and whether financial knowledge, financial attitudes, and financial behavior have a joint influence on the investment decisions of millennial generation workers in Palangka Raya City.Design/Methodology/Approach – This research method uses a quantitative research method with the SPSS analysis tool. The population of this study was millennial workers in Palangka Raya City with a sample size of 96 respondents using a non-probability sampling technique obtained through a questionnaire.Findings – Research results: 1) Financial knowledge has a positive effect on investment decisions for millennial workers in Palangka Raya City. (2) Financial attitudes have a positive effect on investment decisions for millennial workers in Palangka Raya City. (3) Financial behavior has a positive effect on investment decisions for millennial workers in Palangka Raya City. (4) Financial knowledge, financial attitudes, and financial behavior simultaneously influence investment decisions for millennial workers in Palangka Raya City.Implications – This research can provide awareness for the millennial generation in the city of Palangka Raya to better understand and study financial knowledge, financial attitudes, and financial behavior for investment decisions, in order to obtain maximum profits and minimize the risks of investments made.