Abstract
Investment intention in millennials and Gen Z in Indonesia grows yearly. However, the cause of the growing enthusiasm for investment among millennials and Gen Z is recently fear of being vulnerable to Fear of Missing Out (FOMO) behaviour alone, not based on financial factors such as financial knowledge, financial well-being and financial attitude. This study aims to determine the role of financial knowledge and financial well-being on investment intention mediated by financial attitude. This research belongs to the type of explanatory research. Respondents in this study are Millennials and Gen Z generations who invest and live in Malang City. Determination of the number of samples in this study using the purposive sampling technique with a total sample of 400 respondents. Methods of collecting data using a questionnaire, then analyzed using PLS-SEM. The study results confirm that financial knowledge positively affects investment intention. Financial well-being does not affect investment intention. Financial attitude has a positive influence on investment intention. Financial knowledge and financial well-being have a positive influence on financial attitude. Financial attitude can partially mediate the relationship between financial knowledge and investment intention. In addition, financial attitude can also mediate the relationship between financial well-being and investment intentions fully. Millennials and Gen Z are expected to improve financial knowledge and attitudes to increase interest in more targeted investments. This advice will also positively impact the Financial Well-being of millennials and Gen Z in the future.
Highlights
The number of young investors in Indonesia continues to increase every year, accompanied by the dominance of the productive young generation today
Based on the census results conducted by the Central Statistics Agency, Indonesia's population currently stands at 270.20 million people, which is dominated by the millennial population at 25.87% and Gen Z at 27.94%
In Malang City, we found that the investment growth for millennials and Gen Z was quite large
Summary
The number of young investors in Indonesia continues to increase every year, accompanied by the dominance of the productive young generation today. Based on the census results conducted by the Central Statistics Agency, Indonesia's population currently stands at 270.20 million people, which is dominated by the millennial population at 25.87% and Gen Z at 27.94%. Millennials and Gen Z currently dominate the capital market, as data presented by the Indonesian Central Securities Depository (KSEI) recorded that until the end of November 2020, the total Single Investor Identification (SID) reached 3.58 million. Retail investors are dominated by the millennial generation who are less than 30 years old and have assets of IDR 18.74 trillion. The Financial Services Authority (OJK) stated that at the end of December 2020, the number of Capital Market Investors reached 3.88 million investors, of which domestic investors dominated investors under 30 years old (millennials) who recorded ±54.8% of the total investors
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