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Combating Speculative Investment through Legal and Syariah Literacy: A Community Engagement Approach for Biased Young Investors

Jurnal Pengabdian Hukum Indonesia (Indonesian Journal of Legal Community Engagement) JPHI · Vol. 9 No. 1 (2026) · hlm. 399–436

DOI
10.15294/jphi.v9i1.44950
ISSN
2654-8313, 2654-8305
Terbit
2026-07-15
Penerbit
Universitas Negeri Semarang
Bahasa
eng
Lisensi
creativecommons.org/licenses/by-nc/4.0

Abstrak

Young investors under 30 now constitute 55.8% of Indonesia's 13.7 million individual investors. The national financial literacy index stands at 66.64% and the sharia financial literacy index at 43.42%. This gap leaves young investors highly vulnerable to Fear of Missing Out (FOMO). FOMO-based behaviour may violate Article 91 of Law Number 8 of 1995 on Capital Markets and contradicts DSN-MUI Fatwa Number 80/2011 on sharia investment principles. This program aimed to recalibrate the mindset of the Semarang Young Investor Community from speculative toward legally-aware, analytically-grounded investment practice. The study employed Participatory Action Research (PAR) through an in-person seminar on 1 November 2025 in Semarang. A five-pillar ecosystem was established: UIN Walisongo, IDX Central Java, Mirae Asset Sekuritas, AISA, and the Semarang Young Investor Community. Impact was measured through a mixed-methods design combining pre-test (n=65), post-test (n=45), and Focus Group Discussion (FGD). The mean comprehension score rose from 58.0 to 78.0 — a 20-point gain. The proportion in the High category increased from 19% to 65%. FGD findings confirm that participants identified influencer-based stock promotion as a potential violation of Article 91 and understood DSN-MUI Fatwa Number 80/2011 The program's novelty is threefold: targeting already-included, bias-vulnerable investors; integrating legal literacy as a core component; and combining PAR with a replicable five-pillar ecosystem model. This study proposes a paradigm shift from Education for Inclusion toward Education for Rationality and Legal Awareness. Investor vulnerability to FOMO constitutes a legal protection failure that legal literacy-based community engagement can directly address. This aligns the program with SDG 16 (Peace, Justice, and Strong Institutions), through its emphasis on investor legal protection, and SDG 4 (Quality Education), through its capacity-building outcome in the partner community.

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Erlyna Wida RiptantiAfiliasi tidak diketahui1
Minar FerichaniAfiliasi tidak diketahui1
Ahmad WahyudiAfiliasi tidak diketahui1
M RIikza ChamamiAfiliasi tidak diketahui1
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Budi SantosoUniversity of Mataram1
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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/journals/JPHI/oai, pertama di-harvest 5 Nov 2026, terakhir terlihat 5 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">Combating Speculative Investment through Legal and Syariah Literacy: A Community Engagement Approach for Biased Young Investors</dc:title>
	<dc:creator xml:lang="en">Rurkinantia, Aisa</dc:creator>
	<dc:creator xml:lang="en">Heradhyaksa, Bagas</dc:creator>
	<dc:creator xml:lang="en">Fibriani, Riza</dc:creator>
	<dc:creator xml:lang="en">Priyono, Ery Agus</dc:creator>
	<dc:creator xml:lang="en">Azhar, Muhamad</dc:creator>
	<dc:creator xml:lang="en">Ahmad, Zulkarnaen</dc:creator>
	<dc:subject xml:lang="en">Legal Literacy</dc:subject>
	<dc:subject xml:lang="en">Syariah Capital Market</dc:subject>
	<dc:subject xml:lang="en">Participatory Action Research</dc:subject>
	<dc:subject xml:lang="en">Sustainable Development Goals (SDGs)</dc:subject>
	<dc:description xml:lang="en">Young investors under 30 now constitute 55.8% of Indonesia's 13.7 million individual investors. The national financial literacy index stands at 66.64% and the sharia financial literacy index at 43.42%. This gap leaves young investors highly vulnerable to Fear of Missing Out (FOMO). FOMO-based behaviour may violate Article 91 of Law Number 8 of 1995 on Capital Markets and contradicts DSN-MUI Fatwa Number 80/2011 on sharia investment principles. This program aimed to recalibrate the mindset of the Semarang Young Investor Community from speculative toward legally-aware, analytically-grounded investment practice. The study employed Participatory Action Research (PAR) through an in-person seminar on 1 November 2025 in Semarang. A five-pillar ecosystem was established: UIN Walisongo, IDX Central Java, Mirae Asset Sekuritas, AISA, and the Semarang Young Investor Community. Impact was measured through a mixed-methods design combining pre-test (n=65), post-test (n=45), and Focus Group Discussion (FGD). The mean comprehension score rose from 58.0 to 78.0 — a 20-point gain. The proportion in the High category increased from 19% to 65%. FGD findings confirm that participants identified influencer-based stock promotion as a potential violation of Article 91 and understood DSN-MUI Fatwa Number 80/2011 The program's novelty is threefold: targeting already-included, bias-vulnerable investors; integrating legal literacy as a core component; and combining PAR with a replicable five-pillar ecosystem model. This study proposes a paradigm shift from Education for Inclusion toward Education for Rationality and Legal Awareness. Investor vulnerability to FOMO constitutes a legal protection failure that legal literacy-based community engagement can directly address. This aligns the program with SDG 16 (Peace, Justice, and Strong Institutions), through its emphasis on investor legal protection, and SDG 4 (Quality Education), through its capacity-building outcome in the partner community.</dc:description>
	<dc:publisher xml:lang="en">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2026-07-15</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/journals/JPHI/article/view/44950</dc:identifier>
	<dc:identifier>10.15294/jphi.v9i1.44950</dc:identifier>
	<dc:source xml:lang="en">Jurnal Pengabdian Hukum Indonesia (Indonesian Journal of Legal Community Engagement) JPHI; Vol. 9 No. 1 (2026): (January-June 2026); 399-436</dc:source>
	<dc:source>2654-8313</dc:source>
	<dc:source>2654-8305</dc:source>
	<dc:source>10.15294/jphi.v9i1</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/journals/JPHI/article/view/44950/10688</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2026 Aisa Rurkinantia, Bagas Heradhyaksa, Riza Fibriani, Ery Agus Priyono, Muhamad Azhar, Zulkarnaen Ahmad (Author)</dc:rights>
	<dc:rights xml:lang="en">https://creativecommons.org/licenses/by-nc/4.0</dc:rights>
</oai_dc:dc>