Financial Literacy, Risk Perception, Overconfidence Moderated by Financial Education on Investment Decisions

Pambudi, Titis Rena Siwi; Sudarno; Sabandi, Muhammad

doi:10.15294/8x7g2419

Jurnal

Financial Literacy, Risk Perception, Overconfidence Moderated by Financial Education on Investment Decisions

Economic Education Analysis Journal · Vol. 13 No. 2 (2024) · hlm. 151–162

DOI: 10.15294/8x7g2419
ISSN: 2502-356X, 2252-6544
Terbit: 2024-06-29
Penerbit: Universitas Negeri Semarang
Bahasa: eng

Abstrak

This study aims to determine: effect of financial literacy on investment decision making; effect of risk perception on investment decision making; effect of overconfidence on investment decision making; effect of financial education on strengthening financial literacy and risk perception on Investation decision. This research uses quantitative type with investors in Surakarta as population. The sample of 160 was taken using a non probably sampling technique. Data collection techniques used a questionnaire with a Likert scale of 1-5 points and a dummy variable with a value of 0 or 1, distributed via Google form. Validity test using Confirmatory Factor Analysis (CFA) and reliability test using Cronbach Alpha. The hypothesis was tested through Hierarchical Regression after a descriptive statistical test and classic assumption test were performed. The data were processed using SPSS 25 software. The results of the study proved that (1) there was a significant positive effect of financial literacy on investment decision making; (2) there was a significant positive effect on perceived risk on investment decision making; (3) there was a significant negative effect of overconfidence on investment decision making; and (4) financial education moderates financial literacy, risk perception, and overconfidence in investment decision making.

Kata kunci

Jaringan kolaborasi para penulis

15 penulis · 22 tautan kepenulisan bersama

Arahkan kursor atau ketuk sebuah nama untuk menyorot rekan penulisnya. Klik dua kali untuk membuka halaman penulis.

Institut Teknologi Sepuluh Nopember
Afiliasi tidak diketahui

Organisasi berbeda
Organisasi sama
Afiliasi tidak diketahui
Garis lebih tebal = lebih banyak artikel bersama · lingkaran lebih besar = lebih banyak artikel

Tampilkan sebagai tabel

Rekan penulis	Organisasi	Artikel bersama
Dini Octoria	Afiliasi tidak diketahui	2
Dhani Aliffansyah	Afiliasi tidak diketahui	2
Muhammad Said Karim	Afiliasi tidak diketahui	1
Fadilah Mutia Latifah	Afiliasi tidak diketahui	1
Indah Warih Yanti	Afiliasi tidak diketahui	1
Sudarno Sudarno	Afiliasi tidak diketahui	1
Nugraheni Ramadhona	Afiliasi tidak diketahui	1
Hasna Nur Faramida	Afiliasi tidak diketahui	1
Lukman Hakim	Institut Teknologi Sepuluh Nopember	1
Saringatun Mudrikah	Afiliasi tidak diketahui	1
Mintasih Indriayu	Afiliasi tidak diketahui	1
Andika Yudha Tiyasa	Afiliasi tidak diketahui	1

Afiliasi berasal dari OpenAlex; metadata OAI-PMH jurnal tidak memuatnya. Penulis tanpa ID OpenAlex dicocokkan berdasarkan nama, sehingga dua orang bisa tergabung atau satu orang bisa terpisah.

Sumber metadata: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/journals/eeaj/oai, pertama di-harvest 5 Nov 2026, terakhir terlihat 5 Nov 2026.

Metadata asli (oai_dc)

<oai_dc:dc xmlns="http://www.openarchives.org/OAI/2.0/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:oai_dc="http://www.openarchives.org/OAI/2.0/oai_dc/" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.openarchives.org/OAI/2.0/oai_dc/  http://www.openarchives.org/OAI/2.0/oai_dc.xsd">
	<dc:title xml:lang="en">Financial Literacy, Risk Perception, Overconfidence Moderated by Financial Education on Investment Decisions</dc:title>
	<dc:creator xml:lang="en">Pambudi, Titis Rena Siwi </dc:creator>
	<dc:creator xml:lang="en">Sudarno</dc:creator>
	<dc:creator xml:lang="en">Sabandi, Muhammad </dc:creator>
	<dc:subject xml:lang="en">Financial Education</dc:subject>
	<dc:subject xml:lang="en">Investment Decisions Financial Literacy</dc:subject>
	<dc:subject xml:lang="en">Overconfidence</dc:subject>
	<dc:subject xml:lang="en">Risk Perception</dc:subject>
	<dc:description xml:lang="en">This study aims to determine: effect of financial literacy on investment decision making; effect of risk perception on investment decision making; effect of overconfidence on investment decision making; effect of financial education on strengthening financial literacy and risk perception on Investation decision. This research uses quantitative type with investors in Surakarta as population. The sample of 160 was taken using a non probably sampling technique. Data collection techniques used a questionnaire with a Likert scale of 1-5 points and a dummy variable with a value of 0 or 1, distributed via Google form. Validity test using Confirmatory Factor Analysis (CFA) and reliability test using Cronbach Alpha. The hypothesis was tested through Hierarchical Regression after a descriptive statistical test and classic assumption test were performed. The data were processed using SPSS 25 software. The results of the study proved that (1) there was a significant positive effect of financial literacy on investment decision making; (2) there was a significant positive effect on perceived risk on investment decision making; (3) there was a significant negative effect of overconfidence on investment decision making; and (4) financial education moderates financial literacy, risk perception, and overconfidence in investment decision making.</dc:description>
	<dc:publisher xml:lang="en">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2024-06-29</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/journals/eeaj/article/view/6387</dc:identifier>
	<dc:identifier>10.15294/8x7g2419</dc:identifier>
	<dc:source xml:lang="en">Economic Education Analysis Journal; Vol. 13 No. 2 (2024): Economic Education Analysis Journal; 151-162</dc:source>
	<dc:source>2502-356X</dc:source>
	<dc:source>2252-6544</dc:source>
	<dc:source>10.15294/z2h91q28</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/journals/eeaj/article/view/6387/771</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2024 Economic Education Analysis Journal</dc:rights>
</oai_dc:dc>