The Influence of Financial Literacy and Religiosity on Students’ Investment Decisions: A Comparative Study between Boarding School and Non-Boarding School Students

Yanti, Indah Warih; Sabandi, Muhammad

doi:10.15294/eeaj.v14i3.33528

Jurnal

The Influence of Financial Literacy and Religiosity on Students’ Investment Decisions: A Comparative Study between Boarding School and Non-Boarding School Students

Economic Education Analysis Journal · Vol. 14 No. 3 (2025) · hlm. 284–296

DOI: 10.15294/eeaj.v14i3.33528
ISSN: 2502-356X, 2252-6544
Terbit: 2025-10-31
Penerbit: Universitas Negeri Semarang
Bahasa: eng

Abstrak

This study aims to analyze the influence of financial literacy and religiosity on investment decisions, and to compare the differences in these influences on Islamic boarding school students and non-Islamic boarding school students in Surakarta City. This study is a quantitative study with a sample of 165 university students in Surakarta City, both with and without an Islamic boarding school background. Data collection techniques used tests and questionnaires in the form of Google Forms. Data analysis techniques used descriptive analysis, normality tests, linearity tests, multicollinearity tests, heteroscedasticity tests, and multiple linear analysis. The results of this study indicate that 1) financial literacy has a positive and significant effect on investment decisions, obtaining a regression coefficient of 0.574 and a calculated t of 2.286. The calculated t value > t table (2.286 > 1.974) and a significance value of 0.024 is smaller than 0.05 (0.024 t table (4.221 > 1.974) and the significance value of 0.000 is smaller than 0.05 (0.024 < 0.05). 3) Islamic boarding school students have a greater influence on investment decisions than non-Islamic boarding school students, obtaining a determination coefficient (R²) of 0.505 and non-Islamic boarding school students of 0.396.

Kata kunci

Jaringan kolaborasi para penulis

16 penulis · 24 tautan kepenulisan bersama

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

University of Sarjanawiyata Tamansiswa
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
Sudarno	Afiliasi tidak diketahui	2
Dini Octoria	Afiliasi tidak diketahui	2
Dewi Kusuma Wardani	University of Sarjanawiyata Tamansiswa	1
Mitasih Indriayu	Afiliasi tidak diketahui	1
Titis Rena Siwi Pambudi	Afiliasi tidak diketahui	1
Dhani Aliffansyah	Afiliasi tidak diketahui	1
Fadilah Mutia Latifah	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">The Influence of Financial Literacy and Religiosity on Students’ Investment Decisions: A Comparative Study between Boarding School and Non-Boarding School Students</dc:title>
	<dc:creator xml:lang="en">Yanti, Indah Warih </dc:creator>
	<dc:creator xml:lang="en">Sabandi, Muhammad </dc:creator>
	<dc:subject xml:lang="en">Financial Literacy</dc:subject>
	<dc:subject xml:lang="en">Investment Decisions</dc:subject>
	<dc:subject xml:lang="en">Islamic Boarding Schools</dc:subject>
	<dc:subject xml:lang="en">Non-Islamic Boarding Schools</dc:subject>
	<dc:subject xml:lang="en">Religiosity</dc:subject>
	<dc:description xml:lang="en">This study aims to analyze the influence of financial literacy and religiosity on investment decisions, and to compare the differences in these influences on Islamic boarding school students and non-Islamic boarding school students in Surakarta City. This study is a quantitative study with a sample of 165 university students in Surakarta City, both with and without an Islamic boarding school background. Data collection techniques used tests and questionnaires in the form of Google Forms. Data analysis techniques used descriptive analysis, normality tests, linearity tests, multicollinearity tests, heteroscedasticity tests, and multiple linear analysis. The results of this study indicate that 1) financial literacy has a positive and significant effect on investment decisions, obtaining a regression coefficient of 0.574 and a calculated t of 2.286. The calculated t value &amp;gt; t table (2.286 &amp;gt; 1.974) and a significance value of 0.024 is smaller than 0.05 (0.024 &amp;lt; 0.05); 2) religiosity has a positive and significant effect on investment decisions, obtaining a regression coefficient of 0.271 and a calculated t of 4.221. The calculated t value &amp;gt; t table (4.221 &amp;gt; 1.974) and the significance value of 0.000 is smaller than 0.05 (0.024 &amp;lt; 0.05). 3) Islamic boarding school students have a greater influence on investment decisions than non-Islamic boarding school students, obtaining a determination coefficient (R²) of 0.505 and non-Islamic boarding school students of 0.396.</dc:description>
	<dc:publisher xml:lang="en">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2025-10-31</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/33528</dc:identifier>
	<dc:identifier>10.15294/eeaj.v14i3.33528</dc:identifier>
	<dc:source xml:lang="en">Economic Education Analysis Journal; Vol. 14 No. 3 (2025): Economic Education Analysis Journal; 284-296</dc:source>
	<dc:source>2502-356X</dc:source>
	<dc:source>2252-6544</dc:source>
	<dc:source>10.15294/eeaj.v14i3</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/journals/eeaj/article/view/33528/6778</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2025 Economic Education Analysis Journal</dc:rights>
</oai_dc:dc>