Melola Discovery

← Melola Discovery

Journal

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) · pp. 284–296

DOI
10.15294/eeaj.v14i3.33528
ISSN
2502-356X, 2252-6544
Published
2025-10-31
Publisher
Universitas Negeri Semarang
Language
eng

Abstract

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.

Keywords

Collaboration network of the authors

16 authors · 24 co-authorship links

Hover or tap a name to highlight its co-authors. Double-click to open the author's page.

  • University of Sarjanawiyata Tamansiswa
  • Institut Teknologi Sepuluh Nopember
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
SudarnoAffiliation unknown2
Dini OctoriaAffiliation unknown2
Dewi Kusuma WardaniUniversity of Sarjanawiyata Tamansiswa1
Mitasih IndriayuAffiliation unknown1
Titis Rena Siwi PambudiAffiliation unknown1
Dhani AliffansyahAffiliation unknown1
Fadilah Mutia LatifahAffiliation unknown1
Sudarno SudarnoAffiliation unknown1
Nugraheni RamadhonaAffiliation unknown1
Hasna Nur FaramidaAffiliation unknown1
Lukman HakimInstitut Teknologi Sepuluh Nopember1
Saringatun MudrikahAffiliation unknown1
Mintasih IndriayuAffiliation unknown1
Andika Yudha TiyasaAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/journals/eeaj/oai, first harvested 5 Nov 2026, last seen 5 Nov 2026.
Original metadata (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>