The Influence Of Parents, Financial Literacy, And Self-Confidence On Students' Investment Behavior (Case Study On University Students Islam Indonesia )
Keywords:
Parents' Financial Behavior, Financial Literacy, Self-Confidence, Student Investment Behavior.
Abstract
Student investment behavior is greatly influenced by various factors, including family influence, financial literacy level, and psychological factors such as self-confidence. This study aims to analyze the influence of parental financial behavior, financial literacy, and self-confidence on student investment behavior, with financial literacy as a mediating variable. With a quantitative approach, this study used a survey method on 200 students of the Islamic University of Indonesia as respondents. The sampling technique was carried out by purposive sampling with the criteria of students who have a basic understanding of investment. Data collection was carried out through an online questionnaire, and analyzed using the Structural Equation Modeling (SEM) method based on Partial Least Squares (PLS-SEM). The results showed that parental financial behavior and self-confidence had a positive effect on student investment behavior. Financial literacy also played a significant mediation role. These findings reinforce the importance of the role of family, education, and psychological factors in shaping the financial readiness of the younger generation.
References
Amelia, S., Sugiharto, B., & Putri, TE (2020). Analysis of Financial Behavior Patterns of College Students Based on Influencing Factors Using VariablesAmelia, S.,
Sugiharto, B., & Putri, TE (2020). Analysis of Financial Behavior Patterns of College Students Based on Influencing Factors Using Variables. JASS (Journal of Accounting for Sustainable Society), 2(01), 67–80.
Anggono, A., Barus, A., Nasution, SA, Astuty, F., & Tarwiyah, T. (2024). The Influence of Self-Efficacy on Students' Financial Behavior. Owner, 8(3), 2968–2980. https://doi.org/10.33395/owner.v8i3.2351
Antoni, X. (2020). The Influence Of Parental Financial Socialization Techniques On. October. https://doi.org/10.34109/ijefs.201911205
Arain, M., Campbell, M. J., Cooper, C. L., & Lancaster, G. A. (2010). What is a pilot or feasibility study? A review of current practice and editorial policy. 1–7.
Asadi, K., Yousefi, Z., & Mahdad, A. (2023). The Role of Family in Shaping Financial Literacy and Economic Behavior Kobra. Journal of Psychosociological Research in Family and Culture, 3(June), 22–29.
Astutik, EY, Sriyono, & Sari, HMK (2024). The Influence of Financial Literacy, Income, Financial Behavior and Risk Perception on Investment Decisions of Generation Z in Surabaya City. Journal of Administration and Management, 14(3), 389–399.
Balakrishnan, BKPD, Dahnil, MI, & Yi, WJ (2014). The Impact of Social Media Marketing Medium toward Purchase Intention and Brand Loyalty among Generation Y. Procedia - Social and Behavioral Sciences, 148, 177–185. https://doi.org/10.1016/j.sbspro.2014.07.032
Bandura, A. (1971). Social Learning Theory. In College Music Symposium (Vol. 61, Issue 1). https://doi.org/10.18177/sym.2020.61.1.sr.11518
Bandura, A. (1977). Self-efficacy: Toward a Unifying Theory of Behavioral Change. 84(2), 191–215.
Bandura, A. (1997). Self-efficacy: The exercise of control.
Bandura, A., Knutson, J. F., Moyer, K. E., & Berkowits, L. (1971). The Control of Aggression: Implications from Basics. In Sustainability (Switzerland) (Vol. 11, Issue 1). http://scioteca.caf.com/bitstream/handle/123456789/1091/RED2017-Eng-8ene.pdf?sequence=12&isAllowed=y%0Ahttp://dx.doi.org/10.101 6/j.regsciurbeco.2008.06.005%0Ahttps://www.researchgate.net/publication/305320484_SISTEM_PEMBETUNGAN_TERPUSAT_STRATEGI_MELESTARI
Brooks, C., & Williams, L. (2022). When it comes to the crunch: Retail investor decision-making during periods of market volatility. International Review of Financial Analysis, 80(April 2021), 102038. https://doi.org/10.1016/j.irfa.2022.102038
Budiarsi, SY (2020). Guidance Introduction To Sem-Pls Program At The Faculty Of Economics, Merdeka University. 3(2), 126–134.
Caliat, C. J., & Ishmael, K. M. (2024). Entrepreneurship Education in the Lens of the Senior. 41(1), 2–10.
Chanda, N., & Kaluba. (2025). Analyzing the Effects of Household Demographic Conditions on Savings: A Case Study of Lusaka. 5(2), 1429–1437.
Charoensereechai, C., Nurittamont, W., & Phayaphrom, B. (2022). Understanding The Effect Of Social Media Advertising Values On Online Purchase Intention: A Case Study Of Bangkok, Thailand. 5(May), 1–11.
Chawla, D., Bhatia, S., & Singh, S. (2022). Parental influence, financial literacy and investment behavior of young adults. Journal of Indian Business, 14(4), 520–539. https://doi.org/10.1108/JIBR-10-2021-0357
Chong, KF, Sabri, MF, Magli, AS, Rahim, HA, Mokhtar, N., & Othman, MA (2021). The Effects of Financial Literacy, Self-Efficacy and Self-Coping on Financial Behavior of Emerging Adults. Journal of Asian Finance, Economics and Business, 8(3), 905–915. https://doi.org/10.13106/jafeb.2021.vol8.no3.0905
Dhiran, M., & Jayabalan, J. (2024). Exploring the Impact of Financial Literacy on Investment Behavior among College Students. 44–50.
Dimitrov, D. M. (2002). Paper presented at the meeting of the American Educational Research Association. Error Variance of Rasch Measurement with Logistic Ability Distributions.
Dwiastanti, A. (2019). Financial Literacy as the Foundation for Individual Financial Behavior. Journal of Education and Practice, 6(33), 1–9. www.iiste.org
Fajriyah, IL, & Listiadi, A. (2021). The effect of pocket money and family financial education on personal financial management through financial literacy as an intervening The effect of pocket money and family financial education on personal financial management through financial literacy. 17(1), 61–72.
Fateye, T.B., Peiser, R.B., & Ajayi, C.A. (2024). Behavioral factors influencing investment decision-making in the Nigerian real estate stock market. Scientific African, 24(March), e02238. https://doi.org/10.1016/j.sciaf.2024.e02238
Fernanda, JW, Luthifiana, V., Akhyar, MK, Sunan, J., No, A., Kota, K., Kediri, K., & Timur, J. (2022). Analysis of Partial Least Square Structural Equation Model (PLS-SEM) for Modeling the Acceptance of the Joint Information Network System between Schools (JIBAS) of the State Islamic Institute (IAIN) Kediri. 15(2), 292–297.
Finke, M.S., Huston, J.S.J., Finke, M.S., Howe, J.S., & Huston, S.J. (2016). Old Age and the Decline in Financial Literacy Old Age and the Decline in Financial Literacy. February.
Fitri Melindasari, & Serli Oktapiani. (2023). The Influence of Financial Literacy, Risk Tolerance, Illusory Control, and Self-Confidence on Investment Decisions in the Capital Market (A Study of KSPM Customers Partnering with Phillip Sekuritas NTB). Advantage: Journal of Management and Business, 1(1), 10–19. https://doi.org/10.61971/advantage.v1i1.9
Gudmunson, C. G., & Danes, S. M. (2011). Family Financial Socialization: Theory and Critical Review. 644–667. https://doi.org/10.1007/s10834-011-9275-y
Gustika, G., & Yaspita, H. (2021). The Influence of Financial Literacy on Investment Decisions of STIE Indragiri Rengat Students. 6(April), 261–269. https://doi.org/10.33087/jmas.v6i1.252
Hadi, NM, Putri, SA, & Putri, I. (2023). The Influence of Financial Literacy, Financial Attitude and Locus of Control on Financial Management Behavior: A Case Study on Jakarta State University Students Class of 2019. 5(1), 86–98.
Hair, J.F., Gabriel, M., Silva, D., & Junior, S. (2019). Development and validation of attitudes measurement scales : fundamental and practical aspects. RAUSP Management Journal, 54(4), 490–507. https://doi.org/10.1108/RAUSP-05-2019-0098
Hair, J.F., Hult, G.T.M., Ringle, C.M., Sarstedt, M., Danks, N.P., & Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R.
Hair, J.F., Ringle, C.M., Hult, G.T.H., & Sarstedt, M. (2022). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM). September 2021.
Hair, J.F., Risher, J.J., Sarstedt, M., & Ringle, C.M. (2019). The Results of PLS-SEM Article information. European Business Review, 31(1), 2–24.
Hanifah, F., Noviani, L., & Sudarno. (2022). THE EFFECT OF FINANCIAL LITERACY ON STUDENTS' INVESTMENT DECISIONS. Journal of Economic Education, Entrepreneurship, Business, and Management, 6(1), 52–61.
Hays, D.G., & McKibben, W.B. (2021). Promoting Rigorous Research: Generalizability and Qualitative Research. Journal of Counseling and Development, 99(2), 178–188. https://doi.org/10.1002/jcad.12365
Henager, R., & Cude, B. J. (2016). Financial literacy and long- and short-term financial behavior in different age groups. Journal of Financial Counseling and Planning, 27(1), 3–19. https://doi.org/10.1891/1052-3073.27.1.3
Sugiharto, B., & Putri, TE (2020). Analysis of Financial Behavior Patterns of College Students Based on Influencing Factors Using Variables. JASS (Journal of Accounting for Sustainable Society), 2(01), 67–80.
Anggono, A., Barus, A., Nasution, SA, Astuty, F., & Tarwiyah, T. (2024). The Influence of Self-Efficacy on Students' Financial Behavior. Owner, 8(3), 2968–2980. https://doi.org/10.33395/owner.v8i3.2351
Antoni, X. (2020). The Influence Of Parental Financial Socialization Techniques On. October. https://doi.org/10.34109/ijefs.201911205
Arain, M., Campbell, M. J., Cooper, C. L., & Lancaster, G. A. (2010). What is a pilot or feasibility study? A review of current practice and editorial policy. 1–7.
Asadi, K., Yousefi, Z., & Mahdad, A. (2023). The Role of Family in Shaping Financial Literacy and Economic Behavior Kobra. Journal of Psychosociological Research in Family and Culture, 3(June), 22–29.
Astutik, EY, Sriyono, & Sari, HMK (2024). The Influence of Financial Literacy, Income, Financial Behavior and Risk Perception on Investment Decisions of Generation Z in Surabaya City. Journal of Administration and Management, 14(3), 389–399.
Balakrishnan, BKPD, Dahnil, MI, & Yi, WJ (2014). The Impact of Social Media Marketing Medium toward Purchase Intention and Brand Loyalty among Generation Y. Procedia - Social and Behavioral Sciences, 148, 177–185. https://doi.org/10.1016/j.sbspro.2014.07.032
Bandura, A. (1971). Social Learning Theory. In College Music Symposium (Vol. 61, Issue 1). https://doi.org/10.18177/sym.2020.61.1.sr.11518
Bandura, A. (1977). Self-efficacy: Toward a Unifying Theory of Behavioral Change. 84(2), 191–215.
Bandura, A. (1997). Self-efficacy: The exercise of control.
Bandura, A., Knutson, J. F., Moyer, K. E., & Berkowits, L. (1971). The Control of Aggression: Implications from Basics. In Sustainability (Switzerland) (Vol. 11, Issue 1). http://scioteca.caf.com/bitstream/handle/123456789/1091/RED2017-Eng-8ene.pdf?sequence=12&isAllowed=y%0Ahttp://dx.doi.org/10.101 6/j.regsciurbeco.2008.06.005%0Ahttps://www.researchgate.net/publication/305320484_SISTEM_PEMBETUNGAN_TERPUSAT_STRATEGI_MELESTARI
Brooks, C., & Williams, L. (2022). When it comes to the crunch: Retail investor decision-making during periods of market volatility. International Review of Financial Analysis, 80(April 2021), 102038. https://doi.org/10.1016/j.irfa.2022.102038
Budiarsi, SY (2020). Guidance Introduction To Sem-Pls Program At The Faculty Of Economics, Merdeka University. 3(2), 126–134.
Caliat, C. J., & Ishmael, K. M. (2024). Entrepreneurship Education in the Lens of the Senior. 41(1), 2–10.
Chanda, N., & Kaluba. (2025). Analyzing the Effects of Household Demographic Conditions on Savings: A Case Study of Lusaka. 5(2), 1429–1437.
Charoensereechai, C., Nurittamont, W., & Phayaphrom, B. (2022). Understanding The Effect Of Social Media Advertising Values On Online Purchase Intention: A Case Study Of Bangkok, Thailand. 5(May), 1–11.
Chawla, D., Bhatia, S., & Singh, S. (2022). Parental influence, financial literacy and investment behavior of young adults. Journal of Indian Business, 14(4), 520–539. https://doi.org/10.1108/JIBR-10-2021-0357
Chong, KF, Sabri, MF, Magli, AS, Rahim, HA, Mokhtar, N., & Othman, MA (2021). The Effects of Financial Literacy, Self-Efficacy and Self-Coping on Financial Behavior of Emerging Adults. Journal of Asian Finance, Economics and Business, 8(3), 905–915. https://doi.org/10.13106/jafeb.2021.vol8.no3.0905
Dhiran, M., & Jayabalan, J. (2024). Exploring the Impact of Financial Literacy on Investment Behavior among College Students. 44–50.
Dimitrov, D. M. (2002). Paper presented at the meeting of the American Educational Research Association. Error Variance of Rasch Measurement with Logistic Ability Distributions.
Dwiastanti, A. (2019). Financial Literacy as the Foundation for Individual Financial Behavior. Journal of Education and Practice, 6(33), 1–9. www.iiste.org
Fajriyah, IL, & Listiadi, A. (2021). The effect of pocket money and family financial education on personal financial management through financial literacy as an intervening The effect of pocket money and family financial education on personal financial management through financial literacy. 17(1), 61–72.
Fateye, T.B., Peiser, R.B., & Ajayi, C.A. (2024). Behavioral factors influencing investment decision-making in the Nigerian real estate stock market. Scientific African, 24(March), e02238. https://doi.org/10.1016/j.sciaf.2024.e02238
Fernanda, JW, Luthifiana, V., Akhyar, MK, Sunan, J., No, A., Kota, K., Kediri, K., & Timur, J. (2022). Analysis of Partial Least Square Structural Equation Model (PLS-SEM) for Modeling the Acceptance of the Joint Information Network System between Schools (JIBAS) of the State Islamic Institute (IAIN) Kediri. 15(2), 292–297.
Finke, M.S., Huston, J.S.J., Finke, M.S., Howe, J.S., & Huston, S.J. (2016). Old Age and the Decline in Financial Literacy Old Age and the Decline in Financial Literacy. February.
Fitri Melindasari, & Serli Oktapiani. (2023). The Influence of Financial Literacy, Risk Tolerance, Illusory Control, and Self-Confidence on Investment Decisions in the Capital Market (A Study of KSPM Customers Partnering with Phillip Sekuritas NTB). Advantage: Journal of Management and Business, 1(1), 10–19. https://doi.org/10.61971/advantage.v1i1.9
Gudmunson, C. G., & Danes, S. M. (2011). Family Financial Socialization: Theory and Critical Review. 644–667. https://doi.org/10.1007/s10834-011-9275-y
Gustika, G., & Yaspita, H. (2021). The Influence of Financial Literacy on Investment Decisions of STIE Indragiri Rengat Students. 6(April), 261–269. https://doi.org/10.33087/jmas.v6i1.252
Hadi, NM, Putri, SA, & Putri, I. (2023). The Influence of Financial Literacy, Financial Attitude and Locus of Control on Financial Management Behavior: A Case Study on Jakarta State University Students Class of 2019. 5(1), 86–98.
Hair, J.F., Gabriel, M., Silva, D., & Junior, S. (2019). Development and validation of attitudes measurement scales : fundamental and practical aspects. RAUSP Management Journal, 54(4), 490–507. https://doi.org/10.1108/RAUSP-05-2019-0098
Hair, J.F., Hult, G.T.M., Ringle, C.M., Sarstedt, M., Danks, N.P., & Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R.
Hair, J.F., Ringle, C.M., Hult, G.T.H., & Sarstedt, M. (2022). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM). September 2021.
Hair, J.F., Risher, J.J., Sarstedt, M., & Ringle, C.M. (2019). The Results of PLS-SEM Article information. European Business Review, 31(1), 2–24.
Hanifah, F., Noviani, L., & Sudarno. (2022). THE EFFECT OF FINANCIAL LITERACY ON STUDENTS' INVESTMENT DECISIONS. Journal of Economic Education, Entrepreneurship, Business, and Management, 6(1), 52–61.
Hays, D.G., & McKibben, W.B. (2021). Promoting Rigorous Research: Generalizability and Qualitative Research. Journal of Counseling and Development, 99(2), 178–188. https://doi.org/10.1002/jcad.12365
Henager, R., & Cude, B. J. (2016). Financial literacy and long- and short-term financial behavior in different age groups. Journal of Financial Counseling and Planning, 27(1), 3–19. https://doi.org/10.1891/1052-3073.27.1.3
Published
2025-05-23
How to Cite
Danurvando Winandra, & Nurfauziah. (2025). The Influence Of Parents, Financial Literacy, And Self-Confidence On Students’ Investment Behavior (Case Study On University Students Islam Indonesia ). International Journal of Economics, Business and Innovation Research, 4(03), 983-998. https://doi.org/10.63922/ijebir.v4i03.1840
.png)
Contact Person +6282139474255
Email : ijebir@citakonsultindo.or.id / editor.ijebir@gmail.com
