IDEAS home Printed from https://ideas.repec.org/a/uii/jrambr/v5y2025i1p19-34id35898.html
   My bibliography  Save this article

The effect of financial literacy, financial self-efficacy, financial technology literacy, and risk perception on stock investment decisions: Millennials preferences

Author

Listed:
  • Cahyo Sunarko
  • Sutrisno Sutrisno

Abstract

Nowadays, investment has major importance for future contingencies. The millennials are one that currently take over a large number of capital market investors. To advocate optimal and sustainable decision-making in stock investment, it is important to explore the determinants of investment decisions which include financial literacy, financial self-efficacy, and risk perception. The study was conducted to assess the influence of financial literacy, financial self-efficacy, financial technology literacy, and risk perception on stock investment decisions in the millennial generation of Yogyakarta Special Region. The population of this study was millennial stock investors in the D.I. Yogyakarta province. The sample is used with criteria that age in between investing 28–43 years old; namely 115 people. The data was collected via a survey strategy and then analyzed using the SEM-PLS technique. Based on the research findings, it can be concluded that financial literacy has a significant positive effect on stock investment decisions among the millennials in Yogyakarta. Conversely, financial self-efficacy negatively impacts stock investment decisions significantly. Additionally, financial technology literacy also demonstrates a positive and significant influence on stock investment decisions. In contrast, risk perception does not appear to affect stock investment decisions among millennials in Yogyakarta. Theoretical and practical implications are discussed in the last section of this article.

Suggested Citation

  • Cahyo Sunarko & Sutrisno Sutrisno, 2025. "The effect of financial literacy, financial self-efficacy, financial technology literacy, and risk perception on stock investment decisions: Millennials preferences," Asian Management and Business Review, Master of Management, Department of Management, Faculty of Business and Economics Universitas Islam Indonesia, vol. 5(1), pages 19-34.
    • Handle: RePEc:uii:jrambr:v:5:y:2025:i:1:p:19-34:id:35898
    as

    Download full text from publisher

    File URL: https://journal.uii.ac.id/AMBR/article/view/35898
    Download Restriction: no
    ---><---

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:uii:jrambr:v:5:y:2025:i:1:p:19-34:id:35898. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ana Yuliani (email available below). General contact details of provider: https://journal.uii.ac.id/AMBR/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.