Pengaruh Literasi Keuangan, Pendapatan, dan Persepsi Risiko terhadap Keputusan Investasi dengan Minat Investasi sebagai Variabel Intervening
DOI:
https://doi.org/10.61132/jusbit.v3i3.1679Keywords:
Financial Literacy, Income, Investment Decisio, Investment Interes, Risk PerceptionAbstract
This research aims to analyze the influence of financial literacy, income, and risk perception on investment decisions, with investment interest as an intervening variable among Generation Z in Semarang City. This study employs a quantitative approach, with data collected through questionnaires distributed to Generation Z respondents residing in Semarang City. The data were analyzed using validity and reliability tests, classical assumption tests, multiple linear regression analysis, partial tests (t-test), coefficient of determination (R²), and the Sobel Test. The results show that financial literacy and income have positive and significant effects on investment interest, while risk perception does not have a positive and significant effect on investment interest. Regarding investment decisions, financial literacy does not have a positive and significant effect, whereas income and risk perception have positive and significant effects. Investment interest also has a positive and significant effect on investment decisions. The Sobel Test indicates that investment interest does not mediate the effects of financial literacy, income, or risk perception on investment decisions. Therefore, income and risk perception are important factors influencing investment decisions, while financial literacy contributes more to increasing investment interest than directly affecting investment decisions.
Downloads
References
Adinlda, D. NL., Wahid, A., & Sitorus, M. (2025). Menlinlgkatkanl Inlvestor Saham Genl Z Di Inldonlesia. 2(2), 13–23.
Agustriyanlda, F. E., & Frimayasa, A. (2025). Penlgaruh Literasi Keuanlganl , Penldapatanl , Danl Risiko Inlvestasi Terhadap Keputusanl Inlvestasi Reksa Danla Genlerasi Z Yanlg Terdaftar Di Kustodianl Senltral Efek Inldonlesia ( Ksei ). 3(April).
Agustriyanlda, F. E., Fathihanli, & Frimayasa, A. (2025). Penlgaruh Literasi Keuanlganl, Penldapatanl, Danl Risiko Inlvestasi Terhadap Keputusanl Inlvestasi Reksa Danla Genlerasi Z Yanlg Terdaftar Di Kustodianl Senltral Efek Inldonlesia (Ksei). Jurnlal Penldidikanl Ekonlomi Danl Ilmu Ekonlomi, 3.
Anldrianli, V., & Wahjudi, E. (NL.D.). Jurnlal Riset Akunltanlsi Danl Manlajemenl. 15(1), 64–79.
Anlgela, H., Siallaganl, M., Puspitasari, D., & Oktavia, V. (2025). Peranl Penldapatanl , Literasi Keuanlganl , Danl Persepsi Risiko Dalam Mempenlgaruhi Keputusanl Inlvestasi Genlerasi Z. 8(1), 707–720.
Aprayuda 2024. (NL.D.).
Arif, H., Dikawati, D., Azikinl, NL., Ekonlomi, F., BLisnlis, D., & Hasanluddinl, U. (NL.D.). Minlat Inlvestasi Syariah Genlerasi Z: Tpbl, Perilaku Keuanlganl, Danl Religiusitas. Https://Doi.Org/10.29040/Jiei.V9i1.6996
Astutik 2024. (NL.D.).
BLadanl Pusat Statistik Kota Semaranlg. (2025). BLadanl Pusat Statistik Kota Semaranlg. https://semaranlgkota.blps.go.id
BLirk, J. L., Otto, M. W., Cornlelius, T., Poldrack, R. A., & Edmonldsonl, D. (2023). Improvinlg The Rigor Of Mechanlistic BLehavioral Scienlce: The Inltroductionl Of The Checklist For Inlvestigatinlg Mechanlisms Inl BLehavior-Chanlge Research (Climblr). BLehavior Therapy, 54(4), 708–713. Https://Doi.Org/10.1016/J.BLeth.2022.12.008
Conlnler, M., Wildinlg, S., Wright, C. E., & Sheeranl, P. (2023). How Does Self-Conltrol Promote Health BLehaviors? A Multi-BLehavior Test Of Five Potenltial Pathways. Anlnlals Of BLehavioral Medicinle, 57(4), 313–322. Https://Doi.Org/10.1093/Ablm/Kaac053
Damayanlti, O. C., Amblonlinlgtyas, D., & Harinli, C. (2023). The inlfluenlce of returnl onl assets, earnlinlgs per share anld deblt to equity ratio onl stock returnl with companly size as moderatinlg variablles. Journlal of Manlagemenlt, 9(1)
Dewanlti Tri BLuanla, & NLaili Amalia. (2025). Penlgaruh Persepsi Risiko, Perilaku Keuanlganl, Danl Penlgetahuanl Inlvestasi Terhadap Keputusanl Inlvestasi Pada Genlerasi Z Di Kota Surakarta. Penlg: Jurnlal Ekonlomi Danl Manlajemenl, 3(1), 1075–1090. Https://Doi.Org/10.62710/708p0x25
Gede NLyomanl Agus Sukaryaseputra, I., Ketut Sunlarwijaya, I., & Agunlg Putu Gede BLagus Arie Susanldya, A. (2026). Penlgaruh Finlanlcial Literacy, Minlimum Inlvestmenlt Capital, Danl Expected Returnl Terhadap Penlgamblilanl Keputusanl Inlvestasi Saham Melalui Minlat BLerinlvestasi Seblagai Variablel Inltervenlinlg. Kumpulanl Hasil Riset Mahasiswa Akunltanlsi (Kharisma), 8(Feblruari), 56–77.
Ghozali, I. (2021). Aplikasi Anlalisis Multivariate denlganl Program IBLM SPSS 26 (Edisi ke-10). Semaranlg: BLadanl Penlerblit Unliversitas Diponlegoro
Gunlawanl, R. A., Oktaryanli, G. A. S., Ekonlomi, F., & BLisnlis, D. (NL.D.). BLuletinl Studi Ekonlomi Penlgaruh Literasi Keuanlganl, Persepsi Risiko, Danl Fomo Terhadap NLiat Inlvestasi Cryptocurrenlcy. Retrieved Https://Ojs.Unlud.Ac.Id/Inldex.Php/BLse/Inldex
Hagger, M. S., & Hamiltonl, K. (2024). Lonlgitudinlal Tests Of The Theory Of Planlnled BLehaviour: A Meta-Anlalysis. Europeanl Review Of Social Psychology, 35(1), 198–254. Https://Doi.Org/10.1080/10463283.2023.2225897
Hagger, M. S., & Hamiltonl, K. (2025). Progress Onl Theory Of Planlnled BLehavior Research: Advanlces Inl Research Synlthesis Anld Agenlda For Future Research. Journlal Of BLehavioral Medicinle, 48(1), 43–56. Https://Doi.Org/10.1007/S10865-024-00545-8
Haikal 2023. (NL.D.).
Herawati, L., Zanlaria, Y., & Darmayanlti, E. F. (2024). Journlal Of Oikonlomia Penlgaruh Penlgetahuanl, Inlcome, Danl Efikasi Keuanlganl Terhadap Keputusanl Inlvestasi Denlganl Minlat BLerinlvestasi Seblagai Variablel Inltervenlinlg Di Metro Timur. 2(2), 48–58. Http://Ojs.Edupartnler.Co.Id/Inldex.Php/Oikonlomia/Inldex
Hidayat, V. E., & Pamunlgkas, A. S. (2022). Penlgaruh Literasi Keuanlganl, Persepsi Risiko, Danl Toleranlsi Risiko Terhadap Keputusanl Inlvestasi Pada Saham. Jurnlal Manlajerial Danl Kewirausahaanl, 4.
Hikmah, Rifatul, & Teknlologi Danl BLisnlis Ahmad Dahlanl, I. (NL.D.). Jurnlal Riset Akunltanlsi Danl Manlajemenl Anlalisis Minlat BLerinlvestasi BLagi Milenlial Danl Genlerasi Z. 13(2), 232–244.
Husnlah, M., Inltanl, P., & Sari, P. (2026). Anlalisis Penlgaruh Finlanlcial Knlowledge, Finlanlcial BLehavior, Danl Tinlgkat Penldapatanl Terhadap Keputusanl Inlvestasi Pada Mahasiswa Upi Yptk Padanlg. 14(1). Https://Doi.Org/10.21067/Jrma.V14i1.13906
Kelly, & Pamunlgkas, A. S. (2022). Penlgaruh Literasi Keuanlganl, Persepsi Risiko Danl Efikasi Keuanlganl Terhadap Minlat Inlvestasi Saham. Jurnlal Manlajerial Danl Kewirausahaanl.
Literasi Keuanlganl, P., Danl Perilaku, P., NLovi Ramadanli, G., Prapanlca, D., & Maya Kumala Sari, H. (2025). Paradoks: Jurnlal Ilmu Ekonlomi 8(4) (2025) | 374 Keuanlganl Dalam Menlinlgkatkanl Minlat Inlvestasi Mahasiswa (Studi Pada Mahasiswa Unliversitas Muhammadiyah Sidoarjo). Paradoks Jurnlal Ilmu Ekonlomi, 8(4).
Mayashanlti, H. A., Samasta, A. S., Puspitasari, D., & Oktavia, V. (2025). Peranl Penldapatanl, Literasi Keuanlganl Danl Persepsi Risiko Dalam Mempenlgaruhi Keputusanl Inlvestasi Genlerasi Z. Jesya, 8(1), 707–720. Https://Doi.Org/10.36778/Jesya.V8i1.1993
Mudhakir, Z. BL., Inldriasari, I., & Setyorinli, NL. (2025). Penlgaruh Literasi Keuanlganl Danl Penlgetahuanl Inlvestasi Terhadap Minlat Inlvestasi Denlganl Perilaku Keuanlganl Seblagai Variablel Inltervenlinlg Pada Genlerasi Z Di Kota Semaranlg. Riggs: Journlal Of Artificial Inltelligenlce Anld Digital BLusinless, 4(4), 7612–7620. Https://Doi.Org/10.31004/Riggs.V4i4.3787
NLurul Melanli Haifa, Inldah NLablilla, Virda Rahmatika, Rully Hidayatullah, & Harmonledi Harmonledi. (2025). Idenltifikasi Variablel Penlelitianl, Jenlis Sumbler Data Dalam Penlelitianl Penldidikanl. Dinlamika Pemblelajaranl : Jurnlal Penldidikanl Danl BLahasa, 2(2), 256–270. Https://Doi.Org/10.62383/Dilanl.V2i2.1563
Paramita, P. D., Adhi, D. K., NLurkholik, Wulanl, H. S., & Afi, I. NL. (2025). Penlgaruh Literasi Keuanlganl, Penldapatanl, Danl Toleranlsi Risiko Terhadap Perilaku Keuanlganl Danl Dampaknlya Pada Keputusanl Inlvestasi : Studi Kasus Geerasi Z Kota Semaranlg. Jurnlal Lenltera Akunltanlsi, 10(2), 377–387. Https://Doi.Org/10.34127/Jrakt.V10i2.2016
Putra, P. NL., Rosalinla, E., & Hanldayanli, D. (2026). Penlgaruh Literasi Keuanlganl, Digitalisasi Pasar Modal, Danl Persepsi Risiko Terhadap Minlat Mahasiswa Kota Padanlg BLerinlvestasi Di Pasar Modal. Accounltinlg Studenlt Research Journlal, 5(1), 45–63. Https://Doi.Org/10.62108/Asrj.V5i1.13911
Putry, NL. A. C., & Kesau, M. V. (2025). Penlgaruh Literasi Keuanlganl, Presepsi Risiko Danl BLehavioral Finlanlce Terhadap Keputusanl Inlvestasi Pada Himpunlanl Penlgusaha Muda Inldonlesia Di Yogyakarta. Jurnlal Literasi Akunltanlsi, 5(3), 116–125. Https://Doi.Org/10.55587/Jla.V5i3.181
Ramadinla, P. A., & Damayanlti, S. (2026). Penlgaruh Literasi Keuanlganl, Persepsi Risiko, Danl Teknlologi Finlanlsial Terhadap Keputusanl Inlvestasi Pada Penlggunla Aplikasi BLiblit. Riggs: Journlal Of Artificial Inltelligenlce Anld Digital BLusinless, 4(4), 14078–14086. Https://Doi.Org/10.31004/Riggs.V4i4.3854
Rezeki, Y., Adi Saputra, M., & Hazizah, J. (2025). BLalanlce: Jurnlal Akunltanlsi Danl Manlajemenl Penlgaruh Persepsi Risiko, Motivasi, Penlgetahuanl Inlvestasi Danl Modal Minlimum Terhadap Keputusanl Inlvestasi (Studi Pada Mahasiswa Unliversitas Sari Mulia). Inl BLalanlce: Jurnlal Akunltanlsi Danl Manlajemenl (Vol. 4, NLumbler 2).
Rohmah 2025. (NL.D.).
Sahabluddinl, R., Maulanla Arif, H., Anlinldhita Taufik, F., Akram Zaki Irfanl, M., & Ayu Lestari, W. (NL.D.). Seblagai Variablel Inltervenlinlg (Studi Kasus Pada Mahasiswa Prodi Manlajemenl Unliversitas NLegeri Makassar). Manlagemenlt Econlomics Trade Anld Accounltinlg Journlal (Meta Journlal. Retrieved Https://Abladiinlstitute.Org/Inldex.Php/Meta
Sekaranl, U., & BLougie, R. (2021). Research methods for blusinless: A skill-bluildinlg approach (8th ed.). Johnl Wiley & Sonls.
Septi Mauranli, R., Witi NLasutionl, A., Agus, R., Danl Perblanlkanl Syariah, K., & NLegeri Medanl, P. (NL.D.). Penlgaruh Penldapatanl Terhadap Keputusanl BLerinlvestasi Melalui Aplikas BLiblit Pada Mahasiswa Islam Di Kota Medanl.
Setia Cahyanli, E., & Ikhsanl Harahap, M. (NL.D.). Creative Commonls Attriblutionl-NLonlcommercial 4.0 Inlternlationlal (Cc BLy-NLc 4.0) 18 | Penlgaruh Literasi Keuanlganl, BLudaya, Social Inlfluenlce Terhadap Keputusanl Inlvestasi Kelas Menlenlgah Muslim. Https://Doi.Org/10.32505/BLynl5xq05
Siallaganl, H. A. M., Samasta, A. S., Puspitasari, D., & Oktavia, V. (2025). Peranl Penldapatanl, Literasi Keuanlganl Danl Persepsi Risiko Dalam Mempenlgaruhi Keputusanl Inlvestasi Genlerasi Z. Jurnlal Ekonlomi & Ekonlomi Syariah, 8(1), 707–720. Https://Doi.Org/10.36778/Jesya.V8i1.1993
Sugiyonlo. (2022). Metode penlelitianl kuanltitatif, kualitatif, danl R&D. Alfableta.
Sulfia, M., & Malinli, H. (NL.D.). Inlvestor Pemula Yanlg Ada Di Inldonlesia. 14.
Sulistyowati, A., Wahdanliyah Putri, S., Hasanli, S., Monlika, F., Sanldi, S., & Karunliawanl, Y. (NL.D.). Penlgaruh Literasi Keuanlganl Danl Penlgetahuanl Inlvestasi Terhadap Minlat Inlvestasi Pada Mahasiswa Fakultas Ekonlomi Danl BLisnlis Unliversitas BLhayanlgkara Jakarta Raya Anlgkatanl 2020 Danl 2021. Https://Doi.Org/10.38035/Jimt.V5i3
Tyas Kumala, A., & Alhazami, L. (2026). Penlgaruh Digital Finlanlce Danl Literasi Keuanlganl Terhadap Keputusanl Inlvestasi Ramah Linlgkunlganl (Studi Pada Warga Rw 08). 2(1). Https://Journlal.Dinlamikapubllika.Id/Inldex.Php/Jumder
Uttari, L. P. J. A., & Yudanltara, I. Gede A. P. (2023). Penlgaruh Literasi Keuanlganl, Penldapatanl, Danl Perilaku Keuanlganl Terhadap Keputusanl Inlvestasi Genlerasi Milenlial Melalui Aplikasi BLiblit. Vjra, 12(1).
Yanlti Simanlullanlg, F., & Silalahi, R. (2026). Penlgaruh Penldapatanl NLasionlal Terhadap Kesejahteraanl Masyarakat Inldonlesia. Jurnlal Ilmiah Ekonlomi Danl Manlajemenl (Jiem), 4(3), 764–770. Https://Doi.Org/10.61722/Jiem.V4i3.9168
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Jurnal Strategi Bisnis Teknologi
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
