PERAN SELF-EFFICACY FINANSIAL MEMEDIASI FINANSIAL LITERASI DIGITAL DAN RISK TOLERANCE PADA NIAT INVESTASI
Abstract
Penelitian ini bertujuan menganalisis pengaruh literasi finansial digital dan toleransi risiko terhadap niat investasi saham Generasi Z non-investor, dengan efikasi diri finansial sebagai variabel mediasi. Penelitian menggunakan pendekatan kuantitatif dengan metode survei melalui kuesioner daring berskala Likert 5 poin. Sampel penelitian berjumlah 160 responden Generasi Z kelahiran 1997 sampai 2012 yang memiliki akses terhadap informasi atau platform keuangan digital, tetapi belum pernah membeli atau berinvestasi saham. Variabel penelitian meliputi literasi finansial digital, toleransi risiko, efikasi diri finansial, dan niat investasi. Data dianalisis menggunakan Partial Least Squares Structural Equation Modeling dengan SmartPLS 3 melalui pengujian outer model dan inner model. Hasil penelitian menunjukkan bahwa seluruh konstruk valid dan reliabel. Nilai R-square efikasi diri finansial sebesar 0,589 dan niat investasi sebesar 0,541, sehingga model memiliki kemampuan prediktif moderat. Literasi finansial digital dan toleransi risiko berpengaruh positif dan signifikan terhadap efikasi diri finansial serta niat investasi. Efikasi diri finansial juga berpengaruh positif dan signifikan terhadap niat investasi. Selain itu, efikasi diri finansial terbukti memediasi pengaruh literasi finansial digital dan toleransi risiko terhadap niat investasi. Temuan ini menegaskan bahwa niat investasi saham Generasi Z non-investor tidak hanya dipengaruhi oleh pengetahuan digital dan kesiapan menerima risiko, tetapi juga oleh keyakinan diri dalam mengambil keputusan finansial.
References
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Letkiewicz, J., Robinson, C., & Domian, D. L. (2023). Behavioral and wealth considerations for seeking professional financial planning help. Financial Services Review, 25(2), 105.
Lim, T. S., & Qi, P. C. (2023). Investigating the antecedents of investment intention and the mediating effect of investment self-efficacy among young adults in Shandong, China. Global Business & Finance Review, 28(2), 1–16.
Pamungkas, W. S., & Setyani, S. R. (2024). The influence of financial literacy, financial technology and financial self-efficacy on financial inclusion. Journal of Economics Assets and Evaluation, 1(4), 12.
Pangestika, T. B., & Rusliati, E. (2019). Literasi dan efikasi keuangan terhadap minat mahasiswa berinvestasi di pasar modal. Jurnal Riset Bisnis dan Manajemen, 12(1), 37–37.
Peter, L., & Mathew, J. (2025). From confidence to action: How financial self-efficacy and risk tolerance influence investment behaviour. International Journal of Indian Psychology, 13(3), 1953.
Prasetyo, P. K., Sumiati, S., & Ratnawati, K. (2023). The impact of disposition effect, herding and overconfidence on investment decision making moderated by financial literacy. International Journal of Research in Business and Social Science, 12(9), 241–251.
Pratama, I., & Artini, L. G. S. (2025). Decoding investment behavior: The impact of financial literacy, risk tolerance, and financial satisfaction on Generation Z’s investment decisions. International Research Journal of Management IT and Social Sciences, 12(3).
Putri, N. P. J. A. W., & Ratnadi, N. M. D. (2023). Investment knowledge, self-efficacy, expected return, perceived risk dan minat mahasiswa berinvestasi saham. E-Jurnal Akuntansi, 33(8).
Rahayu, R., Ali, S., Aulia, A., & Hidayah, R. (2022). The current digital financial literacy and financial behavior in Indonesian millennial generation. Journal of Accounting and Investment, 23(1), 78.
Ratnadi, N. M. D. (2023). The influence of socio-economic and psychological factors on millennial generation’s stock investment decisions. Accounting Analysis Journal, 12(2), 123–133.
Rizkia, R. F., Pramesti, F. A., & Amaroh, S. (2023). Pengaruh pengetahuan investasi, risk tolerance, dan self-efficacy terhadap intensi investasi pasar modal pada Generasi Z. Islamic Business and Finance, 4(2), 144–144.
Rosada, A., & Sholahuddin, M. (2023). Analysis of Generation Z’s investment interest in the Islamic capital market. In Advances in Economics, Business and Management Research (p. 137). Atlantis Press.
Shahzadi, A., Hameed, I., Akram, A., Mughal, M. M., Akhtar, M., & Javeid, U. (2025). From novice to investor: Uncovering the role of self-efficacy, financial knowledge and social influence on Gen Z investment intention. Journal of Asian Development Studies, 14(3), 650–666.
Singh, A. P., Goel, U., Kumar, S., & Johri, A. (2025). Unveiling the attitudinal factors: An integration of TPB and SCT in understanding investor intention towards equity investments. Humanities and Social Sciences Communications, 12(1).
Siratan, E. D., Yulita, H., Clarissa, & Michelle. (2024). Kepuasan merek terhadap loyalitas merek melalui keterikatan emosional merek dan cinta merek sebagai variabel mediasi. Jurnal E-Bis (Ekonomi-Bisnis), 8(1), 300–309.
Siratan, E. D., Tannia, Susilo, S. R., Dewi, A. C., & Dozen, W. (2024). The influence of behaviour finance and demographic factors on investment decision making through risk tolerance as mediation. Dinasti International Journal of Economics, Finance & Accounting, 4(6), 807–815.
Sugiyono. (2022). Metode penelitian kuantitatif, kualitatif, dan R&D (Cet. I). Alfabeta.
Suparno, S., Disman, D., Saptono, A., & Widhiastuti, R. (2023). Economic education, digital literacy and intention to invest among students: The mediating role of financial attitudes. International Journal of Instruction, 17(1), 65–82.
Toto, T., & Kartika, R. (2023). Faktor yang mempengaruhi minat Gen Z dalam berinvestasi di pasar modal. Creative Research Management Journal, 6(1), 1.
Vici, I., & Nuryasman, M. N. (2022). Investment readability through the digital platform. Jurnal Ekonomi, 27(2), 191.
Yamani, A. Z. N., & Munir, M. (2023). The effect of financial self-efficacy on student investment interest mediated by financial literacy. Almana: Jurnal Manajemen dan Bisnis, 7(2), 347.
Yusup, A. K., & Hongdiyanto, C. (2023). Unlocking financial literacy in Generation Z: Are sociodemographic factors the key? Petra International Journal of Business Studies, 6(2), 193–200.
Wibowo, M. A., Indrawati, N. K., & Aisjah, S. (2023). The impact of overconfidence and herding bias on stock investment decisions mediated by risk perception. International Journal of Research in Business and Social Science, 12(5), 174–184.
Abdurrahman, H., Gusniarti, & Gultom, M. S. (2025). Preferensi minat investasi syariah generasi milenial dalam menggunakan aplikasi Growin’ Mandiri Sekuritas. JIMEA: Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi), 9(1), 1457–1484.
Ahzar, F. A., Qurniawati, R. S., & Nurohman, Y. A. (2023). Investasi digital: Faktor penentu dalam keputusan investasi. Jurnal Ilmiah Infokam, 19(1), 23–33.
Akbar, R. P., & Armansyah, R. F. (2023). Perilaku keuangan Generasi Z berdasarkan literasi keuangan, efikasi diri, dan gender. Jurnal Ilmiah Manajemen dan Bisnis (JIMBis), 2(2), 107–124.
Alfathya, A. F., Sumiati, S., & Indrawati, N. K. (2025). Is risk tolerance the missing link? Unpacking the drivers of investment intention and gender differences among Generation Z. Jurnal Aplikasi Manajemen, 23(2), 565–578.
Anwar, M. M. (2025). How digital financial literacy and social media usage build saving behavior among Generation Z. Asia-Pacific Journal of Business Administration, 1.
Anwar, M. R. F., & Leon, F. M. (2022). Faktor-faktor yang mempengaruhi financial behavior pada Generasi Z di DKI Jakarta. Jurnal Ilmu Manajemen Saburai (JIMS), 8(2).
Anto, J., & Siratan, E. D. (2026). SMM dan brand image pada pembelian Kopi Kenangan: Mediasi emotional attachment. Business Management Journal, 22(1), 58–73.
Armansyah, R. F. (2020). A study of investor financial behavior on online trading system in Indonesian Stock Exchange: E-satisfaction, e-loyalty, and e-trust. Journal of Economics, Business, and Accountancy Ventura, 23(1), 69.
Brooks, C., & Williams, L. (2021). When it comes to the crunch: Retail investor decision-making during periods of market volatility. SSRN Electronic Journal.
Elfahmi, R., Solikin, I., & Nugraha, N. (2020). Model of student investment intention with financial knowledge as a predictor that moderated by financial self-efficacy and perceived risk. Dinasti International Journal of Economics, Finance & Accounting, 1(1), 165.
Erliana, E., & Tjokrosaputro, M. (2023). Faktor-faktor yang memengaruhi intensi Generasi Z untuk berinvestasi saham. Jurnal Manajemen Bisnis dan Kewirausahaan, 7(6), 1254–1267.
Fauzia, I. Y. (2020). Enhancing the literacy of shariah financial technology for Generation X, Y and Z in Indonesia. Jurnal Minds: Manajemen Ide dan Inspirasi, 7(2), 65–65.
Ferdiansyah, A., & Safitri, R. (2023). Pengaruh self-efficacy dan perceived organizational support terhadap organizational citizenship behavior. JIMEA: Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi), 7(2), 883–894.
Fitriyani, L. (2023). Literasi finansial di kalangan Generasi Z dalam berbelanja online di masa pandemi Covid-19. Jurnal Dinamika Sosial Budaya, 25(1), 311–311.
Frans, F., & Handoyo, S. E. (2020). Pengaruh ekspektasi pengembalian, toleransi risiko, dan efikasi diri terhadap minat investasi saham. Jurnal Manajerial dan Kewirausahaan, 2(1), 22.
Furinto, A., Tamara, D., Yenni, & Rahman, N. (2023). Financial and digital literacy effects on digital investment decision mediated by perceived socio-economic status. E3S Web of Conferences, 426, 02076.
Hair, J. F., Jr., Hult, G. T. M., Ringle, C. M., Sarstedt, M., & Danks, N. P. (2021). An introduction to structural equation modeling: Partial least squares structural equation modeling (PLS-SEM) using R: A workbook. Springer.
Hanggraeni, D. (2022). Determinants of risky investment intention among Generation Y: An evidence from Indonesia. Asian Journal of Research in Business and Management, 4(1), 41-51.
Islam, K. M. A., & Khan, M. S. (2024). The role of financial literacy, digital literacy, and financial self-efficacy in FinTech adoption. Investment Management and Financial Innovations, 21(2), 370.
Jhonson, B., Andriani, R., Noviana, I., & Tamara, D. (2023). Influence of digital financial literacy on financial well-being through spending, saving, and investment behavior in Indonesia. Journal of Business Studies and Management Review, 6(2), 157.
Junaedy, E. (2025). Analisis pengaruh literasi keuangan dan kemampuan keuangan mahasiswa Prodi Manajemen STIE Wikara terhadap minat beli saham di platform Stockbit. JIMEA: Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi), 9(1), 3562–3574.
Juniarti, S., Oebit, C. E. S., Yuliantini, T., & Ayomi, P. (2024). Pengaruh financial literacy dan risk tolerance terhadap investasi saham Generasi Z di era digital. Oikonomia Jurnal Manajemen, 20(2), 101–110.
Letkiewicz, J., Robinson, C., & Domian, D. L. (2023). Behavioral and wealth considerations for seeking professional financial planning help. Financial Services Review, 25(2), 105.
Lim, T. S., & Qi, P. C. (2023). Investigating the antecedents of investment intention and the mediating effect of investment self-efficacy among young adults in Shandong, China. Global Business & Finance Review, 28(2), 1–16.
Pamungkas, W. S., & Setyani, S. R. (2024). The influence of financial literacy, financial technology and financial self-efficacy on financial inclusion. Journal of Economics Assets and Evaluation, 1(4), 12.
Pangestika, T. B., & Rusliati, E. (2019). Literasi dan efikasi keuangan terhadap minat mahasiswa berinvestasi di pasar modal. Jurnal Riset Bisnis dan Manajemen, 12(1), 37–37.
Peter, L., & Mathew, J. (2025). From confidence to action: How financial self-efficacy and risk tolerance influence investment behaviour. International Journal of Indian Psychology, 13(3), 1953.
Prasetyo, P. K., Sumiati, S., & Ratnawati, K. (2023). The impact of disposition effect, herding and overconfidence on investment decision making moderated by financial literacy. International Journal of Research in Business and Social Science, 12(9), 241–251.
Pratama, I., & Artini, L. G. S. (2025). Decoding investment behavior: The impact of financial literacy, risk tolerance, and financial satisfaction on Generation Z’s investment decisions. International Research Journal of Management IT and Social Sciences, 12(3).
Putri, N. P. J. A. W., & Ratnadi, N. M. D. (2023). Investment knowledge, self-efficacy, expected return, perceived risk dan minat mahasiswa berinvestasi saham. E-Jurnal Akuntansi, 33(8).
Rahayu, R., Ali, S., Aulia, A., & Hidayah, R. (2022). The current digital financial literacy and financial behavior in Indonesian millennial generation. Journal of Accounting and Investment, 23(1), 78.
Ratnadi, N. M. D. (2023). The influence of socio-economic and psychological factors on millennial generation’s stock investment decisions. Accounting Analysis Journal, 12(2), 123–133.
Rizkia, R. F., Pramesti, F. A., & Amaroh, S. (2023). Pengaruh pengetahuan investasi, risk tolerance, dan self-efficacy terhadap intensi investasi pasar modal pada Generasi Z. Islamic Business and Finance, 4(2), 144–144.
Rosada, A., & Sholahuddin, M. (2023). Analysis of Generation Z’s investment interest in the Islamic capital market. In Advances in Economics, Business and Management Research (p. 137). Atlantis Press.
Shahzadi, A., Hameed, I., Akram, A., Mughal, M. M., Akhtar, M., & Javeid, U. (2025). From novice to investor: Uncovering the role of self-efficacy, financial knowledge and social influence on Gen Z investment intention. Journal of Asian Development Studies, 14(3), 650–666.
Singh, A. P., Goel, U., Kumar, S., & Johri, A. (2025). Unveiling the attitudinal factors: An integration of TPB and SCT in understanding investor intention towards equity investments. Humanities and Social Sciences Communications, 12(1).
Siratan, E. D., Yulita, H., Clarissa, & Michelle. (2024). Kepuasan merek terhadap loyalitas merek melalui keterikatan emosional merek dan cinta merek sebagai variabel mediasi. Jurnal E-Bis (Ekonomi-Bisnis), 8(1), 300–309.
Siratan, E. D., Tannia, Susilo, S. R., Dewi, A. C., & Dozen, W. (2024). The influence of behaviour finance and demographic factors on investment decision making through risk tolerance as mediation. Dinasti International Journal of Economics, Finance & Accounting, 4(6), 807–815.
Sugiyono. (2022). Metode penelitian kuantitatif, kualitatif, dan R&D (Cet. I). Alfabeta.
Suparno, S., Disman, D., Saptono, A., & Widhiastuti, R. (2023). Economic education, digital literacy and intention to invest among students: The mediating role of financial attitudes. International Journal of Instruction, 17(1), 65–82.
Toto, T., & Kartika, R. (2023). Faktor yang mempengaruhi minat Gen Z dalam berinvestasi di pasar modal. Creative Research Management Journal, 6(1), 1.
Vici, I., & Nuryasman, M. N. (2022). Investment readability through the digital platform. Jurnal Ekonomi, 27(2), 191.
Yamani, A. Z. N., & Munir, M. (2023). The effect of financial self-efficacy on student investment interest mediated by financial literacy. Almana: Jurnal Manajemen dan Bisnis, 7(2), 347.
Yusup, A. K., & Hongdiyanto, C. (2023). Unlocking financial literacy in Generation Z: Are sociodemographic factors the key? Petra International Journal of Business Studies, 6(2), 193–200.
Wibowo, M. A., Indrawati, N. K., & Aisjah, S. (2023). The impact of overconfidence and herding bias on stock investment decisions mediated by risk perception. International Journal of Research in Business and Social Science, 12(5), 174–184.
Published
2026-07-22
How to Cite
Siratan, E., Budiyanto, V., Nelson, C. I., Riswandari, E., & Gunawan, G. E. (2026). PERAN SELF-EFFICACY FINANSIAL MEMEDIASI FINANSIAL LITERASI DIGITAL DAN RISK TOLERANCE PADA NIAT INVESTASI. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 10(2), 1165-1184. https://doi.org/10.31955/mea.v10i2.7602
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