The Effect of Financial Literacy, Risk Perception, and Income on Investment Decisions with Self-Efficacy as an Intervening Variable in Generation Z of GemsGBKP Binjai City

Kristiani Br Ginting; Noni Ardian; Ramadhan Harahap

doi:10.61994/equivalent.v4i2.1887

Authors

Kristiani Br Ginting Universitas Pembangunan Panca Budi, Medan, North Sumatra Author
Noni Ardian Universitas Pembangunan Panca Budi, Medan, North Sumatra Author
Ramadhan Harahap Universitas Pembangunan Panca Budi, Medan, North Sumatra Author

DOI:

https://doi.org/10.61994/equivalent.v4i2.1887

Keywords:

Financial literacy, risk perception, income, self-efficacy, investment decisions

Abstract

This study aims to analyze the influence of financial literacy, risk perception, and income on investment decisions with self-efficacy as an intervening variable in Generation Z of GBKP Gem Binjai City. This type of research is quantitative with a causal approach using a survey method. The research population is all members of Generation Z of Permata GBKP Binjai City which totals 250 people, with a sample of 71 respondents using the Slovin formula and simple random sampling techniques. Data was collected through a questionnaire with a Likert scale and analyzed using Partial Least Square-Structural Equation Modeling (PLS-SEM) with SmartPLS software. The results of the study show that financial literacy, income, and risk perception do not have a significant direct effect on investment decisions. However, these three variables have a positive and significant effect on self-efficacy, with income having the strongest influence, followed by risk perception and financial literacy. Self-efficacy has been shown to have a positive and significant effect on investment decisions, and plays a role as a full mediator in the relationship between financial literacy and income on investment decisions. The research model has good predictive ability with moderate categories for investment decisions and self-efficacy, and shows excellent predictive relevance.

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