Digital Investment Decisions: How Financial Behaviorand Attitude Interacts with Financial Literacy?‎

  • Authors

    • Tutik Siswanti Student Program Doctor of Economics, Trisakti University, Jakarta, Indonesia
    • Juniati Gunawan Lecture of the Faculty of Economics and Business, Trisakti University, Jakarta, Indonesia
    • Susi Dwi Mulyani Lecture of the Faculty of Economics and Business, Trisakti University, Jakarta, Indonesia
    https://doi.org/10.14419/t8xpdz69

    Received date: July 23, 2025

    Accepted date: October 9, 2025

    Published date: January 14, 2026

  • Financial Behavior; Financial Attitude; Financial Literacy; Digital Investment Decisions; Religiosity; Environmental Concern

  • Abstract

    This study investigates the influence of financial behavior and attitudes on digital investment decisions, with financial literacy acting as a moderating variable. Data were obtained through a structured questionnaire involving 300 respondents employed in consumer ‎‎cyclical and non-cyclical sectors listed on the Indonesia Stock Exchange. Using Structural Equation Modeling with Partial Least Squares ‎‎‎(SEM-PLS), the results demonstrate that financial behavior (β = 0.178, t = 3.710, p < 0.001) and financial attitude (β = 0.238, t = 4.836, p < ‎‎‎0.001) significantly and positively influence digital investment decisions. Moreover, financial literacy significantly strengthens the effects of ‎‎both financial behavior (β = 0.067, t = 2.841, p = 0.005) and financial attitude (β = 0.071, t = 2.774, p = 0.006) on digital investment decisions. Additionally, financial literacy (β = 0.184, t = 3.131, p = 0.002) and investment experience (β = 0.262, t = 4.427, p < 0.001) also ‎‎show a significant positive impact. The model achieved a good fit with SRMR = 0.068 and an adjusted R² of 59.5%. The inclusion of religiosity (β = 0.180, p = 0.018) and environmental concern (β = 0.211, p = 0.019) as behavioral dimensions significantly enhances explanatory ‎‎power. This research offers practical insights for developing value-oriented financial literacy initiatives and investor protection strategies, ‎‎particularly targeting young and novice investors in emerging digital finance ecosystems‎.

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  • How to Cite

    Siswanti, T., Gunawan, J., & Mulyani, S. D. (2026). Digital Investment Decisions: How Financial Behaviorand Attitude Interacts with Financial Literacy?‎. International Journal of Accounting and Economics Studies, 13(1), 162-171. https://doi.org/10.14419/t8xpdz69