The influence of financial literacy, education, and stress on investment fraud moderated by financial behavior in millenials English
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Abstract
The aim of this research is to explore the influence of financial literacy (FL), financial education (FE), and financial stress (FS) on investment fraud (IF) moderated by financial behavior (FB) among Millennials in the Greater Jakarta Area (Jakarta, Bogor, Depok, Tangerang, Bekasi, and Cianjur).The study sample consists of Millennials residing in the Greater Jakarta Area. The research methodology employed a survey method using a Google Form with 174 respondents. Data collection took place from May 2024 to June 2024. The findings indicate that Millennials' FB is influenced by their levels of FL and FE. High levels of FS affect Millennials' FB. Millennials with good FL and FE are better equipped to avoid IF. Managerial implications suggest a need to enhance financial knowledge among Millennials through FE and internal training. Government initiatives should focus on providing accurate investment knowledge and enhancing investment regulations
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How to Cite
Surya, J. M. and Abdurrahman, A. (2025) “The influence of financial literacy, education, and stress on investment fraud moderated by financial behavior in millenials: English”, Jurnal Mantik, 9(2), pp. 567-577. doi: 10.35335/mantik.v8i6.6491.
References
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Bunyamin, M., & Abdul Wahab, N. (2022). The Influence of Financial Behaviour on Financial Risk Tolerance In Investment Decision: A Conceptual Paper. International Journal of Industrial Management, 14(1), 529–542. https://doi.org/10.15282/ijim.14.1.2022.7435
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Kasim, E. S., Awalludin, N. R., Zainal, N., Ismail, A., & Ahmad Shukri, N. H. (2024). The Effect of Financial Literacy, Financial Behavior, and Financial Stress on Awareness of Investment Scams Among Retirees. Journal of Financial Crime, 31(3), 652–666. https://doi.org/https://doi.org/10.1108/JFC-04-2023-0080
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Rahman, M., & Gan, S. S. (2020). Generation Y Investment Decisions - An Analysis Using Behavioral Factors. Managerial Finance, 46(8), 1023–1041. https://doi.org/10.1108/MF-10-2018-0534
Rahman, M., Isa, C. R., Masud, M. M., Sarker, M., & Chowdhury, N. T. (2021). The role of fnancial behaviour, fnancial literacy, and fnancial stress in explaining the fnancial well-being of B40 group in Malaysia. Future Business Journal, 52(7), 1–28. https://doi.org/10.1186/s43093-021-00099-0
Riani, L. P., Sari, N. E., & Wahyuningtyas, E. (2024). CONSEQUENCES OF MILLENNIALS GENERATION FINANCIAL LITERACY?: A META-ANALYTIC STUDIES. Review of Management and Enterpreneurship, 08(1), 25–50.
Rodriguez, J. M., Labong, D. C., & Palallos, L. (2024). The Mediation of Financial Behavior to Financial Literacy and Spending Habits of Gen Z: An Exploratory Factor Analysis. Journal of Global Awareness, 5(2), 1–21. https://doi.org/10.24073/jga/5/02/05
Star?ek, S., & Trunk, A. (2013). the Meaning and Concept of Financial Education in the Society of Economic Changes. Engineering, Geodetic, 19-21 June, 1443–1452.
Sutherland, J., & Canwell, D. (1997). Planning and Decision Making. Pitman.
Wagner, J., & Walstad, W. B. (2018). The Effects of Financial Education on Short-Term and Long-Term Financial Behaviors. The Journal of Consumer Affairs, 53(1), 234–259. https://doi.org/10.1111/joca.12210
Wei, L., Peng, M., & Wu, W. (2021). Financial Literacy and Fraud Detection——Evidence from China. International Review of Economics and Finance, 76(December 2020), 478–494. https://doi.org/10.1016/j.iref.2021.06.017
Wulandari, D. A. (2022). Analysis of Millenial Generation Behavior in Financial Perspective. Journal of Research Bussines and Management, 15(2), 91–98. https://doi.org/10.23969/jrbm.v15i2.5782
Yogatama, B. K. (2022). Kerugian Masyarakat akibat Investasi Ilegal Capai Rp 112,2 Triliun. Kompas. https://www.kompas.id/baca/ekonomi/2022/12/28/transaksi-dan-kerugian-investasi-ilegal-capai-triliunan-rupiah
Alvarado, L., & Andrea, P. (2021). Factors Associated With Financial Stressors, Financial Stress, and Financial Behaviors. Utahstate University.
Andarsari, P. R., & Ningtyas, M. N. (2019). The Role of Financial Literacy on Financial Behavior. Journal of Accounting and Business Education, 4(1), 24–33.
Bunyamin, M., & Abdul Wahab, N. (2022). The Influence of Financial Behaviour on Financial Risk Tolerance In Investment Decision: A Conceptual Paper. International Journal of Industrial Management, 14(1), 529–542. https://doi.org/10.15282/ijim.14.1.2022.7435
Chan, K. K., Huang, E. J., & Lassu, R. A. (2017). Understanding Financially Stressed Millennials’ Hesitancy to Seek Help. Journal of Financial Education, 43(1), 141–160.
Deb, S., & Sengupta, S. (2020). What Makes the Base of the Pyramid Susceptible to Investment Fraud. Journal of Financial Crime, 27(1), 143–154. https://doi.org/10.1108/JFC-03-2019-0035
Deliema, M., Deevy, M., Lusardi, A., & Mitchell, O. S. (2020). Financial Fraud Among Older Americans: Evidence and Implications. Journals of Gerontology - Series B Psychological Sciences and Social Sciences, 75(4), 861–868. https://doi.org/10.1093/geronb/gby151
Engels, C., Kumar, K., & Philip, D. (2020). Financial Literacy and Fraud Detection. European Journal of Finance, 26(4–5), 420–442. https://doi.org/10.1080/1351847X.2019.1646666
Garman, E. T., Kim, J., Kratzer, C. Y., Brunson, B. H., & Joo, S. (1999). Workplace Financial Education Improves Personal Financial Wellness. Financ Counsel Plan, 10(1), 79–88.
Hair, J., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial least squares structural equation modeling (PLS-SEM) using R: A workbook. In Springer.
Heckman, S., Lim, H., & Montalto, C. (2014). Factors Related to Financial Stress among College Students. Journal of Financial Therapy, 5(1). https://doi.org/10.4148/1944-9771.1063
Indratirta, N. P., Handayati, P., & Juliardi, D. (2023). Effect of Financial Literacy on the Financial Behavior of the Millennial Generation about the Dangers of Fraudulent Investment and Flexing Affiliations. Journal of Business Management and Economic Development, 1(02), 355–365.
Karim, N. A., Ariffin, S.-N. K., Nor, S. H. S., Nazlan, A. N., & Kassim, S. (2018). Financial Literacy among University Students and its Implications towards Financial Scams. 15(3), 124–128. https://doi.org/https://doi.org/10.22610/imbr.v15i3(I).3560
Kasim, E. S., Awalludin, N. R., Shukri, N. H. A., Ismail, A., & Zainal, N. (2023). The Scam-Proof Investor: Financial Literacy, Financial Behaviour and Investment Scam Awareness. Proceedings of the International Conference in Technology, Humanities and Management (ICTHM 2023), 12-13 June, 2023, Istanbul, Turkey, 131, 493–503. https://doi.org/10.15405/epsbs.2023.11.42
Kasim, E. S., Awalludin, N. R., Zainal, N., Ismail, A., & Ahmad Shukri, N. H. (2024). The Effect of Financial Literacy, Financial Behavior, and Financial Stress on Awareness of Investment Scams Among Retirees. Journal of Financial Crime, 31(3), 652–666. https://doi.org/https://doi.org/10.1108/JFC-04-2023-0080
Le Masson, V. (2021). How to get a representative sample for your online surveys. Kantar. https://www.kantar.com/inspiration/research-services/how-to-get-a-representative-audience-for-your-online-surveys-pf#:~:text=When recruiting for a panel,different digital behaviours and attitudes
Moon, K., Heo, W., Lee, J. M., & Grable, J. E. (2023). Financial Stress and COVID-19: A Comprehensive Analysis of the Factors Associated with the Pandemic. Risks, 11(12), 1–24. https://doi.org/10.3390/risks11120218
Mutlu, U., & Ozer, G. (2021). The moderator effect of financial literacy on the relationship between locus of control and financial behavior. 1(1), 1–13. https://doi.org/10.1108/K-01-2021-0062
OECD. (2023). OECD / INFE 2023 international survey of adult financial literacy.
Pham, K. D., & Toan le, V. L. (2023). Nexus between Financial Education , Literacy , and Financial Behavior?: Insights from Vietnamese Young Generations. Sustainability, 15, 1–21. https://doi.org/https://doi.org/10.3390/su152014854
Putrisari, D., & Fachruzzaman. (2025). Analisis Perilaku Keuangan dan Literasi Keuangan Terhadap Tekanan Financial Bagi Mahasiswa dengan Kemampuan Ekonomi Keluarga sebagai Variabel Moderasi. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 6(4), 593–603. https://doi.org/10.47065/ekuitas.v6i4.7323
Rahman, M., & Gan, S. S. (2020). Generation Y Investment Decisions - An Analysis Using Behavioral Factors. Managerial Finance, 46(8), 1023–1041. https://doi.org/10.1108/MF-10-2018-0534
Rahman, M., Isa, C. R., Masud, M. M., Sarker, M., & Chowdhury, N. T. (2021). The role of fnancial behaviour, fnancial literacy, and fnancial stress in explaining the fnancial well-being of B40 group in Malaysia. Future Business Journal, 52(7), 1–28. https://doi.org/10.1186/s43093-021-00099-0
Riani, L. P., Sari, N. E., & Wahyuningtyas, E. (2024). CONSEQUENCES OF MILLENNIALS GENERATION FINANCIAL LITERACY?: A META-ANALYTIC STUDIES. Review of Management and Enterpreneurship, 08(1), 25–50.
Rodriguez, J. M., Labong, D. C., & Palallos, L. (2024). The Mediation of Financial Behavior to Financial Literacy and Spending Habits of Gen Z: An Exploratory Factor Analysis. Journal of Global Awareness, 5(2), 1–21. https://doi.org/10.24073/jga/5/02/05
Star?ek, S., & Trunk, A. (2013). the Meaning and Concept of Financial Education in the Society of Economic Changes. Engineering, Geodetic, 19-21 June, 1443–1452.
Sutherland, J., & Canwell, D. (1997). Planning and Decision Making. Pitman.
Wagner, J., & Walstad, W. B. (2018). The Effects of Financial Education on Short-Term and Long-Term Financial Behaviors. The Journal of Consumer Affairs, 53(1), 234–259. https://doi.org/10.1111/joca.12210
Wei, L., Peng, M., & Wu, W. (2021). Financial Literacy and Fraud Detection——Evidence from China. International Review of Economics and Finance, 76(December 2020), 478–494. https://doi.org/10.1016/j.iref.2021.06.017
Wulandari, D. A. (2022). Analysis of Millenial Generation Behavior in Financial Perspective. Journal of Research Bussines and Management, 15(2), 91–98. https://doi.org/10.23969/jrbm.v15i2.5782
Yogatama, B. K. (2022). Kerugian Masyarakat akibat Investasi Ilegal Capai Rp 112,2 Triliun. Kompas. https://www.kompas.id/baca/ekonomi/2022/12/28/transaksi-dan-kerugian-investasi-ilegal-capai-triliunan-rupiah
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