Andini, Faula and Jasman, Jumawan and Dewintari, Putri Influence of Financial Literacy and Financial Inclusion on Millennials’ Investment Decisions in North Luwu Capital Market. Influence of Financial Literacy and Financial Inclusion on Millennials’ Investment Decisions in North Luwu Capital Market, 6 (2). pp. 1088-1098. ISSN 2721-2971
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Abstract
This study aims to examine the influence of financial literacy and financial inclusion on millennials’ investment decisions in the North Luwu capital market. Methodology: A quantitative approach was applied using a structured questionnaire distributed to 83 respondents selected through Slovin’s formula. The data were analyzed using multiple linear regression via SPSS software. Results: Both financial literacy (β = 0.471, p < .001) and financial inclusion (β = 0.256, p < .001) significantly and positively influence millennials’ investment decisions. The adjusted R² value of 0.646 indicates that 64.6% of the variance in investment decisions is explained by the two predictors. Findings: Financial literacy has a more dominant effect than financial inclusion, emphasizing the importance of financial understanding in making rational investment decisions. Novelty: This study addresses a geographic gap by focusing on millennials in a semi-peripheral region (North Luwu), where empirical data on investment behavior are still scarce. Originality: The study offers an integrative framework by employing the Theory of Planned Behavior (TPB) to connect financial literacy and inclusion with investment decision-making, a combination rarely explored in previous literature. Conclusion: Improving both financial literacy and financial inclusion concurrently is essential to fostering smarter, more inclusive investment behaviors among millennials, particularly in underrepresented regions. Type of Paper: Empirical Research Paper.
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| Uncontrolled Keywords: | This study aims to examine the influence of financial literacy and financial inclusion on millennials’ investment decisions in the North Luwu capital market. Methodology: A quantitative approach was applied using a structured questionnaire distributed to 83 respondents selected through Slovin’s formula. The data were analyzed using multiple linear regression via SPSS software. Results: Both financial literacy (β = 0.471, p < .001) and financial inclusion (β = 0.256, p < .001) significantly and positively influence millennials’ investment decisions. The adjusted R² value of 0.646 indicates that 64.6% of the variance in investment decisions is explained by the two predictors. Findings: Financial literacy has a more dominant effect than financial inclusion, emphasizing the importance of financial understanding in making rational investment decisions. Novelty: This study addresses a geographic gap by focusing on millennials in a semi-peripheral region (North Luwu), where empirical data on investment behavior are still scarce. Originality: The study offers an integrative framework by employing the Theory of Planned Behavior (TPB) to connect financial literacy and inclusion with investment decision-making, a combination rarely explored in previous literature. Conclusion: Improving both financial literacy and financial inclusion concurrently is essential to fostering smarter, more inclusive investment behaviors among millennials, particularly in underrepresented regionsm t | |||||||||
| Subjects: | L Education > L Education (General) | |||||||||
| Divisions: | Fakultas Ekonomi dan Bisnis > Manajemen | |||||||||
| Depositing User: | Faula Andini faula | |||||||||
| Date Deposited: | 05 Jan 2026 07:46 | |||||||||
| Last Modified: | 05 Jan 2026 07:46 | |||||||||
| URI: | http://repository.umpalopo.ac.id/id/eprint/6209 |
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