Karakteristik Demografis Yang Mempengaruhi Kesejahteraan Finansial: Analisis Multi Kelompok Investor
DOI:
https://doi.org/10.35794/jmbi.v9i1.39259Abstract
Abstract: This study aims to analyze the knowledge of our young generation about how much they know about investing. So that young Indonesians can pay attention to aspects of financial literacy for investors, so they can minimize financial stress from the investor side, and also improve financial well being from the investor side. This research is a quantitative study using a sample of 200 respondents and processed using the SPSS AMOS program. The results of this study are related to helping the younger generation or investors in making decisions to avoid risk.
Abstrak: Penelitian ini bertujuan untuk menganalisis pengetahuan generasi muda kita tentang seberapa jauh pengetahuan mereka tentang investasi. Agar masyarakat muda indonesia dapat memperhatikan aspek financial literacy pada investor, sehingga dapat lebih meminimalisir finansial stress dari sisi investor, dan juga meningkatkan finansial wellbeing dari sisi Investor. Penelitian ini adalah penelitian kuantitatif menggunakan sampel dari 200 responden dan diolah menggunakan program SPSS AMOS. Hasilnya penelitian ini berkaitan dengan membantu generasi muda atau investor dalam membuat keputusan untuk menghindari risiko.
References
DAFTAR PUSTAKA
Abreu, M. and Mendes, V. (2010), “Financial literacy and portfolio diversificationâ€, Quantitative Finance, Vol. 10 No. 5, pp. 515-528.
Agarwal, S., Amromin, G., Ben-David, I., Chomsisengphet, S. and Evanoff, D.D. (2015), “Financial literacy and financial planning: evidence from Indiaâ€, Journal of Housing Economics, Vol. 27, pp. 4-21.
Arifin, W.N. and Yusoff, M.S.B. (2016), “Confirmatory factor analysis of the universiti Sains Malaysia emotional quotient inventory among medical students in Malaysiaâ€, SAGE Open, Vol. 6 No. 2, 2158244016650240, doi: 10.1177/2158244016650240.
Bagozzi, R.P. and Yi, Y. (1988), “On the evaluation of structural equation modelsâ€, Journal of the Academy of Marketing Science, Vol. 16 No. 1, pp. 74-94, doi: 10.1007/BF02723327.
Barber, B.M. and Odean, T. (2001), “Boys will be boys: gender, overconfidence, and common stock investmentâ€, The Quarterly Journal of Economics, Vol. 116 No. 1, pp. 261-292.
Beverly, S.G. and Sherraden, M. (1999), “Institutional determinants of saving: implications for lowincome households and public policyâ€, The Journal of Socio-Economics, Vol. 28 No. 4, pp. 457-473, doi: 10.1016/S1053-5357(99)00046-3.
Binswanger, J. and Carman, K.G. (2012), “How real people make long-term decisions: the case of retirement preparationâ€, Journal of Economic Behavior and Organization, Vol. 81 No. 1, pp. 39-60, doi: 10.1016/j.jebo.2011.08.010.
Brown, T.A. (2015), Confirmatory Factor Analysis for Applied Research, Guilford Publications, New York.
Bruggen, E.C., Hogreve, J., Holmlund, M., Kabadayi, S. and L € €ofgren, M. (2017), “Financial well-being: a conceptualization and research agendaâ€, Journal of Business Research, Vol. 79, pp. 228-237.
Bucher-Koenen, T. and Lusardi, A. (2011), “Financial literacy and retirement planning in Germanyâ€, Journal of Pension Economics and Finance, Vol. 10 No. 4, pp. 565-584, doi: 10.1017/ S1474747211000485.
Campbell, D.T. and Fiske, D.W. (1959), “Convergent and discriminant validation by the multitraitmultimethod matrixâ€, In Psychological Bulletin, Vol. 56 No. 2, pp. 81-105, American Psychological Association. doi: 10.1037/h0046016.
Christelis, D., Jappelli, T. and Padula, M. (2010), “Cognitive abilities and portfolio choiceâ€, European Economic Review, Vol. 54 No. 1, pp. 18-38.
Courchane, M. and Zorn, P. (2005), “Consumer literacy and credit worthinessâ€, Paper Presented at Federal Reserve System Conference, Promises and Pitfalls: As Consumer Options Multiply, Who Is Being Served and at What Cost?, Washington, DC, 7 April 2005.
Cronbach, L.J. (1951), “Coefficient alpha and the internal structure of testsâ€, Psychometrika, Vol. 16 No. 3, pp. 297-334, doi: 10.1007/BF02310555.
Cude, B.J. and Kabaci, M.J. (2012), “Financial education for college students BTâ€, in Lamdin, D.J. (Ed.), Consumer Knowledge and Financial Decisions: Lifespan Perspectives, Springer New York, pp. 49-66, doi: 10.1007/978-1-4614-0475-0_4.
Cude, B., Lawrence, F., Lyons, A., Metzger, K., LeJeune, E., Marks, L. and Machtmes, K. (2006), “College students and financial literacy: what they know and what we need to learnâ€, Proceedings of the Eastern Family Economics and Resource Management Association, Vol. 102 No. 9, pp. 106-109.
Cude, B.J., Danns, D. and Kabaci, M.J. (2016), “Financial knowledge and financial education of college students BTâ€, in Xiao, J.J. (Ed.), Handbook of Consumer Finance Research, Springer International Publishing, pp. 141-153, doi: 10.1007/978-3-319-28887-1_12.
Delafrooz, N. and Paim, L.H. (2011), “Determinants of financial wellness among Malaysia workersâ€, African Journal of Business Management, Vol. 5 No. 24, pp. 10092-10100.
Diener, E., Kesebir, P. and Lucas, R. (2008), “Benefits of accounts of well-being— for societies and for psychological scienceâ€, Applied Psychology, Vol. 57 No. s1, pp. 37-53, doi: 10.1111/j.1464-0597. 2008.00353.x.
Dingkol, M., Murni, S., & Tulung, J. (2020). Pengaruh Kinerja Keuangan Terhadap Harga Saham (Studi Kasus Pada Perusahaan Manufaktur Subsektor Food and Beverage Yang Terdaftar Di BEI Periode 2013-2017). JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi)., 7(1). doi:https://doi.org/10.35794/jmbi.v7i2.30255
Disney, R. and Gathergood, J. (2011), Financial Literacy Ad Indebtedness: New Evidence for UK Consumers, (Discussion Papers), University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM), available at: https://econpapers.repec.org/RePEc:not:notcfc:11/05.
Falahati, L. and Sabri, M.F. (2015), “An exploratory study of personal financial wellbeing determinants: examining the moderating effect of genderâ€, Asian Social Science, Vol. 11 No. 4, p. 33.
Falahati, L., Sabri, M.F. and Paim, L.H.J. (2012), “Assessment a model of financial satisfaction predictors: examining the mediate effect of financial behaviour and financial strainâ€, World Applied Sciences Journal, Vol. 20 No. 2, pp. 190-197.
Finucane, M.L., Alhakami, A., Slovic, P. and Johnson, S.M. (2000), “The affect heuristic in judgments of risks and benefitsâ€, Journal of Behavioral Decision Making, Vol. 13 No. 1, pp. 1-17, doi: 10.1002/ (SICI)1099-0771(200001/03)13:13.0.CO;2-S.
Fornell, C. and Larcker, D.F. (1981), “Evaluating structural equation models with unobservable variables and measurement errorâ€, Journal of Marketing Research, Vol. 18 No. 1, pp. 39- 50, doi: 10.1177/002224378101800104.
Fornero, E., Monticone, C. and Trucchi, S. (2011), The Effect of Financial Literacy on Mortgage Choices, (CeRP Working Papers, Issue 121), Center for Research on Pensions and Welfare Policies, Turin (Italy), available at: https://econpapers.repec.org/RePEc:crp:wpaper:121.
Garman, E.T. and Forgue, R. (2014), Personal Finance, Cengage Learning, Boston.
Garman, E.T., Kim, J., Kratzer, C.Y., Brunson, B.H. and Joo, S. (1999), “Workplace financial education improves personal financial wellnessâ€, Financial Counseling and Planning, Vol. 10 No. 1, pp. 79-88.
Gerrans, P., Speelman, C. and Campitelli, G. (2014), “The relationship between personal financial wellness and financial wellbeing: a structural equation modelling approachâ€, Journal of Family and Economic Issues, Vol. 35 No. 2, pp. 145-160.
Gudmunson, C.G. and Danes, S.M. (2011), “Family financial socialization: theory and critical reviewâ€, Journal of Family and Economic Issues, Vol. 32 No. 4, pp. 644-667, doi: 10.1007/s10834-011- 9275-y.
Gutter, M. and Copur, Z. (2011), “Financial behaviors and financial well-being of college students: evidence from a national surveyâ€, Journal of Family and Economic Issues, Vol. 32 No. 4, pp. 699-714.
Hair, J., Black, W., Babin, B. and Anderson, R. (2014), Multivariate Data Analysis, Pearson New International Edition, 7th ed., Pearson Education Limited, Edinburgh Gate Harlow.
Hu, L. and Bentler, P.M. (1999), “Cutoff criteria for fit indexes in covariance structure analysis: conventional criteria versus new alternativesâ€, Structural Equation Modeling: A Multidisciplinary Journal, Vol. 6 No. 1, pp. 1-55, doi: 10.1080/10705519909540118.
Hurley, A.E., Scandura, T.A., Schriesheim, C.A., Brannick, M.T., Seers, A., Vandenberg, R.J. and Williams, L.J. (1997), “Exploratory and confirmatory factor Analysis: guidelines, issues, and alternativesâ€, Journal of Organizational Behavior, Vol. 18 No. 6, pp. 667-683, available at: http:// www.jstor.org/stable/3100253.
IBEF (2021), “Indian IT & BPM industry analysisâ€, available at: https://www.ibef.org/industry/indianit-and-ites-industry-analysis-presentation.
Joo, S. (1998), Personal Financial Wellness and Worker Job Productivity, Virginia Polytechnic Institute and State University, In ProQuest Dissertations and Theses, available at: https://www.proquest. com/dissertations-theses/personal-financial-wellness-worker- job/docview/304467171/se-2? accountid538885.
Joo, S. (2008), “Personal financial wellness BTâ€, in Xiao, J.J. (Ed.), Handbook of Consumer Finance Research, Springer, New York, pp. 21-33, doi: 10.1007/978-0-387-75734- 6_2.
Joo, S. and Grable, J.E. (2004), “An exploratory framework of the determinants of financial satisfactionâ€, Journal of Family and Economic Issues, Vol. 25 No. 1, pp. 25-50, doi: 10.1023/B: JEEI.0000016722.37994.9f.
Jorgensen, B.L. and Savla, J. (2010), “Financial literacy of young adults: the importance of parental socializationâ€, Family Relations, Vol. 59 No. 4, pp. 465-478, doi: 10.1111/j.1741- 3729.2010.00616.x.
Kempson, HE., Collard, SB. and Moore, N. (2005), Measuring Financial Capability: An Exploratory Study, Financial Services Authority, London.
Kim, J., Garman, E.T. and Sorhaindo, B. (2003), “Relationships among credit counseling clients’ financial wellbeing, financial behaviors, financial stressor events, and healthâ€, Journal of Financial Counseling and Planning, Vol. 14 No. 2, pp. 75-87.
Klapper, L., Lusardi, A. and Oudheusden, P.V. (2015), “Financial Literacy Around the World: insights from the Standard & Poor’s rating services global financial literacy surveyâ€, available at: https://gflec.org/initiatives/sp-global-finlit-survey/.
Lusardi, A. and Mitchell, O.S. (2007), “Baby boomer retirement security: the roles of planning, financial literacy, and housing wealthâ€, Journal of Monetary Economics, Vol. 54 No. 1, pp. 205-224.
Lusardi, A. and Mitchell, O.S. (2008), “Planning and financial literacy: how do women fare?â€, American Economic Review, Vol. 98 No. 2, pp. 413-417, doi: 10.1257/aer.98.2.413.
Lusardi, A., Mitchell, O.S. and Curto, V. (2010), “Financial literacy among the youngâ€, Journal of Consumer Affairs, Vol. 44 No. 2, pp. 358-380, doi: 10.1111/j.1745-6606.2010.01173.x.
Malone, K., Stewart, S.D., Wilson, J. and Korsching, P.F. (2010), “Perceptions of financial well- being among American women in diverse familiesâ€, Journal of Family and Economic Issues, Vol. 31 No. 1, pp. 63-81, doi: 10.1007/s10834-009-9176-5.
Maslow, A.H. (1943), “A theory of human motivationâ€, Psychological Review, Vol. 50 No. 4, p. 370.
Modigliani, F. (1980), The Life Cycle Hypothesis of Saving, MIT Press, Cambridge.
Modigliani, F. and Brumberg, R. (1954), “Utility analysis and the consumption function: an interpretation of cross-section dataâ€, Franco Modigliani, Vol. 1 No. 1, pp. 388-436.
NCFE (2020), “NCFE financial literacy and inclusion surveyâ€, available at: https://www.ncfe.org.in/ survey.
Nielsen, K., Nielsen, M.B., Ogbonnaya, C., K€ans€al€a, M., Saari, E. and Isaksson, K. (2017), “Workplace resources to improve both employee well-being and performance: a systematic review and meta-analysisâ€, Work and Stress, Vol. 31 No. 2, pp. 101-120, doi: 10.1080/02678373.2017. 1304463.
Nunnally, J.U.M.C. (1975), “Psychometric theory— 25 Years ago and nowâ€, Educational Researcher, Vol. 4 No. 10, pp. 7-21, doi: 10.3102/0013189X004010007.
Osman, Z., Madzlan, E.M. and Ing, P. (2018), “In pursuit of financial well-being: the effects of financial literacy, financial behaviour and financial stress on employees in Labuanâ€, International Journal of Service Management and Sustainability, Vol. 3 No. 1, doi: 10.24191/Ijsms.V3i1.8041, available at:
https://myjms.mohe.gov.my/index.php/IJSMS/article/view/8041.
Page, K.M. and Vella-Brodrick, D.A. (2009), “The ‘what’, ‘why’ and ‘how’ of employee well- being: a new modelâ€, Social Indicators Research, Vol. 90 No. 3, pp. 441-458, doi: 10.1007/s11205-008-9270-3.
Parcia, R.O. and Estimo, E.T. (2017), “Employees’ financial literacy, behavior, stress and wellnessâ€, Journal of Human Resource Management, Vol. 5 No. 5, pp. 78-89.
Paul, S. (1987), “Perception of riskâ€, Science, Vol. 236 No. 4799, pp. 280-285, doi: 10.1126/science. 3563507.
Porter, N.M. and Garman, E.T. (1993), “Testing a conceptual model of financial well-beingâ€, Journal of Financial Counseling and Planning, Vol. 4, pp. 134-164.
Prendergast, S., Blackmore, D., Kempson, E., Russell, R. and Kutin, J. (2018), Financial Well- Being, A Survey of Adults in Australia, ANZ, Melbourne, Australia.
PwC (2021), “2021 PwC Employee financial wellness surveyâ€, available at: https://www.pwc.com/us/ en/services/consulting/workforce-of-the- future/library/employee-financial-wellness-survey.html.
Rutherford, L.G. and Fox, W.S. (2010), “Financial wellness of young adults age 18-30â€, Family and Consumer Sciences Research Journal, Vol. 38 No. 4, pp. 468-484, doi: 10.1111/j.1552-3934.2010. 00039.x.
Sabri, M.F. and Juen, T.T. (2014), “The influence of financial literacy, saving behaviour, and financial management on retirement confidence among women working in the Malaysian public sectorâ€, Asian Social Science, Vol. 10 No. 14, p. 40.
Sabri, M.F., Masud, J., Karen, K.L. and Paim, L. (2008), “Personal financial wellness among Malaysian employees: socio demographic comparisonâ€, Consumer Interests Annual, Vol. 54, pp. 189-192.
Sayinzoga, A., Bulte, E.H. and Lensink, R. (2016), “Financial literacy and financial behaviour: experimental evidence from rural Rwandaâ€, The Economic Journal, Vol. 126 No. 594, pp. 1571-1599, doi: 10.1111/ecoj.12217.
Selenko, E. and Batinic, B. (2011), “Beyond debt. A moderator analysis of the relationship between perceived financial strain and mental healthâ€, Social Science and Medicine, Vol. 73 No. 12, pp. 1725-1732.
Sevim, N., Temizel, F. and Sayılır, O. (2012), € “The effects of financial literacy on the borrowing behaviour of Turkish financial consumersâ€, International Journal of Consumer Studies, Vol. 36 No. 5, pp. 573-579, doi: 10.1111/j.1470-6431.2012.01123.x.
Shim, S., Xiao, J.J., Barber, B.L. and Lyons, A.C. (2009), “Pathways to life success: a conceptual model of financial well-being for young adultsâ€, Journal of Applied Developmental Psychology, Vol. 30 No. 6, pp. 708-723, doi: 10.1016/j.appdev.2009.02.003.
Sondakh, J. J., Tulung, J. E., & Karamoy, H. (2021). The Effect Of Third-Party Funds, Credit Risk, Market Risk, and Operational Risk on Profitability In Banking. Journal of Governance and Regulation/Volume, 10(2).
Stango, V. and Zinman, J. (2009), “Exponential growth bias and household financeâ€, The Journal of Finance, Vol. 64 No. 6, pp. 2807-2849.
UNFPA (2017), Harnessing India’s Demographic Dividend A Differential Approach for Sustainable Development, UNFPA Policy Brief, New Delhi.
Yin-Fah, B.C., Masud, J., Hamid, T.A. and Paim, L. (2010), “Financial wellbeing of older peninsular Malaysians: a gender comparisonâ€, Asian Social Science, Vol. 6 No. 3, p. 58.
Yong, H.N.A. and Tan, K.L. (2017), “The influence of financial literacy towards risk toleranceâ€, International Journal of Business and Society, Vol. 18 No. 3, pp. 469-484.