The Influence of Financial Literacy and Social Media on the Investment Interest of Millennials in the TDA (Tangan Di Atas) Community
DOI:
https://doi.org/10.24256/kharaj.v8i3.12025Keywords:
financial literacy, social media, investment interest, millennials, TDA communityAbstract
The development of investment among millennials shows a rapid increasing trend along with the ease of access to information through digital platforms and social media. However, although the level of investment participation continues to grow, many millennials still have limited understanding of financial concepts and investment risks. Low financial literacy can lead to inappropriate investment decisions, especially when the information obtained comes from social media, which is not always reliable. Based on this phenomenon, this study aims to analyze the effect of financial literacy and social media usage on investment interest among millennials in the Tangan Di Atas (TDA) community. This study uses a quantitative method with a survey approach. Data were collected through questionnaires distributed to 50 members of the TDA community selected using purposive sampling technique. Data analysis was conducted using multiple linear regression analysis supported by partial test (t-test), simultaneous test (F-test), and coefficient of determination (R²). The results show that financial literacy has a positive and significant effect on investment interest, while social media also has a positive and significant effect on investment interest. Simultaneously, financial literacy and social media have a significant effect on millennials’ investment interest in the TDA community. These findings indicate that both variables play an important role in increasing investment interest. Therefore, more effective financial education strategies and the optimal use of social media as a credible investment education medium are needed to enhance investment interest among millennials
References
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T
Kartikaningdyah, E., & Zendrato, G. M. (2025). Pengaruh Literasi Keuangan, Pengetahuan Investasi, dan Media Sosial Terhadap Minat Investasi Mahasiswa Melalui Motivasi Investasi. Jurnal Akuntansi, Ekonomi Dan Manajemen Bisnis, 13(2), 270–280. https://doi.org/10.30871/jaemb.v13i2.10038
Literacy., O. international survey of adult financial. (2023). Financial Education OECD Infe International Survey of Adult Financial Literacy. https://www.oecd.org/financial/education/oecd-infe-international-survey-of-adult-financial-literacy.pdf
Lusardi, Annamaria,Mitchell, O. S. (2014). The Economic Importance of Financial Literacy: Theory and Evidence. Princeton University Press.
Lusardi, A., & Mitchell, O. S. (2014). The Economic Importance of Financial Literacy: Theory and Evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Ramadhan, A.. (2025). Pengaruh media sosial, influencer, dan FoMO terhadap minat investasi generasi muda. Jurnal Manajemen Dan Bisnis.
Stolper, O. A., & Walter, A. (2017). Financial literacy, financial advice, and financial behavior. Journal of Business Economics, 87(5), 581–643. https://doi.org/10.1007/s11573-017-0853-9
Xiao, J. J., & Porto, N. (2017). Financial education and financial satisfaction. International Journal of Bank Marketing, 35(5), 805–817. https://doi.org/10.1108/IJBM-01-2016-0009
Downloads
Published
How to Cite
Issue
Section
Citation Check
License
Copyright (c) 2026 Muh Subroto, Jumawan Jasman, Jabid Ramadhan
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. In line with the license, authors are allowed to share and adapt the material. In addition, the material must be given appropriate credit, provided with a link to the license, and indicated if changes were made. If authors remix, transform or build upon the material, authors must distribute their contributions under the same license as the original.
