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Investor Risk Behavior as a Mediator in the Influence of Financial Literacy on Millennial Investment Decisions: Evidence from Makassar, Indonesia

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Financial literacy alone does not directly affect millennial investment decisions, suggesting other factors are involved.
Investor risk behavior significantly mediates the relationship between financial literacy and investment choices.
Data were analyzed using structural equation modeling-partial least squares, enabling a nuanced understanding of these interactions.
The study emphasizes the importance of combining financial knowledge with risk tolerance to enhance investment decisions.

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Quantitative analysis explores how financial literacy influences investments in millennials, highlighting the role of risk behavior.

Mongan et al. (2025) studied this question.

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