Quantitative analysis shows positive influence of financial literacy and risk perception on investment decisions in students, indicating improved financial management skills.
This study aims to analyze the effect of self-efficacy, financial literacy, and risk perception on investment decisions in FEB UNESA students. This study uses a quantitative approach, the population consists of FEB UNESA students in 2021, 2022, and 2023 with 373 students as samples. Primary data was collected through a questionnaire survey, then validity and reliability testing, and hypothesis testing were carried out with the PLS-SEM analysis model using SmartPLS 4 software. The results showed that self-efficacy, financial literacy and risk perception had a positive effect on investment decisions. These results indicate that students with high self-confidence, good financial literacy, and a good understanding of risk will encourage students to be more active, rational, and wise in managing investments
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Ardani et al. (2025) studied this question.
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