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The Influence of Financial Literacy, Risk Perception, and Investment Behavior on Individual Financial Performance Handa, Adrian; Nopianti, Rina; Choerudin, Achmad; Bachtiar, Muchamad
Journal Management & Economics Review (JUMPER) Vol. 3 No. 10. 1 (2026): Special Issue: Call For Paper JUMPER
Publisher : Malaqbi Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59971/jumper.v3i10. 1.1031

Abstract

This study aims to analyze the influence of financial literacy, risk perception, and investment behavior on individual financial performance, as well as to examine the mediating role of investment behavior. A quantitative research approach with a causal design was employed, and data were collected through a structured questionnaire distributed to 218 respondents who have experience in financial management and investment activities. The data were analyzed using Structural Equation Modeling (SEM) with Partial Least Squares (PLS) to test both direct and indirect relationships among variables. The results indicate that financial literacy and risk perception have positive and significant effects on individual financial performance. Additionally, both variables significantly influence investment behavior, which in turn has the strongest positive effect on financial performance. The mediation analysis further reveals that investment behavior significantly mediates the relationship between financial literacy and financial performance, as well as between risk perception and financial performance. These findings suggest that improving financial knowledge and risk awareness alone is not sufficient; individuals must also adopt appropriate and disciplined investment behavior to achieve optimal financial outcomes. This study contributes to the literature by providing a comprehensive model integrating cognitive, psychological, and behavioral factors in explaining individual financial performance. The results also offer practical implications for policymakers and financial educators in designing effective financial education programs to enhance financial well-being.
Co-Authors Abdul Qodir Abdullah Zaelani Abdullah, Syahriar Achmad Abdul Azis Adi Suroso Agus Purwanto Ahmad Junaidi Ahmad Muktamar B Alhusin*, Syahri Ambarwati, Retnoning Anyan Anyan April Liyan Trio Saputro Aris Tri Haryanto arjang Arnes Yuli Vandika Atik Lusia Bachtiar, Muchamad Bakri Bakri Chasanah, Haniatul Darsono Darsono Didik Suhariyanto Dora Kusumastuti Dwinanda Ripta Ramadhan Eki Candra Endang Brotojoyo Etik, Etik Handa, Adrian Husin, Syahri Al Imam Saerozi Irma M. Nawangwulan Istinganah Eni Maryanti Ivonne Ayesha Khasanah, Inganatul Kurniawati Darmaningrum Kusuma, Arya Wijaya Liani Sari Lilik Intan Sari Loso Judijanto Maemona, Depi Margaretha Martina Budhi Utaminingsih Masda Marlena,, Elsa Mei Rani Amalia Muhammad Ade Kurnia Harahap Muhammad Syafrie Nabila Afrannida Kultsum Nik Haryanti Niza, Triska Anggun Choirun Nopianti, Rina Nunung Nurhayati Pahlawi, Lukman Ahmad Imron Panca Wahyuningsih Rahmalia, Vidia Ramadhan, Dwinanda Ripta RINI ADIYANI Roosganda Elizabeth Rustiawan, Indra Samuel P.D. Anantadjaya Sartono Maya Saputra Septiana Novita Dewi Silvy Sondari Gadzali Siminto Siti Marpuah Soim Sonny Santosa Sono, Mohammad Gifari Sri Handoko Budi Sri Riris Sugiyarti Sri Wijastuti Sri Wijiastuti Sudiyarti Sudiyarti Suherlan Sukmawati, Anggita Anggita Suminar, Novi Ratna Supartini Susilaningtyas Budiana Kurniawati Suwardi Suwardi Suwardi Suwarna, Idun Syahri Alhusin TRIO HANDOKO Vidia Rahmalia Waloyo wardhana, galih wisnu Widodo Feriyanto Widyaswati, Rahmatya Wijastuti, Sri Winarna Winarna Zaelani, Abdullah Zandra Dwanita Widodo Zandra Dwanita Widodo