Article Per Year (5 Year)
p-Index From 2021 - 2026
0.23
P-Index
This Author published in this journals
All Journal Journal of Accounting, Entrepreneurship and Financial Technology (JAEF)
Yunus, Michael Gregory
Unknown Affiliation
Economics, Econometrics & Finance

Published : 1 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 1 Documents
Search

 1 
Meta-Analysis: The Relationship between Financial Literacy and Investment Decisions: English Yunus, Michael Gregory; Tanesia, Cindy Yoel
Journal of Accounting, Entrepreneurship and Financial Technology (JAEF) Vol. 7 No. 2 (2026): Journal of Accounting, Entrepreneurship and Financial Technology (JAEF)
Publisher : Accounting Study Program, Universitas Ciputra Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37715/jaef.v7i2.6209

Abstract

Financial literacy is the important element in healthy personal financial management, especially with the increasing accessibility of various investment products and instruments in Indonesia. Financial technology development, banking system digitalization, and retail investor growth are pushing the improvement for adequate financial literacy. However, the level of financial literacy in Indonesia is relatively considered low, especially among young generations and people living outside the urban areas. Financial literacy affects individuals’ investment decisions, and thus, the low level of financial literacy may affect the quality of their investment decision. This study conducted a meta-analysis of 57 empirical studies to examine the relationship between financial literacy and investment decisions. Using comprehensive meta-analysis v3 software, this study calculated the summary of correlation, examined the heterogeneity between studies, and evaluated the possibility of publication bias. Meta-analysis results showed the positive relationship between financial literacy and investment decision with correlation of 0.357. The high heterogeneity indicated that the effectiveness of financial literacy is influenced by respondent characteristics and measurement methods used in each study. The findings provide a strong scientific basis for a more effective and segmented financial literacy program development according to the various needs of Indonesian citizens. Financial literacy education programs need to consider social context and investment experience for optimal results.
Co-Authors Tanesia, Cindy Yoel