Examining the Effects of Financial Literacy and Motivation on Students Investment Decisions The Mediating Role of Financial Management

Amalia Nur Chasanah (Economic and Business Faculty, Universitas Dian Nuswantoro)
Ratna Herawati (Economic and Business Faculty, Universitas Dian Nuswantoro)
Mila Sartika (Economic and Business Faculty, Universitas Dian Nuswantoro)

Jurnal Penelitian Ekonomi dan Bisnis
Vol. 11 No. 2 (2026): September 2026

Rapid technological developments have brought significant changes to economic activity in Indonesia, including digital transactions and financial management. This situation requires individuals, especially students, to have adequate financial literacy and financial management skills to manage their finances effectively and responsibly. This study aims to analyze the influence of financial literacy and motivation on students' financial management and investment decisions, with financial management as a mediating variable. The study used a quantitative approach with a sample of 109 students in Semarang city and analyzed to test the proposed hypotheses. The results showed that financial literacy had a positive and significant effect on financial management and investment decisions. Motivation had a positive and significant effect on financial management, but did not affect investment decisions. Furthermore, financial management played a positive and significant role in investment decisions. These findings emphasize the importance of financial literacy and effective financial management in forming rational, planned, and sustainable investment decisions for students.