The Millenial Generation’s Intention to Invest: A Modified Model of the Theory of Plannad Behavior

Karimatun Nisa; Umi Widyastuti; I Gusti Ketut Agung Ulupui

doi:10.59890/ijfbm.v4i1.172

Authors

Karimatun Nisa Universitas Negeri Jakarta
Umi Widyastuti Universitas Negeri Jakarta
I Gusti Ketut Agung Ulupui Universitas Negeri Jakarta

DOI:

https://doi.org/10.59890/ijfbm.v4i1.172

Keywords:

Intention to Invest, Theory of Planned Behavior, Hedonism Lifestyle, Financial Literacy, Millenial Generation

Abstract

This study investigates the factors influencing the Intention to Invest among the millennial generation, extending the Theory of Planned behaviour (TPB) by incorporating Hedonism Lifestyle and examining the moderating role of Financial Literacy. A quantitative approach using Partial Least Squares Structural Equation Modeling (PLS-SEM) was employed on data collected from millennial respondents. The finding reveal that Subjective Norm and Perceived Behavioral Control significantly and positively influence Intention to Invest. Crucially, Hedonism Lifestyle was found to have the strongest positive and significant influence on Intention to Invest, suggesting that the pursuit of pleasure and material enjoyment paradoxically drives investment intention among this generation. Conversely, Attitude did not show did not act as a moderator for the relationship between Attitude, Subjective Norm, Perceived Behavioral Control, or Hedonism Lifestyle and Intention to Invest. Theseresult highlight the need for a nuanced understanding of millennial investment behaviour, where social influence, self-efficacy, and even lifestyle choices play a more dominant role than mere attitude. The study contributes to the literature by providing empirical evidence for the modified TPB model in the context of emerging market investors.

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