The Influence of Financial Literacy, Risk Tolerance and Trust on Cryptocurrency Investment Decision-Making on The Millennial Generation In Jabodetabek
DOI:
https://doi.org/10.59188/devotion.v6i6.25469Abstract
This study examines the influence of financial literacy, risk tolerance, and trust on cryptocurrency investment decision-making among the millennial generation in Jabodetabek. Cryptocurrency adoption in Indonesia has surged, with millennials as the dominant investor group, despite the inherent risks such as price volatility and regulatory uncertainty. Using the Theory of Planned Behavior (TPB) as the theoretical framework, this research investigates how attitudes, subjective norms, and perceived behavioral control, alongside financial literacy, risk tolerance, and trust, affect millennials’ decisions to invest in cryptocurrencies. A quantitative approach was employed, surveying 325 millennial investors across Jabodetabek. The findings indicate that attitudes, subjective norms, perceived behavioral control, risk tolerance, and trust significantly influence investment intentions and behavior. Contrarily, financial literacy showed no significant direct effect on investment intentions, suggesting that even investors with limited financial knowledge are inclined to invest due to positive attitudes and social influences. Risk tolerance and trust were found to play critical roles in shaping investment decisions, highlighting the importance of psychological factors in navigating cryptocurrency markets. These insights provide valuable implications for policymakers, financial educators, and cryptocurrency platform developers to foster more informed and responsible investment behaviors among young investors
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Andhika Muhammad Fadil Trisno, Anna Fariyanti, Lukytawati Anggraeni

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International. that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.