Ilomata International Journal of Tax & Accounting
P-ISSN: 2714-9838; E-ISSN: 2714-9846
Volume 5, Issue 1, January 2024
Page No. 280-291

The Impact of Financial Literacy and Digital Awareness on
Investment Intentions
Meidy Lieke Karundeng1, Valentine Siagian2,
Francis Hutabarat3, Hisar Pangaribuan4
1234
Universitas Advent Indonesia, Indonesia
Correspondent: meidy.widijanto@unai.edu1
Received

: November 10, 2023

Accepted

: January 24, 2024

Published

: January 31, 2024

Citation: Karundeng, M, K., Siagian, V.,
Hutabarat, F., Pangaribuan, H. (2024).
The Impact of Financial Literacy and Digital
Awareness on Investment Intentions. Ilomata
International Journal of Tax anad
Accounting, 5(1), 280-291.
https://doi.org/10.52728/ijtc.v5i1.1014

ABSTRACT: Investment intention is one important thing in
life. This study investigates the impact of financial literacy and
digital awareness on investment intentions. Questionnaires
was given to potential and active small medium micro
enterprises owners collected via an online survey. The
questionnaires were analyzed using descriptive statistics and
hypotheses was tested using multiple linear regression The
results reveal a positive and significant correlation (0.018)
between the two independent variables and investment
intentions. The results highlight the importance of financial
and digital education in enhancing individuals' propensity to
invest, suggesting that improved literacy in these areas can
foster greater investment activity. These insights are
particularly valuable for policymakers and practitioners
looking to bolster investment participation through
educational initiatives, underscoring the need to integrate
financial and digital literacy into public learning frameworks.
Keywords: Financial
Investment Intention

Literacy,

Digital

Awareness,

This is an open access article under the
CC-BY 4.0 license

INTRODUCTION
In the midst of the rapidly developing digital era, consumer behavior, especially in the context of
shopping, has experienced significant changes. The peak was seen during the pandemic, where
online purchases became the main choice for many people(Rossolov et al., 2021). Having easy
access to information through digital technology has not only changed the way we shop but also
how we make decisions, especially those related to financial decisions (Bellini et al., 2016)
Today, with so much information accessible, consumers have the freedom to evaluate risks before
making important decisions. For example, in business, with digital technology, a person can easily
obtain reference knowledge about an investment(Maharani & Saputra, 2021), understand potential
profits and losses, and evaluate whether the risk is within the individual's risk tolerance or
not(Bayar et al., 2020).

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The Impact of Financial Literacy and Digital Awareness on Investment Intentions
Karundeng, Siagian, Hutabarat, and Pangaribuan
An individual's ability to make wise financial decisions, of course, cannot be separated from their
understanding (financial literacy) and awareness of technology (digital awareness) (Hastings &
Mitchell, 2020; Moenjak et al., 2020). Good financial literacy will help a person manage their
income wisely, while digital awareness ensures that the individual is able to use technology safely
and understands the potential privacy risks that may exist.
The digital revolution has transformed many aspects of our lives(Imamov & Semenikhina, 2021;
Korte, 2020; Pencarelli, 2020) , and consumer behavior is no exception (Giza & Wilk, 2021). In
recent years, particularly during the pandemic, there was a notable shift in how people engaged
with financial services and investment opportunities. The widespread adoption of online shopping
set a precedent, demonstrating the broader changes in consumer habits (Frank & Peschel, 2020).
As physical markets shuttered, digital platforms surged in popularity, indicating a fundamental shift
in purchase behaviors and decision-making processes. This transition has significant implications
for financial decision-making, where the ease of accessing information and executing transactions
online has redefined what it means to be a savvy consumer or investor.
Despite the increased availability of digital tools, there is an observed discrepancy in investment
intentions among different demographics. While some embrace the digital age's opportunities,
others remain hesitant, underscoring a complex interplay between digital literacy, financial
understanding, and investment behaviors. A deeper look into these patterns over the last three
years shows variations in investment intentions across communities(Hamad et al., 2021; Silalahi et
al., 2020), often correlating with levels of financial and digital literacy. Concerns about online
security, privacy risks, and the ability to discern credible financial advice online further exacerbate
this issue, suggesting a gap between digital accessibility and its practical, beneficial use in personal
finance.

Figure 1.
Internet Utilization Index by Workers/MSMEs Based on Region (2022)
Source: Databoks, 2023
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The Impact of Financial Literacy and Digital Awareness on Investment Intentions
Karundeng, Siagian, Hutabarat, and Pangaribuan
Figure one shows the internet utilization index among MSME's owners by region on 2022.
Previous studies offer a baseline for comparison, but they also present conflicting findings or lack
the specificity needed for a targeted approach. Some research indicates a general increase in digital
engagement but doesn’t necessarily translate to higher investment activities (Jiang & Stylos, 2021;
Oberländer & Bipp, 2022) , while others suggest that improved financial literacy does not always
lead to better investment decisions(García & Vila, 2020). These mixed results highlight the need
for current research to dissect the nuances of investment intentions in the digital age more
accurately. By doing so, it can illuminate the underlying causes of reluctance or eagerness to invest,
providing a roadmap for more effective financial education and digital tool development.
The current research seeks to bridge this gap, aiming to provide a comprehensive analysis of
investment intentions and the factors influencing them. By integrating real-world evidence with
the theoretical underpinnings of consumer behavior, financial literacy, and digital awareness, this
study will contribute valuable insights into how individuals can be better supported in making
informed investment decisions. It will also offer guidance to policymakers and financial educators
on developing strategies to enhance the financial well-being of individuals in the digital era, where
technology and finance are increasingly intertwined.
Additionally, as the economy grows, more and more people are seeing opportunities to invest their
money. However, how much influence does financial literacy and digital awareness have on
investment intentions? This research will further investigate how financial literacy and digital
awareness influence a person's intention to invest, based on findings from research by (Onasie &
Widoatmodjo, 2020).
Behavioral Finance
Behavioral Finance is an intriguing subfield of economics that scrutinizes the junction where
human psychology meets financial decision-making. The seminal work by (Ross et al., 2022) in
"Fundamentals of Corporate Finance" provides a foundational understanding of how traditional
finance principles can be reframed within the Behavioral Finance paradigm. The authors elucidate
the cognitive and emotional factors that can cause investors to deviate from the rational decisionmaking process as posited by classical financial theories. They illustrate with practical examples
how heuristics and biases, such as overconfidence and loss aversion, can lead to systematic errors
in judgment. Furthermore, the text delves into the effects of such psychological influences on
market outcomes, including pricing anomalies and patterns of investment behavior. This critical
perspective underscores the importance of financial literacy that encompasses not only the mastery
of financial tools and principles but also an awareness of the intrinsic human tendencies that can
affect financial decision-making. The integration of these concepts into the broader investment
framework suggests that a more nuanced approach to understanding market dynamics and
investor behavior is necessary, one that accounts for the complex interplay between rational
analysis and psychological predisposition.

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The Impact of Financial Literacy and Digital Awareness on Investment Intentions
Karundeng, Siagian, Hutabarat, and Pangaribuan
Financial Literacy
Financial literacy is a person's ability to understand, manage and make wise decisions in managing
personal or business finances. This ability is very important because it can influence a person's
financial life, from income management, debt management, to retirement preparation. Lack of
financial literacy can result in individuals making less wise financial decisions (Nirmala et al., 2022).
(Khoirunnisa & Rochmawati, 2021) Lack of knowledge about financial concepts, such as interest,
inflation and investment risk, can hinder a person's ability to make the right decisions and have an
impact on long-term financial life(Compen et al., 2019)
Digital Awareness
Digital awareness refers to a person's ability to understand and use digital technology wisely and
safely. This ability is very important in the current digital era, where digital technology increasingly
dominates almost all aspects of human life. Digital awareness relates to a person's ability to manage
privacy and personal information in a digital environment. A person's ability to understand the
privacy policies and privacy controls available on various digital platforms will help them to protect
their personal information from unauthorized access(Chen et al., 2021). Furthermore, digital
awareness is related to a person's ability to use digital technology to increase creativity and
innovation(Lee et al., 2021). A person's ability to understand new features and applications of
digital technology will help them to develop new ideas and expand each individual's creative skills
(Mutohhari et al., 2021)
Investment Intention
Investment intention is a person's tendency to invest in a product or financial instrument. Several
previous studies stated that factors such as knowledge about investment, self-confidence in making
investment decisions, and perceptions about investment risks and returns have a significant
influence on investment intention (Sadiq & Khan, 2019) (Akhtar & Das, 2019). Apart from that,
social factors such as the influence of friends and family can also influence a person's investment
intentions (Lai, 2019) Aren) (Aren & Hamamci, 2020). They are also influenced by adaptability
factors(Jahanmir et al., 2020). Furthermore, investment intention can be influenced by
psychological factors such as attitudes and personal values regarding money and investment(Yang
et al., 2019). Research by (Osman et al., 2019) shows that environmental factors such as economic
conditions and government policies can also influence investment intention. Economic
uncertainty and changes in government investment policies can reduce a person's investment
intentions.
Hypothesis Development
Financial Literacy and Investment Intention
Low levels of financial literacy are associated with a tendency to use expensive and high-risk
financial options, such as using high-interest credit cards or payday loans(Pitthan & Witte, 2021).
Financial literacy has a positive relationship with long-term financial well-being, such as retirement

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The Impact of Financial Literacy and Digital Awareness on Investment Intentions
Karundeng, Siagian, Hutabarat, and Pangaribuan
preparation, long-term investment, and debt reduction. This is further supported by (Samsuri et
al., 2019), who found that financial literacy, along with risk tolerance, significantly affects
investment intentions, suggesting that a deep understanding of financial concepts empowers
individuals to make more strategic and risk-adjusted investment decisions. Financial literacy also
has a positive impact on society's overall financial health. (Tanuwijaya & Setyawan, 2021)add to
this by proposing financial literacy as a potential mediator for investment intention, indicating that
the knowledge of financial concepts can serve as a bridge between an individual's financial
awareness and their proactive engagement in investment activities. A higher level of financial
literacy, on the other hand, is associated with wiser and more effective decision-making in financial
management, thereby increasing investment interest. These relationships highlight the critical role
that financial literacy plays not only in personal financial outcomes but also in fostering a more
financially literate society that is capable of making informed investment choices.
H1: Financial Literacy has a positive effect on Investment Intention
Digital Awareness and Investment Intention
Digital awareness has a positive relationship with wise and safe internet use. A person's ability to
recognize digital security risks and threats, such as computer viruses or online fraud, will help them
to avoid risky practices and protect their personal data. A higher level of digital awareness will help
a person to avoid digital security risks and threats, protect their personal information, and increase
creativity and innovation through the use of digital technology. (Seiler & Fanenbruck,
2021)highlight the growing acceptance of digital investment solutions, such as robo-advisors in
Germany, which indicates a shift towards trust in digital financial services when coupled with
increased digital awareness. Chen, et al (2021) provide an analytical perspective on how digital
awareness plays a role in the finance industry, particularly in how risk awareness models and digital
economic growth are interconnected. Furthermore, the work of Baweja, Sangpetch, and Sangpetch
(2023) underscores the importance of digital awareness in the context of AI for fraud awareness,
suggesting that technology can be a double-edged sword — while it introduces new risks, it also
provides innovative ways to mitigate them. Investment intentions are shaped by this complex web
of factors, where knowledge about investments, perceptions of investment risks and returns, social
factors, personal attitudes, and values, as well as economic conditions and government policies, all
interplay. In this evolving digital landscape, the investor's awareness and understanding of digital
tools and the associated risks become as crucial as their financial literacy.
H2: Digital Awareness has a positive effect on Investment Intention
Financial Literacy and Digital Awareness and Investment Intention
Financial literacy and digital awareness play critical roles in shaping investment intentions.
Financial literacy equips individuals with the understanding necessary to make informed
investment decisions, a competence increasingly important in a complex financial marketplace
(Sadiq & Khan, 2019).Coupled with digital awareness, it empowers individuals to navigate online
investment platforms effectively, significantly affecting their investment behaviors and intentions
(Yang et al., 2019). The relationship between financial literacy and investment intention can be

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The Impact of Financial Literacy and Digital Awareness on Investment Intentions
Karundeng, Siagian, Hutabarat, and Pangaribuan
nuanced by behavioral biases, suggesting that even well-informed individuals may deviate from
optimal decision-making due to psychological factors (Pitthan & De Witte, 2021). (Zhao & Zhang,
2021) contribute to this discourse by examining the relative influence of financial literacy versus
investment experience in the context of cryptocurrency investments, highlighting the nuanced
dynamics of financial knowledge and its practical application. Additionally, (Shaik et al.,
2022)underscore the significance of financial literacy in shaping the investment behavior of IT
professionals in India, indicating the specialized impact of literacy in technology-driven sectors.
Furthermore, the interplay of AI in enhancing fraud awareness presents an intersection where
digital literacy can augment financial decision-making(Baweja et al., 2023). Enhancing financial
literacy and digital awareness could thus serve as a buffer against behavioral biases, promoting a
more rational approach to investment.H3: Financial Literacy and Digital Awareness has a positive
effect on Investment Intention.

METHOD
This research aims to analyze the influence of financial literacy and digital awareness on individual
investment intentions. Data was collected through questionnaires distributed online via social
media and other digital platforms. The questionnaire consists of questions that measure the level
of financial literacy, digital awareness and intention to invest using Likert scale. The data collected
was analyzed using multiple linear regression analysis with the help of statistical software, SPSS.
We delineate the framework and methodology for identifying and selecting participants for the
study. The target population encompasses alumni of a specified university, providing a rich context
for investigating the long-term impacts of higher education on career trajectories. Within this
population, a total of 238 individuals were selected using stratified sampling techniques to ensure
representation across graduation years, programs of study, and demographic factors. Detailed
profiles of these respondents were compiled, capturing variables such as current employment
status, sector of employment, and further educational pursuits post-graduation.
Table 1. Dimension and Indicators
Variable
Financial
Literacy

Dimension
Understanding of
Financial Concepts

Ability to Apply
Financial Knowledge

Financial Decisionmaking

Indicator
Knowledge of basic economic concepts such as interest
rates, inflation, and diversification.
Understanding of the time value of money and
compound interest.
Proficiency in calculating returns on investments.
Ability to read and comprehend financial statements.
Understanding of risk and return and their application
in investment decisions.
Ability to make informed choices regarding credit,
savings, and investment vehicles.

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The Impact of Financial Literacy and Digital Awareness on Investment Intentions
Karundeng, Siagian, Hutabarat, and Pangaribuan

Digital
Awareness

Knowledge of Digital
Tools

Skill in Using Digital
Platforms

Awareness of Digital
Risks

Investment
Intention

Attitude towards
Investing

Subjective Norms

Perceived Behavioral
Control

Awareness of cognitive biases like overconfidence and
loss aversion that affect financial decisions.
Familiarity with online investment platforms and
financial services.
Understanding of the functionalities and limitations of
various digital financial tools.
Proficiency in executing financial transactions online.
Skill in using digital tools for portfolio management and
financial analysis.
Recognition of online financial scams and fraud.
Understanding of cybersecurity measures to protect
financial data.
Personal predisposition towards or against investing
based on perceived risks and benefits.
Expectations of future financial performance and
market conditions.
Influence of social circle and cultural background on
investment decisions.
Impact of media and social media on personal
investment trends.
Self-assessed competence in managing investments.
Confidence in using digital tools to aid investment
decisions.
Perception of control over financial outcomes.

Data collection was meticulously conducted through a quantitative surveys a to gather
comprehensive data.
The measures section elaborates on the specific tools and instruments utilized to assess the
variables of interest. Likert-scale items were employed to measure subjective elements such as
satisfaction and perceived value, while objective measures included factual data such as income
brackets and employment status. Together, these measures provided a robust framework for
analyzing the correlation between university education and career outcomes among the alumni.

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The Impact of Financial Literacy and Digital Awareness on Investment Intentions
Karundeng, Siagian, Hutabarat, and Pangaribuan
RESULT AND DISCUSSION
T-test

Model
1

(Constant)
Financial Literacy
Digital Awareness

Table 2. Coefficientsa
Unstandardized
Standardized
Coefficients
Coefficients
B
Std. Error
Beta
.238
.118
.046
.046
.066
.263
.103
.165

t
2.010
1.017
2.556

Sig.
.046
.310
.011

a. Dependent Variable: Investment Intention
The coefficients table shows the direction of the relationship and the significance of the relationship
between the variables studied. The table shows that even though there is no significant influence of
financial literacy on investment intentions (the B value is positive 0.046), the two variables have a positive
relationship, which means that the respondent's perception shows that a good understanding of financial
literacy will be able to increase good investment intentions as well (significance level of 0.310). This finding
backs up what Pitthan and De Witte (2021) said about how people who do not know much about money
tend to use expensive and risky ways to make money. Financial knowledge is believed to lead to better
long-term financial health and helps people make better decisions when managing their money.
Furthermore, it was found that digital awareness had a positive relationship (B value was positive 0.263)
and had a significant effect (significance level of 0.011) on investment intentions. Respondents believe that
digital awareness from now on and in the future will be beneficial or can significantly help make sound
investment intentions. Previous research has also shown that understanding new features and how to use
digital technology will help someone come up with new ideas, even when making business decisions.
F-test
Table 3. ANOVAa
Model
Sum of Squares
Df
Mean Square
F
Sig.
1
Regression
1.970
2
.985
4.067
.018b
Residual
56.925
235
.242
Total
58.895
237
a. Dependent Variable: Investment Intention
b. Predictors: (Constant), Digital Awareness, Financial Literacy
The ANOVA table has explained the simultaneous influence of financial literacy and digital
awareness variables on investment intentions, with a magnitude of 0.018; this shows that the model
formed in this research is excellent.

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The Impact of Financial Literacy and Digital Awareness on Investment Intentions
Karundeng, Siagian, Hutabarat, and Pangaribuan
Coefficient Determination

Model
1

Table 4. Model Summary
Adjusted R
Std. Error of the
R
R Square
Square
Estimate
a
.183
.033
.025
.49217

a. Predictors: (Constant), Digital Awareness, Financial Literacy
The model summary table shows an R-value of 0.183 or an R Square of 0.033. This finding shows
that the contribution of the financial literacy and digital awareness variables to investment intention
is relatively low, even though the model has been formed from the Anova results with a
significance level of 0.018. This finding provides input for further research to find other variables
influencing investment intention.

CONCLUSION
Based on the data analysis and discussions that have been carried out, the following conclusions
are obtained:
Financial Literacy: There is a positive relationship between financial literacy and investment
intentions, though there is no significant effect. This means that the higher a person's level of
understanding of financial principles, ability to manage finances, and knowledge of investment
products, doesn't really contribute to their intention to invest. This shows the importance of
financial education for the public to increase participation in investment.
Digital Awareness: Digital awareness shows a positive and significant relationship with investment
intentions. Individuals who have a good understanding of digital technology, including the risks
and opportunities that exist in the digital world, tend to be more confident and braver enough to
invest through digital platforms. This awareness allows individuals to utilize technology to make
informed investment decisions. In the contemporary context, where digital technology increasingly
dominates various aspects of our lives, the combination of strong financial literacy and digital
awareness is key to guiding individuals in making informed and wise investment decisions.
To increase investment intentions among the public, related parties such as the government,
financial institutions and educational organizations should focus their efforts on increasing
financial literacy and digital awareness. Structured educational programs and information
campaigns can be the first step in encouraging people to invest wisely. Thus, this research
contributes to the financial and digital literature by highlighting the importance of financial literacy
and digital awareness as supporting factors in increasing investment intentions in society. Along
with technological developments, it is hoped that society will be increasingly ready to take
advantage of investment opportunities with full awareness and policy(harFrank & Peschel, 2020).

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The Impact of Financial Literacy and Digital Awareness on Investment Intentions
Karundeng, Siagian, Hutabarat, and Pangaribuan
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