Co esponding au ho : Maulana Robbi Felani
Copy igh © 2025 The au ho s e ain he copy igh o his a icle. This a icle is published unde he e ms o he C ea i e Commons A ibu ion License 4.0.
Analysis o in es men decisions wi h inancial echnology as a mode a ing a iable
among p i a e employees in Su abaya
Maulana Robbi Felani *, Dhani Ichsanuddin Nu and Oka Wa mana
Magis e Managemen , Facul y o Economics and Business, Uni e si y o Pembangunan Nasional Ve e an Eas Ja a,
Indonesia.
Wo ld Jou nal o Ad anced Resea ch and Re iews, 2025, 27(02), 1141-1149
Publica ion his o y: Recei ed on 06 July 2025; e ised on 12 Augus 2025; accep ed on 15 Augus 2025
A icle DOI: h ps://doi.o g/10.30574/wja .2025.27.2.2972
Abs ac
This s udy discusses he impac o inancial li e acy, isk pe cep ion, and ax li e acy on he in es men decisions o
p i a e employees in Su abaya wi h in ech echnology as a mode a o . P i a e employees, especially hose om he
millennial gene a ion, appea o ha e inc eased hei in es men ac i i ies, wi h ad ances in in ech echnology playing
a signi ican ole in he in es men p ocess. This s udy uses a quan i a i e app oach by adminis e ing a ques ionnai e
o 100 p i a e sec o employees who a e pa o he millennial gene a ion. Using sma PLS 4.0 o da a analysis, he
indings indica e ha inancial li e acy, isk pe cep ion, and ax li e acy con ibu e o he in es men decisions made by
p i a e sec o employees. Fu he mo e, his s udy shows ha in ech echnology can mode a e he ela ionship
be ween inancial li e acy and isk pe cep ion on in es men decisions. Howe e , in ech echnology does no in luence
ax li e acy in i s impac on in es men decisions. This aligns wi h he Theo y o Planned Beha io , which posi s ha
a i udes, no ms, and sel -con ol play a ole in decision-making. To p o ide a mo e comp ehensi e unde s anding,
u u e esea ch should expand he sample size and in es iga e addi ional a iables such as in es men expe ience and
economic condi ions. O e all, his s udy p o ides aluable insigh s o imp o ing and implemen ing e ec i e
in es men s a egies o p i a e sec o employees in he digi al age.
Keywo ds: In es men decisions; Financial li e acy; Risk pe cep ion; Tax li e acy; Fin ech echnology
1. In oduc ion
Economic g ow h in Indonesia is expe iencing dynamics ha equi e se ious a en ion in o de o achie e p og ess and
sus ainable g ow h. To his end, in o de o ace signi ican changes and ongoing globaliza ion, a shi o ans o ma ion
o economic g ow h sou ces is needed. One o he phenomena and indica o s ha has imp o ed is in es men .
In es men has become one o he p ima y d i e s in c ea ing sus ainable economic g ow h. Va ious in es men
ins umen s, p ima ily ela ed o he capi al ma ke such as bonds, s ocks, and mu ual unds, ha e a di ec impac on
economic s abili y om he pe spec i es o he s a e, companies, and socie y. O cou se, in es o s can conside and
de elop app op ia e s a egies based on isk and inancial objec i es.
The de elopmen o he 5.0 indus ial e a has b ough abou a new pa adigm. In o ma ion echnology domina es and
plays a ole in a ious ields, including economics, educa ion, and poli ics. In ecen yea s, he de elopmen o in ech
echnology has changed he way indi iduals and o ganiza ions conduc inancial ansac ions. One popula o m o
in ech is online in es men , which allows indi iduals o in es easily and quickly h ough applica ions o websi es. In
line wi h Sya i i's (2020) esea ch, in ech can p o ide con enience and elimina e ba ie s when used.
Based on he OJK P ess Release da ed No embe 4, 2024, he Millennial and Gene a ion Z demog aphics cons i u e a
signi ican majo i y o he popula ion, accoun ing o app oxima ely 53.821% o Indonesia's o al popula ion. his aligns
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wi h he Indonesian Fin ech Associa ion (AFTECH) Annual Membe Su ey (AMS) 2024, which indica es ha he
majo i y o in ech use s a e Millennials and Gene a ion Z, accoun ing o 68.7%. In line wi h his da a, acco ding o he
Cen al S a is ics Agency (BPS), he numbe o Millennials in Su abaya is 679,770 ou o a o al popula ion o 3,018,022,
o app oxima ely 21.78% o he o al popula ion in Su abaya (BPS, 2024). This indica es ha Millennials play a
signi ican ole in in es men g ow h.
This s udy will ocus on millennials who a e s ill employed and ha e a leas a bachelo 's deg ee. KSEI da a shows ha
he millennial gene a ion only accoun s o 24.36%, which is much smalle han he unde -30 age g oup, which is
domina ed by Gene a ion Z. Wi h in ech echnology p o iding a ious con eniences, making he igh in es men
decisions s ill equi es a s ong ounda ion in e ms o inancial knowledge and unde s anding. The capi al ma ke in
Indonesia is di ided in o se e al inancial ins umen s, including s ocks, bonds, and mu ual unds. Each in es men has
i s own p e e ences in e ms o isk, axa ion, and e u ns. Howe e , he decision o in es among employees wi h a
bachelo 's deg ee has been declining each yea , p ima ily due o i egula in es men pa e ns, lack o unde s anding,
and nume ous conside a ions. The aspi a ion o in es undoub edly necessi a es inancial li e acy o equip indi iduals
wi h he knowledge, skills, and con idence equi ed. The connec ion be ween he aspi a ion o in e es in in es ing and
he inclina ion o u ilize echnology o in es men is no de oid o po en ial isks. An indi idual's pe cep ion o isk is
associa ed wi h aud, da a b eaches, and he possibili y o loss o gain in in es ing. Tax li e acy is equen ly neglec ed
by in es o s, despi e he ac ha axes ep esen a bu den ha in es o s mus bea when hey gene a e p o i s.
The e o e, e o s a e needed o main ain and enhance employees' in es men capaci y o make wise in es men
decisions. In es men decisions in his s udy a e in luenced by Financial Li e acy, Risk Pe cep ion, and Tax Li e acy,
wi h in ech echnology ac ing as a mode a o ha can s eng hen o weaken he in luence o Financial Li e acy, Risk
Pe cep ion, and Tax Li e acy in in es men decisions.
When deciding o in es , an indi idual o in es o engages in an ac ion o beha io ha se es as a conside a ion. These
include a i udes, no ms, and con ols. In line wi h he Theo y o Planned Beha io (TPB) de eloped by Icek Ajzen
(1991), which explains and p edic s indi idual beha io , pa icula ly in he con ex o decision-making, he main
componen s a e a i udes, no ms, and con ols o pe cep ions. The e o e, inancial li e acy as an a i ude, isk
pe cep ion as a con ol mechanism, and ax li e acy as a no m due o he elemen o compliance as a ci izen. As a esul ,
inancial li e acy, isk pe cep ion, and ax li e acy in luence in es men decisions. This is suppo ed by esea ch s a ing
ha inancial li e acy and isk pe cep ion in luence inancial decisions (Fuada ul Hasanah e al, 2022; Resyi a &
Khoi iyah, 2023; Yuniningsih (2020); Nadhi ah & Anwa (2021); P adip a & Yuniningsih (2023); Tau ik Hidaya e al.
(2023); and Fadhilah & Pu wan o (2022)).
2. Ma e ials and me hods
2.1. Li e a u e and Hypo heses
The ma e ials and me hods should be yped in Camb ia wi h on size 10 and jus i ied alignmen . Au ho s can selec he
No mal s yle se ing om he S yles o his empla e. The simples way is o eplace (copy-pas e) he con en wi h you
own ma e ial. The me hods and analysis pe o med in you esea ch wo k should be w i en in his sec ion. A simple
s a egy o ollow is o use keywo ds om you i le in he i s ew sen ences.
2.1.1. Theo y o Planned Beha io
The Theo y o Planned Beha io assumes ha beha io is de e mined by a pe son's desi e o do i o no , whe e ha
desi e is also in luenced by subjec i e a i udes and no ms. This heo y is known as TPB and was de eloped by Icek
Ajzen (1991) as an ex ension o he Theo y o Reasoned Ac ion (TRA) p e iously o mula ed by Ajzen and Fishbein
(1980). The Theo y o Planned Beha io explains ha a i udes owa d beha io a e an impo an ac o in p edic ing
beha io , al hough i is also necessa y o conside an indi idual's subjec i e no ms and pe cei ed beha io al con ol.
Wi h he in en ion o beha e in ela ion o in es men , an indi idual will s i e o imp o e hei inancial li e acy, isk
pe cep ion, and ax li e acy in o de o make app op ia e in es men decisions.
2.1.2. In es men Decisions
May ield e al. (2008) explain ha in es men decisions a e he esul o he in e ac ion be ween pe sonali y
cha ac e is ics and o med beha io al in en ions, which ul ima ely in luence indi idual in ol emen in in es men
ac i i ies in a eal way. Acco ding o Scholey (1999), he e a e h ee ac ions ha an in es o will ake, namely Hold, Buy,
o Sell sha es. In es o s who ha e long- e m in es men plans end o choose sha es. An in es men decision is he
in es men o capi al wi h he expec a ion o ob aining p o i s in he u u e (Jogiyan o, 2010 in Asi a Nu e al., 2017).
Acco ding o signaling heo y, in es men expendi u es send posi i e signals abou a company's u u e g ow h, he eby
Wo ld Jou nal o Ad anced Resea ch and Re iews, 2025, 27(02), 1141-1149
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inc easing s ock p ices, which se e as indica o s o a company's alue (Asi a Nu e al., 2017). The decision o in es is
one o he a ec i e dimensions ha can cause an indi idual o in es o ha e a ce ain in ensi y a e obse ing,
compa ing, and conside ing needs wi h planned and delibe a e e o s.
2.1.3. Financial Li e acy
Financial li e acy, which seeks o ensu e ha e e yone has a high le el o knowledge and he abili y o use complex
inancial echnology e icien ly, is necessa y o using inancial echnology in he digi al age (Mo gan, 2020). The OJK
de ines inancial li e acy as a se ies o p ocedu es o ac ions aimed a imp o ing he in o ma ion, con idence, and abili y
o consume s and he gene al public o manage hei money wisely (OJK, 2020). A high le el o inancial li e acy can also
help in es o s p ojec hei u u e in es men s and ensu e ha app op ia e in es men plans a e in place o u u e
gains. The ela ionship be ween inancial li e acy and in es men decisions has a signi ican posi i e impac , meaning
ha he highe he le el o inancial li e acy o an indi idual, pa icula ly employees, he highe he likelihood o making
in es men decisions.
H1: Financial li e acy has a posi i e e ec on in es men decisions
2.1.4. Risk Pe cep ion
Risk is de ined as an indi idual's subjec i e assump ion when pe cei ing loss om he esul s o an ac i i y (As i &
Susan i, 2018). Risk has wo e ec s, namely posi i e e ec s, also known as oppo uni ies, and nega i e e ec s, also
known as h ea s. Howe e , isk is gene ally unde s ood only as a nega i e e ec o h ea , such as loss and damage,
whe eas h ea s should be unde s ood as unce ain ies ha may o may no occu bu can be an icipa ed and
unde s ood so ha hey can be managed in o s a egies o a oid h ea s o become an icipa ions o successes (Rizqiah,
2017). The le el o isk an indi idual pe cei es in luences hei in es men choices, especially i hey ea losing money.
In es o s will hink wice be o e aking isks wi h capi al ma ke ins umen s i hey ha e a high isk pe cep ion. The
ela ionship be ween isk pe cep ion and in es men decisions has a signi ican nega i e in luence, meaning ha he
highe he le el o isk pe cep ion an indi idual has, especially among employees, he lowe he decision o in es .
H2: Risk pe cep ion has a nega i e e ec on in es men decisions
2.1.5. Tax Li e acy
Feb iyani and Kusmu iyan o (2015) in hei esea ch explain ha ax knowledge is he abili y o a axpaye o
unde s and ax egula ions, bo h in e ms o he ax a es hey will pay and he bene i s o axes ha will be use ul o
hei li es. Acco ding o Susmia un (2014), ax compliance e e s o he condi ion o s a e in which axpaye s exe cise
hei igh s, pa icula ly hei obliga ions, in a imely manne , disciplined manne , and in acco dance wi h he applicable
laws and egula ions and ax p ocedu es. Indi iduals' unde s anding o he pu pose and bene i s o axes is
s eng hened by a highe le el o ax li e acy, which ul ima ely imp o es axpaye compliance. Wi h su icien
unde s anding o axes, in es o s can make wise and mo e op imal decisions, as well as minimize po en ial losses
caused by unexpec ed ax obliga ions. The ela ionship be ween ax li e acy and in es men decisions has a signi ican
posi i e impac , meaning ha he highe he ax li e acy le el o millennial and Gen Z employees, he highe he decision
o in es .
H3: Tax li e acy has a posi i e e ec on in es men decisions
2.1.6. Fin ech Technology
Acco ding o (Siskawa i & Ning yas, 2022) Financial echnology ( in ech) is he esul o a combina ion o inancial
se ices and echnology ha ul ima ely changes he business model om con en ional o mode a e, which ini ially
in ol ed ace- o- ace paymen s and ca ying cash, and now emo e paymen ansac ions can be made in jus seconds.
Gene ally, echnology has wo main bene i s: i se es as a model o enhance use s' insigh s and unde s anding, and i
ac s as a de elopmen model o sys em designe s and implemen e s as a basis o e alua ing a sys em (Ap iliana,
2020). Fin ech p o ides a ious solu ions ha simpli y access o and unde s anding o inancial p oduc s and o e ools
o help indi iduals make mo e in o med in es men decisions. Fin ech echnology p o ides secu i y and con enience.
In es o s will ensu e ha he money s o ed on he in ech pla o m is sa e and will no suddenly disappea . The use o
inancial echnology also a ec s ax compliance because i is a sys em ha can accele a e inancial access and acili a e
business ac o s in ca ying ou inancial ope a ions, including paying axes. The ela ionship be ween he use o in ech
echnology and in es men decisions h ough inancial li e acy, isk pe cep ion, and ax li e acy has a signi ican
posi i e in luence, meaning ha he highe he le el o in es men decisions made by employees h ough inancial
li e acy, isk pe cep ion, and ax li e acy, he highe he use o in ech echnology.
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• H4: Fin ech echnology mode a es he in luence o inancial li e acy on in es men decisions
• H5: Fin ech echnology mode a es he in luence o isk pe cep ion on in es men decisions
• H6: Fin ech echnology mode a es he in luence o ax li e acy on in es men decisions
2.2. Me hodology
The da a in his s udy a e p ima y da a ob ained di ec ly om he o iginal sou ce (no h ough in e media ies). The
Like scale is used o measu e he a i udes, opinions, and pe cep ions o an indi idual o g oup o indi iduals ega ding
social phenomena (Sugiyono, 2019). The scope o in es men ins umen s used in his esea ch is he Capi al Ma ke ,
including sha es, mu ual unds, and bonds. The ocus o his s udy is p i a e sec o employees loca ed in Su abaya. The
c i e ia es ablished o his s udy a e as ollows:
• Minimum age o 29 yea s old o bo n in 1996
• Cu en ly employed and ea ning a minimum income o he Su abaya Minimum Wage o a leas Rp 5,500,000
( i e million i e hund ed housand upiah)
• Ha e expe ience in in es ing in he s ock ma ke
• Employed as a p i a e-sec o employee in Su abaya
Acco ding o Ghozali (2007), he minimum sample size o his s udy is 100. The independen a iables include inancial
li e acy, isk pe cep ion, and ax li e acy. The dependen a iable is in es men decision, wi h in ech echnology as a
mode a ing a iable. The ques ionnai e was dis ibu ed ia Google Fo ms and con ained 20 ques ions. Da a analysis
was conduc ed using Sma PLS 4.0.
Table 1 Va iable Indica o s
Va iables
Indica o s
Sou ces
In es men Decision
(Y)
1. In es men Commi men
2. Alloca ion P e e ences
3. Po olio Managemen
4. Independence and Sel -Con idence
5. Knowledge De elopmen and In es men
Di e si ica ion
C May ield e al (2008) and
Tandelilin (2001)
Financial
Technology (Z)
1. Pe cei ed use ulness
2. Ease o Use
3. Ease o Accessing In o ma ion
Siskawa i and Ning yas (2022)
and Pa lou (2003)
Financial Li e acy
(X1)
1. Financial Knowledge
2. Sa ings and Loans
3. Insu ance
4. In es men
Chen and Volpe (1998) and
Yuniningsih & San oso, (2020)
Risk Pe cep ion (X2)
1. Financial Risk
2. Secu i y Risk
3. Time Risk
4. P i acy Risk
G. B. Boye ey (2021) and As i and
Susan i (2018)
Tax Li e acy (X3)
1. Tax Awa eness
2. Con ex ual Knowledge
3. Sys ema ic and Measu able Decision-Making
Knowledge
4. Tax Compliance Knowledge
Bo nman & Wasse mann (2018)
and Susmia un (2014)
Sou ce: Ou pu sma -PLS (2024)
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3. Resul s
3.1. Sma PLS Resul s Analysis
Figu e 1 Ou e Model
The es ima ed loading ac o esul s o each cons uc indica o show ha all indica o s ha e me he alidi y c i e ia
and a e sui able o use, wi h loading ac o alues abo e 0.7. Because hey ha e an addi ional ac o alue o 0.70 o
mo e, each indica o mee s he alidi y c i e ia. The e o e, alidi y h ough ex e nal load has been es ed, and he
measu emen model is conside ed sui able o p oceed o he nex es ing s age. O e all, he esea ch a iables Financial
Li e acy, Risk Pe cep ion, Tax Li e acy, Fin ech Technology, and In es men Decisions ha e AVE squa e oo alues
g ea e han hei co ela ion alues wi h o he a iables, hus ul illing disc iminan alidi y.
Table 2 R Squa e
R-Squa e
Adjus ed R-Squa e
In es men Decision (Y)
0.646
0.619
Sou ce: sma -PLS ou pu (2024)
The model has he abili y o explain he phenomenon o In es men Decisions by 64.60%, as indica ed by he R² alue
(Job Sa is ac ion) o 0.646. This means ha in es men decisions a e in luenced by Financial Li e acy, Risk Pe cep ion,
Tax Li e acy, and Fin ech Technology by 64.60%, while 35.40% is in luenced by o he a iables such as li es yle, locus
o con ol, social media, and so on. Thus, i can be concluded ha he model in his s udy has ele an p edic i e alue.
The esul s o he combined eliabili y es s and C onbach's alpha indica e ha all cons uc s ha e accep able eliabili y
wi h alues exceeding 0.7.
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3.2. Hypo hesis Resul s
Table 3 Hypo hesis Resul s
O iginal
Sample (O)
Sample
Mean (M)
S anda d
De ia ion
(STDEV)
T S a is ic
(|O/STDEV |)
P
Values
Financial Li e acy (X1) →
In es men Decision (Y)
0.394
0.384
0.096
4.109
0.000
Risk Pe cep ion (X2) → In es men
Decision (Y)
0.205
0.212
0.102
2.012
0.045
Tax Li e acy (X3) → In es men
Decision (Y)
0.195
0.185
0.085
2.306
0.022
Fin ech Technology (Z) →
In es men Decision (Y)
0.266
0.269
0.123
2.166
0.031
Fin ech Technology (Z)* Financial
Li e acy (X1) → In es men
Decision (Y)
0.217
0.194
0.105
2.070
0.039
Fin ech Technology (Z)* Risk
Pe cep ion (X2) → In es men
Decision (Y)
0.329
0.307
0.100
3.281
0.001
Fin ech Technology (Z)* Tax
Li e acy (X3) → In es men
Decision (Y)
0.089
0.095
0.076
1.171
0.242
Sou ce: Sma PLS ou pu , 2025
H1: Financial li e acy has a signi ican posi i e e ec on in es men decisions wi h a pa h coe icien o 0.394, whe e he
p- alue = 0.000 is less han α = 0.05.
H2: Risk Pe cep ion has a signi ican posi i e e ec on In es men Decisions wi h a pa h coe icien o 0.205, whe e he
p- alue = 0.045 is less han he α alue = 0.05.
H3: Tax li e acy has a signi ican posi i e e ec on in es men decisions wi h a pa h coe icien o 0.195, whe e he p-
alue = 0.022 is less han he α alue = 0.05.
H4: Mode a o -1 (Z*X1) has a signi ican posi i e e ec on in es men decisions wi h a pa h coe icien o 0.217, wi h a
p- alue o 0.039, which is less han he α alue o 0.05.
H5: Mode a o -2 (Z*X2) has a signi ican posi i e e ec on in es men decisions wi h a pa h coe icien o 0.329 and a
p- alue o 0.001, which is g ea e han he α alue o 0.05.
H6: Mode a o -3 (Z*X3) does no in luence in es men decisions wi h a pa h coe icien o 0.089, whe e he p- alue =
0.242 is g ea e han he α alue o 0.05.
4. Discussion
Based on he esul s o he s udy, i was ound ha inancial li e acy can imp o e in es men decisions. Thus, i can be
concluded ha Millennial in es o s, especially p i a e employees in Su abaya, ag ee ha indi idual con idence in
inancial li e acy is an impo an elemen in encou aging mo e ma u e and esponsible in es men decisions. The
indings o his s udy align wi h he Theo y o Planned Beha io , whe e inancial li e acy plays a signi ican ole in
enhancing an indi idual's abili y o make decisions ela ed o inance, including in es men decisions. Good inancial
knowledge p o ides a ounda ion o indi iduals o e alua e a ious in es men al e na i es, assess isks and e u ns,
and align decisions wi h sho - e m and long- e m inancial goals, as s a ed in he esea ch by Fuada ul Hasanah e al.
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(2022), which indica es ha inancial li e acy has a posi i e and signi ican in luence on in es men in e es and
beha io .
Based on he esul s o he esea ch conduc ed, i was ound ha isk pe cep ion can inc ease in es men decisions. In
o he wo ds, unde s anding isk does no always lead o a oiding in es men , bu can encou age someone o p epa e
be e isk s a egies and managemen . Millennial in es o s, especially p i a e employees in Su abaya, iew isk as an
oppo uni y a he han some hing o be a oided. In TPB, Pe cei ed Beha io al Con ol e lec s an indi idual's
pe cep ion o hei abili y o pe o m o con ol an ac ion. Posi i e isk pe cep ion indica es ha e en hough indi iduals
a e awa e o he po en ial isks in in es ing, hey s ill eel capable o managing hose isks. This s udy con i ms p e ious
indings by As i and Susan i (2018) ha isk pe cep ion signi ican ly in luences decision-making beha io , al hough in
a di e en con ex , namely shopping decisions on e-comme ce pla o ms.
Based on he esul s o he esea ch conduc ed, i was ound ha ax li e acy can imp o e in es men decisions. This
means ha an inc ease in ax li e acy will be ollowed by an inc ease in in es men decision-making. Adequa e ax
li e acy can inc ease indi iduals' con idence and eadiness in making in es men decisions. Millennial in es o s,
especially p i a e employees in Su abaya, iew ax li e acy as an unde s anding and obliga ion ha mus be ul illed in
in es men ac i i ies, no some hing o be a oided o igno ed. In TPB, Pe cei ed Beha io al Con ol e lec s ha ax
unde s anding no only in luences cogni i e aspec s (knowledge) bu also builds no ms ha iscally esponsible
indi iduals a e expec ed o conside he ax implica ions o e e y in es men decision. In line wi h Rizky Dwi Ananda's
(2019) esea ch, i also shows ha ax knowledge has a posi i e impac on axpaye compliance while educing non-
compliance a es.
This s udy e eals ha Fin ech Technology can s eng hen he ela ionship be ween Financial Li e acy and in es men
decision-making. The ole o in ech as a mode a ing a iable in his s udy p o ides o iginal and ele an heo e ical
con ibu ions o he cu en de elopmen o inancial sec o digi aliza ion. This is also consis en wi h he
cha ac e is ics o Millennial in es o s, pa icula ly p i a e sec o employees in he s ock ma ke in Su abaya, who
demons a e a s ong desi e o inancial independence. When equipped wi h good inancial li e acy and he abili y o
u ilize in ech echnology, hey end o be mo e con iden in making in es men decisions based on sel -con ol and
pe sonal a ionali y. The Theo y o Planned Beha io (TPB) suppo s ha pe cei ed beha io al con ol, o an
indi idual's pe cep ion o hei abili y o pe o m a ce ain ac ion, in his case in es men , will be s onge when
suppo ed by inancial li e acy and echnological suppo ha acili a es he p ocess. The indings o his s udy align
wi h esea ch conduc ed by Hikmah (2021), which demons a ed ha in ech adop ion can enhance inancial skills and
beha io among he public, as well as acili a e inancial li e acy unde s anding h ough mo e accessible digi al
pla o ms.
Based on he esul s o he s udy, i was ound ha in ech echnology is capable o s eng hening he ela ionship
be ween isk pe cep ion and in es men decisions. Fin ech can se e as a ool ha accele a es and simpli ies he
in es men p ocess, while isk pe cep ion emains a complex psychological ac o ha can be mi iga ed by he p esence
o in ech echnology. In es o s who a e s ill unce ain abou po en ial losses, da a secu i y isks, o digi al ma ke
luc ua ions will conside hese ac o s when making in es men decisions, hus equi ing he con enience o e ed by
in ech. In he Theo y o Planned Beha io , in es o s who do no ye ha e ull con idence in in ech will con inue o
pe cei e signi ican isk, he eby hinde ing o delaying in es men decisions. Resea ch by Sul an O ega e al. (2023)
ound ha he adop ion o in ech in digi al in es men s eng hens isk pe cep ion, pa icula ly in e ms o
cybe secu i y, egula o y unce ain y, and po en ial inancial losses.
The esul s o he s udy indica e ha in ech echnology does no su icien ly s eng hen he ela ionship be ween ax
li e acy and in es men decisions. This means ha he le el o in ech does no s eng hen o weaken he in luence o
ax li e acy on in es men decisions s a is ically. Al hough in ech o e s con enience in ansac ions and access o
a ious in es men p oduc s, ax knowledge emains a sepa a e ac o ha equi es in-dep h unde s anding om
in es o s. As he esponden s in his s udy we e p i a e sec o employees whose ax epo s we e only o wo k
pe o med and al eady deduc ed by he company, hey el ha in ech echnology had no in luence on hei in es men
decisions because he applica ion o axes in in es ing was al eady en us ed o in ech echnology. Tax li e acy is
concep ual and egula o y in na u e, no me ely ela ed o access o echnology o ease o ansac ions. Tax li e acy is
mo e closely ela ed o a i ude and subjec i e no ms ha in luence in es men in en ions, while in ech plays a g ea e
ole in pe cei ed beha io al con ol. In line wi h he esea ch by Ignasia and U omo (2023), digi al li e acy is mo e
in luenced by inancial li e acy han ax li e acy in in es men decisions.
Wo ld Jou nal o Ad anced Resea ch and Re iews, 2025, 27(02), 1141-1149
1148
5. Conclusion
Based on he esul s o esea ch and da a analysis, he e a e indings ega ding he signi ican in luence o inancial
li e acy, isk pe cep ion, and ax li e acy in inc easing in es men among p i a e employees in Su abaya who all in o
he millennial gene a ion ca ego y. In addi ion, he da a analysis ound ha in ech echnology can p o ide a boos in
he ela ionship be ween inancial li e acy and isk pe cep ion on in es men decisions. Con e sely, ax li e acy
ein o ced by in ech echnology canno inc ease in es men decisions among Gene a ion Z in Su abaya. Al hough
in ech echnology can p o ide a be e unde s anding, he exis ence o ax li e acy is s ill insu icien o encou age
p i a e employees o make mo e ma u e in es men decisions. Wi h hese esea ch esul s, i is hoped ha in he u u e,
i will be ecommended o explo e in es men sec o s ha a e he main p e e ences o he millennial gene a ion. This
explo a ion is impo an o unde s and he in es men o ien a ion o Millennials in he digi al and sus ainabili y e a.
Addi ionally, i is necessa y o conside adding a iables no analyzed in his s udy o p o ide a mo e comp ehensi e
pic u e o in es o s.
Compliance wi h e hical s anda ds
Acknowledgmen s
The au ho s would like o hank he esea che s and colleagues om Uni e si as Pembangunan Nasional Ve e an Jawa
Timu who ha e suppo ed he esea che in comple ing his esea ch a icle.
Disclosu e o Con lic o in e es
The au ho s decla e no con lic o in e es in he a icle because he e was no unding om any pa y wi h
s ha would in e e e wi h he esul s o his esea ch.
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