THE INFLUENCE OF DEMOGRAPHY, SOCIAL MEDIA, RISK ATTITUDE, AND OVERCONFIDENCE ON THE FINANCIAL LITERACY OF USERS SOCIAL MEDIA IN SURABAYA
Keywords:
Demography, Social Media, Risk Attitude, Overconfidence, Financial Literacy
Abstract
This study aims to examine the influence of demography, social media, risk attitude, and overconfidence on the financial literacy of users of social media in Surabaya. The sample used in this study amounted to 300 respondents. Data were collected using a online questionnaire via Google Form. The data analysis method used in this study is PLS. The analysis test results show that there is an effect of demography, social media, risk attitude, and overconfidence on users' financial literacy in Surabaya.
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Trivers, R. (2000). The Elements of a Scientific Theory of Self-Deception.
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Weber, E., & Milliman, R. (1997). Perceived Risk Attitudes: Relating Risk Perception to Risky Choice. Management Science, 43 (2), 123- 144.
Widayati, I. (2012). Factors Affecting Student Financial Literacy of the Faculty of Economics and Business Universitas Brawijaya. Journal of Accounting and Education, Volume 1. No. 1, pg. 89-99.
Widjaja, R. & Pertiwi, D. (2021). The Influence of Emotional Factors, Materialism, Risk Perception, and Financial Literacy on The Tendency of Debt of Millennial Generation in Surabaya. International Journal of Financial and Investment Studies (IJFIS), 1(2), 85-93. Retrieved from https://ojs.petra.ac.id/ijfis/index.php/ijfis/article/view/57
Zaenal, A., & Erin, S. (2019). Overconfidence, Attitude Toward Risk, and Financial Literacy: A Case in Indonesia Stock Exchange.
Anggala, A. & Basana, S. R. (2020). Pengaruh Related Party Transaction Terhadap Nilai Perusahaan. International Journal of Financial and Investment Studies (IJFIS), 1(1), 42-52. https://doi.org/10.9744/ijfis.1.1.42-52
Barber, BM, & Odean, T. (2002). Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment. The Quarterly Journal of Economics, 116 (1), 261–292.
Bhandari, G., & Deaves, P. (2006). The Demographics of Overconfidence. Behavioral Finance. Journal of Behavioral Finance.
Cam, A., & Barut, A. (2015). Financial Literacy Levels and Behavior: A research on Gümüşhane University associate students. Global Journal of Economics and Business Studies, 4 (7), 63–72.
CFPB. (2015). Financial Well-Being; The Goal of Financial Education. US: CFPB.
Chen, H., & Volpe, R. (1998). An Analysis of Personal Financial Literacy Among College Students. Financial Service Review, 11 (3), 289- 307.
Chu, WX (2016). Financial literacy, Portfolio Choice and Financial Well-Being. Social Indicators Research vol. 132, 799-820.
Cummings, L. (2007). Pragmatics A Multi-disciplinary Perspective. Yogyakarta: Student Library.
Dann, S., & Dann, S. (2011). E-marketing: Theory and application. Basingstoke, UK: Palgrave Macmillan.
Enikolopov, R., Petrova, M., & Sonin, K. (2015). Social Media and Corruption. Cited April 28, 2020, from http://ssrn.com/abstract=2153378
Erfandi. (2009). Knowledge and Influencing Factors.
Cited April 28, 2020, from http://www.prohealth.com.
Geravis, S., & Odean, T. (2001). Learning to be Overconfident. The Review of Financial Studies, 14 (1), 1-27.
Griffin, D., & Tversky, A. (1992). The Weighting of Evidence and The Determinants of Confidence. Cognitive Psychology 24, 411-435.
Hootsuite. (2019, January). Indonesian Digital Report 2019. Cited April 20, 2020, from We Are Social: https://andi.link/ hootsuite-we-are- social-Indonesian-digital-report-2019 /
Hussein, A. (2009). Financial Literacy and Investment Decisions of UAE Investors. Emerald Group Publishing Limited. Vol. 10 Issue: 5, pp. 500-516.
Ibrahim, EK, & Tayfun, DK (2016). Determining Advanced and Basic Financial Literacy Relations and Overconfidence, and Informative Social Media Association of University Students in Turkey. 16 (6), 1865-1891.
Jacobs- Lawson, J., & Hershey, D. (2005). Influence of Future Time Perspective, Financial Knowledge, and Financial Risk Tolerance on Retirement Saving Behavior. Financial Services Review, 14 (4), 331.
Kapoor, J., & Hughes, R. (2018). Personal Finance - 12th Edition. California: McGraw-Hill Publishing Company.
Karaa, IE, & Sarer, G. (2015). Finansal Okuryazarlık Ve Sosyal Medya Yoluyla Finansal Bilgilenme Ilişkisi: Celal Bayar Üniversitesi Öğrencileri Üzerinde Bir Uygulama [Financial Literacy and Financial Informing by Social Media: Celal Bayar University students]. In Proceedings of the 19, 103-122.
Lazar, D., & Chandirasekar, B. (2016). Demographic VS Financial Literacy: A Study Among Earning Women in Pondicherry. International Journal of Commerce and Management Research, 2, 12-15.
Loibl, C., & Hira, TK (2005). Self-Directed Financial Learning and Financial Satisfaction. Financial Counseling and Planning, 16, 11–21.
Lumintang, & Fatmawati, M. (2013). Analysis of Rice Farmers' Income in Teep Village, East Langawon District. EMBA Journal 991 volume 1No.3, 991-998.
Lusardi, A., Mitchell, O., & Curto, V. (2014). Financial Literacy and Financial Sophistication in The Older Population. Journal of Pension Economics and Finance, 13 (4), 1–20.
Lyons, A., Scherpf, E., & Roberts, H. (2006). Financial Education and Communication Between Parents and Children. The Journal of Consumer Education, 23, 64–67.
Mandell, L. (2008). Financial Literacy if High School Students. New York: Springer.
Nosic, A., & Weber, M. (2010). How Riskily Do I Invest? The Role of Risk Attitudes, Risk Perceptions, and Over¬confidence, Decision Analysis, Vol. 7, No. 3, 282-301.
Odean, T. (1998). Do Investors Trade Too Much? American Economic Review, 89, 1279–1298.
OECD. (2005). Improving Financial Literacy. Paris: OECD Publishing. OJK. (2019, November 7). Press Release 2019 OJK SurveyLiteracy andIndex
FinancialInclusionIncreases. Cited April 20, 2020, from HTTP: //www.ok.go.id/id/Berita-and-kaktif/siaran- press / Pages / Siaran-Press-Survey-OJK-2019-Index-Literacy-And- Inclusion-Finance-Increasing
.aspx Rohrmann, B. (2008). Risk Perception, Risk Attitude, Risk Communication, Risk Management: A Conceptual Appraisal. International Emergency Management Society.
Russo, J., & Schoemaker, P. (2016). Overconfidence. Palgrave Macmillan. Sadman, AS, & Rahardjito. (1990). Educational Media: Definition,
Development, and Utilization, 1st edition.
Schuchardt, J. b. (2007). Personal Finance: An Interdisciplinary Profession.
Journal of Financial Counseling and Planning, 18 (1), 61-69.
Now, U., & Bougie, R. (2019). Research Methods for Business, Edition 6 Book 2. Jakarta: Salemba Empat.
Social Media Research Group. (2016). Using Social Media for Social Research: An Introduction. United Kingdom: Social Media Research group.
Sugiyono. (2017). Quantitative, Qualitative, and R&D Research Methods.
Bandung: Alfabeta.
Tezel, Z. (2015). Financial Education for Children and Youth. Turkey: Kirkale University.
Trevelyan, R. (2008). Optimism, Overconfidence and Entrepreneurial Activity. Management Decision Vol. 46 No. 7, pp. 986-1001.
Trivers, R. (2000). The Elements of a Scientific Theory of Self-Deception.
Annals NY acad Sciences 907, 114-131.
Wagland, S., & Taylor, S. (2009, March). When it Comes to Financial Literacy, Gender is Really an Issue?
Wahono, H.K. & Pertiwi, D. (2020). Pengaruh Financial Literacy, Materialism, Compulsive Buying Terhadap Propensity to Indebtedness. International Journal of Financial and Investment Studies (IJFIS), 1(1), 1-14. https://doi.org/10.9744/ijfis.1.1.1-14
Weber, E., & Milliman, R. (1997). Perceived Risk Attitudes: Relating Risk Perception to Risky Choice. Management Science, 43 (2), 123- 144.
Widayati, I. (2012). Factors Affecting Student Financial Literacy of the Faculty of Economics and Business Universitas Brawijaya. Journal of Accounting and Education, Volume 1. No. 1, pg. 89-99.
Widjaja, R. & Pertiwi, D. (2021). The Influence of Emotional Factors, Materialism, Risk Perception, and Financial Literacy on The Tendency of Debt of Millennial Generation in Surabaya. International Journal of Financial and Investment Studies (IJFIS), 1(2), 85-93. Retrieved from https://ojs.petra.ac.id/ijfis/index.php/ijfis/article/view/57
Zaenal, A., & Erin, S. (2019). Overconfidence, Attitude Toward Risk, and Financial Literacy: A Case in Indonesia Stock Exchange.
Published
2021-09-21
How to Cite
Rizon, R., Anastasia, N., & Evelyn, E. (2021). THE INFLUENCE OF DEMOGRAPHY, SOCIAL MEDIA, RISK ATTITUDE, AND OVERCONFIDENCE ON THE FINANCIAL LITERACY OF USERS SOCIAL MEDIA IN SURABAYA. International Journal of Financial and Investment Studies (IJFIS), 2(1), 10-19. https://doi.org/10.9744/ijfis.2.1.10-19
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