Financial Technology Adoption and Student Invesment Decisions: The Mediating Role of Investment Interest (Evidence from Students of Universitas Trunojoyo Madura)

Afaful Ummah, Hawa Gazani, Moh Miqdad Ilmi, Umi Indasyah Zahro, Aldi Khusmufa Nur Iman

Abstract


The development of financial technology (fintech) has changed the access patterns and investment behavior of the younger generation, including students. However, the level of student investment participation in certain contexts is still relatively low. This research aims to analyze the influence of financial technology on students' investment decisions and examine the mediating role of investment interest in this relationship. This research uses a quantitative approach with a survey method of 30 Trunojoyo Madura University students who have active accounts and have made transactions in the capital market. The limited sample size reflects the relatively small empirical conditions of the target population, so this research is contextual and focuses on the depth of analysis of student investment behavior. Data was analyzed using Partial Least Squares (PLS) via SmartPLS 4.0. The research results show that financial technology has a significant effect on investment interest, but does not have a direct effect on investment decisions. Investment interest is proven to act as a mediator that bridges the influence of financial technology on student investment decisions. These findings provide a theoretical contribution by strengthening the application of the Theory of Planned Behavior in the context of technology-based investment, as well as a practical contribution to the management of the Sharia Investment Gallery in designing strategies to increase student participation that not only focus on technological aspects, but also shape investment interest. The novelty of this research lies in testing the mediating role of investment interest in the context of students with limited levels of investment participation.


Keywords


Financial Technology, Investment Decisions, Investment Interest.

Full Text:

PDF

References


Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016%2F0749-5978%2891%2990020-T

Angga Pradipa, N., Sinta Trisnadewi, K., & Made Ayu Dwijayanti, N. (2023). Pengaruh Literasi Keuangan terhadap Keputusan Investasi dengan Financial Technology sebagai Pemediasi di Kota Denpasar. Jurnal Riset Akuntansi, 13(2), 217–236.

Awindya, N. K., Putri, S. O., & Nazihah, S. (2024). Pengaruh Literasi Keuangan dan Risiko Investasi terhadap Minat Invetasi Mahasiswa. Prosiding Pekan Ilmiah Mahasiswa (PIM), 5(1), 293–310. https://doi.org/10.29259/jmbt.v19i2.18116

Chotimah, C., Afifudin, & Nandiroh, U. (2024). Pengaruh Literasi Keuangan, Perilaku Keuangan dan Financial Technology pada Keputusan Investasi. E_Jurnal Ilmiah Riset Akuntansi, 13(02), 1–23.

Dewi, R. L. K., Kartini, E., & Rusdi. (2023). Pengaruh Financial Technology, Pengetahuan Investasi, Motivasi, Modal Minimal dan Risiko terhadap Minat Investasi Generasi Milenial. Jurnal Ilmiah Akuntansi, 1(2), 28–40. https://doi.org/10.53512/akuntabel.v1i2

Hair, J. F., Ringle, C. M., & Sarstedt, M. (2011). PLS-SEM: Indeed a Silver Bullet. Journal of Marketing Theory and Practice, 19(2).

Hidayat, L., Muktiadji, N., & Supriadi, Y. (2019). Pengaruh Pengetahuan Investasi terhadap Minat Mahasiswa Berinvestasi di Galeri Investasi Perguruan Tinggi. JAS-PT (Jurnal Analisis Sistem Pendidikan Tinggi Indonesia), 3(2), 63–70. https://doi.org/10.36339/jaspt.v3i2.215

Huda, M., & Susanti. (2024). Pengaruh Literasi Keuangan dan Financial Technology terhadap Keputusan Berinvestasi melalui Minat Investasi sebagai Variabel Mediasi. JPEK (Jurnal Pendidikan Ekonomi Dan Kewirausahaan), 8(3), 1037–1048. https://doi.org/10.29408/jpek.v8i3.27289

Lusi Herawati, Yulita Zanaria, & Elmira Febri Darmayanti. (2025). Pengaruh Pengetahuan, Income, dan Efikasi Keuangan terhadap Keputusan Investasi dengan Minat Berinvestasi sebagai Variabel Intervening di Metro Timur. Journal of Oikonomia, 2(2), 48–58. https://doi.org/10.69747/oikonomia.v2i2.73

Nurfadilah, Wahyuni, I., & Subaida, I. (2022). Pengaruh Pengetahuan Investasi dan Kemajuan Teknologi terhadap Keputusan Investasi dengan Minat Investasi sebagai Variabel Intervening (Studi Mahasiswa Prodi Manajemen Universitas Abdurachman Saleh Situbondo). Jurnal Mahasiswa Entrepreneur (JME), 1(8), 1630–1644. https://doi.org/10.36841/jme.v1i8.2209

PT Bursa Efek Indonesia. (2025). Jumlah Investor Pasar Modal Tembus 17 Juta, Investor Baru Lampaui 2 Juta. https://www.idx.co.id/id/berita/siaran-pers/2408

Putri Apriliawati, I., & Ririn Indriastuti, D. (2025). Pengaruh Financial Technology, Fomo (Fear of Missing Out) , Literasi Keuangan dan Persepsi Risiko terhadap Keputusan Investasi Mahasiswa Fakultas Ekonomi dan Bisnis Universitas Slamet Riyadi Surakarta. Jurnal Ilmiah Ekonomi Dan Manajemen, 3(3), 385–396. https://doi.org/10.61722/jiem.v3i3.4170

Rizki, T., Sumastuti, E., & Meiriyanti, R. (2025). Analisis Pengetahuan Investasi dan Persepsi Risiko terhadap Keputusan Investasi Dimediasi Minat Investasi pada Mahasiswa di Kota Semarang. Jurnal Ilmu Manajemen, Ekonomi Dan Kewirausaan, 5(3), 116–127. https://doi.org/10.55606/jimek.v5i3.7960

Sholaahuddin, A., Suyanto, S., & Darmayanti, E. F. (2024). Pengaruh Persepsi Risiko, Efikasi Keuangan, dan Perkembangan Financial Technology terhadap Minat Mahasiswa Berinvestasi di Pasar Modal. Expensive: Jurnal Akuntansi Dan Keuangan, 3(1), 27–37. https://doi.org/10.24127/exclusive.v3i1.5374

Siregar, S. K. A., & Siregar, Q. R. (2024). Pengaruh Pengetahuan Investasi dan Toleransi Risiko terhadap Keputusan Investasi dengan Minat Investasi sebagai Variabel Intervening pada Masyarakat Kecamatan Bandar Pulau. Balance: Jurnal Akuntansi Dan Manajemen, 3(2), 1–10. https://doi.org/10.59086/jam.v3i2.483

Situmorang, S. V., & Tobing, V. C. L. (2024). Pengaruh Financial Technology, Literasi Keuangan dan Efikasi Keuangan terhadap Minat Mahasiswa Berinvestasi di Pasar Modal. Jurnal Ilmiah Mahasiswa, 6(3).

Solimun, Fernandes, A. A. R., & Nurjannah. (2017). Metode Statistika Multivariat Pemodelan Persamaan Struktural. UB. Press.

Yovieta, V., Wahyuni, I., & Sari, L. P. (2022). Pengaruh Pengetahuan Investasi terhadap Keputusan Investasi dengan Minat Investasi Sebagai Variabel Intervening Pada Mahasiswa Fakultas Ekonomi dan Bisnis Universitas Abdurachman Saleh Situbondo Angkatan Tahun 2018. Jurnal Prosiding Nasional, 1(1), 271–280.




DOI: http://dx.doi.org/10.21043/malia.v9i2.34517

Refbacks

  • There are currently no refbacks.


Copyright (c) 2025 MALIA: Journal of Islamic Banking and Finance

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

images

http://journal.stainkudus.ac.id/indexing/moraref.jpg