Analysis of investment decisions with financial technology as a moderating variable among private employees in Surabaya

Felani, Maulana Robbi and Nur, Dhani Ichsanuddin and Warmana, Oka (2025) Analysis of investment decisions with financial technology as a moderating variable among private employees in Surabaya. World Journal of Advanced Research and Reviews, 27 (2). pp. 1141-1149. ISSN 2581-9615

This study discusses the impact of financial literacy, risk perception, and tax literacy on the investment decisions of private employees in Surabaya with fintech technology as a moderator. Private employees, especially those from the millennial generation, appear to have increased their investment activities, with advances in fintech technology playing a significant role in the investment process. This study uses a quantitative approach by administering a questionnaire to 100 private sector employees who are part of the millennial generation. Using smartPLS 4.0 for data analysis, the findings indicate that financial literacy, risk perception, and tax literacy contribute to the investment decisions made by private sector employees. Furthermore, this study shows that fintech technology can moderate the relationship between financial literacy and risk perception on investment decisions. However, fintech technology does not influence tax literacy in its impact on investment decisions. This aligns with the Theory of Planned Behavior, which posits that attitudes, norms, and self-control play a role in decision-making. To provide a more comprehensive understanding, future research should expand the sample size and investigate additional variables such as investment experience and economic conditions. Overall, this study provides valuable insights for improving and implementing effective investment strategies for private sector employees in the digital age.