Factors Affecting Investment Awareness: Case Study on Productive Age in Surabaya City

  • Doni Achmad Heniawan
  • Andrieta Shintia Dewi


Indonesia is one of a country that has one of the most tremendous human resources quantity. That advantages could lead whether a good or bad effect depending on the quality of the society, one of the things that could be in determining that quality is the rate of investment awareness. In fact, that there’s still many people who do not understand the difference between investment and savings in which being the evidence of how low the rate of financial literacy. Besides that, things that related to financial product are really influenced by emotion on each individual which make the difference on how they did their investment activity. Environment as an external factor could influence the decision making for financial activity on each individual. The rate of financial literacy, Personal interest, and environmental factor together could affect on how the rate of investment awareness in certain society. This research purpose is to see the influence of financial literacy, Personal Interest, and Environmental factor against investment awareness at productive age in one of the biggest city in Indonesia, namely Surabaya. The phenomenon on this research is being done with causal research method. Data gathering technique is being done with distributing questionnaire to 400 respondents with primary data collecting method. The targeted respondents are productive age in Surabaya city. This research is using quantitative method with multiple linier regression analysis to examine the factors that could affect the rate of investment awareness at productive age.


Acquah-sam, E., & Salami, K. (2013). Knowledge and Participation in Capital Market Activities: The Ghanaian Experience. International Journal of Scientific Research in Education
Alex Wang. (2011) Younger generations’ investing behaviors in mutual funds: does gender matter?. The journal of wealth management. - New York, NY: Institutional Investor, Inc., ISSN 1520-4154, ZDB-ID 20900788. - Vol. 13.2010/11, 4, p. 13-23
Azizah, N., Nurfadhilah, Ramesh, Mior, A. (2013). Financial Literacy: A study among the university students - Interdisciplinary Journal of Contemporary Research in Business, vol. 5(2), pp. 279-299. Retrieved from IJCRB.
Ghozali, Imam. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Semarang: Badan Penerbit Universitas Diponegoro.
Juliza et al. (2017). Investment Awareness Among Young Generation. Atlantis Press. Advances in Economics, Business and Management Research. Vol 36, pp. 126 – 135.
Kasilingam, R. & Jayapal, G. (2010). Characteristics of investors based on choice criteria segmentation. Journal of Management Research, 2(1), 11-25.
Phillips, A. G., & Silvia, P. J. (2005). Self-awareness and the emotional consequences of self-discrepancies. Personality and Social Psychology Bulletin, 31(5), 703-713.
Prasanna Chandra. (2012). Investment analysis and portfolio management, 2nd edition, NJ: Tata McGraw Hill Education Publication Company Limited, New Delhi.
Putra, I Putu Santika; Ananingtiyas, Herliana; Sari, Dea Rachmalita; Dewi, Aninda Sandra; Silvy, Mellyza. (2015). Pengaruh Tingkat Financial literacy, Experienced Regret, Dan Risk Tolerance Pada Pemilihan Jenis Investasi. Journal of Business and Banking, Vol. 5, No. 2.
Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung.
How to Cite
HENIAWAN, Doni Achmad; SHINTIA DEWI, Andrieta. Factors Affecting Investment Awareness: Case Study on Productive Age in Surabaya City. Asian Journal of Research in Business and Management, [S.l.], v. 3, n. 2, p. 147-152, aug. 2021. Available at: <https://myjms.mohe.gov.my/index.php/ajrbm/article/view/14553>. Date accessed: 16 june 2024.