Does Financial Literacy Mediate the Effect of Sustainable Investment Awareness and Risk Perception on Students' Interest in Green Finance Instruments Investment?
Anggun Nabila Tri Auriellia · Tri Gunarsih
International Journal of Finance & Banking Studies · 2025 · Vol. 14 / Issue 3 · 20-30
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Abstract
This study analyzes the effect of sustainable investment awareness and risk perception on students' interest in green finance instruments, with financial literacy as a mediating variable. A quantitative approach was used, involving 180 student respondents in the Special Region of Yogyakarta, who were selected through a purposive sampling technique using an online questionnaire via Google Forms. Data analysis was conducted using the SEM-PLS method through SmartPLS version 4.1.1.2. The results showed that sustainable investment awareness, risk perception, and financial literacy positively and significantly affect student investment interest in green finance. In addition, financial literacy acts as a significant mediator in the relationship between sustainable investment awareness and risk perception on interest in investing in green finance. This study contributes to developing literature on sustainable investment behavior among the younger generation, especially university students, by integrating financial literacy variables as a mediating mechanism. The findings expand the understanding of how psychological factors and financial knowledge influence investment decisions in sustainability.
Keywords: {'name': 'Sustainable Investment Awareness, Financial Literacy, Investment Interest in Green Finance Instruments, Risk Perception'}
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Anggun Nabila Tri Auriellia
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Tri Gunarsih
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