PENGARUH LITERASI KEUANGAN, EXPERIENCE REGRET, FRAMING EFFECT DAN MENTAL ACCOUNTING PADA KEPUTUSAN INVESTASI GENERASI MILENIAL DI DKI JAKARTA DENGAN RISK TOLERANCE SEBAGAI VARIABEL INTERVENING

Monica Dewi. The influence of financial literacy, experienced regret, framing effect and mental accounting on investment decisions of the millennial generation in DKI Jakarta with risk tolerance as an intervening variable. This study aims to examine the effect of financial literacy, experienced regret, framing effects and mental accounting on investment decisions with risk tolerance as an intervening variable. The number of respondents used in this study was 200 respondents. All respondents are millennial with age 21-40 years old and have a minimum income of Rp. 5,000,000, who live in DKI Jakarta. The data in this study were obtained from the results of questionnaires which were then analyzed using SEM PLS analysis techniques with the help of the smartpls program. Based on the results of the analysis in this study, the results show that financial literacy, experienced regret, framing effects and mental accounting affect risk tolerance. The results of subsequent analyzes indicate that financial literacy, experienced regret and framing effects affect investment decisions, whereas mental accounting directly cannot affect investment decisions. The results of the analysis in this study also indicate that risk tolerance can mediate the effects of financial literacy, experienced regret, framing effects on investment decisions but do not mediate the effect of financial literacy on investment decisions, this can be caused by high financial literacy which basically will directly increase investment decisions without having to be mediated by investor risk tolerance. Keywords: financial literacy, experienced regret, framing effects, mental accounting, risk tolerance, investment decisions