Digital Investment Decisions: How Financial Behaviorand Attitude Interacts with Financial Literacy?

This study investigates the influence of financial behavior and attitudes on digital investment decisions, with financial literacy acting as a moderating variable. Data were obtained through a structured questionnaire involving 300 respondents employed in consumer ‎‎cyclical and non-cyclical sectors listed on the Indonesia Stock Exchange. Using Structural Equation Modeling with Partial Least Squares ‎‎‎(SEM-PLS), the results demonstrate that financial behavior (β = 0.178, t = 3.710, p < 0.001) and financial attitude (β = 0.238, t = 4.836, p < ‎‎‎0.001) significantly and positively influence digital investment decisions. Moreover, financial literacy significantly strengthens the effects of ‎‎both financial behavior (β = 0.067, t = 2.841, p = 0.005) and financial attitude (β = 0.071, t = 2.774, p = 0.006) on digital investment decisions. Additionally, financial literacy (β = 0.184, t = 3.131, p = 0.002) and investment experience (β = 0.262, t = 4.427, p < 0.001) also ‎‎show a significant positive impact. The model achieved a good fit with SRMR = 0.068 and an adjusted R² of 59.5%. The inclusion of religiosity (β = 0.180, p = 0.018) and environmental concern (β = 0.211, p = 0.019) as behavioral dimensions significantly enhances explanatory ‎‎power. This research offers practical insights for developing value-oriented financial literacy initiatives and investor protection strategies, ‎‎particularly targeting young and novice investors in emerging digital finance ecosystems‎.