Pengaruh Financial Well-Being dan Argument Quality Terhadap Intention to Invest di Solo Raya
DOI:
https://doi.org/10.63822/qzqned15Keywords:
Financial Well-Being; Argument Quality; Intention To InvestAbstract
This quantitative study aims to analyze the effect of financial well-being and argument quality on the intention to invest among people in Solo Raya who access digital financial education content. The phenomenon of increasing investor participation prompts a need for an in-depth investigation into how financial education shapes cognitive and psychological factors. The study population is infinite, comprising individuals actively accessing investment education content on Instagram and official security firm accounts. A sample of 100 respondents was selected using non-probability sampling with a purposive sampling approach. Data analysis was conducted by evaluating the measurement model (outer model) including convergent validity, discriminant validity, and composite reliability followed by evaluating the structural model (inner model). The results indicate that financial well-being has a positive and significant effect on the intention to invest, suggesting that financial well-being and a sense of security regarding future financial conditions directly increase an individual's readiness to invest. Additionally, argument quality has a positive and significant effect on the intention to invest, proving that delivering accurate, credible, and relevant information enhances audience confidence in making investment decisions. Overall, financial well-being and argument quality are demonstrated to be key determinants in driving investment intention among followers of financial education accounts in Solo Raya.
References
Abdul Manaf, S. M., Amron, M. T., Abdullah, Z., Mohamad, Z., & Md Hashim, S. L. (2024). Fostering Future Investors: Analysing Determinants Of Stock Market Participation Among Malaysian Students Using Pls-Sem. Information Management And BusinessReview, 16(3(I)S), 452–463. Https://Doi.Org/10.22610/Imbr.V16i3(I)S.4073
Ajzen, I. (1991). The Theory Of Planned Behavior. Organizational Behavior And Human Decision Processes, 50(2), 179–211. Https://Doi.Org/10.1016/0749-5978(91)90020-T
Ajzen, I. (2020). The Theory Of Planned Behavior: Frequently Asked Questions. Human Behavior And Emerging Technologies, 2(4) 314–324. Https://Doi.Org/10.1002/Hbe2.195
Ajzen, I., & Fishbein, M. (2010). Predicting Changing Behavior. In Taylor & Francis Group. Psychology Press.
Alfathya, A. F., Sumiati, & Indrawati, N. K. (2025). Understanding The Drivers Of Investment Intention: A Systematic Literature Review. Asian Journal Of Management Analytics, 4(3), 1151–1170. Https://Doi.Org/10.55927/Ajma.V4i3.14968
Alghamdi, A. K. H., Mcgregor, S. L. T., & El-Hassan, W. S. (2021). Financial Literacy, Stability, And Security As Understood By Male Saudi University Students. International Journal Of Economics And Finance, 13(7), 7–7. Https://Doi.Org/10.5539/Ijef.V13n7p7
Ayuningtyas, A., Widati, Sekar Tri, & Suparno. (2025). The Effectiveness Of Social Media In Increasing Financial Literacy Among Msme Actors In Indonesia. International Student Conference On Business, Education, Economics, Accounting, And Management (Isc-Beam), 3(1), 1–10. Https://Doi.Org/10.21009/Isc-Beam.013.01
Aziz, A. Abd, Nor, R. Nor Haizan, Jusoh, Y. Yah, Ab, Rahman Wa Urhayati Wan, & Mohd, Ali Norhayati. (2024). Factors Influencing Information Quality Of Information Systems : A Systematic Literature Review. 8(November), 1923–1931.
Backman, B., Dunn, M., George, N. A., Whiteside, B., & Mckay, F. H. (2024). “Am I Really Living Or Just Getting By?” Financial Security And Health-Related Decisions Among International Students In Australia. Journal Of Studies In International Education, 28(3), 440–457. Https://Doi.Org/10.1177/10283153231178135
Bai, R. (2023). Impact Of Financial Literacy, Mental Budgeting And Self Control On Financial Wellbeing: Mediating Impact Of Investment Decision Making. Plos One, 18(11), 1– 18. Https://Doi.Org/10.1371/Journal.Pone.0294466
Baranidharan, S., Vasani Sankarkumar, A., Chandrakala, G., Narayanan, R., & Sathyanarayana, K. (2023). The Role Of Social Media In Empowering Digital Financial Literacy. In Global Perspectives On Social Media Usage Within Governments (Pp. 80–96). Https://Doi.Org/10.4018/978-1-6684-7450-1.Ch006
Bereżnicka, J. (2020). Financial Security Of Farms In Selected European Union Countries In The Context Of Environmental Protection
Requirements. Annals Of The Polish Association Of Agricultural And Agribusiness Economists, Xxii(2), 11–20. Https://Doi.Org/10.5604/01.3001.0014.2362
Brüggen, E. C., Hogreve, J., Holmlund, M., Kabadayi, S., & Löfgren, M. (2017). Financial Well-Being: A Conceptualization And Research Agenda. Journal Of Business Research, 79, 228–237. Https://Doi.Org/10.1016/J.Jbusres.2017.03.013
Bureau, C. F. P. (2015). Financial Well-Being: The Goal Of Financial Education. In Consumer Financial Protection Bureau. Https://Www.Consumerfinance.Gov/Data-Research/Research-Reports/Financial-Well-Being/
Che Hassan, N., Abdul-Rahman, A., Mohd Amin, S. I., & Ab Hamid, S. N. (2023). Investment Intention And Decision Making: A Systematic Literature Review And Future Research Agenda. In Sustainability (Switzerland) (Vol. 15, Issue 5, Pp. 1–22). Https://Doi.Org/10.3390/Su15053949
Dare, S. E., Van Dijk, W. W., Van Dijk, E., Van Dillen, L. F., Gallucci, M., & Simonse, O. (2023). How Executive Functioning And Financial Self-Efficacy Predict Subjective Financial Well-Being Via Positive Financial Behaviors. Journal Of Family And Economic Issues, 44(2), 232–248. Https://Doi.Org/10.1007/S10834-022-09845-0
Darma, B. (2021). Statistika Penelitian Menggunakan Spss (Uji Validitas, Uji Reliabilitas, Re. In Guepedia (Pp.7–8). Https://Books.Google.Co.Id/Books/About/Statistika_Penelitian_Menggunakan_Spss_U.Html?Id=Acpleaaaqbaj&Redir_Esc=Y
Donaldson, S. I., Suchta, M., & Donaldson, S. I. (2025). Development And Validation Of The Global Economic Security Scale. International Journal Of Applied Positive Psychology, 10(4). Https://Doi.Org/10.1007/S41042-025-00261-X
E.Petty, R., T. Cacioppo, J., & Schumann, D. (2001). Central And Peripheral Routes To Advertising Effectiveness: The Moderating Role Of Involvement. The Journal Of Consumer Research.
Eakin, J. M., & Gladstone, B. (2020). “Value-Adding” Analysis: Doing More With Qualitative Data. International Journal Of Qualitative Methods, 19, 1–13. Https://Doi.Org/10.1177/1609406920949333
El Hedhli, K., & Zourrig, H. (2023). Dual Routes Or A One-Way To Persuasion? The Elaboration Likelihood Model Versus The Unimodel. Journal Of Marketing Communications, 29(5), 433–454. Https://Doi.Org/10.1080/13527266.2022.2034033
Eshpulatov, D., Berdiev, G., & Artemenkov, A. (2025). Modeling The Determinants Of Stock Market Investment Intention And Behavior Among Studying Adults: Evidence From University Students Using Pls-Sem. International Journal Of Financial Studies, 13(3), 1–29. Https://Doi.Org/10.3390/Ijfs13030138
Fatimah, S. (2026). Transaksi Saham Pasar Modal Surakarta Rp 1,4 Trilyun. Rri.Co.Id. Https://Rri.Co.Id/Bisnis/1767572/Transaksi-Saham-Pasar-Modal-Surakarta-Rp-1-4-Trilyun
Filieri, R., Alguezaui, S., & Mcleay, F. (2015). Why Do Travelers Trust Tripadvisor ? Antecedents Of Trust Towards Consumer-Generated Media And Its In Fl Uence On Recommendation Adoption And Word Of Mouth *. Tourism Management, 51, 174–185. Https://Doi.Org/10.1016/J.Tourman.2015.05.007
Filieri, R., & Mcleay, F. (2013). E-Wom And Accommodation: An Analysis Of The Factors That Influence Travelers’ Adoption Of Information From Online Reviews. Journal Of Travel Research, 53(1), 44–57. Https://Doi.Org/10.1177/0047287513481274
Friedline, T., Chen, Z., & Morrow, S. P. (2021). Families’ Financial Stress & Well-Being: The Importance Of The Economy And Economic Environments. Journal Of Family And Economic Issues, 42(0123456789), 34–51. Https://Doi.Org/10.1007/S10834-020-09694-9
García-Mata, O., & Zerón-Félix, M. (2022). A Review Of The Theoretical Foundations Of Financial Well-Being. In International Review Of Economics (Vol. 69, Issue 2). Springer Berlin Heidelberg. Https://Doi.Org/10.1007/S12232-022-00389-1
Garg, N., Priyadarshi, P., & Malik, A. (2023). Financial Well-Being: An Integrated Framework, Operationalization, And Future Research Agenda.
Ghalavand, H., & Nabiolahi, A. (2024). Exploring Online Health Information Quality Criteria On Social Media: A Mixed Method Approach. Bmc Health Services Research, 24(1). Https://Doi.Org/10.1186/S12913-024-11838-8
Ghozali, Imam. (2018). Aplikasi Analisis Multivariate Dengan Program Ibm Spss 25 / Imam Ghozali (9th Ed.). Badan Penerbit Universitas Diponegoro. Https://Digilib.Ub.Ac.Id/Opac/Detail-Opac?Id=79550
Goyal, K., & Kumar, S. (2020). Financial Literacy: A Systematic Review And Bibliometric Analysis. In International Journal Of Consumer Studies (Vol. 45, Issue 1, Pp. 80–105). Https://Doi.Org/10.1111/Ijcs.12605
Handayani, P. W., Gelshirani, N. B., Azzahro, F., & Pinem, A. A. (2020). Informatics In Medicine Unlocked The Influence Of Argument Quality , Source Credibility , And Health Consciousness On Satisfaction , Use Intention , And Loyalty On Mobile Health Application Use. Informatics In Medicine Unlocked, 20, 100429. Https://Doi.Org/10.1016/J.Imu.2020.100429
Handranata, Y. W., Arief, M., Warganegara, Dezie L., & Hamsal, M. (2022). Does Stock Influencer On Social Me Hdia And Financial Well-Being Affect The Stock Market Participation Of The Young Generations During The Covid-19 Pandemic? Global Business And Finance Review, 27(5), 115–128. Https://Doi.Org/10.17549/Gbfr.2022.27.5.115
Hapsari, S. A. (2021). The Theory Of Planned Behavior And Financial Literacy To Analyze Intention In Mutual Fund Product Investment. 187(Gcbme 2020), 136–141.
Hasli, M. G., & Lestari, U. D. (2024). The Influence Of Argument Quality, Trustworthy Sources, Kindness, On Purchase Intention On Tiktok Shop Through Consumer Welfare. Reslaj: Religion Education Social Laa Roiba Journal, 7(4), 978–992. Https://Doi.Org/10.47467/Reslaj.V7i4.6359
Hassenstein, M. J., & Vanella, P. (2022). Data Quality — Concepts And Problems. 498–510.
Hidayati, N. Y., & Destiana, R. (2023). The Influence Of Attitude, Subjective Norms, Perceived Behavioral Control, And Financial Literacy On Investment Intention. Return : Study Of Management, Economic And Bussines, 2(7), 718–728. Https://Doi.Org/10.57096/Return.V2i7.137
Hii, I. S. H., & Ong, Y. X. (2025). Finfluencer: Can Financial Social Media Influencers Promote Desirable Financial Behaviours? International Journal Of Bank Marketing, 44(2), 284–312. Https://Doi.Org/10.1108/Ijbm-05-2024-0256
Hutapea, H. E., Safrin, F. A., & Siregar, O. M. (2026). Pengaruh Risk Perception Dan Motivasi Investasi Terhadap Keputusan Investasi Saham ( Studi Pada Investor Di Kota Medan ). 6(1), 10304–10315.
Ilyas, M., Moeljadi, & Djawahir, A. H. (2021). The Effect Of Financial Knowledge And Financial Well-Being On Investment Intention Mediated By Financial Attitude: A Study On Millennial Generation And Gen Z In Malang City. International Journal Of Research In Business And Social Science (2147- 4478), 10(8), 175–188. Https://Doi.Org/10.20525/Ijrbs.V10i8.1530
Iramania, R., & Lutfi, L. (2020). An Integrated Model Of Financial Well-Being: The Role Of Financial Behavior. Accounting, 7, 691–700. Https://Doi.Org/10.A/J.Ac.2020.12.007
Jr., A. C. J., Andres., N. M. G., Dionisio., N. J. G. S., Fedencio., R. M. S., Hernandez., E. M. B., Pajarito., K. E, & Allene, P. (2025). Influence Of Psychological Well-Being And School Factors On Delinquency , During The Covid-19 Period Among Secondary School Students In Selected Schools In Nakuru County : Kenya. International Journal Of Research And Innovation In Social Science (Ijriss), 9(11), 1175–1189. Https://Doi.Org/10.47772/Ijriss
Kadous, K., Mercer, M., & Zhou, Y. (2024). Why Do Investors Rely On Low-Quality Investment Advice? Experimental Evidence From Social Media Platforms. Behavioral Research In Accounting, 37(1), 97–115. Https://Doi.Org/10.2308/Bria-2023-01.
Kumar, P., Beg, S., & Shafeeq, M. (2025). Understanding Investor Behavior: The Impact Of Risk Perception, Financial Stress, And Literacy On Investment Decisions. The Review Of Finance And Banking, 17(2), 25–40. Https://Doi.Org/10.24818/Rfb.25.17.01.02
Kurniasari, I., Wati, C. R., & Kunci, K. (2025). Jurnal Ekonomi Terapan Di Negara Berkembang. 10(2)
Latif, R. A., Azwan, M., Isa, M., Zaharum, Z., & Wish, W. (2022). An Empirical Analysis Of Stock Market Investment Intention Among University Students. International Journal Of Academic Research In Business And Social Sciences, 12(1), 2663–2673. Https://Doi.Org/10.6007/Ijarbss/V11-I12/12055
Long, L., Minervini, A., & Gladd, J. (2025). 8 . 4 : Toulmin Argument Model. 2–4.
Maharani, Luh Lia, & Adi, I K. Y. A. (2021). Pengaruh Kualitas Informasi Akuntansi, Persepsi Kontrol Perilaku, Dan Pengetahuan Investasi Terhadap Intensi Investor Dalam Pemilihan Saham Di Gi-Bei Universitas Triatma Mulya. Journal Research Of Accounting, 3(1), 39–52. Https://Doi.Org/10.51713/Jarac.V3i1.43
Martin Fishbein Icek Ajzen. (2009). P Redicting C Hanging B Ehavior And P Redicting B Ehavior.. Naveed, M., & Ali, S. (2024). Does Risk Tolerance Mediates The Relationship Between Financial Literacy And Financial Wellbeing During Covid-19: Empirical Evidence From An Emerging Economy. Sage Open, 14(4), 1–15. Https://Doi.Org/10.1177/21582440241297065
Netemeyer, R. G., Warmath, D., Fernandes, D., & Lynch, J. G. (2018). How Am I Doing? Perceived Financial Well-Being, Its Potential Antecedents, And Its Relation To Overall Well-Being. Journal Of Consumer Research, 45(1), 68–89. Https://Doi.Org/10.1093/Jcr/Ucx109
Norisnita, M., Almazah Suhaya, I., Ilmu Sosial, F., Dan Politik, B., Bisnis, A., Pembangunan Nasional, U., Timur Jl Raya Rungkut Madya, J., Anyar, G., Administrasi Niaga, J., & Studi Usaha Jasa Konvensi, P. (2025). Pengaruh Kualitas Informasi Dan Pengalaman Investasi Terhadap Niat Investasi Kripto. Journal Of Business And Economics Research (Jbe), 6(3), 926–936. Https://Doi.Org/10.47065/Jbe.V6i3.8340
Ortiz-Teran, E., Diez, I., & Lopez-Pascual, J. (2021). An Ale Meta-Analysis On Investment Decision-Making. Brain Sciences, 11(3), 1–12. Https://Doi.Org/10.3390/Brainsci11030399
Ozyuksel, S. (2022). Financial Stress Relationship With Work Life And Financial Well-Being. European Scientific Journal, Esj, 18(6), 87. Https://Doi.Org/10.19044/Esj 2022.V18n6p87
Pandurugan, V., & Al Shammakhi, B. N. S. (2024). Modelling The Theory Of Planned Behaviour To Evaluate The Investment Intention Of Generation Z In The Speculative Market: Stocks, Forex And Cryptocurrencies. Arab Gulf Journal Of Scientific Research, 42(4), 1900–1916. Https://Doi.Org/10.1108/Agjsr-07-2023-0319
Papadokonstantaki, S. (2025). Motivated Beliefs : The Role Of Information Accuracy. 1–51.
Putri, D. M., Trisnawati, N., Putri, S. F., & Kurniawati, S. (2025). Applying The Theory Of Planned Behavior: Determinants Of Stock Investment Intentions Among Individual Investors In East Java. Electronic Journal Of Education, Soc Economics And Technology, 6(1), 1201–1210. Https://Doi.Org/10.33122/Ejeset.V6i1.1001
Putri, H. T., Ahmadi, & Mutiqum, R. S. M. (2025). The Influence Of Social Media, Financial Literacy And Quality Of Information On Students’ Interest In Investing In The Capital Market. Ekonomis: Journal Of Economics And Business, 9(1), 583–589. Https://Doi.Org/10.33087/Ekonomis.V9i1.2462
Rahaman, M. A., Hassan, H. M. K., Al Asheq, A., & Islam, K. M. A. (2022). The Interplay Between Ewom Information And Purchase Intention On Social Media: Through The Lens Of Iam And Tam Theory. Plos One, 17(9 September), 1–19. Https://Doi.Org/10.1371/Journal.Pone.0272926
Rahman, M., Isa, C. R., Masud, M. M., Sarker, M., & Chowdhury, N. T. (2021). The Role Of Financial Behaviour, Financial Literacy, And Financial Stress In Explaining The Financial Well-Being Of B40 Group In Malaysia. Future Business Journal, 7(1), 52. Https://Doi.Org/10.1186/S43093-021-00099-0
Ridzuan, F., & Zainon, W. M. N. W. (2024). A Review On Data Quality Dimensions For Big Data. Procedia Computer Science, 234, 341–348. Https://Doi.Org/10.1016/J.Procs.2024.03.008
Robb, C. A. (2017). College Student Financial Stress: Are The Kids Alright? Journal Of Family And Economic Issues, 38(4), 514–527. Https://Doi.Org/10.1007/S10834-017-9527-6
Saputri, Nyimas D. M., Raneo, Agung Putra, & Muthia, F. (2024). Determinants Of Investment Intentions In Millennial Generation. Kne Social Sciences, 9(14), 452–459. Https://Doi.Org/10.18502/Kss.V9i14.16117
Shehata, S. M., Abdeljawad, A. M., Mazouz, L. A., Aldossary, L. Y. K., Alsaeed, M. Y., & Sayed, M. N. (2021). The Moderating Role Of Perceived Risks In The Relationship Between Financial Knowledge And The Intention To Invest In The Saudi Arabian Stock Market. International Journal Of Financial Studies, 9(1), 1–16. Https://Doi.Org/10.3390/Ijfs9010009
Sivaramakrishnan, S., & Srivastava, M. (2019). Financial Well-Being, Risk Avoidance And Stock Market Participation. International Journal Of Financial Services Management, 9(4), 326. Https://Doi.Org/10.1504/Ijfsm.2019.102456
Sorgente, A., Atay, B., Aubrey, M., Bhatia, S., Crespo, C., Fonseca, G., Güneri, O. Y., Lep, Ž., Lessard, D., Negru-Subtirica, O., Portugal, A., Ranta, M., Relvas, A. P., Singh, N., Sirsch, U., Zupančič, M., & Lanz, M. (2024). One (Financial Well-Being) Model Fits All? Testing The Multidimensional Subjective Financial Well-Being Scale Across Nine Countries. Journal Of Happiness Studies, 25(1–2), 1–26. Https://Doi.Org/10.1007/S10902-024-00708-Z
Sugiyono. (2016). Metode Penelitian Kuantitatif, Kualitatif Dan R &Metode Penelitian Kuantitatif, Kualitatif Dan R & D.Bandung:Alfabeta. In Bandung:Alfabeta. Alfabeta, Cv.
Suryaningsih, I. B., Dewi, A. P., Singgih, M., Sumani, S., & Putri, R. Atika S. Ivabianca. (2023). The Mediating Role Of Consumer Trust In Influencing Student Orientation To Invest Using Ajaib App: A Framework Based On Sem-Pls. Jurnal Manajemen Dan Kewirausahaan, 11(2), 137–143. Https://Doi.Org/10.26905/Jmdk.V11i2.10390
Tatpornpan, P., Prasarnphanich, P. M., & Chiyachantana, C. N. (2023). Information Quality Of Investment Services With Social Media. Journal Of Computer Information Systems, 63(2), 310–321. Https://Doi.Org/10.1080/08874417.2022.2061639
Teeny, J. D., Siev, J. J., Briñol, P., & Petty, R. E. (2021). A Review And Conceptual Framework For Understanding Personalized Matching Effects In Persuasion. Journal Of Consumer Psychology, 31(2), 382–414. Https://Doi.Org/10.1002/Jcpy.1198
Tsou, E., Steel, P., & Osiyevskyy, O. (2023). The Relationship Between Entrepreneurial Intention And Behavior: A Meta-Analytic Review. International Journal Of Entrepreneurship And Innovation. Https://Doi.Org/10.1177/14657503231214389
Van Dijk, W. W., Van Der Werf, M. M. B., & Van Dillen, L. F. (2022b). The Psychological Inventory Of Financial Scarcity (Pifs): A Psychometric Evaluation. Journal Of Behavioral And Experimental Economics , 101(September),101939. Https://Doi.Org/10.1016/J.Socec.2022.101939
Wang, R. Y., & Strong, Diane M. (1996). Beyond Accuracy: What Data Quality Means To Data Consumers. Journal Of Management Information Systems, 12(4), 5–34. Https://Doi.Org/10.1080/07421222.1996.11518099
Widjaja, M. (2024). Social Media Usage And Intention To Invest In Securities. Ultima Accounting, 16(1), 63–80. Https://Doi.Org/10.31937/Akuntansi.V16i1.3500
Widyasari, A., & Aruan, D. (2022). The Effect Of Social Media Information On Intention To Invest In Indonesia Capital Market: Case Of Generation Y. In Proceedings Of The 4th International Conference On Economics, Business And Economic Education Science, Ice-Bees 2021. Https://Doi.Org/10.4108/Eai.27-7-2021.2316776
Youk, S., Malik, M., Chen, Y., Hopp, F. R., & Weber, R. (2024). Measures Of Argument Strength: A Computational, Large-Scale Analysis Of Effective Persuasion In Real-World Debates. Communication Methods And Measures, 18(1), 7–29. Https://Doi.Org/10.1080/19312458.2023.2230866
Yu, R. (2016). Stress Potentiates Decision Biases: A Stress Induced Deliberation-To-Intuition (Sidi) Model. In Neurobiology Of Stress (Vol. 3, Pp. 83–95). Elsevier Inc. Https://Doi.Org/10.1016/J.Ynstr.2015.12.006.
Yulianti, Sylvania Dwi, & Salsabilla, S. (2023). Determinants Of Investment Intention In Sharia Stocks. Asian Journal Of Islamic Management (Ajim), 4(2), 126–137. Https://Doi.Org/10.20885/Ajim.Vol4.Iss2.Art4
Zainudin, J., Ali, N. M., Smeaton, A. F., & Ijab, M. T. (2025). Information Characteristics And Social Media Information Sharing: Insights From Elaboration Likelihood Model (Elm) For Misinformation Mitigation. Ieee Access, 13, 179233–179258. Https://Doi.Org/10.1109/Access.2025.3621667
Zhang, Y., & Chatterjee, S. (2023). Financial Well-Being In The United States: The Roles Of Financial Literacy And Financial Stress. Sustainability (Switzerland), 15(5). Https://Doi.Org/10.3390/Su15054505
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Miftakhul Nur Janah, Naili Amalia (Author)

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

