ABSTRACT

Public interest in investing in the Indonesian capital market continues to grow, as indicated by the increasing number of retail investors in recent years. Based on statistical data from the Indonesian Central Securities Depository (KSEI). the number of capital market investors in 2024 increased by 12% compared to 2023. Among various investment instruments, mutual funds are notably more popular than stocks or bonds in terms of investor participation. This trend is particularly driven by younger generations namely Millennials and Gen Z who are actively engaging in investments through digital platforms and are influenced by financial influencers in shaping their investment decisions. This study investigates the influence of financial literacy, financial attitudes, risk tolerance, and financial influencer on the investment intentions of mutual fund product among Millennials and Gen Z investors in Jakarta, with financial influencers serving as a moderating variable. In recent years, the rapid growth of social media and financial influencer content has significantly shaped how young investors perceive and participate in investment activities. The primary objective of this research is to analyse how individual financial capabilities and exposure to financial influencers affect the intention to invest in mutual fund products using Theory of Planned Behavior (TPB). The sample taken is from citizens in the Greater Jakarta Area, aged between 25 and 45 years and have mutual fund investment. The sample size was 155, collected during Agustus 2025. The data were then analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM). The results indicated that Financial Literacy, Financial Attitude, Risk Tolerance, and Financial Influencer have a positive effect on the Investment Intention of mutual fund, while Financial Influencer moderates the effect of Financial Literacy and Financial Attitude on Investment Intention of mutual fund, but does not moderate the effect of Risk Tolerance.

This finding is novel in the context of mutual fund investment among Millennials and Gen Z in Jakarta. The practical implication is that financial institutions and policymakers should strengthen financial literacy and attitude-building programs and strategically collaborate with financial influencer to enhance their credibility and impact, while recognizing that risk tolerance remains primarily an individual factor that is less influenced by external parties.