Exploring Millennials’ Investment Behavior Shifts in Response to Digital Financial Platforms

Nekky Rahmiyati; Rizki Sarwo Eddy Wibowo; Tyahya Whisnu Hendratni

doi:10.55927/ajabm.v5i1.20

Authors

Nekky Rahmiyati Universitas 17 Agustus 1945 Surabaya
Rizki Sarwo Eddy Wibowo Universitas Gadjah Mada
Tyahya Whisnu Hendratni Universitas Pancasila

DOI:

https://doi.org/10.55927/ajabm.v5i1.20

Keywords:

Millennial Investors, Digital Financial Platforms, Investment Behavior, Mixed Methods, Behavioral Finance

Abstract

This study investigates shifts in millennials’ investment behavior in response to the use of digital financial platforms by employing a mixed-methods research design. The quantitative phase involved a survey of 237 millennial investors who actively use mobile trading and online investment applications. Survey data were analyzed using the Statistical Package for the Social Sciences (SPSS) through descriptive statistics, multiple regression analysis, and mediation testing to examine the effects of digital platform usage intensity, financial literacy, and behavioral biases on changes in trading frequency, portfolio diversification, and risk tolerance. The quantitative findings indicate that higher engagement with digital financial platforms significantly increases investment activity and risk-taking tendencies. Behavioral biases, particularly overconfidence and herding behavior, partially mediate the relationship between platform usage and investment decision patterns, while financial literacy helps reduce excessive speculative behavior and supports more structured portfolio allocation. To enrich the statistical findings, the qualitative phase included in-depth interviews with 14 selected participants, providing deeper insights into user motivations, perceived convenience, social influence, and trust in digital investment technologies. The qualitative results reveal that platform accessibility, gamified features, and peer-driven information flows play a crucial role in encouraging more active—yet sometimes less disciplined—investment behavior

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