STUDENT PERCEPTION OF FAKE INVESTMENT RISK AS A FACTOR AFFECTING STUDENT INVESTMENT DECISIONS
(CASE STUDY OF GANESHA UNIVERSITY OF EDUCATION STUDENT)
Keywords:
student perceptions, investment fraud risk, investment decisionsAbstract
Investment offers higher returns than saving but is vulnerable to fraudulent schemes, which pose risks particularly to inexperienced investors such as students. This study investigates how students at Ganesha University of Education perceive the risks of fraudulent investment and how these perceptions influence their investment decisions. Using a qualitative approach, data were collected through in-depth interviews with selected students from different faculties. Thematic analysis was applied to identify patterns in their responses. The findings reveal two main tendencies: (1) students with better financial literacy perceive investment positively and remain willing to invest, albeit more cautiously; and (2) students with limited knowledge develop negative perceptions that discourage them from investing. The dominant outcome shows that fraudulent investment risks primarily increase caution rather than eliminate students’ interest in investing. These results highlight the importance of strengthening financial literacy and fraud awareness to support informed decision-making and protect young investors. The study contributes to financial education development, especially in university contexts, and provides insights for policymakers in designing investment literacy programs.References
Dewi, N. L. P. S., Sari, M. R., & Yasa, I. W. (2021). The Effect of Investment Knowledge, Risk Perception, and Gender on Students’ Investment Intention. E-Jurnal Akuntansi Universitas Udayana, 31(7), 1679–1692.
Dewi, P. (2020). Risk Perception in Financial Decision Making. Journal of Behavioral Finance, 12(2), 101–110.
Dewi, S., & Vijaya, P. (2019). Investment and the Indonesian Capital Market. Jakarta: Media Press.
Fridana, N., & Asandimitra, N. (2020). The Influence of Risk Perception on Investment Decision-Making. Journal of Economics and Business Research, 25(1), 55–68.
Hidayat, R., & Hartono, A. (2023). Financial Attitude, Herding, and Bias in Student Investment Decisions. Bisma: Jurnal Bisnis dan Manajemen, 17(2), 45–58.
Hidayati, N. (2017). Investment Risk and Uncertainty. Surabaya: Graha Ilmu.
Kurniawati, D., & Sari, M. (2021). Financial Literacy and Investment Decisions Among University Students. Asian Journal of Finance & Accounting, 13(2), 25–41.
Novitasari, R., & Sulistyowati, F. (2022). The Effect of Financial Literacy and Technology Adoption on Student Investment Decisions. International Journal of Economics, Society and Management, 3(1), 11–20.
Nugroho, A., & Rahmawati, I. (2022). The Role of Fraud Awareness in Preventing Student Investment Losses. Journal of Financial Crime, 29(5), 1201–1215.
Otoritas Jasa Keuangan. (2020). Annual Report: Financial Literacy and Inclusion in Indonesia. Jakarta: OJK.
Putri, K. A., & Budiasih, I. G. A. N. (2021). The Influence of Investment Knowledge, Risk Perception, Motivation, and Return Perception on Students’ Intention to Invest in Cryptocurrency. Jurnal Ilmiah Komputerisasi Akuntansi, 14(2), 45–56.
Sutrisno, E. (2018). Fraudulent Investment Practices and Their Impacts. Journal of Financial Studies, 14(3), 203–215.
Tandelilin, E. (2017). Investment Analysis and Portfolio Management. Yogyakarta: BPFE.
Widjaja, F., & Hapsari, R. (2024). Strengthening Investment Education to Combat Fraudulent Schemes Among Students. Journal of Financial Literacy, 10(1), 15–30.
Zunaida, D. (2018). Student Perceptions of Fraudulent Investments. Journal of Economic Education, 6(2), 145–154.
