Effect of Financial Literacy, Risk Tolerance, and Overconfidence on Sandwich Generation Investment Decisions in the City of Surabaya

Abstract

The growing elderly dependency ratio in Indonesia has led to the emergence of the sandwich generation. Generations that share their resources with their families and aging parents. This study aims to determine the effect of financial literacy, risk tolerance, and overconfidence on sandwich generation investment decisions. Collecting data in this study using the method of distributing questionnaires and analyzed using the Partial Least Square (PLS) application. The results of this study are financial literacy are not a significant influence to the investment decision. Risk tolerance and overconfidence has positif influence on investment decision sandwich generation.