Gender and Millennials in Indonesian Capital Market

Abstract

The number of millennial investors in the Indonesia Stock Exchange (IDX) has increased significantly in the last three years. This phenomenon shows the existence of investment intention among the millennial generations, which is interesting because since the monetary crisis of 1998, there is such a trauma in most Indonesian to invest in the capital market. Now, the millennial generations show another signal that they can forget the trauma. It is interesting to know what kind of factors that influence the millennials’ investment intention in the capital market. This study attempted to answer this question. This research proposed three factors, namely financial attitude, risk aversion, and locus of control, that influence the millennials’ investment intention, along with the hypothesis developments. The sample consist of the millennial generation that was divided into three groups, namely male, female, and whole sample. SEM was employed to test the three hypotheses by using Smart PLS. The results show that only financial attitude in the female group sample that does not have a significant effect on the millennials’ investment intention.