The effect of demographic factors on Indonesian consumers’ choice of investment products


  • Anna Triwijayati Universitas Ma Chung
  • Melany Melany Universitas Ma Chung
  • Dian Wijayanti Universitas Ma Chung



Investment, Demography, Decision making, Consumer, Indonesia


Research on the effects of demographics on investment decisions is part of the overall map of Indonesian consumer behavior, which is different from consumer behavior in other countries. The purpose of this study is to analyze the effect of demographic factors on consumers' decisions to choose kinds of investment. In this study, four categories of investment options were considered: savings, stocks, gold, and other investments, the latter representing many other sub-types of investment. The demographic variables were gender, marital status, age, income, employment, education, and social class, with the amount of investment as another kind of variable. In terms of methodology, this research is a causal comparison that focuses on the demographic factors and types of investment. Data were taken from 631 respondents from various regions in Indonesia through an online survey using accidental sampling techniques. Data were analyzed using multinomial logistic regression analysis. This study found that the amount of investment affects the choice of investment category (savings, stocks, gold, etc.). Variables such as gender, marital status, education, and income, significantly influence at least one choice from a variety of investments. The gender variable only affects the choice of gold as an investment. Meanwhile, the variables of marital status and education level affect the decision to choose stocks. Income affects the decision to choose savings. Other variables, such as age, occupation, and social class, do not significantly affect investment choices. This research is expected to benefit investment managers incorrectly segmenting and targeting clients. The limitation of this research is that investment decisions are only based on the four categories of investment options: savings, stocks, gold, and other investments


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