Investment intention refers to an individual's intention to invest in a particular instrument within a specific timeframe (Ajzen, 1991; Lai, 2019). Intention is an important variable because, according to the Theory of Planned Behavior (TPB), intention is a key predictor of actual behavior. In the context of investment, intention reflects an individual's mental readiness to allocate funds to a financial instrument, which is influenced by a number of psychological, social, and rational factors.

Many previous studies have used the TPB as a conceptual framework to analyze investment intention (Ajzen, 1991; Addury et al., 2020; Anisa & Kholid, 2022; Farish & Karim, 2021). The TPB states that intention is determined by three main components: attitude (attitude toward behavior), subjective norms (social influence), and perceived behavioral control (perceived control over behavior). Several studies have found that these TPB components significantly influence investment intentions (Marwan et al., 2024; Hemdan & Zhang, 2024), although others have shown insignificant results (Misra et al., 2021).

Financial literacy is the understanding and ability to manage finances effectively, including the ability to make wise investment decisions (Lusardi & Mitchell, 2014). Studies such as Akhtar & Das (2019), Raut et al. (2021), and Zhang & Huang (2024) show a strong positive relationship between financial literacy and investment intentions. However, several other studies, such as Addury et al. (2020), did not find a significant effect, indicating that there are still differences in the results that need to be synthesized.

Risk perception is an individual's subjective evaluation of the potential loss in an investment decision (Weber & Milliman, 1997). Several studies have shown that the higher the perceived risk, the lower the intention to invest (Lim et al., 2020; Adhiyogo et al., 2022). However, findings from Ji-Xi et al. (2021) and Hasan et al. (2024) indicate that risk perception does not always influence intention, depending on the social and cultural context.

Social influence encompasses the role of friends, family, community leaders, and public figures (influencers) in shaping a person's investment intentions. Research by Gupta et al. (2021), Lim et al. (2020), and Natsir & Arifin (2021) emphasizes the importance of subjective norms in financial decision- making. In the digital era, social influence is increasingly potent through social media, which has been shown to increase financial awareness and investment interest (Hasan et al., 2024).

Personality characteristics such as locus of control, self-efficacy, and risk tolerance also play a role in shaping investment intentions. Aren & Hamamci (2020) and Puspawati et al. (2024) show that individuals who believe in their own abilities and have a higher risk tolerance tend to have stronger investment intentions.

The development of financial technology (fintech) and digital platforms has contributed to increased investment intentions. Easy access through investment applications and digital-based education makes it easier for novice investors. Recent research also shows the positive role of social media and finfluencers in shaping investment perceptions and decisions (Hemdan & Zhang, 2024).

8. Sustainable and Ethical Investment

Sustainability issues and Sharia principles are also beginning to be considered in investment decisions. Farish & Karim (2021) and Bin-Nashwan et al. (2022) highlight the importance of ethical and sustainability values in shaping intentions, especially among millennials and Gen Z. The growing interest in green investment and cryptocurrencies with social utility value is becoming an increasingly relevant topic.

The research questions of this study were formulated based on the PICO framework. This framework consists of four main components: Population, interventions, comparison, and outcomes. In this study, Population refers to individuals interested in investing. Interventions encompass various factors to promote individual investment intentions, including knowledge, psychological, social, company, and technological factors. At the same time, outcomes are linked to investment intentions. By employing PICO framework, this research provides insights into the various factors that influence a person's intention to invest. Consequently, the research question posed is: "What are the key factors that can encourage individuals' intention to invest?”

Identification

The initial identification stage utilized three reputable databases: Scopus, ScienceDirect, and ProQuest. An extensive search of relevant articles was conducted in December 2024. This research employed a search string of several keywords combined with Boolean operators. This search strings aided in conducting article searches and ensured the relevance of selected articles to the research topic. The specific search string used is detailed in Table 1. The article search process identified 1,028 relevant articles published between 2019 and 2024. The breakdown of articles obtained from each database is as follows: Scopus (n

= 171), ProQuest (n = 596), and ScienceDirect (n = 261). Subsequently, all retrieved articles were organized using software, specifically Rayyan and Mendeley. Afterward, 62 articles were removed due to duplication, resulting in 966 for further analysis in the next stage.

A total of 966 articles selected from the identification stage progressed to the screening stage. This stage involved applying multiple inclusion criteria. The initial inclusion criterion was language. This study exclusively utilizes articles published in English. Articles were only included in English to ensure broader audience comprehension. Consequently, 12 articles that were not in English were

excluded from this study. The second criterion is related to the type of reference. This research only considered articles, excluding other reference types like books, conference proceedings, literature reviews, and conceptual papers. As a result, 113 references were excluded because they did not adhere to the article format. Subsequently, titles and abstracts of the articles meeting the criteria underwent screening. As a result, 742 articles were excluded for being unsuitable, leaving 99 articles for the eligibility stage.

Eligibility

The next phase of the process was the full article review stage. A total of 99 articles that passed the initial screening. Following a thorough assessment, 55 articles were deemed unsuitable for inclusion. Specifically, 40 articles lacked relevance in research contexts and did not address financial assets, while the remaining 15 did not analyze individual units of analysis. Consequently, 55 articles were excluded, resulting in 44 articles considered suitable for this study. The detailed stages of the article selection process, in accordance with PRISMA guidelines, are depicted in Figure 1.

Based on an analysis of several articles in this review, five key categories of factors significantly influence individual investment intentions. This indicates that various elements can shape investment intentions, including personal, psychological, company, social, and technological factors. Table 3 provides a detailed analysis of these variables and their relationship with individual

investment intentions. Common factors identified in previous studies include financial literacy, subjective norms, attitude, perceived behavioral control, risk, and social influence. Each category of factors that drive individual investment intentions is discussed in the following sections to provide a deeper understanding.

Table 3. Factor Driving Investment Intention

This study examines personal factors, comprising several specific elements. Personal factors can include various aspects, such as cognitive components related to financial literacy, religious beliefs, and individual attitudes toward finance. A review of 17 articles shows that 12 found a strong correlation between financial literacy and investment intentions. Understanding investment products and financial concepts, known as financial literacy, can be used to attain financial stability (Zhang & Huang, 2024). Individuals with a high level of financial literacy are usually more adept at managing their finances and avoiding losses (Widagdo & Kenny, 2022). Moreover, individuals with strong financial literacy often see investment as a viable option for achieving greater future benefits. Consequently, financial literacy significantly influences individual investment intentions (Adil et al., 2022; Akhtar & Das, 2019; Anisa & Kholid, 2022; Farish & Karim, 2021; Gupta et al., 2021; Handranata et al., 2023; Lim et al., 2020; Lim & Qi, 2023; Raut et al., 2021; Shehata et al., 2021; Sukarno et al., 2024; Widagdo & Kenny, 2022; Zhang & Huang, 2024).

Another personal factor is self-efficacy, defined as a person's confidence in their capacity to plan and act to achieve desired results. Higher self-efficacy individuals typically exhibit superior performance in various behaviors, including investment. Research by Kurniawan (2021); Y.-S. Wang et al. (2024) demonstrates that self-efficacy plays a significant role in enhancing individuals' investment intentions, particularly in stock instruments (Kurniawan, 2021) and cryptocurrencies (Y.-S. Wang et al., 2024). With high self-efficacy, individuals are better equipped to navigate the complexities of investing, analyze market trends, and develop effective investment strategies (Y.-S. Wang et al., 2024). Consequently, they are more willing to get involved in investment activities.

Religiosity refers to the degree of a person's belief in and adherence to religious values in their life. Religious beliefs can significantly influence a person's positive attitude toward using Islamic financial products (Bin-Nashwan et al., 2022). Higher spiritual people are more likely to invest in Islamic stocks. This is consistent with research findings indicating that religiosity plays a significant role in increasing investment intentions in stock assets that adhere to the Islamic Sustainable and Responsible Investment (SRI) concept (Farish & Karim, 2021). This concept integrates Sharia principles with SRI, suggesting that individuals who uphold religious values are more inclined to invest in assets that do not harm the environment, promote community welfare, and comply with Islamic principles (Farish & Karim, 2021).

Previous studies have shown that financial well-being significantly impacts stock investment intentions in Indonesia (Handranata et al., 2022). Additionally, both financial attitude and financial behavior have been found to significantly influence stock investment intentions in Bangkok (Yoopetch & Chaithanapat, 2021). Financial well-being refers to a sense of financial security, freedom from financial worries, and overall satisfaction with one's financial circumstances (Handranata et al., 2022). Individuals who have financial well-being are typically more confident when starting to invest because they perceive greater control over their financial situation. Financial attitude encompasses an individual's

perspective on finance and reflects how they manage their money. Having a positive attitude towards money management encourages individuals to view investing as a long-term strategy for achieving their financial goals. On the other hand, financial behavior involves individuals' actions to utilize their assets to obtain desired benefits in the future (Yoopetch & Chaithanapat, 2021). People with strong financial habits are generally more disciplined, organized, and thoughtful when managing their finances. Such habits can help individuals feel more prepared, confident, and intentional in their investment decisions.

According to the Theory of Planned Behavior, three key factors—attitude, subjective norms, and perceived behavioral control—play significant roles in shaping investment intentions. Attitude refers to an individual's evaluation of a specific action, either positively or negatively. A positive attitude forms when an individual sees an action as beneficial and satisfying, while a negative attitude arises when the opposite is the case. Individuals are more inclined to develop positive intentions to engage in a behavior when they hold a positive attitude (Akhtar & Das, 2019). These findings align with previous research indicating that attitude significantly impacts behavioral intentions (Addury et al., 2020; Anisa & Kholid, 2022; Bin-Nashwan et al., 2022; Dewi & Tamara, 2020; Farish & Karim, 2021; Hemdan & Zhang, 2024; Marwan et al., 2024; Misra et al., 2021; Pick-Soon et al., 2024; Raut et al., 2021; Thanki et al., 2024; Zhang & Huang, 2024). A positive attitude towards sharia-compliant investments has been shown to increase the intention to invest in sukuk in Malaysia (Bin-Nashwan et al., 2022). Likewise, a positive attitude has been demonstrated to boost investment intentions in retail bonds, as individuals perceive these investments as providing numerous benefits (Dewi & Tamara, 2020). Furthermore, this positive attitude has a big impact on people's intent to invest in stocks (Yoopetch & Chaithanapat, 2021), green investments (Hemdan & Zhang, 2024), and mutual funds (Thanki et al., 2024).

Subjective norms pertain to the opinions and influences of individuals closest to a person, like family and friends, concerning their readiness to participate in specific behaviors (Ajzen, 1991). Individuals who receive support and encouragement from those around them have a greater probability of engaging in a behavior (Addury et al., 2020). This concept also applies to investing. If an individual hears from many friends or family members that investing is profitable, they are more likely to pursue investment opportunities. Conversely, if their social circle suggests that investing is a risky or harmful activity, the individual's inclination to invest will likely decrease. Numerous studies have shown that subjective norms significantly impact investment intentions (Akhtar & Das, 2019; Bin-Nashwan et al., 2022; Dewi & Tamara, 2020; Farish & Karim, 2021; Hemdan & Zhang, 2024; Marwan et al., 2024; Misra et al., 2021; Pick-Soon et al., 2024; Raut et al., 2021; Thanki et al., 2024; Yoopetch & Chaithanapat, 2021; Zhang & Huang, 2024). Individuals often gain motivation from peers when considering investments in stock markets (Yoopetch & Chaithanapat, 2021). Additionally, advice from one's social network has notably enhanced an individual's intention to invest in cryptocurrencies (Misra et al., 2021).

The term "perceived behavioral control" describes how someone believes about their capacity to carry out a particular behavior (Ajzen, 1991). Research has shown that perceived behavioral control is a crucial factor influencing intentions to invest in different assets, such as stocks (Addury et al., 2020; Anisa & Kholid, 2022), Sukuk (Bin-Nashwan et al., 2022), green investments (Hemdan & Zhang, 2024), and cryptocurrencies (Misra et al., 2021). An individual's intention to engage in a specific behavior is significantly influenced by their confidence in their ability to acquire the necessary opportunities, resources, and skills (Anisa & Kholid, 2022). Conversely, if an individual feels unable to perform a behavior, they are less likely to achieve their desired outcomes and may be more hesitant to invest in certain areas (Aliedan et al., 2023).

The next factor to consider is personality traits, individual characteristics that can help predict a person's behavioral intentions (Lai, 2019). Each individual possesses different traits influencing their financial behavior, including their intention to invest (Puspawati et al., 2024). One notable framework for understanding personality is the Big Five Personality Traits Model, which encompasses openness, neuroticism, agreeableness, extroversion, and conscientiousness. Research indicates that agreeableness, extroversion, and conscientiousness have a positive impact on investment intentions (Aren & Hamamci, 2020; Puspawati et al., 2024; Widagdo & Kenny, 2022). Openness refers to the willingness to accept novel concepts and experiences. An individual who is open is generally more inclined to try new things, which, in turn, leads to a higher intention to invest due to their ability to assimilate new information (Puspawati et al., 2024). Additionally, neuroticism describes an individual's capacity to manage stress levels. Those with high neuroticism often experience unstable emotions, anxiety, and a lack of self-confidence (Aren & Hamamci, 2020). This trait is often linked to risk aversion; neurotic individuals are more inclined to steer clear of potential losses, which adversely affects their willingness to invest in the capital market (Puspawati et al., 2024). Furthermore, agreeableness describes a person's capacity for interaction and knowledge intake. People who exhibit agreeableness are generally more open to discussions and insights regarding investments, which can, in turn, enhance their intention to invest. Extroversion describes individuals who prefer to interact with others. Individuals with extroverted traits are inclined to share information about investments with a wide range of people, which boosts their confidence in making direct investments. Lastly, conscientiousness characterizes individuals who are organized, responsible, and systematic. These traits encourage individuals to plan their finances carefully and take measured steps when investing, ultimately enhancing their investment intentions.

The next factor to consider is behavioral bias, which relates to the individual psychological and emotional tendencies that can influence a person's intentions and decisions. Three specific types of behavioral bias will be discussed: herding bias, loss aversion bias, and overconfidence bias. Research by Kumar et al., (2024) has examined how these three biases impact investment intentions in India, revealing that all three significantly affect these intentions. Herding bias can be defined as people's propensity to mimic the actions of others (Kumar et

al., 2024). A related study found that individuals experiencing FOMO (fear of missing out) are more likely to follow others in stock investments (Y.-S. Wang et al., 2024). Additionally, individuals often feel more confident in making investment decisions when they emulate the actions of individuals they perceive as knowledgeable or suitable (Kumar et al., 2024). On the other hand, loss aversion bias refers to the psychological phenomenon where individuals perceive similar losses as more significant than equivalent gains (Aren & Hamamci, 2020). Those who fear taking risks prefer staying within their comfort zones, making them hesitate to invest in high-risk instruments like stocks (Kumar et al., 2024). The tendency for people to overestimate their capabilities is known as overconfidence bias. Such bias can lead to inaccurate assessments. Overconfident individuals usually have greater investment intentions because of their strong belief in their capabilities.

Lastly, perceived risk is an individual's assessment of potential losses from an investment. This perception significantly influences investment intentions. Those who view risk as acceptable are generally more inclined to make risky investments (Rahman et al., 2023). Prior research supports this finding that risk perceptions strongly impact individual investment intentions, particularly in high-risk instruments such as stocks (Kurniawan, 2021; Lim et al., 2020) and cryptocurrencies (Misra et al., 2021). On the contrary, risk-averse individuals prefer safer investment options, such as corporate bonds (Geetha et al., 2023).

Individual investment intentions are impacted by both internal and external factors, particularly those related to the companies being considered for investment. A key element that drives individual investment intentions is the financial performance of these companies. Investors are generally more inclined to invest in companies with promising financial prospects, as evidenced by their past financial performance (Raut et al., 2021). The financial health and profit- generating ability of a company are essential, considering that the main objective of investing is to generate a profit. Moreover, sustainability has garnered considerable attention from diverse groups, including individual investors. These investments aim not only for short-term profits but also take into account long-term effects on environmental, social, and governance issues (S. Wang et al., 2024). The connection between individual investment intentions, environmental concerns, and future orientation has been explored in several studies (Adhiyogo et al., 2022; Al-banna & Jannah, 2024; Aren & Hamamci, 2023; Farish & Karim, 2021; Kurniawan, 2021; Raut et al., 2021; Sukarno et al., 2024; S. Wang et al., 2024). Firms that prioritize future-oriented strategies and sustainability appeal to individuals interested in social and environmental matters. Consequently, these individuals are more inclined to invest in such companies (S. Wang et al., 2024). Interestingly, although financial performance is typically deemed crucial in investing, a study by Al-banna and Jannah (2024) reveals that Muslim investors in Indonesia prioritize social, environmental, and religious impacts over financial outcomes. Instead, they focus more on the social, environmental, and religious impacts of their investments.

Social influence pertains to the encouragement that arises from one's surrounding environment (Natsir & Arifin, 2021). An individual's personality and behavior are frequently influenced by their surroundings, including family and close relatives (Lim & Qi, 2023). Social interactions among individuals facilitate effective information exchange (Lim et al., 2020), which can impact various behaviors, including financial behavior (Lim & Qi, 2023). Interactions, whether in person or through social media, have been revealed to increase individuals' intentions to invest (Ahuja & Grover, 2023; Choudhary et al., 2024; Gupta et al., 2021; Hasan et al., 2024; Ji-Xi et al., 2021; Lim et al., 2020; Natsir & Arifin, 2021; Sukarno et al., 2024). This tendency occurs because individuals often seek advice before making decisions (Gupta et al., 2021). When individuals receive recommendations to invest from family, friends, or influential figures, they are more inclined to participate in investment (Ji-Xi et al., 2021). Moreover, technological advancements have also enhanced social interactions. Frequently, social media platforms offer various campaigns, information, and guidance related to investment, which greatly impact individuals' intentions to invest in assets like stocks and cryptocurrencies (Sukarno et al., 2024). Likewise, a stronger inclination to invest in cryptocurrencies is driven by positive advice and discussions on social media platforms (Zhang & Huang, 2024). Additionally, the more individuals observe influencers on social media, the greater their emotional attachment, which increases their intention to engage in similar investment activities (Handranata et al., 2022).

Financial technology services have rapidly evolved and diversified in recent years. The development of fintech represents a shift in how individuals manage their finances, particularly in areas such as investing (Sukarno et al., 2024). This evolution is supported by the convenience that fintech platforms provide. Several critical factors require consideration in fintech, including user trust, platform usefulness, and ease of use. Previous research has examined how perceived trust, perceived usefulness, and perceived ease of use influence investment intentions (Gupta et al., 2021; Hasan et al., 2024). Perceived trust includes transaction security, platform reliability, and compliance with regulatory frameworks. Individuals who trust fintech platforms and investment assets are more likely to engage in such investments (Hasan et al., 2024). Moreover, perceived usefulness relates to how beneficial and relevant a fintech platform is viewed as beneficial and relevant to an investor's financial goals. This perception can significantly impact an individual's decision to participate in investment. Another crucial factor is perceived ease of use. Platforms that are easy to use have a higher chance of drawing in possible investors (Hasan et al., 2024). When these three factors—perceived ease of use, usefulness, and trust— are present, investors are more inclined to strengthen their investment intentions by utilizing available fintech services.