The Influence of Financial Literacy Level, Perception of Return and Technological Progress on Investment Interest of Millennial Generation in Central Jakarta

Capital markets play a significant role in enhancing a country's economic development, as well as national development. The millennial generation is expected to be the leader of growth in the economic field. This research uses quantitative methodology with the Partial Least Square Technique approach to test data instruments. The sample size was determined using Hair's formula. The research findings show that financial literacy has a positive and significant effect on millennials' investment interest, while perceived returns and technological advances have no significant effect on millennials' investment interest.  The results of this study can be utilized by agencies and the government can work with the financial industry to help millennials understand investment work and help millennials understand financial concepts.

Capital markets play a significant role in enhancing a country's economic development, as well as national development.The millennial generation is expected to be the leader of growth in the economic field.This research uses quantitative methodology with the Partial Least Square Technique approach to test data instruments.The sample size was determined using Hair's formula.The research findings show that financial literacy has a positive and significant effect on millennials' investment interest, while perceived returns and technological advances have no significant effect on millennials' investment interest.The results of this study can be utilized by agencies and the government can work with the financial industry to help millennials understand investment work and help millennials understand financial concepts.

INTRODUCTION
The phenomenon of many millennials or potential investors who are skeptical of "one-eyed" investments and the occurrence of the covid 19 phenomenon which causes great volatility in global financial markets.This volatility can affect the millennial generation's perception of investment risk, affecting their interest in investing in stocks or riskier assets as well as consumption and lifestyle patterns during the pandemic which affect the priorities and availability and to invest in the millennial generation.This is supported by the number of investors who failed to invest their capital.How important is the knowledge that needs to be possessed before investing in stocks.Therefore, in order to drive Indonesia's economy in the future, millennials and the next generation must be willing to take the time to learn financial literacy, understand investment returns and learn about technology.By making the right and wise investment, the positive impact can be felt in the future and provide prosperity for individuals and families.
The 2019 SNLK results show that the Financial Literacy Index stands at 38.03, while the Financial Inclusion Index stands at 76.19%.However, it still appears that the majority of Indonesians do not understand a financial product or service offered from an authorized financial institution.When making decisions, investors try to decide in a rational way.Investor psychology can also influence investment decisions from time to time to get the expected profit.An investor needs to have the ability to make decisions rationally, a person's thinking attitude based on rationality and existing facts is very important in this case.The role of nature, preferences, emotions, and other things in humans can make human behavior irrational.(Ariani et al., 2016).Because of this, financial literacy plays an important role in understanding investment products.By having an adequate understanding of financial literacy, investors can make investment decisions that are expected and benefit in the future (Kartawinata & Mubaraq, 2016).(Kartawinata & Mubaraq, 2018).Financial literacy serves to reduce unobjective investor decisions and make investment decisions more rationally.(Bangun, 2020).
Research related to factors that influence investment interest has been carried out by many previous researchers, but using variables with different concepts.This study is different from previous researchers because this study comprehensively examines the effect of financial literacy, perceived return and technological progress on stock investment interest and its impact on stock investment decisions directly or indirectly.Based on the phenomena that occur, the purpose of this study is to determine whether financial literacy, perceived returns and technological advances affect interest in stock investment in the millennial generation.As well as the hope or benefit of the results of this research, being able to contribute to the development of investors among the millennial generation and become an additional reference library material for researchers who raise themes regarding stock investment interest and can be used as a reference to agencies related to the world of investment.

LITERATURE REVIEW
This research is based on the Theory of Planned Behavior.The purpose of this theory is to explain and predict a person's behavior in certain situations (Ajzen, 1991).(Ajzen, 1991).This theory considers that human behavior requires external control in addition to self-control, namely the availability of resources and opportunities, so that the concepts of perception and thinking are needed to be added to behavioral control to influence intentions and behavior.According to (Ajzen, 1991) individual interest affects behavioral actions.Interest will create an individual drive to behave and respond.Investment interest is an intention formed by a person's investment knowledge and motivational drivers to invest.Investor behavior greatly influences their investment decisions.One example of this action is the way they manage their financial aspects.The goal is to reduce unfair investor judgment and allow investors with sufficient financial knowledge to make reasonable investment decisions.(Bangun, 2020).Perception refers to the process of classifying, interpreting, analyzing, and integrating stimuli through the five senses and the brain.Return is the profit obtained by investing money in an issuer or an industry which can take the form of capital gains or dividends.Investment returns are very important because the purpose of investing is to make as much money as possible.(Amalia, 2019).
Emotional bias factors, such as the perception of expected returns, can influence the investment decisions of investment enthusiasts.The ease of investing, both in obtaining information and the costs required to make an investment are very affordable, one of the reasons why someone, especially millennials, can be interested in investing (Negara & Febrianto, 2020).Technological progress, which is defined in this research, is the respondent's perception of the availability of facilities due to technological advances such as online stock trading, the ability of the mobile trading system to facilitate stock investment, find information and easily access company financial reports.In this research framework, three independent variables (Financial Literacy, Perceived Return, and Technological Advancement) and one dependent variable (Investment Interest) are used in this study.The following is the framework of this research: The idea that beliefs can influence a person to perform certain actions is the basis of the theory of planned behavior.A belief perspective is a behavioral desire that is formed by integrating various characteristics, qualities, and attributes of certain information.This theory of planned behavior applies to describe all behaviors that require planning.The first step in the formation of a person's behavior is a decision or stimulus to implement a real action.(Seni & Ratnadi, 2017) explains that humans have a tendency to act in accordance with intentions and have the ability to control perceptions through certain actions.An individual's willingness to invest in stocks will increase because there are no barriers to investing in stocks.From the figure above, it can be explained that the variables of financial literacy, perceived return and technological progress affect investment interest in the millennial generation.
Based on the formulation of this research problem, the researcher develops a hypothesis to provide a clear direction for the implementation of this research:

The Effect of Financial Literacy on Investment Interest
Logical investor thinking is based on logic that conforms to the facts.To generate profits in the future, logical thinking investors are always selective about new information.To make good investment decisions, one must know about finance.Those who understand finance will be better able to examine and organize their personal finances better.The goal is to reduce unfair investor judgment and allow investors with sufficient financial knowledge to make reasonable investment decisions (Bangun, 2020).

The Effect of Perceived Return on Investment Interest
Investors assess potential returns and risks before taking investment action.Theory of Planned Behavior developed (Ajzen, 1985) human behavior is based on intentions and the ability to control perceptions through certain actions.The main goal in investing in the capital market is to get profits in the future.In investing in the capital market, the main goal is to obtain future profits.Prospective investors form their views on how much return they can get from investing, which is referred to as perceived return.The results of previous research, namely (Romdioni & Ulita, 2021) (Romdioni & Ulita, 2021) indicates that perceived return has a positive influence on interest in investing in the capital market.

H2: Perceived Return has a Positive Effect on Millennial Generation Investment Interest The Effect of Technological Progress on Investment Interest
The presence of technology aims to facilitate all human activities and needs.Technology helps cut various problems such as distance and time that can be overcome with technology.The results of previous research are (Yusuf, 2019) The results of previous research, namely (Yusuf, 2019), state that the technological progress variable has a positive and significant effect on investment interest.Based on the findings of previous researchers, the researcher states the following hypothesis:

METHODOLOGY
This research utilizes quantitative data to identify cause-and-effect relationships between the various variables under study.One dependent variable in this study is investment interest, and three independent variables, namely financial literacy, technological advancement, and perceived return, impact the stock investment interest of millennials in the Central Jakarta area.
The following table provides an explanation of the indicators used to evaluate each of the research variables in this case, as well as the references used as references.
Table 1 Researchers have conducted many previous studies on influencing variables, but with various conceptual variables.This study comprehensively examines the impact of financial literacy, perceived returns and technological advances on stock investment interest.
According to (Sugiyono, 2008) Population consists of individuals or objects that have certain characteristics that have been recognized and drawn conclusions by researchers.The author uses the entire millennial generation who were born in the Central Jakarta area from 1980 to 2000.The Hair formula is used in this study to measure the sample because the population size is unknown.According to (Hair et al., 2010) if the size is too large, such as 400, the approach becomes very sensitive and it is difficult to find the right size, a minimum sample size of 5/10 observations for each parameter is recommended.In this study, the millennial population is those who live or reside in Central Jakarta.The author collected data by distributing questionnaires online in Central Jakarta.The number of parameters consisting of research question items is multiplied by 5 to determine the minimum sample size to be studied.(Hair et al., 2011).Thus, the calculation is as follows: N = 32 parameters x 5 = 160 samples There are 160 respondents involved in this study.So that it can be tested and analyzed further.This research utilized a closed-ended questionnaire as a method to collect information.Respondents can only choose the answers that have been given.This research adopts a descriptive quantitative approach to produce data that can be measured and analyzed through the use of measurement techniques such as statistics.This quantitative method focuses on variables, which are measurable symptoms.This research uses a Likert scale to collect data.This scale consists of a series of statements or items that examine the respondent's views or attitudes about the subject under study.In this social research, the researcher has determined the research variables.A modified Likert scale measurement was used to score the questionnaire.The Likert scale consists of four levels of answer preference, compared to five levels as in general (Sugiyono, 2016).Researchers chose to use a Likert scale of 4 because the value range of 1 to 4 can avoid answering neutrally or unsure.This is because the majority of millennials tend to choose the neutral option if there is such an option, making it difficult to know whether they agree or disagree with the question.Strongly Agree 4 The Partial Least Square (PLS) data analysis approach, a Structural Equation Moderating (SEM) completion process, was used in this study to test the data collection instruments.To manage the data this study used computer applications, such as Microsoft Excel, IBM SPSS 22, and SmartPLS 4.0 for Windows.After the researcher collects the data and ensures that certain requirements have been met, the data is analyzed quantitatively.Analysis to answer the formulation of the problem will be used to answer the formulation of the hypothesis.

RESEARCH RESULT Data Type and Source
In this study, the primary data collection method was used, which was done by questionnaire.To do so, questionnaires had to be distributed to respondents directly and indirectly.In addition, technology was used to distribute questionnaires to millennials in the Central Jakarta area through the Google Form platform.

Respondent Profile
This study involved 160 respondents, with a very diverse profile, 47% were male and 53% were female.Based on the age of the respondents, 52% were 20-25 years old, 24% were 26-30 years old, 16% were 31-35 years old, and 8% were 36-40 years old.In terms of employment status, the majority of respondents 41% were private employees, 20% were students, 11% were civil servants, 8% were entrepreneurs and 19% were other unspecified occupations.

Validity and Reliability Test Results
Assessing the convergent validity of the measurement model, it is important to consider the relationship between the indicator score and the score of the construct being measured.Typically, the loading factor value for each indicator must be above 0.7 to be considered valid.According to (Mahfud & Dwi, 2013) in some cases this requirement is often not met in some situations.The loading value between 0.4-0.7 needs to be considered.On the other hand, (Wiyono, 2011) states that convergent validity can be considered sufficient with a loading value of 0.5 to 0.6.In the validity test conducted by researchers this time using a loading factor> 0.5 to calculate the convergent validity of the measurement model.The following are the results of data processing: From the path diagram that has been presented, the second order addition factor can be considered to meet convergent validity, the value of the indicators related to this factor is greater than 0.5.So that the data is declared quite valid.Further information regarding the validity and reliability tests can be found in the output tables presented: well so that it has high predictive accuracy and this model can be used to test the hypothesis.

Hypothesis Testing
In this study, the statistical values for each partial direct impact path were used to evaluate the hypotheses.The design for path testing is shown in the figure below.The effect of the relationship between exogenous and endogenous latent variables in the table can be described as follows:

The Effect of Financial Literacy on Investment Interest
The test results show a relationship between financial literacy variables and investment interest with a significance level of 0.495 at a significance level = 0.05 (5%) and a statistical T value of 3.708> 1.640.So, it can be concluded that there is a strong and significant relationship between the financial literacy component and investment interest.The first hypothesis stating that financial literacy has a positive and significant effect on investment interest is supported by these findings.Previous research (Siburian, 2021), (D.Ratti, 2021), found that more financial knowledge can increase interest in investing.This is because financial literacy helps millennials understand the importance of investing for the future, encouraging them to invest.The more financial literacy millennials have, the better their understanding of Indonesia's future economic conditions.

The Effect of Perceived Return on Investment Interest
The test results show the relationship between the perceived return variable and investment interest with a significance level of 0.113 at the significance level = 0.05 (5%) and a statistical T value of 1.249 < 1.640.So, it can be concluded that investment interest is not significantly affected by perceived return and the correlation between the two variables is weak.The second hypothesis states that there is a positive and significant relationship between perceived return and investment interest is not supported by the results of this study.This is in line with the results of previous research (Purboyo et al., 2019), (Marlin, 2020).Someone will not be interested in investing if they expect a high enough return.This shows that the return to be received from investment does not really affect the millennial generation's investment choices.Investment company managers or related institutions can use it to increase positive return perceptions by increasing the transparency of the investment process and providing analytical tools that make it easier for millennials to assess the potential returns of various types of investments.

The Effect of Technological Progress on Investment Interest
The test results show the relationship between the technological progress variable and investment interest with a significance level of 0.133 at the significance level = 0.05 (5%) and a statistical T value of 1.065 < 1.640.So, it can be concluded that investment interest is not significantly affected by technological progress and the correlation between the two variables is weak.The third hypothesis stating that there is a positive and significant relationship between technological progress and investment interest is not supported by the results of this study.This is in line with the results of previous research (Ummah, 2020), (Tandio & Widanaputra, 2016).It is proven that the millennial generation's investment interest is not affected by technological advances and the availability of facilities and infrastructure that make it easier for them to invest.With easyto-use investment applications and real-time information and accurate analysis, this can be utilized by investment company managers or related institutions to optimize the advancement of investment technology.
Overall, company managers or relevant agencies can increase millennials' investment interest by paying attention to the factors identified in this study and taking appropriate action to address the problems identified.

CONCLUSIONS AND RECOMMENDATIONS
Based on the path parameter coefficient, the financial literacy variable has a positive and significant effect on investment interest.Thus, financial knowledge can influence a person's investment focus.As a result, the higher the level of financial literacy of the millennial generation, the more information they get and are aware of Indonesia's economic situation in the future.
1. Based on the path parameter coefficient, the financial literacy variable has a positive and significant effect on investment interest.Thus, financial knowledge can influence a person's investment focus.As a result, the higher the level of financial literacy of the millennial generation, the more information they get and are aware of Indonesia's economic situation in the future.2. Based on the path parameter coefficient, the perceived return variable has no effect and is not significant on investment interest.Therefore, returns cannot guarantee profits or meet the needs of investors.3. Based on the coefficient parameter, the technological progress variable has no effect and is not significant on investment interest.The phenomenon of technological progress has little effect on the millennial generation's ability to assess companies.This is due to several reasons, including increasing concerns about data security, distrust of the financial system, and lack of trust in the investment process.

ADVANCED RESEARCH
The recommendations that can be given for further research related to investment interest for securities companies and the government: 1. Practical suggestions from this research as a reference for parties related to the investment or financial field, to always provide investment knowledge education or Financial technology and financial management training and investment companies must increase the acceleration of returns received by investors to strengthen positive return perceptions and utilize technology to facilitate the investment process and increase awareness of the benefits of investing.It is intended that the millennial generation not only knows in theory but also in practice, so that they become more confident in making investments.2. This study has a small sample size and few independent factors.It is recommended to expand the study focus, population sample, and relevant independent variables or other factors such as personal financial goals, attitude towards risk, education as well as employment and economic conditions, in order to obtain as much information and findings as possible.

ACKNOWLEDGMENT
In writing this article the researcher realizes that there are still many shortcomings both in terms of language, writing, and form of presentation considering the limited knowledge and abilities of the researchers themselves.Therefore, for the perfection of the article, the researcher expects constructive criticism and suggestions from various parties

Figure
Figure 1.Thinking Framework

Figure 2 .
Figure 2. Reloading Factor of Research Variables

Figure 3 .
Figure 3. Research Path Diagram . Operational Definition of Variables

Table 2 .
Likert Scale Scoring Criteria