INDIVIDUAL CHARACTERISTICS, FINANCIAL LITERACY AND ABILITY IN DETECTING INVESTMENT SCAMS

Anis Chariri; Wibowati Sektiyani; Nurlina Nurlina; Richa Wahyu Wulandari

doi:10.14710/jaa.15.1.91-114

DOI: https://doi.org/10.14710/jaa.15.1.91-114

INDIVIDUAL CHARACTERISTICS, FINANCIAL LITERACY AND ABILITY IN DETECTING INVESTMENT SCAMS

*Anis Chariri - Faculty of Economics and Business, Universitas Diponegoro, Indonesia

Wibowati Sektiyani - Faculty of Economics and Business, Universitas Diponegoro, Indonesia

Nurlina Nurlina - Faculty of Economics and Business, Universitas Diponegoro, Indonesia

Richa Wahyu Wulandari - Faculty of Economics and Business, Universitas Diponegoro, Indonesia

How to cite (IEEE): A. Chariri, W. Sektiyani, N. Nurlina, and R. W. Wulandari, "INDIVIDUAL CHARACTERISTICS, FINANCIAL LITERACY AND ABILITY IN DETECTING INVESTMENT SCAMS," JURNAL AKUNTANSI DAN AUDITING, vol. 15, no. 1, pp. 91-114, Sep. 2018. https://doi.org/10.14710/jaa.15.1.91-114

How to cite (APA): Chariri, A., Sektiyani, W., Nurlina, N., & Wulandari, R. W. (2018). INDIVIDUAL CHARACTERISTICS, FINANCIAL LITERACY AND ABILITY IN DETECTING INVESTMENT SCAMS. JURNAL AKUNTANSI DAN AUDITING, 15(1), 91-114. https://doi.org/10.14710/jaa.15.1.91-114

How to cite (BCREC): Chariri, A., Sektiyani, W., Nurlina, N., Wulandari, R. W. (2018). INDIVIDUAL CHARACTERISTICS, FINANCIAL LITERACY AND ABILITY IN DETECTING INVESTMENT SCAMS. JURNAL AKUNTANSI DAN AUDITING, 15 (1), 91-114 (doi:10.14710/jaa.15.1.91-114)

How to cite (Chicago): Chariri, Anis, Wibowati Sektiyani, Nurlina Nurlina, and Richa W. Wulandari. "INDIVIDUAL CHARACTERISTICS, FINANCIAL LITERACY AND ABILITY IN DETECTING INVESTMENT SCAMS." JURNAL AKUNTANSI DAN AUDITING 15, no. 1 (2018): 91-114. Accessed April 4, 2025. https://doi.org/10.14710/jaa.15.1.91-114

How to cite (Vancouver): Chariri A, Sektiyani W, Nurlina N, Wulandari RW. INDIVIDUAL CHARACTERISTICS, FINANCIAL LITERACY AND ABILITY IN DETECTING INVESTMENT SCAMS. JURNAL AKUNTANSI DAN AUDITING [Online]. 2018 Sep;15(1):91-114. https://doi.org/10.14710/jaa.15.1.91-114.

How to cite (Harvard): Chariri, A., Sektiyani, W., Nurlina, N., and Wulandari, R. W., 2018. INDIVIDUAL CHARACTERISTICS, FINANCIAL LITERACY AND ABILITY IN DETECTING INVESTMENT SCAMS. JURNAL AKUNTANSI DAN AUDITING, [Online] Volume 15(1), pp. 91-114. https://doi.org/10.14710/jaa.15.1.91-114 [Accessed 4 Apr. 2025].

How to cite (MLA8): Chariri, Anis, Wibowati Sektiyani, Nurlina Nurlina, and Richa Wahyu Wulandari. "INDIVIDUAL CHARACTERISTICS, FINANCIAL LITERACY AND ABILITY IN DETECTING INVESTMENT SCAMS." JURNAL AKUNTANSI DAN AUDITING, vol. 15, no. 1, 29 Sep. 2018, pp. 91-114 , https://doi.org/10.14710/jaa.15.1.91-114. Accessed 4 Apr. 2025.

BibTex Citation Data :

@article{JAA20487,
    author = {Anis Chariri and Wibowati Sektiyani and Nurlina Nurlina and Richa Wulandari},
    title = {INDIVIDUAL CHARACTERISTICS, FINANCIAL LITERACY AND ABILITY IN DETECTING INVESTMENT SCAMS},
    journal = {JURNAL AKUNTANSI DAN AUDITING},
  volume = {15},
    number = {1},
    year = {2018},
    keywords = {investment scams, financial literacy, age, education},
    abstract = { This study aims to explore important indicators applicable for the early detection of investment  scams and to investigate the effect of age, education and financial literacy on the ability to detect investment scams. Data were collected using a questionnaire survey with respondents in Semarang, Indonesia. A total of 311 respondents completed the questionnaires, for a 62.2% response rate, but only 304 questionnaires were usable. Confirmatory factor analysis was used to verify the indicators of investment scams, and a regression model was then employed to analyze the data. The findings show five main indicators applicable for early detection of investment scams: a) investments with unreasonably-high returns, b) investment involving salespeople that tend to force potential investors to make an immediate decision about the investment, c) investments without reasonable underlying cores of business, in accordance with principles of fairness and prudence in financial investment sectors, d) investments with no clear explanation on how the investment funds are managed, and e) investments without any information on the structure of management, ownership, and business, and the address of the companies. Finally, the finding shows that the level of individual financial literacy positively affects the ability to detect investment scams. However, age and education do not affect the ability to detect investment scams. },
   issn = {2549-7650},   pages = {91--114}  doi = {10.14710/jaa.15.1.91-114},
    url = {https://ejournal.undip.ac.id/index.php/akuditi/article/view/20487}
}

Refworks Citation Data :

@article{{JAA}{20487}, author = {Chariri, A., Sektiyani, W., Nurlina, N., Wulandari, R.}, title = {INDIVIDUAL CHARACTERISTICS, FINANCIAL LITERACY AND ABILITY IN DETECTING INVESTMENT SCAMS}, journal = {JURNAL AKUNTANSI DAN AUDITING}, volume = {15}, number = {1}, year = {2018}, doi = {10.14710/jaa.15.1.91-114}, url = {https://ejournal.undip.ac.id/index.php/akuditi/article/view/20487} }

Citation Format:

Abstract

This study aims to explore important indicators applicable for the early detection of investment
scams and to investigate the effect of age, education and financial literacy on the ability to detect
investment scams. Data were collected using a questionnaire survey with respondents in
Semarang, Indonesia. A total of 311 respondents completed the questionnaires, for a 62.2%
response rate, but only 304 questionnaires were usable. Confirmatory factor analysis was used to
verify the indicators of investment scams, and a regression model was then employed to analyze
the data. The findings show five main indicators applicable for early detection of investment
scams: a) investments with unreasonably-high returns, b) investment involving salespeople that
tend to force potential investors to make an immediate decision about the investment, c)
investments without reasonable underlying cores of business, in accordance with principles of
fairness and prudence in financial investment sectors, d) investments with no clear explanation
on how the investment funds are managed, and e) investments without any information on the
structure of management, ownership, and business, and the address of the companies. Finally,
the finding shows that the level of individual financial literacy positively affects the ability to
detect investment scams. However, age and education do not affect the ability to detect
investment scams.

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Keywords: investment scams, financial literacy, age, education

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In Volume 15, Nomor 1, Tahun 2018

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