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The purpose of the study is to investigate the impact of financial literacy and information search on risky investment decision-making among millennials in Indonesia. Further, this research also examines the effect of information search as a mediating variable on how financial literacy affects risky investment decision-making. This research highlights the positive and significant impact of financial literacy and information search on millennial’s risky investment decision-making. The higher the financial literacy level, the tendency to choose risky investment also increases. In addition to that, investors consider the search for information about investment as an important step before making a risky investment decision. Furthermore, the mediating effect of information search is also examined, and the result is still positive and significant, indicating a complementary partial mediation. It suggests that the influence of financial literacy on risky investment decision-making is mediated through information search, while financial literacy itself still explains some of the risky investment decision-making that does not depend on information search.
As implications, it is recommended to conduct a comprehensive financial information assessment for millennials before deciding on risky investment. In addition, financial service providers should optimize on the use of technology in providing company information and performance, as information search is a key parameter for millennials before deciding on risky investment..
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