UNDERSTANDING THE INTENTION OF MILLENNIAL GENERATION ON INVESTMENT THROUGH THE FINANCIAL TECHNOLOGY APPLICATION

: The financial technology (fintech) companies utilize social media for many purposes. The increasing of digitalization in the fintech companies make consumers easier to make a purchase or an investment. This condition provides a phenomenon in which young generation is willing to invest their funds through fintech system. The purpose of this study is to examine whether social media marketing influences the intention of the young generation in investing. A total of 208 respondents coming from millennial generation involved in this study. Structural Equation Modeling (SEM) was used to analyze this research with the results showing that perceived relevance, informativeness, and utilitarian motivation have significant effect on millennial generation's intention to invest. In addition, perceived relevance and informativeness also influence utilitarian motivation.


Introduction
Social media was originally created as a means of communication to exchange information and news between friends (Tandoc, Lim, & Ling, 2018). However, the development of technology has changed its function into a wider communication tool. Social media has a very important impact in this current era in which people cannot be separated from digital life. These media are used in various streams to facilitate the interactions among businesses, groups, communities, organizations, communities, forums, etc (Dwivedi et al., 2020). In business, the role of social media is not only related to real sector, but also the monetary sector in the form of financial investment. This phenomenon occurs due to the result of technological development, known as fintech. Fintech is not limited to financial transactions, such as mobile banking or electronic money, but has reached to the investment processes (peer-to-peer lending, mutual funds, stocks and bonds). The Otoritas Jasa Keuangan (OJK), an institution that oversee financial services in Indonesia, addressed that fintech providers reached to 149 companies in 2020 with 112 registered and 37 licensed. It is also stated that around 66.38% of the existing investors are between 19-34 years old and 29.13% are 35-54 years old, while the rest are under 19 years old and above 54 years old (OJK, 2020).
Furthermore, the Kustodian Sentral Efek Indonesia (KSEI), an institution related to capital market in Indonesia, underlined that the number of investors under 30s and between 30-40s reached more than 70 percent, which means that this generation dominates the number of capital market investors in Indonesia (Utami, 2020a). In addition, KSEI also revealed that the investment growth was dominated by mutual fund investors at 49.4% and government bond (SBN) investors at 37.10% (Utami, 2020b). The increase in the number of investors from the younger generation is inseparable from the digitalization process in the Indonesian capital market. Moreover, this group is known as generation who is really savvy in technology, tends to immerse in online activities (Klapilova Krbova, 2016), and uses social media as a source of information (Mangold & Smith, 2012).
This condition indirectly illustrates that social media has changed the way individuals obtain information. The ease of finding information through social media increasingly shows the importance of the role of social media in their lives. The OJK also utilized social media, in a collaboration with social media influencers, to improve the financial literacy and inclusion for the millennial generation. This policy was taken as a medium of socialization to reach a wider market (Sulaeman, 2020). It aims to increase the amount of investment from the millennial generation.
Relevance is the extent to which a person can perceive an object related to himself (Zhu & Chang, 2016). The role of social media in influencing someone to take an attitude is not far from considering the perceived relevance. An example related to relevance is when a social influencer shares his experience regarding investment activities in one of the fintech products, such as peerto-peer lending (Shiau, Yuan, Pu, Ray, & Chen, 2020). These investments can provide returns that are in line with expectations. These influencers feel satisfaction and trust in the platform they use (Razzaque, Cummings, Karolak, & Hamdan, 2020). This kind of information can entice someone to take the same action, assuming that it is relevant to their personal preferences.
Furthermore, advertisements found on social media will be more related and relevant to the needs, interests and preferences of consumers and will have a positive value because they perceive that the advertisements they see are more useful (Alalwan, 2018). In addition, other studies also state that perceived relevance can avoid consumer personal problems and can increase the intention of sustainable use in the future through two things (Zhu & Chang, 2016). This study also revealed that personalized advertising can contribute to the benefits perceived by consumers and revive consumer self-awareness. So that, advertisements seen by consumers can be considered beneficial because they can save consumers time and effort in finding information regarding the desired product or service. Thus, this study has the following hypotheses

H1: perceived relevance has a positive influence on investment intention H2: perceived relevance has a positive influence on utilitarian motivation
Informativeness is the extent to which fintech can provide adequate information to users based on the decisions made so that users can make the best decisions (Belanche, Casaló, & Flavián, 2019). Informativeness can also be interpreted as the ability of a platform to be able to attract users rationally. Fintech users will be facilitated when the information provided is clear and easy to understand, especially when it comes to financial matters. Someone will tend to be more careful in making decisions. The right information will have an impact on good user ratings (Lee & Hong, 2016). Several studies have shown that there is a relationship between informative nature and investment intentions (Belanche et al., 2019).
Various previous studies have revealed that hedonic and utilitarian motivations are often used in the purchasing decision process (Anderson, Knight, Pookulangara, & Josiam, 2014; Bilgihan & Bujisic, 2015). Utilitarian motivation describes the consumer's assessment of the overall benefits and sacrifices it gives to an item or service (Overby & Lee, 2006). As it is known that social media not only provides activities that are relaxing and fun but can also provide benefits and are informative. The nature of information can be interpreted as the ability of a portal to provide information for its consumers. Previous research related to websites and online shopping found that informative sites can create consumer benefits that drive satisfaction (Sai Vijay, Prashar, & Sahay, 2019). Furthermore, the hypothesis used in this study is as follows:

H3: informativeness has a positive influence on investment intention H4: informativeness has a positive influence on utilitarian motivation
Social media has a very diverse role, not only used for things that are entertaining but also to spread knowledge and can also motivate someone to take a certain action (Fosso Wamba, Bhattacharya, Trinchera, & Ngai, 2017). In general, someone is more interested in information through social media because they have a higher level of creativity and attractiveness (Dwivedi et al., 2020). The amount of financial-related information on social media has become an open secret. Someone tends to follow a trend that is booming on social media. This is read by many influencers engaged in finance (Hu, Ding, Li, Chen, & Yang, 2019). Influencers become ones that are taken into account by someone in making a decision. Financial advice, given by the influencer can be a motivation to take an action. A study shows that the motivation given through social media can have an impact on a person's attitude in this case to invest (Ramadhan & Wibowo, 2020). Hence, motivation through social media has a very important role to predict a person's reaction so that an intention arises to take investment actions (Mazambani & Mutambara, 2019). The next hypothesis in this study is as follows:

Research Method
This research is explanatory research that aims to examine the relationship between variables that are the focus of research (Cooper & Schindler, 2014). Data collection in this study used selfadministered surveys using questionnaires distributed online with a cross-sectional time dimension. This study uses 17 question indicators as mentioned on Table 1. The analysis in this study uses the structural equation modelling (SEM) method with SmartPLS software. SEM is a multivariate analysis technique that combines factor analysis and multiple regression to allow researchers to test the relationship between independent and dependent variables simultaneously (Hair, Black, Babin, & Anderson, 2014). This study uses a measurement evaluation outer and inner model to analysis data conducted. Social media is a good source of investment product information and provides relevant investment products Social media provides timely information Social media is a good source of information on the latest investment products Social media is a convenient source of investment product information Social media provides complete information on investment products Utilitarian Motivation UM1 UM2 UM3 I find social media useful in determining the type of investment I will choose I feel that social media can be relied on in determining the type of investment I will choose I feel that social media can provide the right information in determining the type of investment I will choose  Intention to Invest II1  II2  II3  II4 I will invest in investment products discussed on social media I want to buy investment products promoted through social media I intend to buy investment products promoted through social media I plan to invest in products promoted through social media

Results
This study involved 208 millennial respondents in Indonesia. The demographic characteristics are used to give more information in understanding the results of the study.
The characteristics referred to this study are gender, age, last education, occupation, etc as follows on Table 2 below. From the data above, it is known that the majority of respondents are women (122 respondents or 58.65%). The highest age was in the age range of 22 -26 years (113 respondents or 54.33%). The most recent education of respondents was undergraduate level, as many as 119 respondents or 57.21%. The respondents were dominated by students with the total of 132 respondents (63.46%). The results of the analysis of the demographic characteristics showed that most of the respondents who are millennials use Instagram their self-actualization with a total of 84 respondents (40.38%). The result also indicated that 93 respondents (44.71%) used bank deposit as their investment. Furthermore, mutual funds, stocks and gold were responded by 26 respondents (12.50%), 14 respondents (6.73%) and 75 respondents (36.06%). The results of data analysis show that almost all indicators in this study have an ideal factor loading, which is above 0.70 and only one indicator has a value of less than 0.70, but it still meets the requirement, which is above 0.50. After obtaining the factor loading, Average Variance Extracted (AVE) is used to test the validity. A construct in research has convergent validity if the AVE value is greater than or equal to 0.50 (Hair et al., 2014). Furthermore, reliability aims to measure the reliability of each indicator or the consistency of each indicator to be measured. It can be seen that the constructs used in this research model have almost the same reliability values, namely perceived relevance (PR) of 0.912, informative nature (IF) of 0.944, utilitarian motivation (UM) of 0.931 and investment intention (II) of 0.910. Discriminant validity aims to measure indicators with their latent variables. The criteria to test it is to compare the value of the cross loading factor. If the value of the cross loading item on the intended construct is greater than the value of the cross loading on the other constructs, then the indicator can be declared valid.
The result of this study also addresses that R-square value for utilitarian motivation is 0.568 and intention to invest is 0.492. Based on those results, the Q-square value can be calculated with a value of 78.05%. Q-square has a value with a range of 0<Q2<1, where closer to 1 means the model is close to fit. The result of this Q-square calculation show that the diversity of data generated from the structural model under study is 78.05% and the remaining 21.95% is explained by other variables outside of this study. These results indicate that the proposed structural model can be said to be strong because it is close to number 1 according to the existing criteria. Moreover, based on the test results in this study, all hypotheses have a significant effect. The test results refer to the standard determination of the calculated t-value at 1.96. If the value is below 1.96, then the result is not influential, whereas if the value is equal to or above 1.96, then the result is influential. The results of hypothesis testing with the calculation of the value can be reviewed in Table 5 and Figure 1. Based on the results, this study also illustrates that utilitarian motivation (UM) has a positive effect on the millennial generation's investment intention. The result is supported by previous research which states that utilitarian motivation has a positive influence on investment intentions (Darmawan & Japar, 2020;Raharja, Papilo, Massijaya, Asrol, & Darmawan, 2020). Selfmotivation can encourage someone to take an action. Individual actions related to the desire to do something are driven by strong motivation (Barile, Cullis, & Jones, 2018). A potential investor who has been motivated by the information obtained can encourage the desire to invest.
Social media has a very diverse role, not only used for things that are entertaining but also to spread knowledge and can also motivate someone to take a certain action (Fosso Wamba et al., 2017). In general, someone is more interested in information through social media because they have a higher level of creativity and attractiveness (Dwivedi et al., 2020). The amount of financial-related information on social media has become an openness. Individual tends to follow a trend that is booming on social media (Hu et al., 2019). Social media influencers become ones whose opinion is considered in making a decision. Financial advice, given by the influencer can be a motivation to take an action. A study shows that the motivation given through social media can have an impact on a person's attitude in the case to invest (Ramadhan & Wibowo, 2020). Hence, motivation through social media has a very important role to predict a person's reaction so that an intention arises to take investment actions (Mazambani & Mutambara, 2019).

Conclusion
This study indicates that perceived relevance has an effect on investment intentions and utilitarian motivation, while informativeness has an effect on utilitarian motivation and intention to invest. Moreover, utilitarian motivation has an effect on investment intentions. The role of social media in influencing consumers to take an attitude related to their perceived relevance. Perceived relevance can avoid consumer personal problems and can increase the intention of sustainable use in the future. In that sense, the information provided through social media can also be interpreted as the ability of fintech companies to attract their potential users. Fintech users will be facilitated when the information provided is clear and easy to understand This study provides a contribution for financial literature and also social marketing, however, some limitations also underlined. The categorization of millennial generation is too broad in this study. For this reason, in the future research, it will be better if the categorization of this generation is simplified so that it provides better result. Furthermore, other variables such as risk need to be explored considering that investment is always associated with this variable.