Purpose: This research used the analytic hierarchy process (AHP) to investigate the key factors influencing consumers to purchase green financial products.

Methodology: As a mixed-method study, qualitative expert opinions were combined to select variables with quantitative AHP analysis of the weight of these factors. For the AHP process, six to eight panel experts on sustainable finance, green advertising, and consumer behavior were selected.

Findings: The analysis results depicted environmental impact as the most predominant motivator for the consumer, placing trust in green financial products next in order. Awareness driven by cost-effectiveness became less influential, while perceived risk ranked the lowest. In contrast, these results described an increasing confidence on behalf of consumers in the stability and safety of green financial markets.

Implications: Basically, the study concluded that the green attributes of financial products should be brought to light, but equally, efforts should be made to increase consumer trust concerning compliance and transparency.

Originality: Further, the study introduced a new evaluation parameter for applying AHP in sustainable finance research. Overall, the findings indicated practical implications for eliciting consumer preference and designing strategies to promote green financial products effectively.

1. Abdullah, L., Goh, C., Zamri, N., & Othman, M. (2019). Application of interval valued intuitionistic fuzzy TOPSIS for flood management. Journal of Intelligent & Fuzzy Systems, 38(1), 873–881. https://doi.org/10.3233/JIFS-179455
2. Amaliah, A. N., Jannah, M., & Gunawan, M. T. (2023). The role of environmental awareness and green product literacy on green purchase behavior in Indonesia. Journal of Economics, Entrepreneurship, Management, Business and Accountancy, 1(2), 115–121. https://doi.org/10.61255/jeemba.v1i2.159
3. Andika, Luthfiana, D. N., Nadia, & Kartinah. (2023). Green purchase behavior: The role of green advertising, green awareness, and eco-literacy. IOP Conference Series: Earth and Environmental Science, 1181, Article ID 012025. https://doi.org/10.1088/1755-1315/1181/1/012025
4. Astiwardhani, W. (2024). Bibliometric foundations: Tracking the footprint of green finance and financial institutions in global research. Journal of Business and Management Review, 4(12). https://doi.org/10.47153/jbmr412.8702023
5. Barre, G. M., Warsame, A. A., & Hussein, H. A. (2024). Examining awareness and preferences for green finance among commercial banks in Somalia. International Journal of Sustainable Development and Planning, 19(1), 97–108. https://doi.org/10.18280/ijsdp.190108
6. Bhatti, K. K., & Negi, A. (2018). Determinants of green marketing leading to sustainable competitive advantage for retailers within the Delhi region. Indian Journal of Marketing, 48(8), 53–64. https://doi.org/10.17010/ijom/2018/v48/i8/130540
7. Chaurasiya, R., & Jain, D. (2023). A new algorithm on Pythagorean fuzzy-based multi-criteria decision-making and its application. Iranian Journal of Science and Technology, Transactions of Electrical Engineering, 47, 871–886. https://doi.org/10.1007/s40998-023-00600-1
8. Chen, Y.-S., & Chang, C.-H. (2013). Greenwash and green trust: The mediation effects of green consumer confusion and green perceived risk. Journal of Business Ethics, 114(3), 489–500. https://doi.org/10.1007/s10551-012-1360-0
9. Creswell, J. W., & Clark, V. L. (2017). Designing and conducting mixed methods research (3rd ed.). Sage Publications, Inc.
10. Cuadrado, E., Molero-Jarilla, E. M., Muñoz-García, I. M., Torres-Porras, J., & Alcántara-Manzanares, J. (2024). Design and validation of the perception of risk towards environmental unsustainability scale (PREUS). Environment, Development and Sustainability. https://doi.org/10.1007/s10668-024-04931-9
11. Delgado-Ballester, E., Munuera-Alemán, J. L., & Yagüe-Guillén, M. J. (2003). Development and validation of a brand trust scale. International Journal of Market Research, 45(1), 35–53. https://doi.org/10.1177/147078530304500103
12. Dewi, W. W., & Syauki, W. R. (2023). Green awareness of female consumers towards sustainable products in Indonesia. Jurnal Pengelolaan Sumberdaya Alam dan Lingkungan (Journal of Natural Resources and Environmental Management), 13(1), 129–139. https://doi.org/10.29244/jpsl.13.1.129-139
13. Gáspár, S., Pataki, L., Barta, Á., Thalmeiner, G., & Zéman, Z. (2023). Consumer segmentation of green financial products based on sociodemographic characteristics. Journal of Risk and Financial Management, 16(2), 98. https://doi.org/10.3390/jrfm16020098
14. González-Velasco, C., Feito-Ruiz, I., Sierra-Fernández, P., Sáez-Trujillo, F.-J., Martín-Rubio, I., & Fernández, F. (2024). Design and validation of a questionnaire to know the perception of sustainable finance. SSRN. https://doi.org/10.2139/ssrn.4991474
15. Gu, X., Firdousi, S. F., Obrenovic, B., Afzal, A., Amir, B., & Wu, T. (2023). The influence of green finance availability to retailers on purchase intention: A consumer perspective with the moderating role of consciousness. Environmental Science and Pollution Research, 30(27), 71209–71225. https://doi.org/10.1007/s11356-023-27355-w
16. Ilbahar, E., Karaşan, A., Cebi, S., & Kahraman, C. (2018). A novel approach to risk assessment for occupational health and safety using Pythagorean fuzzy AHP and fuzzy inference system. Safety Science, 103, 124–136. https://doi.org/10.1016/j.ssci.2017.10.025
17. Jansson, J., Marell, A., & Nordlund, A. (2010). Green consumer behavior: Determinants of curtailment and eco-innovation adoption. Journal of Consumer Marketing, 27(4), 358–370. https://doi.org/10.1108/07363761011052396
18. Juliana, Djakasaputra, A., & Pramono, R. (2020). Green perceived risk, green viral communication, green perceived value against green purchase intention through green satisfaction. Journal of Industrial Engineering and Management Research, 1(2), 124–139. https://doi.org/10.7777/jiemar.v1i2
19. Khalatur, S., & Dubovych, O. (2022). Financial engineering of green finance as an element of environmental innovation management. Marketing and Management of Innovations, 1, 232–246. https://doi.org/10.21272/mmi.2022.1-17
20. Lee, J., Lim, S. H., Batul, A., Sharma, B., Singh, K., Khor, W., Raveendran, K. D., Kong, M. C., Kooli, S., Pradhan, S., & Kee, D. M. (2023). Greening Starbucks: Investigating the relationship between consumer green awareness and purchase intentions in Malaysia. Journal of the Community Development in Asia, 6(3), 283–298. https://doi.org/10.32535/jcda.v6i3.2500
21. Leonidou, L. C., Leonidou, C. N., & Kvasova, O. (2013). Cultural drivers and trust outcomes of consumer perceptions of organizational unethical marketing behavior. European Journal of Marketing, 47(3–4), 525–556. https://doi.org/10.1108/03090561311297445
22. Li, Y., Zhang, Y., & Solangi, Y. A. (2023). Assessing ESG factors and policies of green finance investment decisions for sustainable development in China using the fuzzy AHP and fuzzy DEMATEL. Sustainability, 15(21), 15214. https://doi.org/10.3390/su152115214
23. Lin, J., Zeng, Y., Wu, S., & Luo, X. (2024). How does artificial intelligence affect the environmental performance of organizations? The role of green innovation and green culture. Information & Management, 61(2), Article ID 103924. https://doi.org/10.1016/j.im.2024.103924
24. Liu, F., & Madni, G. R. (2024). Moderating role of policy incentive and perceived cost in relationship of environmental awareness and green consumption behavior. PLoS ONE, 19(2), Article ID e0296632. https://doi.org/10.1371/journal.pone.0296632
25. Madhavika, W. D., Amaraweera, D. I., Fernando, M. S., Perera, K. K., & Perera, M. N. (2021). Factors influencing the green purchase intentions of consumers in the event planning industry in Sri Lanka. SLIIT Business Review, 1(2), 1–24. https://doi.org/10.54389/kghp3940
26. Madhusanka, J., Cooray, N., Samali, M., & Udurawana, Y., (2022). Measuring consumers' environmental awareness: Development of constructs and measurement scale items. SEUSL Journal of Marketing, 7(1), 1–17. https://www.seu.ac.lk/seusljm/publication/volume7/1/JM7_1-1.pdf
27. Nga, L. P., & Tam, P. T. (2024). Critical factors influencing green consumer behavior: A case study in Vietnam. Journal of Social Economics Research, 11(1), 1–11. https://doi.org/10.18488/35.v11i1.3599
28. Nguyen, D. D. (2023). Evaluating the consumer attitude and behavioral consumption of green products in Vietnam. Sustainability, 15(9), 7612. https://doi.org/10.3390/su15097612
29. Premi, H., Sharma, M., & Dangayach, G. S. (2021). Green marketing: A systematic literature review. Indian Journal of Marketing, 51(8), 39–57. https://doi.org/10.17010/ijom/2021/v51/i8/165761
30. Rahardja, C. T., & Anisah, T. N. (2020). Green paradox by gender. In Proceedings of the 8th International Conference on Entrepreneurship and Business Management (ICEBM 2019) UNTAR. Atlantis Press. https://doi.org/10.2991/aebmr.k.200626.064
31. Rahbar, E., & Wahid, N. A. (2011). Investigation of green marketing tools' effect on consumers' purchase behavior. Business Strategy Series, 12(2), 73–83. https://doi.org/10.1108/17515631111114877
32. Ramakrishna, H. (2012). Green marketing in India: Some eco-issues. Indian Journal of Marketing, 42(11), 5–15. https://indianjournalofmarketing.com/index.php/ijom/article/view/37624
33. Rashid, K., & Aslam, H. (2018). Does green matter? A study of perception of manufacturers and consumers of a developing country about green supply chains. Journal of Management and Research, 5(1), 1–26. https://doi.org/10.29145/jmr/51/0501002
34. Rawat, S. S., Pant, S., Kumar, A., Ram, M., Sharma, H. K., & Kumar, A. (2022). A state-of-the-art survey on analytical hierarchy process applications in sustainable development. International Journal of Mathematical Engineering and Management Sciences, 7(6), 883–917. https://doi.org/10.33889/IJMEMS.2022.7.6.056
35. Saaty, T. L. (1980). The analytic hierarchy process: Planning, priority setting, resource allocation. McGraw-Hill International Book Company.
36. Sari, P. N. (2023). Factors influencing the purchasing decision of eco-friendly shopping bags: Green awareness as an intervening variable. Journal of Applied Business Administration, 7(2), 255–266. https://doi.org/10.30871/jaba.v7i2.6395
37. Setiyarini, E. Y., Mahrinasari, M., & Pandjaitan, D. R. (2022). The impact of green brand positioning, green brand knowledge and attitude toward green brand on green product purchase intention in Unilever products, Indonesia. The International Journal of Business & Management, 10(3). https://doi.org/10.24940/theijbm/2022/v10/i3/bm2203-012
38. Siwu, G., Tumbuan, W. J., & Rumokoy, L. J. (2023). The influence of green marketing mix and green brand awareness towards consumer purchase intention at Starbucks Coffee Manado. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 11(4), 1609–1619. https://doi.org/10.35794/emba.v11i4.52595
39. Sukresna, I. M., & Mikina, J. E. (2024). Factors influencing the decision to buy green products among young consumers in an emerging country. Media Ekonomi dan Manajemen, 39(1), 183–198. https://doi.org/10.56444/mem.v39i1.4544
40. Tan, L. P., Johnstone, M. L., & Lin, Y. (2016). Barriers to green consumption behaviours: The roles of consumers' green perceptions. Australasian Marketing Journal, 24(4), 288–299. https://doi.org/10.1016/j.ausmj.2016.08.001
41. Timotio, J. G., Vieira, V. E., & de Oliveira, R. A. (2024). An exploratory analysis of green finance. Revista De Gestão Social E Ambiental, 18(8), Article ID e07314. https://doi.org/10.24857/rgsa.v18n8-133
42. Tyagi, M., Kumar, P., & Kumar, D. (2014). A hybrid approach using AHP-TOPSIS for analyzing e-SCM performance. Procedia Engineering, 97, 2195–2203. https://doi.org/10.1016/j.proeng.2014.12.463
43. Upadhyaya, A. S., & Sijoria, C. (2024). Customers' purchase intention of green cosmetics in India: Empirical validations using an extended theory of planned behavior (TPB). Indian Journal of Marketing, 54(8), 60–77. https://doi.org/10.17010/ijom/2024/v54/i8/174187
44. Widyawati, S. U., Hartoyo, & Novandari, W. (2023). The influence of green consumers on green decisions: The role of green attitude as mediating variable (case study on Fore Coffee consumers). Indonesian Journal of Business and Entrepreneurship, 9(3), 457. https://doi.org/10.17358/ijbe.9.3.457
45. Yadav, R., & Pathak, G. S. (2013). Green marketing: Initiatives in the Indian context. Indian Journal of Marketing, 43(10), 25–32. https://doi.org/10.17010/ijom/2013/v43/i10/38358