Keputusan Investasi Emas Digital pada Generasi Z Pengguna Tabungan Emas PT Pegadaian: Perspektif Extended TPB

Silmi Aulia Ramadhani Fauzi; Sandhika Cipta Bidhari

doi:10.33395/owner.v10i4.4004

Authors

Silmi Aulia Ramadhani Fauzi Politeknik Negeri Jakarta
Sandhika Cipta Bidhari
✉ Corresponding author: sandhika.ciptabidhari@akuntansi.pnj.ac.id Politeknik Negeri Jakarta

DOI:

https://doi.org/10.33395/owner.v10i4.4004

Keywords:

Investment Decision, Investment Knowledge, Minimum Investment Capital, Perceived Expected Return, Perceived Risk

Abstract

The growth of digital gold investment and the increasing use of PT Pegadaian (Persero)'s Gold Savings service indicate broader investment access for Generation Z, while previous studies still show inconsistent findings regarding factors associated with investment decisions. This study aims to examine the relationship between perceived expected return, perceived risk, minimum investment capital, investment knowledge, and digital gold investment decisions among Generation Z users of PT Pegadaian (Persero)'s Gold Savings service. The Theory of Planned Behavior is used to explain investment decision-making, while Perceived Risk provides the theoretical basis for understanding individuals' perceptions of investment risk. This study employed an associative quantitative design using primary data collected through an online questionnaire. The sample consisted of 160 respondents aged 19–29 years living in Greater Jakarta who had used or were currently using PT Pegadaian (Persero)'s Gold Savings service, selected through purposive sampling. Data were analyzed using multiple linear regression with IBM SPSS Statistics 29 after validity, reliability, and classical assumption testing. The results show that perceived expected return and perceived risk were not significantly associated with investment decisions individually, while minimum investment capital and investment knowledge showed positive and significant impacts. Simultaneously, the four independent variables were significantly associated with digital gold investment decisions. In conclusion, within the context of the respondents studied, minimum investment capital and investment knowledge were more relevant to digital gold investment decisions than perceived expected return and perceived risk when considered separately.

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