Determinants of Generation Z's Digital Gold Investment Interest Through Non-Bank Fintech Applications

Abstract

Generation Z's participation in digital gold investment remains relatively low despite the rapid growth of digital gold investment services through non-bank fintech applications in Indonesia. This study analyzes internal factors (investment knowledge and risk perception) and external factors (gold price fluctuation and electronic word of mouth) determining generation Z's interest in digital gold investment through non-bank fintech applications. Unlike most previous gold studies focusing on digital gold through banking platforms, this study highlights non-bank fintech applications amid user complaints regarding price accuracy, withdrawal speed, and technical issues found on social media. This study employed a quantitative associative-causal approach with purposive sampling. Primary data were collected via an online questionnaire on google forms using a four-point likert scale, distributed to generation Z in Indonesia who actively use social media and non-bank fintech applications, yielding 230 responses analyzed using partial least squares-structural equation modeling (PLS-SEM). The results show that investment knowledge, gold price fluctuation, risk perception, and electronic word of mouth each have a positive and significant effect on investment interest. These findings strengthen behavioral finance theory and provide practical implications for non-bank fintech providers to strengthen investor education, price transparency, platform security, and positive electronic word of mouth.

Abstrak - Partisipasi generasi Z dalam investasi emas digital masih relatif rendah meskipun layanan investasi emas digital melalui aplikasi fintech non-bank berkembang pesat di Indonesia. Penelitian ini bertujuan menganalisis faktor internal (pengetahuan investasi dan persepsi risiko) dan eksternal (fluktuasi harga emas dan electronic word of mouth) yang menentukan minat generasi Z berinvestasi emas digital melalui aplikasi fintech non-bank. Berbeda dengan mayoritas penelitian terdahulu yang berfokus pada emas digital di platform perbankan, penelitian ini menyoroti aplikasi fintech non-bank di tengah keluhan pengguna terkait akurasi harga, kecepatan pencairan dana, dan kendala teknis aplikasi yang banyak ditemukan di media sosial. Penelitian menggunakan pendekatan kuantitatif asosiatif kausal dengan teknik purposive sampling. Data primer dikumpulkan melalui kuesioner daring via google forms dengan skala likert 4 poin kepada generasi Z di Indonesia yang aktif menggunakan media sosial dan aplikasi fintech non-bank, menghasilkan 230 respons yang dianalisis menggunakan partial least squares–structural equation modeling (PLS-SEM). Hasil menunjukkan bahwa pengetahuan investasi, fluktuasi harga emas, persepsi risiko, dan electronic word of mouth masing-masing berpengaruh positif dan signifikan terhadap minat investasi. Temuan ini memperkuat behavioral finance theory dan memberikan implikasi praktis bagi penyedia fintech non-bank untuk memperkuat edukasi investor, transparansi harga, keamanan platform, dan electronic word of mouth yang positif.