Determinants of Digital Gold Investment Intention among University Students: The Role of Financial Literacy and Financial Technology Adoption
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Abstract
The rapid growth of financial technology has transformed traditional investment practices, including the emergence of digital gold as an accessible and flexible investment instrument. This study aims to examine the determinants of digital gold investment intention among students in Indonesia by integrating financial literacy, subjective norm, and risk perception within a behavioral framework. A quantitative approach was employed using survey data collected from 489 students, and the data were analyzed using Structural Equation Modeling (SEM). The results reveal that financial literacy and subjective norm have positive and significant effects on digital gold investment intention, with subjective norm emerging as the most dominant predictor. Interestingly, risk perception is also found to have a positive and significant effect, contrary to the initial hypothesis. This finding suggests that risk perception in digital investment contexts may function as informed awareness rather than a deterrent. The model demonstrates strong explanatory and predictive power, indicating its robustness in explaining investment behavior. This study contributes to the literature by extending investment behavior research into the context of digital gold and highlighting the critical role of social influence and risk awareness among young investors. The findings also offer practical implications for financial institutions and policymakers in promoting responsible digital investment adoption.
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