Pengaruh Literasi Keuangan, Pendapatan, dan Persepsi Risiko terhadap Keputusan Investasi Emas pada Generasi Z di Kota Surakarta

Abstract

Gold investment decisions among Generation Z need to be understood by considering individual factors related to financial capacity and risk assessment. This study aimed to analyze the effects of financial literacy, income, and risk perception on gold investment decisions among Generation Z in Surakarta City. The study employed a quantitative approach using primary data collected through questionnaires from 100 Generation Z respondents residing in Surakarta City who had previously invested in gold and were selected using a purposive sampling technique. The data were analyzed using validity and reliability tests, classical assumption tests, multiple linear regression analysis, t-test, F-test, and the coefficient of determination (R²). The results showed that financial literacy had no significant effect on gold investment decisions (p = 0.661), whereas income had a positive and significant effect (p = 0.001), and risk perception also had a positive and significant effect (p = 0.001). Simultaneously, financial literacy, income, and risk perception had a significant effect on gold investment decisions, with an F value of 59.875 and p < 0.001. The Adjusted R Square value of 0.641 indicates that the three variables explained 64.1% of the variation in gold investment decisions, while the remaining 35.9% was explained by other factors outside the research model. These findings confirm that income and risk perception are important factors in explaining gold investment decisions among Generation Z in Surakarta City, while financial literacy showed no partial effect. The results of this study provide an empirical basis for the development of research on Generation Z investment behavior, particularly in understanding the role of financial capacity and risk perception in gold investment decision-making.