International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal

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Volume 7 Issue 4
July-August 2025

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Factors Influencing Gold Investment Choices Among Gen Z: An Examination of Planned Behavior and Social Learning Theory

Author(s) Ms. Sujata Kumari, Dr. Sapna Soni
Country India
Abstract This research aimed to examine the determinants of gold investment decisions by investigating the concepts of planned behavior alongwith social learning, while incorporating the locus of control functions as a mediating variable within the framework. The participants were Generation Z individuals engaged in gold investment through PT Pegadaian located in Semarang City, Central Java, Indonesia. Generation Z chose digital gold investment as the best way to invest, and a purposive sample technique was used. Gold bullion was bought as a way to save money, therefore there was no need to store it physically. Surveys, observations, and interviews were used to obtain data. The collected data underwent analysis through structural equation modeling, and the validity of the mediating factors was assessed using the Sobel test. The results indicated both direct as well as indirect effects of personal selling and understanding of finance literacy on locus of control and decisions about gold investment. Nonetheless, Online Customer Reviews (OCR) exerted no direct or indirect impact on the variable. Furthermore, financial literacy exerted both direct and indirect effects on investment decisions through the locus of control.
Keywords Personal Selling, Customer Online Review, Financial Literacy, Locus of Control, Investment Decisions
Field Sociology > Banking / Finance
Published In Volume 7, Issue 4, July-August 2025
Published On 2025-07-05
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E-ISSN 2582-2160
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