Factors Influencing “Antam gold bullion” Investment Decision Among Gen Z in Jakarta with Financial Behavior as a Moderating Variable

Abstract

As access to financial information becomes increasingly convenient, Generation Z has grown more engaged in investment activities, with Antam gold bullion standing out as one of the most sought-after instruments—largely owing to its perceived price stability and its role as a hedge asset. This study sets out to examine the influence of financial literacy, Antam gold bullion price fluctuation, and income on investment decisions, while also testing the moderating role of financial behavior among Generation Z in Jakarta. Employing a quantitative associative approach through a survey method, the research draws on 100 Generation Z respondents aged 18-30 in DKI Jakarta who have prior experience purchasing Antam gold bullion, with the sample determined through purposive sampling based on the Lemeshow formula. The collected data were subsequently analyzed using Structural Equation Modeling-Partial Least Square (SEM-PLS), assisted by SmartPLS 4 software. Findings reveal that both financial literacy and income exert a positive and significant influence on investment decisions, whereas Antam gold bullion price fluctuation shows no significant effect. Financial behavior, meanwhile, was found unable to moderate the influence of either financial literacy or income on investment decisions. Taken together, these results suggest that Generation Z's investment decisions are shaped more strongly by financial knowledge and financial capacity than by everyday financial management habits or short-term gold bullion price movements.