Hasanuddin Economics and Business Review
VOLUME 9 NUMBER 2, 2025

Do Gold Prices Influence Generation Z’s Investment Motivation? Evidence from Indonesia

Habbe, Abdul Hamid (Unknown)
Mediaty (Unknown)
Sakinah, Andi Nur (Unknown)
Wahid, Abdul (Unknown)
Mallisa, Amalia Indah Pratama (Unknown)
Damara, Mochamad Rizky (Unknown)



Article Info

Publish Date
31 Oct 2025

Abstract

This study investigates the influence of gold price perceptions on investment motivation among Generation Z in Indonesia. Adopting a behavioral perspective, the research applies the Theory of Planned Behavior (TPB) to explain how external economic signals such as gold price changes shape investment intentions. A quantitative explanatory design was used, with data collected from 62 Gen Z respondents through purposive sampling. Respondents completed a structured online questionnaire with items adapted from prior validated studies. Results of a simple linear regression analysis reveal that gold prices are significantly associated with increased investment motivation (R² = 0.392; p < 0.001), explaining 39.2% of the variance. These findings highlight the role of perceived financial stability and safe-haven value in shaping youth investment preferences. The study contributes to behavioral finance by providing empirical insights into Gen Z’s decision-making drivers in emerging markets. Implications are discussed for financial educators, policymakers, and digital investment platforms seeking to promote informed investment behavior among young adults.

Copyrights © 2025






Journal Info

Abbrev

hebr

Publisher

Subject

Economics, Econometrics & Finance

Description

Hasanuddin Economics and Business Review (HEBR) is an international triannual open access and peer reviewed journal of economics and business. HEBR is published by Faculty of Economics and Business Hasanuddin University. The journal is published in both print and online ...