Determinants of digital gold investment decisions: The role of digital financial literacy, risk aversion, and financial well-being

Authors

  • Ni Luh Reni Martini Udayana University, Denpasar, Indonesia
  • Ni Putu Ayu Darmayanti Udayana University, Denpasar, Indonesia
  • Ni Luh Putu Wiagustini Udayana University, Denpasar, Indonesia
  • Ica Rika Candraningrat Udayana University, Denpasar, Indonesia

Keywords:

digital financial literacy, risk aversion, financial well-being, investment decision, digital gold

Abstract

This study aims to analyze the influence of digital financial literacy and risk aversion on digital gold investment decisions, with financial well-being acting as a mediating variable among Pegadaian Digital Gold Savings customers in Bali Province, Indonesia. This research employed a quantitative approach using a survey method. Data were collected from customers who use Pegadaian’s Digital Gold Savings service. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) to examine the relationships between constructs and the mediating role of financial well-being. The measurement and structural models were evaluated through validity, reliability, coefficient of determination, and predictive relevance tests. The results indicate that digital financial literacy has a positive and significant effect on financial well-being and digital gold investment decisions. Risk aversion significantly influences financial well-being but does not directly affect investment decisions. However, financial well-being fully mediates the relationship between risk aversion and investment decisions and partially mediates the effect of digital financial literacy on investment decisions. The model demonstrates strong explanatory power and good predictive relevance. These findings suggest that improving digital financial literacy and strengthening financial well-being are key factors in encouraging the adoption of digital gold investment. The results provide important implications for Pegadaian and financial regulators in designing financial education programs and digital financial services aimed at enhancing customers’ financial well-being.

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Published

2026-03-11

How to Cite

Martini, N. L. R., Darmayanti, N. P. A., Wiagustini, N. L. P., & Candraningrat, I. R. (2026). Determinants of digital gold investment decisions: The role of digital financial literacy, risk aversion, and financial well-being. Tennessee Research International of Social Sciences, 8(1), 109–123. Retrieved from https://triss.org/index.php/journal/article/view/137

Issue

Vol. 8 No. 1: January-June 2026

Section

Research Articles

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