In the world of investment, one asset that often stands out as a public favorite is gold. Gold is fundamentally regarded as a safe-haven investment instrument due to its resilience against changes in monetary policy as well as its ability to preserve value against inflation over time.

The rapid development of information technology and digitalization has opened new pathways for gold investment, transforming what was once considered a conventional form of investment into a more inclusive and accessible option for various demographic groups.

However, gold investment decisions today are not solely influenced by technological convenience. Financial literacy, income management, financial risk awareness, technological adaptability, and financial behavior also serve as important considerations when individuals decide to invest, particularly among university students.

To further examine the level of digital gold investment participation among Generation Z, a student from the Management Study Program at Universitas Dian Nusantara (UNDIRA) conducted a field study titled “The Influence of Financial Behavior and Financial Literacy on Digital Gold Investment Decisions in the Pegadaian Application among UNDIRA Management Students.”

This study highlights the patterns of students’ gold investment behavior based on two theoretical frameworks: the Theory of Planned Behaviour and the Theory of Financial Management Behaviour. These theories explain how access to information can motivate financial decision-making and how individuals develop investment strategies based on financial data they receive continuously.

The research was also supported by observational analysis of the financial behavior and financial literacy levels of UNDIRA students when considering digital gold investment through the Pegadaian application. According to the study, financial behavior refers to an individual’s ability to manage daily finances based on external factors—such as news and public communication—and internal factors, including psychological and emotional considerations.

On the other hand, financial literacy functions as a supporting system that enhances an individual’s capacity to manage and organize personal finances. Achieving adequate financial literacy involves not only rational thinking but also the ability to manage psychological aspects that influence financial decisions. Therefore, financial literacy is widely considered a key foundation for making sound investment decisions.

The study began with an interview approach combined with an online survey distributed to students of the UNDIRA Management Study Program. The research then proceeded by applying a multiple linear regression analysis to examine the data collected from 399 Management students. In addition, IBM SPSS version 27 was utilized to facilitate the statistical analysis of the compiled research data.

The findings of this UNDIRA student research reinforce the principle of the Theory of Planned Behaviour, showing that the financial information and literacy received by students contribute to the formation of positive financial behavior and sound financial management behavior.

Furthermore, the study found that financial literacy strengthened through accessible information—whether obtained from brief content on various social media platforms, word-of-mouth communication among peers, or the inclusivity conveyed through the ease of use of the Pegadaian digital application—can positively influence students’ financial behavior in gold investment.

Additionally, the security offered by both the Pegadaian digital application and its physical institutions further enhances UNDIRA students’ confidence in investing in gold without significant concern.

This study is expected to demonstrate that financial literacy obtained through accessible information and digital financial platforms can effectively build awareness of gold investment among Generation Z.

Through the Financial Management concentration offered in the Management Study Program at UNDIRA, students have the opportunity to explore financial studies more comprehensively—not only from the perspective of financial capability but also from intrinsic aspects such as psychology, which plays an important role in strengthening long-term financial behavior.