OVERCONFIDENCE, HERDING, AND INCOME: HOW FINANCIAL LITERACY AFFECTS GOLD INVESTMENT DECISIONS
DOI:
https://doi.org/10.47498/vf70p390Keywords:
Financial Literacy, Herding, Overconfidence, Gold, IncomeAbstract
This study aims to determine the direct and indirect effects of herding, overconfidence, and income through financial literacy on gold purchasing decisions among the people of Banda Aceh. This study uses a quantitative approach with primary and secondary data. The research sample was determined using the Hair et al. formula through non-probability sampling techniques with a total of 105 respondents. The results show that herding, overconfidence, and income have a positive and significant effect on financial literacy and a direct impact on gold purchasing decisions. In addition, financial literacy has been shown to partially mediate the relationships among herding, overconfidence, and income, as well as between overconfidence and gold purchasing decisions. These findings indicate that a good level of financial literacy can strengthen the influence of psychological and economic factors on investment behavior. Thus, gold investment for the people of Banda Aceh is not only seen as a way to preserve the value of money in the future, but also as a smart strategy to strengthen financial resilience and increase personal assets.
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