Pengambilan Keputusan Investasi dalam Perspektif Behavioral Finance: Peran Moderasi Financial Literacy pada Investor Ritel Tabungan Emas Pegadaian

Erda Annisa Putri; Tiar Lina Situngkir; Arif Fadilla

doi:10.30640/jmcbus.v4i2.7185

Authors

Erda Annisa Putri Universitas Singaperbangsa Karawang
Tiar Lina Situngkir Universitas Singaperbangsa Karawang
Arif Fadilla Universitas Singaperbangsa Karawang

DOI:

https://doi.org/10.30640/jmcbus.v4i2.7185

Keywords:

Behavioral Finance, Financial Literacy, Investment Decisions, Moderation, Regret Aversion

Abstract

The development of digital investment in Indonesia has driven increasing public interest in digital gold, particularly through the Gold Savings service on the Tring! application by Pegadaian. Ease of access to digital investment has the potential to influence retail investors' investment decisions, both rationally and emotionally. From a behavioral finance perspective, one behavioral bias that influences investment decisions is regret aversion, which is the tendency to avoid decisions that have the potential to cause regret. On the other hand, financial literacy is expected to help investors make more objective decisions. This study aims to analyze the effect of regret aversion on investment decisions of retail Gold Savings investors and examine the role of financial literacy as a moderating variable. The study used a quantitative approach with a survey method of 414 Pegadaian retail investors, Generation Z and millennials aged 18–40 years. Data were analyzed using linear regression and Hierarchical Regression Analysis (HRA). The results showed that regret aversion had a positive and significant effect on investment decisions. Meanwhile, financial literacy was not proven to moderate the relationship between regret aversion and investment decisions. These findings indicate that digital gold investment decisions are still strongly influenced by emotional factors, regardless of investors' level of financial literacy.

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