Gold investment behaviour among Muslim generational cohorts

Indonesia merupakan salah satu negara yang memiliki jumlah penduduk yang terbesar, dengan demikian akan menimbulkan beberapa generasi. Oleh karena itu, timbulnya generasi Z yang terlahir pada era Digital dapat membuat generasi Z menciptakan budaya konsumtif atau budaya hedon yang tinggi dan membuat Generasi Z yang tidak ingin ketinggalan zaman atau disebut dengan budaya FOMO, dengan adanya budaya konsumtif dapat membuat Generasi Z tidak dapat mengelola keuangannya dengan baik dan menimbulkan budaya boros. Tujuan dalam penelitian ini untuk menguji, pengaruh pada financial attitude, financial socialization, financial experience, dan financial knowledge terhadap financial management behavior yang dimediasi oleh financial literacy dalam Generasi Z pada wilayah Jakarta. Jenis penelitian ini menggunakan analisis kuantitatif dengan metode yang digunakan yaitu purposive sampling dengan penyebaran kuesioner yang dilakukan secara online dan sampel sebanyak 150 responden. SmartPLS-SEMdigunakan dalam mengolah analisis data. Hasil dari penelitian menunjukkan bahwa financial attitude, financial experience, financial knowledge memiliki pengaruh yang positif dan signifikan terhadap financial literacy. Namun, financial socialization tidak memiliki pengaruh yang signifikan terhadap financial literacy. Selain itu, Financial Literacy dapat memediasi pengaruh financial attitude, financial experience dan financial knowledge terhadap financial management behavior. Kemudian, financial literacy tidak dapat memediasi pengaruh financial socialization terhadap financial management behavior. Indonesia is one of the countries that has the largest population, thus giving rise to several generations. Therefore, the emergence of generation Z who were born in the Digital era can make generation Z create a high consumer culture or hedonistic culture and make Generation Z who do not want to be left behind or called a FOMO culture, the existence of a consumer culture can make Generation Z unable to manage finances well and creates a culture of wastefulness. The aim of this research is to examine the influence of financial attitude, financial socialization, financial experience, and financial knowledge on financial management behavior which is mediated by financial literacy in Generation Z in the Jakarta area. This type of research uses quantitative analysis with the method used, namely purposive sampling with questionnaires distributed online and a sample of 150 respondents. SmartPLS-SEM is used to process data analysis. The results of the research show that financial attitude, financial experience, financial knowledge have a positive and significant influence on financial literacy. However, financial socialization does not have a significant influence on financial literacy. Apart from that, financial literacy can mediate the influence of financial attitude, financial experience and financial knowledge on financial management behavior. Then, financial literacy cannot mediate the influence of financial socialization on financial management behavior.

Purpose While prior research reveals that women generally have lower levels of financial literacy compared to men, there is still a lack of research examining the factors that influence financial literacy among women in comparison to men. This study aims to investigate the key factors influencing financial literacy and its impact on financial inclusion among women in Morocco, a majority-Muslim emerging economy. The research proposes and tests a comprehensive model to explore the mechanisms that contribute to women’s financial literacy and its role in promoting financial inclusion during a period characterized by high inflation and economic slowdown. In addition, the study examines how age and education moderate these effects using multi-group analysis. Design/methodology/approach The hypotheses were tested using structural equation modeling with survey data collected from a sample of 409 Moroccan women. Findings This study finds that financial literacy significantly contributes to increasing women’s financial inclusion. Financial literacy is significantly influenced by financial socialization, financial knowledge and parental norms. However, financial attitude and financial socialization were found to have no significant impact on women’s financial literacy. In addition, the moderation effects of age and education were confirmed, with more educated women demonstrating a stronger ability to translate financial behaviors into higher financial literacy, while age moderates the relationship between financial attitude and behavior. Practical implications The findings suggest that financial literacy is a key driver in promoting financial inclusion for women. Policymakers in Morocco, and in similar developing countries, could leverage these results to design targeted financial literacy programs aimed at increasing women’s financial inclusion. Specifically, financial literacy programs should be tailored to different ages and educational groups to maximize their effectiveness. Furthermore, education policymakers are encouraged to incorporate financial literacy into school curricula to foster financial knowledge from an early age. Originality/value This study contributes to the existing literature by offering empirical insights into financial literacy among women in Muslim-majority and emerging market contexts. It emphasizes the importance of tailored financial education programs that consider the unique demographic characteristics of women, particularly age and education. To the best of the author’s knowledge, this is the first study of its kind to explore the impact of financial literacy on women in the MENA region, particularly in light of the economic challenges posed by the COVID-19 pandemic and ongoing geopolitical instability.

Financial literacy is a combination of awareness, knowledge, abilities, attitudes, and behaviors needed to make financial decisions. This study aims to find a behavioral model of financial literacy. This study uses a survey method with a quantitative approach. Respondents involved homemakers in Maros Regency, South Sulawesi, to fill out the questionnaire provided. Path Analysis was used to analyze the data SPSS and Winistep are used as tools in analyzing the data. Specifically, the data analysis used in this study used Structural Equation Modeling (SEM) data analysis techniques. Statistically, the value of the sample covariance matrix must not differ significantly from the population covariance matrix value. Financial Literacy Attitudes had a direct effect on Financial Literacy Behavior. Basic Knowledge of Financial Literacy had a direct effect on Financial Literacy Behavior. Financial literacy behavior is determined by financial literacy attitudes and basic financial literacy knowledge. Therefore, financial literacy knowledge and attitudes need to be improved to improve financial literacy behavior among homemakers. Financial Literacy Attitudes contribute the most to financial literacy factors. financial attitudes that have a more significant influence on financial knowledge in financial management practices.

Abstract-Based on data from the Financial Services Authority (OJK), the level of financial literacy in Indonesia is still lower than the national level of financial inclusion. The gap between the level of financial literacy and the level of financial inclusion indicates that people have access, but do not yet understand and utilize the available financial information. Financial literacy can be improved through internal factors; financial attitude, financial behavior, & financial knowledge, and external factors with financial socialization conducted by socialization agents; parents, peers, school, & technology/media. The population in this study was a group of emerging adults in Banten province and the number of samples selected was 207 respondents. The purpose of this research is to determine the influence of internal factors and external factors on the level of financial literacy. The results of the research show that there is a positive influence between financial attitude, financial behavior, financial knowledge, and financial socialization technology/media on financial literacy in emerging adults in Banten province, so that financial literacy can be improved by improving financial attitude, financial behavior, financial knowledge, and financial socialization through technology/media. Keywords: Financial Literacy; Financial Socialization; Financial Attitude; Financial Behavior; Financial Knowledge

This study explores the effect of financial literacy on bank's performance in Indonesia using the measurement dimensions of financial attitude, financial knowledge and financial capability. This quantitative research adopted a cross-sectional research design to collect data from 257 respondents using Google Form. The collected data were analysed using partial least squares structural equation modelling (PLS-SEM). As a result, financial attitude and financial capability showed a significant positive influence on financial literacy and bank's performance. In addition, financial literacy also shows a significant positive influence on bank's performance. Meanwhile, financial knowledge has no significant influence on financial literacy and bank's performance. This study proved the mediating effect of financial literacy on the correlation between financial attitude and financial capability. However, financial literacy has no mediating effect on financial knowledge. The results of this study serve to inform customers, managers and policy makers in Indonesian banks to design effective strategies on how important financial literacy is in today's volatile market. Ultimately, providing financial literacy knowledge to customers can have a good impact on bank performance, in addition to making customers more financially literate and able to make good financial decisions.

Financial literacy is a persistent problem in society, exemplified by poor financial knowledge among college students and exacerbated by high student debt and inadequate understanding of savings concepts. The goal of this study was to better understand how college students develop financial literacy. This qualitative exploratory case study was guided by the overarching research question: How do students at a large northeastern university develop their financial knowledge? Sub-questions of this study were: (a) In what ways do students' family experiences influence their financial attitudes, beliefs, and behaviors? (b) How do students describe their financial attitudes, beliefs, and behaviors after completing the financial literacy course at a large northeastern university? To understand how college students develop financial knowledge, attitudes, beliefs, and behaviors, this study focused on 10 college students who completed a financial literacy course and on students' financial experiences with family and non-family socializers. Semi-structured interviews were utilized to illuminate the experiences of the selected college students. Findings from the study suggest that students gain financial knowledge and confidence both from family and non-family members as well as from financial literacy classes. Students described being directly and indirectly financially socialized by family and non-family members. After taking the financial literacy course, students perceived an increase in general financial knowledge, specifically regarding stocks, mutual funds, retirement accounts, and debt. Moreover, five of the ten participants described behavioral changes after taking the financial literacy course, including establishing credit, using budgeting apps, opening investment and individual retirement accounts (Roth IRAs), and investing in mutual funds. Findings from the study suggest that students have a strong interest in learning about investments and a strong understanding of debt and credit concepts, and that their direct financial socialization may influence both knowledge and behaviors. To bolster college students' financial knowledge and confidence, it is recommended that institutions of higher education provide financial literacy courses. Future research could evaluate financial literacy course effectiveness and explore the concept of indirect financial socialization.

Financial capability is one of the important aspects in the sustainability of MSMEs in order to survive and develop. This study aims to analyze the effect of financial knowledge, financial skills, financial attitudes, and financial inclusion on financial capability with financial behavior as a mediating variable in MSME players in Tuah Madani District, Pekanbaru City. This research uses a quantitative approach with Partial Least Squares - Structural Equation Modeling (PLS-SEM) analysis technique through SmartPLS 4 and a sample of 116 respondents obtained using purposive sampling technique. The results showed that financial knowledge, financial skills, and financial behavior have a significant effect on financial capability. while financial attitudes and financial inclusion have no significant direct effect on financial capability. Financial behavior mediates the relationship between financial knowledge and attitudes towards financial capability. However, financial behavior does not mediate financial skills on financial capability. The R² value of 0.779 indicates that 77.9% of the financial capability variable can be explained by the variables in this model, the remaining 22.1% is influenced by other variables outside this study.

The World Bank, in 2016 defined women’s empowerment as a principle for sustainable development and for the fulfilment of the Millennium Development Goals (MDG). Economic empowerment has been identified as a main section of women’s empowerment in literature. Economic empowerment directly influences the improvement of women’s decision-making power and their financial well-being. Previous researchers have explored many antecedents of women’s economic empowerment; among them financial literacy is the most significant determinant in literature. Financial literacy defines as a combination of financial knowledge, financial skills and financial attitudes. Further many researchers argue that financial literacy has greater importance for increasing economic empowerment among women. However, the most important argument is whether financial literacy is a significant determinant of women’s economic empowerment in Sri Lankan context. Therefore, the present study mainly focuses on exploring the impact of financial literacy among rural poor on their economic empowerment in the context of Sri Lanka. The sample for this study was drawn from under privileged families who are living under the poverty line in 09 provinces in the country. Altogether 426 questionnaires were distributed and 386 completed questionnaires were taken for final analysis. There were 24 items employed to represents 5 main dimensions to measure the women’s economic empowerment (i.e.: 1. Decision-making power, 2. Control over the use of income and expenditure, 3. Leadership in the community, 4. Control over time allocation and 5. Financial wellbeing). And financial literacy was tested based on 25 items which was employed to determine the 04 key factors (i.e.: 1. Financial awareness, 2. Financial knowledge, 3. Financial skills, 4. Financial attitude and 5. Financial behavior). The reliability was measured by Cronbach’s Alpha coefficients. Data were collected with the assistance of a researcher administrated questionnaire. The sample was selected based on the multilevel mixed sampling method and the unit of analysis was the women headed households in rural areas representing 25 Districts represented each province of the country. Furthermore, a partial least squares structural equation model (PLS-SEM) was employed as the principle data analysis approach, and Smart PLS 3 was employed as the main analytical software. However, descriptive analysis was done by using SPSS 22. The findings revealed that, the financial literacy has significant impact on women’s economic empowerment among the rural poor. However, when it was considered under separate dimensions, financial wellbeing and control over time allocation have significant impact on financial literacy among rural women. Further it was noted that all the hypotheses were accepted after the analysis. Therefore, researcher concluded that financial literacy can be considered as a significant determinant of women economic empowerment in Sri Lankan context as well. Finally, the researcher provides some suggestions for government policy decision makers to develop financial literacy level for enhancing women’s economic empowerment in Sri Lanka.

This study aims to analyze the level of financial literacy in Village-Owned Enterprises (BUMDes) in Ampana with a quantitative approach using the Structural Equation Modeling-Partial Least Squares (SEM-PLS) method using WarpPLS 8.0 software. The focus of this study is to detect the direction and number of influences of factors such as financial knowledge and financial attitudes on BUMDes financial literacy. The results of the study indicate that financial knowledge does not directly affect financial literacy, but does affect financial attitudes. Financial attitudes affect financial literacy. Financial attitudes are not significant as a moderating variable, but act as a mediating variable between Financial knowledge and financial literacy. This study contributes to improving financial literacy in BUMDes managers, which is expected to have a positive impact on better financial governance at the village level.

This study examines the impact of financial literacy and technological adoption on entrepreneurial intentions among youth in agriculture sector. The study of entrepreneurial intention has been and will continue to be a topic of interest to academics because of its importance to the development of numerous nations. The literature on entrepreneurial intention has examined a wide range of issues, with a focus on the factors that influence entrepreneurial intention. Furthermore, technological advancements in agriculture could potentially resolve the issue of food security. The majority of these investigations in agriculture sector, though, were conducted elsewhere, for example, in Pakistan and Indonesia. The study's focus on agriculture allowed them to examine the relationship between entrepreneurial intent and the sector. This study examines Malaysian youth's desire to start their own businesses. It specifically aims to determine how technological adoption and financial literacy (financial attitude, financial behavior, and financial knowledge) affect entrepreneurial intention. A partial least squares–structural equation modeling (PLS-SEM) data analysis was carried out. The investigation employed purposive sampling. The results demonstrated that technological adoption and financial literacy (financial attitude, financial behavior, and financial knowledge) have a substantial impact on young people's decision to become entrepreneurs. The findings of this study could contribute to the body of knowledge, and help policymakers create programs and policies. Future researchers can use this study to learn more about entrepreneurial intent in a financial context.

Purpose The purpose of this paper is to propose a thorough framework to investigate and understand the key antecedents of financial literacy (FL) and how it contributes to indebtedness and financial well-being (WEL) in the context of a developing country (i.e. Morocco). The moderating effects of age, gender and education are also scrutinized using the partial least squares multi-group analysis (PLS-MGA). Design/methodology/approach Survey data from a sample of 848 respondents from Morocco were used to test the hypotheses using structural equation modeling. Findings First, financial socialization, financial knowledge, financial behavior, financial attitude and parental norms were all validated as key determinants of FL. Second, while FL was demonstrated to significantly improve individuals' WEL, it had no impact on individuals' indebtedness. Finally, the PLS-MGA emphasized a number of disparities among the different demographic groups of the sample, confirming the posited moderating effects of gender, age and education. Social implications The current research underscores important social implications, particularly in contexts marked by economic stagnation. First, our findings suggest that strengthening financial literacy and emphasizing behavioral aspects (e.g., budgeting, saving, and long-term planning) can help individuals better navigate economic uncertainty and maintain financial well-being. Second, tailored financial literacy programs can reduce social inequalities by addressing gender, age, and education differences in financial knowledge and behavior, ensuring that vulnerable groups receive the support they need. The signficant impact of parental norms also highlights the importance of equipping parents with tools for effective financial socialization, thereby fostering intergenerational financial awareness and resilience. These insights provide valuable guidance for policymakers and financial institutions to design inclusive, practical interventions that prevent financial distress, reduce social vulnerability, and promote long-term economic stability and financial well-being at both the individual and societal levels. Originality/value The current research bridges a gap in FL literature by offering a thorough understanding of the antecedents of FL and its impact on individuals' WEL in an emerging market context. It contributes to existing literature by offering a set of empirical generalizations related to FL in developing countries, where financial vulnerability is more prevalent. As well, the reflection of the moderating effects of gender, age and education emphasizes the necessity of using customized financial education programs that take into consideration the disparities among dissimilar demographic segments.

Malaysia is the main destination for Indonesian migrant employees to work aboard. This research aims to investigate the factors influenced financial literacy of Indonesian Migrant Employee in Malaysia. Ordered Logistic Regression is employed in this research in order to conduct a survey among 303 Indonesian Migrant Workers. OLS model employed to test the effect of financial attitude, financial behavior, financial knowledge, financial socialization, and demographic variables on the financial literacy. The result found that financial attitude, financial behavior and financial socialization have positive and statistically affects on the financial literacy. Meanwhile, in term of age, participants at 36-50 years old have positively and statistically affects on the financial literacy, while senior and diploma students have a higher financial literacy in terms the level of education. In addition, Gender also have positively and statistically effects on financial literacy. This study contributes to increase the discourse of financial literacy especially in financial knowledge that needs to be improved by government for Indonesian employee.

.

Although there is growing interest in enhancing financial inclusion in Sub-Saharan Africa, there is minimal youth involvement in investments, and this presents a glaring need gap in the economic empowerment of youth. It is crucial to understand how financial literacy can be translated into investment readiness, particularly in situations where investment opportunities and formal financial education are not evenly distributed, as is the case in Tanzania. Driven by the social learning theory, this research focused on the impact of financial literacy on the investment readiness of urban youth, placing much emphasis on the importance of financial socialisation as a mediator variable. A quantitative cross-sectional methodology, whereby the survey population consisted of the youth (aged 18-35) in Dar es Salaam, Arusha and Dodoma, was selected. Data were gathered using a stratified random-sampling technique on 387 respondents using a structured questionnaire and analysed using partial least squares structural equation modelling (PLS-SEM). It was found that financial literacy has a consistent prediction on financial socialisation and investment readiness. Financial socialisation was also found to have a significant direct impact on investment readiness and partially mediated the link between financial literacy and investment readiness, with the results supporting complementary mediation. These results point to the notion that financial literacy, in isolation, is less effective unless complemented with social processes of peer communication, family dynamics, and media. The paper finds that investment readiness is the result of cognitive and socially mediated learning. Suggested interventions include incorporating financial literacy into schools, establishing youth-led financial groups in schools and higher education institutions, providing youth-related financial training to parents and other community stakeholders, and developing youth-friendly investment products by financial institutions and fintech innovators. Together, these interventions have the potential to bridge the gap between financial literacy and real-life investment actions, which in turn would help achieve financial inclusion in Tanzania.

Advancements in financial system and technology, enlarged individual responsibility for financial decisions, and rapid information expansion, have fundamentally transformed women's need to be functionally literate and financially capable, especially after the COVID-19 pandemic. The personality also has long term implications on financial well-being. The aim of the paper is to study the dominating role of financial attitude, financial awareness & skills, and financial behaviour on financial competence and the moderating role of personality on financial knowledge, financial behaviour, financial attitude, and financial capability. Multi stage stratified random sampling has been used to collect data from 530 urban working women in both the Public and Private sectors, self-employed professionals, and entrepreneurs. Smart-PLS is used by applying Structure Equation Modelling (SEM) to study the moderating role of personality on financial attitude, behaviour, knowledge, and capability. Further the Chi-square test and Tukey test and Kruskal Wallis Test are used to test the hypothesis. The study found that Financial Knowledge of working women with gold personalities influences their financial capability (Beta, 0.578) the most, While, Financial Behaviour is the primary influencer having green (Beta, 0.396) & blue (Beta, 0.638) personalities. Working women having Green Personality are found to be superior with respect to Financial Behaviour, Financial Capability and Financial Knowledge. It is also observed that working women having blue personality characteristics, have comparatively better financial attitude.