The Effect Of Financial Literacy And Financial Self-Efficacy On Gold Investment Decisions With Risk Tolerance As A Mediating Variable: A Systematic Literature Review
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2026-10-20Downloads
Abstract
This study aims to identify, evaluate, and synthesize empirical evidence on the influence of financial literacy and financial self-efficacy on gold investment decisions, as well as the role of risk tolerance mediation. The method used is a Systematic Literature Review (SLR) with the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) protocol. Searches were conducted on Scopus, Web of Science, EBSCO, ProQuest, and Google Scholar for publications in 2000–2024. Of the 437 articles identified, 42 articles met the inclusion criteria and were analyzed in depth. The results of the review found that: (1) financial literacy has a positive and significant effect on gold investment decisions; (2) financial self-efficacy has a positive and significant effect on gold investment decisions; (3) financial literacy has a positive effect on risk tolerance; (4) financial self-efficacy has a positive effect on risk tolerance; (5) risk tolerance has a positive effect on gold investment decisions; (6) risk tolerance partially mediates the influence of financial literacy on gold investment decisions; and (7) risk tolerance partially mediates the influence of financial self-efficacy on gold investment decisions. These findings provide theoretical contributions to the development of behavioral finance and practical implications for financial education policies and gold investment programs in Indonesia.Keywords:
Financial Literacy Financial Self-Efficacy Risk Tolerance Gold Investment Decisions Behavioral Finance Systematic Literature ReviewReferences
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