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FACTOR INFLUENCING OF GOLD INVESTMENT

AWARENESS AMONG GENERATION Z
LOGESWARAN A/L BASKARAN

NURUL NOOR MURNIE BINTI MAT NASIR
SITI NUR HATIKA BINTI SHAIKH SALIM
SYAZWANI BINTI ABD SHUKUR
DEGREE OF BACHELOR OF ENTREPRENEURSHIP (COMMERCE)

WITH HONOURS
2023
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Factor Influencing of Gold Investment Awareness Among
Generation Z
by
Logeswaran A/L Baskaran

Nurul Noor Murnie Binti Mat Nasir
Siti Nur Hatika Binti Shaikh Salim
Syazwani Binti Abd Shukur
A thesis submitted in fulfillment of the requirements for the degree of

Bachelor of Entrepreneurship (Commerce) With Honours
Faculty of Entrepreneurship and Business

UNIVERSITI MALAYSIA KELANTAN
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THESIS DECLARATION
I hereby certify that the work embodied in this thesis is the result of the original research and
has not been submitted for a higher degree to any other University or Institution.
OPEN ACCESS I agree that my thesis is to be made immediately available

as hardcopy or on-line open access (full text).
EMBARGOES I agree that my thesis is to be made available as hardcopy

or on-line (full text) for a period approved by the Post
Graduate Committee.
Dated from ______________ until _______________.
CONFIDENTIAL (Contain confidential information under the Official Secret

Act 1972)*
RESTRICTED (Contains restricted information as specified by the

organization where research was done)*
I acknowledge that Universiti Malaysia Kelantan reserves the right as follows:

1. The thesis is the property of Universiti Malaysia Kelantan.
2. The library of Universiti Malaysia Kelantan has the right to make copies for the purpose of
research only.
3. The library has the right to make copies of the thesis for academic exchange.
logeswaran
_______________________ ____________________________
SIGNATURE SIGNATURE OF SUPERVISOR
NAME: Logeswaran A/L Baskaran
noormurnie NAME: Dr. Fatihah Binti Mohd

______________________ Date: 30 January 2023
SIGNATURE
NAME: Nurul Noor Murnie Binti Mat Nasir
hatika
______________________
SIGNATURE
NAME: Siti Nur Hatika Binti Shaikh Salim
syazwani
______________________
SIGNATURE
NAME: Syazwani Binti Abd Shukur
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ACKNOWLEDGEMENT
First and foremost, we would like to acknowledge and thank our supervisor, Dr. Fatihah binti
Mohd, for guiding us through the final year project on the topic of factor influencing gold
investment awareness among Generation Z by providing us with invaluable advice and
assisting us during a difficult period. Her guidance and advice guided us through all of the
chapters of writing our study in an understandable manner, allowing us to complete the research
properly and on time.
To our wonderful, caring, and supportive members who are always focused on the task at hand
and enjoy discussing it, even when faced with a quandary. We also want to thank our other
friends, family members, and relatives who volunteered to help us with this report. Finally, we
would like to thank the Faculty Entrepreneurship and Business (FKP) of Universiti Malaysia
Kelantan (UMK) for providing us with the chance to conduct our research. Furthermore, this
subject provides us with research expertise.
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TABLE OF CONTENT
Title Page
ACKNOWLEDGEMENT i
List of Figures v
List of Tables vi
Abstrak vii
Abstract viii
CHAPTER 1: INTRODUCTION
1.1 Background of the Study 1
1.2 Problem Statement 3
1.3 Research Question 4
1.4 Research Objectives 4
1.5 Scope of the Study 5
1.6 Significance of the Study 7
1.7 Definition of Terms 7
1.7.1 Gold Investment Awareness 7
1.7.2 Financial Literacy 7
1.7.3 Personal Interest 8
1.7.4 Environment 8
1.7.5 Perceived Behaviour 9
1.8 Limitations of the Studies 9
1.9 Organization of the Proposal 9
CHAPTER 2: LITERATURE REVIEW

2.1 Introduction 10
2.2 Underpinning Theory 10
2.3 Previous Studies 11
2.3.3 Environment 12
2.3.5 Generation Z 12
2.3.7 Gold Investment Company 13
2.4 Hypotheses Statement 15
2.5 Conceptual Framework 15
2.6 Summary 16
CHAPTER 3: RESEARCH METHODS

3.1 Introduction 17
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3.2 Research Design 17
3.3 Data Collection Method 17
3.3.1 Questionnaire 18
3.4 Study Population 19
3.5 Sample Size 19
3.6 Sampling Techniques 20
3.7 Research Instrument Development 20
3.8 Measurement of the Variables 20
3.9 Procedure for the Data Analysis 20
3.9.1 Pilot Test 21
3.9.2 Preliminary Analysis 21
3.9.3 Descriptive Statistic 21
3.9.4 Normality Test 22
3.9.5 Frequencies Analysis 22
3.9.6 Reliability Analysis 23
3.9.7 Correlation of Coefficient 23
3.10 Summary 24
CHAPTER 4: DATA ANALYSIS AND FINDINGS

4.1 Introduction 25
4.2 Preliminary Analysis 25
4.3 Demographic Profile of Respondents 26
4.3.1 Gender 27
4.3.2 Age 27
4.3.3 Academic Qualification 27
4.3.4 Race 28
4.3.5 City 28
4.3.6 Occupation 28
4.3.7 Level Income 28
4.3.8 Types of Gold Investment 28
4.4 Descriptive Analysis 29
4.4.4 Environment 30
4.5 Validity and Reliability Test 31
4.6 Normality Test 32
4.7 Hypotheses Testing 33
4.7.1 Hypothesis 1 34
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4.8 Summary 37
CHAPTER 5: DISCUSSION AND CONCLUSION

5.1 Introduction 38
5.2 Key Findings 38
5.3 Discussion 39
5.4 Implications of the Study 43
5.5 Limitations of the Study 44
5.6 Recommendations for Future Research 45
5.7 Overall Conclusion of the Study 45
REFERENCES 47
APPENDIX A – List of Gold Investment Companies 55
APPENDIX B - List of Gold Companies in Malaysia 56
APPENDIX C – Questionnaire 57
APPENDIX D – Gantt Chart 68
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List of Figures
Figures Title Page

World Gold Price for 10 Years Period (March 2007 – March
Figure 1.1 3
2017) (Adam Abdullah et al, 2017)
The Theory of Reasoned Action (TRA) (Fishein & Ajzen,

Figure 2.2 11
1975)
Figure 2.3 Research Framework 15
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List of Tables
Table Title Page

Table 1.1 Pros and cons of different types of physical gold 5
Table 1.2 Pros and cons of gold investment 6
Table 2.1 List of gold investment accounts in Malaysia 14
Table 3.1 Questionnaire 18
Table 3.2 Determining sample size of a known population 19
Table 3.3 Point of likert-scale method 20
Table 3.4 Rules of thumb about correlation coefficient size 23

Reliability test coefficient alpha from overall reliability (Pilot
Table 4.1 25
Test)
Table 4.2 Number of respondent followed by for each group 26
Descriptive statistic for the factor influencing gold investment
Table 4.3 29
awareness among GenZ
Table 4.4 Reliability test coefficient alpha from overall reliability 31
Output from SPSS on statistic of skewness and statistics of
Table 4.5 32
kurtosis
Sources of conventional approach to interpreting a correlation
Table 4.6 33
coefficient
Result on hypotheses based on the pearson correlation
Table 4.7 33
coefficient test in SPSS
Table 5.1 The result of the hypothesis 38
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Abstrak
Generasi Z pada masa kini lebih kreatif dan celik teknologi berbanding generasi tua dari segi
sosial dan kewangan. Masalah kajian adalah pengguna GenZ kurang cenderung untuk
membuat pelaburan jangka panjang atau mengambil berat tentang kesan malapetaka
kewangan terhadap simpanan mereka, ciri-ciri yang seterusnya mempengaruhi keinginan
mereka untuk emas dan GenZ berpendapat bahawa pelaburan dalam emas adalah sama
seperti membeli emas fizikal yang mahal dan menyusahkan. Matlamat kajian adalah untuk
mengetahui faktor yang mempengaruhi kesedaran pelaburan dalam kalangan Generasi Z.
Kajian ini mengandungi celik kewangan, minat peribadi, persekitaran dan persepsi tingkah
laku sebagai faktor kesedaran pelaburan emas. Kaedah yang digunakan pengkaji dalam kajian
ini adalah menggunakan kaedah kuantitatif iaitu melalui google form untuk mengumpul data
daripada individu. Analisis data yang digunakan pengkaji ialah analisis awal, statistik
deskriptif, ujian normaliti, analisis frekuensi, analisis kebolehpercayaan, dan yang terakhir
ialah korelasi pekali. Bilangan responden dalam kajian ini adalah seramai 384 orang
responden yang hanya tertumpu kepada Generasi Z di kawasan kos timur iaitu Kelantan,
Terengganu dan Pahang. Akhir sekali, batasan dan pengesyoran disertakan untuk membantu
penyelidik lanjut mendapat penemuan keputusan yang lebih baik.
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Abstract
Generation Z these days are more creative and technology savvy than the older generation
socially and financially. The problem of the study is GenZ consumers are less inclined to make
long-term investments or to be concerned about the effects of a financial catastrophe on their
savings, characteristics that in turn affect their desire for gold and GenZ think that investing in
gold is the same as buying expensive and cumbersome physical gold. The aim of the study is
to know the factor influencing of hold investment awareness among Generation Z. This
research contained financial literacy, personal interest, environment and perceived behaviour
as the factor to gold investment awareness. The method that researcher used in this study is
used quantitative method which is through google form to collect data from individuals. The
data analysis that researcher used is preliminary analysis, descriptive statistics, normality test,
frequency analysis, reliability analysis, and the last one is correlation of coefficient. The
number of respondent in this research are 384 respondents that only focused on Generation Z
in east costs area which are Kelantan, Terengganu and Pahang. Finally, the limitations and
recommendations are included to help further researchers to have a better finding of the result.
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CHAPTER 1
INTRODUCTION
1.1 Background of Study

Dewan Bahasa and Pustaka cited investment is to put, to give or surrender an amount of
money for any effort like manufacturing items, trading, business and other for the purpose to
gain profit (Dewan Bahasa dan Pustaka, 2000). Thus, investment from the perspective of
conventional economy is any kind of money usage to buy any asset either in the form of real
asset or monetary asset with prediction and hoping that the asset will return profit as salary
and the asset value considered will hiked soon and gain more profit. (Kamus Pelaburan,
1997). An investment always concerns the outlay of some resource time, effort, money, or an
asset in hopes of a greater payoff in the future than what was originally put in. For example,
an investor may purchase a monetary asset now with the idea that the asset will provide
income in the future or will later be sold at a higher price for a profit (Adam Hayes,2022).
Among the various types of investment schemes available nowadays, and one of investment
concepts which is known as gold investment.
Gold is a treasure from the underground of earth and only could be harvested by mining
(Kamus Dewan, 2000). Gold is well-known as a solid component, easy to bend and also a
very good electricity conductor. According to Ibrahim (2012), gold is the favourable property
as an investment asset for the Malaysian emerging market. As a result of the successful
investment in gold, a few financial institutions in Malaysia either Islamic or conventional
banks, offer gold investment accounts as one of their products. This research will focus on
gold bars that can be described as gold is a yellow-coloured metal which was honoured by
humans and held a very high and expensive value.
As a result, people like to invest in gold since it has a low expected risk, which may be
advantageous to their mental health. Since the ancient ages, gold has already been a very
valuable and expensive item. Gold was already being used as jewellery especially for the
women and had been used as a symbol of luxury for individual, organisation, government and
even an empire. Not only that, investment gold also must focus on Generation Z (GenZ).
According to the studies investment gold that relate to GenZ, also known as Net Gen or digital
natives, are the age cohort born after the commercial success of the Internet, circa 1995 to 2010
(Priporas et al., 2017; Turner, 2015). As the generation that has, from the onset, been
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continuously exposed to the Internet, social networks, and mobile systems (Francis & Hoefel,
2018). GenZ is the generation born from mid-1990s to early 2010s, where the exact dates vary
depending on the chosen author, but most commonly is the 1995 to 2010. GenZ is known to
be the first true digital native generation (Lanier, 2017), as they have been born and have been
grown in a digital and technological environment, learning how to use technology, and
interacting in social networks since the very young age, and even tend to be seen as addicted
to technology. The members of this generation have also been called GenZ, post-Millennials,
or iGen (Magano et al., 2020).
It has been discovered that magazines are a less effective source of financial literacy for
millennials and Generation Z than the internet, which is followed by television and
newspapers (Yadav,2022). The government should take action to increase knowledge of
financial matters because millennials and Generation Z generally have low levels of financial
literacy (Yadav,2022). As a result, the researchers are eager to discover the factors that
influence GenZ consciousness that nowadays, in terms of the study of GenZ, most of them
are able to invest in gold bars because the current generation is able to earn income by working
and some of them are small and medium entrepreneurs and it is not only focused on those
who work but students are also able to have a gold bar even if it weighs 1 gram. The technique
of students saving gold is not the same as those who already have a fixed income. Usually
universities cut our loans or scholarships first. View the balance after fees are deducted. If the
balance is enough 1 dinar, transfer 1 dinar ready. If it's a bit limited, transfer 1 gram or RM100
= 0.5g. If there is no balance either, save coins every time get coins. Collect and turn into gold
(Mohd Shafiq, 2019).
Figure 1.1 shows that most of the Western literature discussed the function of gold as a tool
of hedging inflation, preserving wealth and storing intrinsic value besides generating high
levels of profit. Investors can buy gold coins from weights as low as one gram to start their
gold investment. Figure 1.1 illustrates the world gold price for the past 10 years from March
2007 until March 2017. It shows the potential of gold as a safe haven and profitable
investment instrument due to its nature of rising in price during economic uncertainties.
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Figure 1.1: World Gold Price for 10 Years Period (March 2007 – March 2017)
(Adam Abdullah et al, 2017)
Therefore, this study is aim to discover about the factor influencing gold investment awareness
among GenZ that contain financial literacy, personal interest, environment and perceived
behaviour. This study will be covers respondents located in East Coast areas such as Kelantan,
Terengganu, and Pahang and also the level of our respondents who are GenZ is in the range of
17 to 25 years old.
1.2 Problem Statement
GenZ who was born between 1996 and 2010 has problems with the precious metal, according
to a multi-country World Gold Council study (Borate, 2019). The survey emphasises problems
related to style and the absence of an emotional connection to gold among the youngest
consumer group in the world. The observation that GenZ consumers are less inclined to make
long-term investments or to be concerned about the effects of a financial catastrophe on their
savings, characteristics that in turn affect their desire for gold (Borate, 2019)
It is a positive start when GenZ have begins investing in the COVID-19 era and have placed
their resources in mutual funds and stock holdings (Contributors, 2022) but most of them are
not interested enough in gold. The asset class primarily appeals to experienced investors,
whereas the younger generation views it as inefficient, traditional, or boring. Maybe it's
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because they haven't been around long enough to experience all of its advantages, such as the
ability to diversify a portfolio and maintain purchasing power and liquidity or possibly because
GenZ think that investing in gold is the same as buying expensive and cumbersome physical
gold (Contributors, 2022). Therefore, this study aims to analyse factors influencing gold
investment awareness among GenZ.
1.3 Research Question (RQ)
The research questions of this study are as follows:
RQ1: What is the relationship between financial literacy and gold investment awareness among
GenZ?
RQ2: What is the relationship between personal interest and gold investment awareness among
GenZ?
RQ3: What is the relationship between environment and gold investment awareness among
GenZ?
RQ4: What is the relationship between perceived behaviour and gold investment awareness
among GenZ?
1.4 Research Objectives (RO)
The research objectives of this study are as follows:
RO1: To identify the relationship between financial literacy and gold investment awareness
among GenZ
RO2: To identify the relationship between personal interest and gold investment awareness
among GenZ
RO3: To study the relationship between environment and gold investment awareness among
GenZ
RO4: To identify the relationship between perceived behaviour and gold investment awareness
among GenZ
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1.5 Scope of the Study
The purpose of this study was to identify the factor influencing of gold investment awareness
among GenZ. As one of the strategies for increasing income because gold investment is an
appealing investment due to its stability in an uncertain economy. This research focused on
gold bars although gold's price can be volatile in the short term, it has always held its value
in the long term. It has served as a hedge against inflation and the depreciation of major
currencies over the years, making it an investment well worth considering.
The majority of individuals, regardless of gender, are now fascinated by gold. The most
common uses for gold are in jewellery, coins, and works of art. As a matter of fact, Hayes
(2022) opined that gold is a precious metal that is permanent due to its chemical composition
that cannot be wasted. The advantages of own physical gold, however, are distinct. Bullion or
gold bars have a lot of benefits over gold coins, including high liquidity, simplicity of storage,
and reduced cost. Gold coins are straightforward to store and dispose of. The gold coin is so
desirable because its value rises if it is scarce. Not to mention, the fact that jewellery is a popular
item among women makes it simple to purchase at any jewellery store. Table 1.1 lists the pros
and cons of different types of physical gold
Table 1.1: Pros and cons of different types of physical gold
Types of gold Pros Cons
 High liquidity
Bullion (Gold Bar)  Easy to store  Risk of theft if kept at home
 Cheaper than a gold  Not convenient to sell due to its size
coin
 Ideal for new

Gold Coin investors  Risk of theft if kept at home
 Easy to liquidate  More expensive than gold bar due to
 Easy to store the high cost of minting
 Beautiful accessory
Jewellery  Easy to buy  Risk of theft if kept at home
 Low liquidity
 Cannot sell at a buy price
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Gold is clearly the best option to protect our wealth from the current, significant rise in
inflation. In addition, it is predicted that gold will soon reach a record high price. Finally, it is
recommended to diversify one's financial holdings. Table 1.2 lists the pros and cons of gold
investment.
Table 1.2: Pros and cons of gold investment
Pros Cons
 Value increase over time

 Inflation shelter  Little commercial value
 As a cushion in times of crisis  Commodity
 Rising popularity  No dividend/income
 Low investment risk
Source: Rahim (2021)
In conclusion, a beginner should not immediately buy gold. There will probably be ups and
downs in gold prices. It is projected that the Malaysian ringgit will have further fallen by the
end of 2022 or the beginning of 2023, which could increase the price of gold soon. A person
must be knowledgeable about how gold might be useful to people. Before making a gold
investment, it is advised that novice investors do their homework and consult with a financial
expert.
In fact, there are various benefits when GenZ adopts the habit of saving gold bars because gold
bars are one of the investment assets that can be started with a low cost as low as 1 gram and
added over time. It is a worthwhile long-term investment and it is predicted that the price will
always increase and give profit to every investor.
Meanwhile, this study covers aspects that can be studied about the gold investment awareness
among GenZ that contain financial literacy, personal interest, environment and perceived
behaviour. This research also covers respondents located in East Coast areas such as Kelantan,
Terengganu, and Pahang and also the level of the respondents who are GenZ is in the range of
17 to 25 years old.
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1.6 Significance of Study
Gold has always been regarded as a precious metal with a high price tag. Gold has long served
as a symbol of love for people, groups, countries, and even an institution, particularly for
women. Any type of investment that uses gold as its primary commodity is referred to as a gold
investment. When purchasing actual gold or signing up for any financial gold-based product
with the intention of making a profit, gold investing has taken place (Syukran Hasyim,2017).
Stability, growing digital reach, and moral obligation to sustainability, physical asset investing
is becoming increasingly popular among GenZ (Why Are Millennials and GenZ Turning
Towards Physical Asset Investing? | Hackstons, n.d.)
So, this research on factors influencing gold investment awareness among GenZ will be covers
respondents located in East Coast areas such as Kelantan, Terengganu, and Pahang and also
the level of our respondents who are GenZ is in the range of 17 to 25 years old. This study is
to determine the role of financial knowledge and financial well-being on investment intention
mediated by financial attitude that affect behavioural intentions financial literacy, personal
interest and gold investment awareness among GenZ and are expected to improve financial
knowledge and attitudes to increase interest in more targeted investments.
1.7 Definition of Terms
The definition of term in this study are as follows:
1.7.1 Gold Investment Awareness
Gold investment is defined as any form of investment which involves gold as its main
commodity in the investment operation. Gold investment occurred when buying the gold
physically or enrolled with any financial gold-based product for the purpose to gain profit
(Syukran Hasyim,2017) while awareness is the adjective aware gets turned into a noun when
the suffix -ness is added, so awareness is the state of being aware, or having knowledge of
something (vocabulary,2022).
1.7.2 Financial Literacy
Monetary education and segment attributes like age, orientation, instruction, and pay level are
huge determinants of monetary risk tolerance. Risk resistance essentially impacted venture
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dynamic financial backers who went to the capital market school on the Malaysia Stock Trade
(Raihan et al., 2021). Gazali et al., (2019) likewise concentrated on monetary gamble resistance
furthermore, how it impacted bitcoin buy expectation. Financial literacy is the capacity to
comprehend how money functions in the modern world as well as how a person manages and
invests their money (Abdeldayem, 2016). An investor must consider market circumstances,
risks, and returns when making investment decisions. In fact, before making investing
judgments, a trader needs a thorough financial literacy index (Putri & Hamidi, 2019). Financial
literacy, according to Coşkun et al. (2016), is essential for making smart investment choices.
Financial literacy also enables consumers to make wiser financial decisions.
1.7.3 Personal Interest
Gold Speculation Record is an instrument for individuals to contribute to build their abundance
due the gold cost is more steady and furthermore famous as a thing hostile to infancy trademark.
Along these lines, gold speculation has been drawing in people who look for a seriously
exceptional yield with lower risk speculation as their drawn-out plan. Their venture blend
incorporates gold, which is accessible in a few distinct structures, as it is seen by them as a
place of refuge (Baur and McDermott, 2016).
The proprietor of the gold is unreservedly permitted to sell their gold either to the bank back
or to another purchaser who got revenue to their gold for the reason to acquire benefit from
their venture
1.7.4 Environment
Notwithstanding, a computerised gold speculation faces a higher gamble climate (Nurul, 2021)
except if the bought computerised gold can be printed into an actual structure at an extra
expense (Arif, 2020). Unlawful gold record store takings, for example, Geneva have likewise
discoloured the gold speculation industry. Understanding the speculation idea is fundamental
in choosing to buy speculation items. Over the long haul, a gold venture might cause an
exceptional yield and has shown to be a superior venture under vulnerabilities.
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1.7.5 Perceived Behaviour
The apparent social control fundamentally impacts gold venture expectation and, thus, the aim
altogether impacts gold venture conduct. There has been no past exploration on the intervention
impact of venture aim or gold speculation aim because of social control on venture or gold
venture conduct. Be that as it may, saw social control was found to impact venture expectation
just and not speculation conduct (Claudia and Murniati, 2018; Ngadino et al., 2019; Pahlevi
and Oktaviani, 2018; Rahadjeng and Fiandari, 2020; Yanuar and Zainul, 2021) A nearby idea,
for example, an incentive for-cash insight among GenZ emphatically affected the buy
expectation of extravagance products (Aw et al., 2021).
1.8 Limitations of the Studies
There were limitations to conducting comprehensive records that this research will be focused
only on the gold bar of gold investment awareness among GenZ and only will be covered on
GenZ in the East Coast's area that included Kelantan, Terengganu and Pahang.
1.9 Organization of the Proposal
The research question, the research objectives, the significance of the study, definitions of
operational terms, the scope and constraints of the research paper, the organisation of the
proposal, and the conclusion of the introduction section are covered in the three chapters that
make up the proposal.
The second chapter discusses the literature review, which will include a review of the literature
pertinent to the preceding study and the conceptual framework. The analysis of the literature
review and the study's guiding theory are also included in this chapter's summary.
The methodology section is covered in the third chapter and includes techniques and methods
like introduction, research design, data collection method, sample population, sampling,
methods of data analysis, research instrument, measurement, the process of data analysis, and
this chapter's conclusion.
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CHAPTER 2
LITERATURE REVIEW
2.1 Introduction
This section will describe finding out about underpinning theory, previous study, hypothesis
statement, and conceptual framework.
2.2 Underpinning Theory
The following hypotheses are created with the goal of determining financial literacy, personal
interest, environment and perceived behaviour that relate to gold investment awareness. For
the first hypothesis, gold investment awareness and financial literacy are significantly
correlated, personal interest and gold investing awareness are significantly correlated among
GenZ and there is a strong connection between environmental awareness and gold investment.
The Theory of Reasoned Action, created in 1975 by Fishbein and Ajzen, says that behaviour
is carried out because people have the intention to do so and is connected to actions done of
their own free will (volitional). Volitional behaviour is predicated on the idea that people act
in a manner that makes sense. Humans also take into account all information. Third, people
think about the effects of their acts, either openly or implicitly.
Additionally, Ajzen and Fishbein (1977) claim that there are two fundamental influences on
the Theory of Reasoned Action witch are behavioural attitudes (endogenous factors) and
subjective standards (exogenous factors). Exogenous factors are influenced by the
environment, whereas endogenous elements are internal to the person. According to Septyanto
(2013), the exogenous/external variables include demographics, personality traits, ideas about
objects, attitudes toward objects, task characteristics, and situational factors. There is a
relationship between these attitudes. The Theory of Reasoned Action (TRA), according to
Gamel et al. (2022), assumes that most individual behaviour can be understood as a function
of the individual's attitude toward that behaviour and subjective norms. Figures 2.2 showed the
Theory of Reasoned Action (Fishbein & Ajzen, 1975).
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Attitude
Toward Act or
Behaviour
Behaviour Behaviour
-
Intention
Subjective
Norm
Figure 2.2: The Theory of Reasoned Action (TRA)
(Fishbein & Ajzen, 1975)
2.3 Previous Studies
According to Humaira and Sagoro, a person's mastery of numerous areas of the financial world,
such as financial instruments and financial talents, can also be considered financial knowledge
(2018). Understanding and applications that affect financial decision-making make up financial
knowledge (Yong et al (2018). According to Utkarsh et al., a person's tendency to be financially
prepared for the future, which includes a tendency to save money and manage spending (2020).
Another element that may affect investment intention is financial well-being. It makes sense
that a person would want to invest more the more financially successful they are. The growing
intention to invest is also influenced by one's financial attitude. Financial literacy is the capacity
to comprehend how currency functions as well as how a person manages and invests their
money (Abdeldayem, 2016). An investor must consider market conditions, risks, and returns
when making investment decisions. In fact, before making investing decisions, a trader requires
a comprehensive financial literacy index (Putri & Hamidi, 2019). Additionally, it has been
discovered that magazines are a less effective source of financial literacy for millennials and
Generation Z than the Internet, which is followed by television and newspapers (Yadav,2022).
The government should take action to increase knowledge of financial matters because
millennials and Generation Z generally have low levels of financial literacy (Yadav,2022)
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Investment intention is a strong desire or desire for someone to learn everything about investing
and eventually practise it. According to Sun et al. (2021), investment intention is supported by
a number of factors, including knowledge, psychological factors, views (attitudes), and
innovation, that will also play a role in determining strategy and decision making. Suprihati
and Pradanawati (2020) investigated the impact of knowledge, investment motivation, and
investment awareness on student interest in the capital market.
2.3.3 Environment
In a study involving other factors such as educational level, income, and attention to political
factors, it was discovered that investors' risk tolerance influenced gold futures investment
decisions (Thanyasunthornsakun, 2018). Tamaraa et al. (2021) discovered that attitude has a
significant impact on gold investment intention but not on gold investment behaviour.
Perceived behavioural control significantly influenced gold investment intention (Tamaraa et

al., 2021), proving that perceived behavioural control has a significant influence on gold
investment intention but not on gold investment behaviour. Ajzen (1991) wrote that the role of
perceived behavioural control in the theory of reasoned action derived from Bandura's concept
of self-efficacy.
2.3.5 Generation Z
According to the studies, investment gold that relates to GenZ, also known as Net Gen or digital
natives, are the age cohort born after the commercial success of the Internet, circa 1995 to 2010
(Priporas et al., 2017; Turner, 2015) among 8 to 27 years old, are a highly collaborative cohort
that cares deeply about others and have a pragmatic attitude about how to address a set of
inherited issues like climate change (Roberta Katz, 2017), According to Andrew Mulholland
(2017), managing director of The Gild, a global brand consultancy that studies GenZ, Within
each generation, there are wide divisions in politics, culture and taste. And across generations,
there are attitudes that bridge young and old together. Treating the attitudes typically associated
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with terms like millennial or Gen Xer as belonging strictly to one age range shows a lack of
awareness of who people really are and how they really behave, in all their nuance and variety.
As the generation that has, from the onset, been continuously exposed to the Internet, social
networks, and mobile systems (Francis & Hoefel, 2018). GenZ is the generation born from the
mid-1990s to early 2010s, where the exact dates vary depending on the chosen author, but most
commonly is the 1995 to 2010. GenZ is known to be the first true digital native generation
(Lanier, 2017), as they have been born and have been grown in a digital and technological
environment, learning how to use technology, and interacting in social networks since the very
young age, and even tend to be seen as addicted to technology.
2.3.6 Gold investment awareness
Gold investment is defined as any form of investment which involves gold as its main
commodity in the investment operation. Gold investment occurred when buying the gold
physically or enrolled with any financial gold-based product for the purpose to gain profit
(Syukran Hasyim,2017). Gold and other precious metals have stable pricing.
Gold and silver assets have proven to be wise financial investments in unstable markets, such
as the Covid-19 epidemic (Forbes, 2021). Raza et al. (2016) have proven the hedging function
of gold as a safe haven even during significant market swings. According to Ghazali et al.,
(2020), gold serves as a diversifier, a hedge, or a safe haven.
2.3.7 Gold investment company
The great potential of some local companies such as Public Gold that currently dominates the
production and trading of gold bars and coins in Malaysia, the idea of having this type of gold
investment instrument in the local market should provide a great momentum to the gold market
and may attract investors who previously were only active in general stock market trading
In Malaysia, gold is used as an alternative asset investment. Hyperinflation is likely to occur

as a result of the ongoing global economic crisis and uncertainty, and gold prices are predicted
to stay at current high levels. This campaign shows the state government's recognition of the
benefits of gold as an investment tool and as a guardian of citizens' wealth. Additionally, Public
Gold International Berhad (PGIB) or Public Gold was founded in 2008 with the intention of
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trading its real gold at a price based on the global market. Their boss claims that Public Gold
runs a well-organised physical gold trading platform with a physical dealing setup.
People can invest in gold without having to deal with the hassle of moving and storing the
actual metal or worrying about the safety of doing so. This makes it possible for consumers to
buy and sell gold without having to deal with the challenges posed by moving real gold.
Investors can avoid worrying about their personal security in this situation, save money on
storage, and gain liquidity by being able to sell their gold whenever they want. Nine banks
provide gold investment and savings accounts, according to the findings. They are Bank
Muamalat, Public Bank, Kuwait Finance House (KFH), Standard Chartered, CIMB, Citibank,
UOB, and HSBC. Additionally, Public Gold Sdn Bhd offers a different type of gold investment
account called the Gold Accumulation Program (GAP). A customer can typically open a joint
account with two to four other people using a gold account. Table 2.1 lists gold investment
accounts that are offered by institutions in Malaysia.The others gold investment companies in
Malaysia can be refer to Appendix A.
Table 2.1: List of gold investment accounts in Malaysia
No. Bank/Company Account Name
i. Maybank Maybank Gold Investment Account (MGIA)
ii. CIMB Bank CIMB Bank Gold Deposit Account (GDA)
iii. Public Bank Gold Investment Account (GIA)
iv. UOB Bank Gold Savings Account (GSA)
Premier Gold Account (PGA)
Source: Hafizi et al. (2012)
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2.4 Hypothesis Statement
The hypotheses statement of this study are as follows:
H1: There is a significant relationship between financial literacy and gold investment
awareness among GenZ.
H2: There is a significant relationship between personal interest and gold investment awareness
among GenZ.
H3: There is a significant relationship between environment and gold investment awareness
among GenZ.
H4: There is a significant relationship between perceived behaviour and gold investment
2.5 Conceptual Framework

Figure 2.3 shows the research framework of this study and it have four (4) independent variable
which are financial literacy, personal interest, environment and perceived behaviour while it
only had one (1) dependent variable which is gold investment awareness.
Independent Variable Dependent Variable
FINANCIAL LITERACY
 Financial attitude
 Financial well being H1
 Financial knowledge
Gold Investment Awareness
PERSONAL INTEREST
H2
 Investment intention
 Psychological factors H4
 Attitudes
H3
ENVIRONMENT
PERCEIVED BEHAVIOUR
 Rules Regulation
 Control beliefs
 Effective promotion
 Confidence
 Supportive income
 Self-efficacy
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Figures 2.3: Research Framework
2.6 Summary
In terms of gold investments, gold bars out-perform gold account investments because it
provides investors with more evidence of the compensating property of a strong hedge and
strong safe haven against stock in some extreme market conditions. Furthermore, GenZ that
have established financial security will continue to maintain and grow their wealth. They will
show their appreciation for their efforts by not spending their money on frivolous items.
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CHAPTER 3
RESEARCH METHOD
3.1 Introduction
The various methods of data collection used in this study were covered in this chapter. The
protocol and procedures used to gather and analyse the data for this report make up the analysis
technique. This chapter covers the following topics: research design, data collection
techniques, study population, sample size, sampling methodology, development of the research
instrument, measurement of the variables, and data analysis procedures.
3.2 Research Design
According to Susan K. Grove (2012) raw and numerical data collection and analysis are phrases
that describe quantitative approaches, which are used to collect data and then analyse it. Sample
surveys provided the source for this data. A quantitative analytic approach is appropriate for
this research since it allows for the collection of vast amounts of data in a short period of time.
To use a deductive technique, researcher must create a hypothesis or hypotheses based on

existing theory, and then design a research strategy to test the idea (Wilson, 2010). It is possible
to perform descriptive analysis by using information about the variables in each situation.
(Sekaran, 2013). Descriptive analysis is then used to determine the association between
variables factors that influencing gold investment awareness among GenZ to discover the
association between parameters factors that influencing gold investment awareness among
GenZ towards financial literacy, descriptive research will be use instead.
3.3 Data Collection Methods
This study will use a quantitative method with using questionnaires to collect the data through
google form. Appendix B are list of the table about questionnaire of factor influencing of gold
investment awareness among Generation Z.
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3.3.1 Questionnaires
In the data collection, a Google form was emailed to the respondents which are GenZ that is in
the range of 17 to 25 years old and covers respondents located in East Coast areas such as
Kelantan, Terengganu, and Pahang. The questionnaire will be divided into five sections (A. B.
C. D. E and F). Each section represents a variable. Section A for demographic that included
age, gender, race, level of education, occupation, level of income, states and type of gold. For
section B it included dependent variable which is gold investment awareness. Section C for
financial literacy that included financial attitude, financial well-being, and financial knowledge
while for Section D in personal interest it included investment motivation, psychological factor
and attitude while for section E is for environment, it included rules regulation, effective
promotion, and also supportive income and last for section F for perceived behaviour that
included control beliefs, confidence and self-efficacy. Each question was assessed using a 5-
point Likert-scale method (Preedy & Watson,2012). Each measure assessed the outcome by
looking at how strongly agreed with or strongly disagreed with the proclamation on a 5-point
scale. Table 3.1 are showing the independent variable of questionnaire.
Table 3.1: Questionnaire
Independent Variable Citation

1. Financial literacy
 Financial attitude  Quan et al. (2022)
 Financial well-being  Barrafrem et al. (2021)
 Financial knowledge  (Humaira and Sagoro,
2018)
2. Personal interest  Sun et al. (2021)

 Investment motivation  Suprihati and
 Psychological factors Pradanawati (2020)
 Attitude
3. Environment  (Thanyasunthornsakun,
 Rules Regulation 2018)
 Effective promotion
 Supportive income
4. Perceived behaviour  Icek Ajzen (1985)
 Control beliefs  Ajzen (1991)
 Confidence
 Self-efficacy
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3.4 Study Population
It's possible to define the target audience as everyone who shares the same traits. A population
study can be described as an investigation into a group of people or things by the researcher.
The subjects of this study will be the GenZ who lived in Kelantan, Terengganu and Pahang.
According to Basha at.al, 2022, the total of GenZ population for three state such as Kelantan
101,023 have GenZ(Awani,2022), Terengganu have 585,366 GenZ (MSTAR,2020) and
Pahang have 295,538 GenZ (Editor,2022). The total number of establishments represents the
study’s research population. As a result, the information gathered is highly pertinent to the
research topic.
3.5 Sample Size
The sample size must be identified before sampling can begin. It is necessary to specify the
target population's elements, limits, and timing (Bougie & Sekaran,2019). Each questionnaire
is individually sent out and respondents must reply base on their first thoughts. The total
population of three states among GenZ is around 981,927 (Basha at.al, 2022). By using, 384
sample data of GenZ live in Kelantan, Terengganu and Pahang that will use to complete the
questionnaires. We select the volunteer sampling according sample size of known population
(Krejcie & Morgan,1970). Table 3.2 are showing determining sample size of a known
population.
Table 3.2: Determining sample size of a known population
Source: Krejcie & Morgan,1970
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3.6 Sampling Techniques
Sampling techniques have two techniques for instance non-probability sampling and
probability sampling by Tehran (2017). This study will be applied non-probability sampling
because it is quick and convenient. It also reduces respondent burden such as respondent
volunteering to complete the questionnaires in the survey without asking in personal. In order
to know about the factor influencing gold investment awareness among GenZ, this research
will use non-probability techniques to collect data from individuals. We gathered the
information from GenZ using Google Forms for this convenience sampling.
3.7 Research Instrument Development
This study conducts a survey approach utilising self-administered structured questionnaires.

Quantitative techniques are specifically used to assess responses received via closed-ended
questions (also known as restricted questions) with multiple choice answer alternatives. The
surveys will be physically returned by the respondent to the GenZ who lives around East Coast
state such as Kelantan, Terengganu and Pahang.
3.8 Measurement of the Variables
Table 3.3 are showed the list point of likert-scale method.
Table 3.3: List point of likert-scale method
Rating Indication
1 Strongly Disagree
2 Disagree
3 Neutral
4 Agree
5 Strongly Agree
3.9 Procedure for Data Analysis
Descriptive analysis, which encompasses frequency analysis and the evaluation of normality
tests, is one of the data analysis techniques. Version 25.0 of the Social Sciences Statistical
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Package (SPSS) will be used for data collecting, data input, data analysis, reporting, and data
outputs from visualisation production (Aziz et al., 2016). The method analyses personalization
and develops observable relationships between various data variables.
Multiple linear regression, descriptive analysis, reliability analysis, and Pearson's correlation
were the five different forms of analysis.
3.9.1 Pilot Test
Pilot test will be undertaken to spot any potential questionnaire problems, such as unclear
questions. The pilot test will include 20 surveys, and the feedback will be utilised to enhance
the consistency of the query. It also, to ensure the respondent can reach the Google Form that
will apply. Before sending the final Google Form to responders, any issues identified during
the pilot test will be resolved. The reliability test will be conducted using the Social Science
Statistical Package when the questionnaire has been obtained (SPSS). The precision test must
take into account Cronbach's alpha coefficient. The results of the pilot test will be anticipated
as a table.
3.9.2 Preliminary Analysis

Limited research projects generate preliminary data that can be used to anticipate feasibility
before full research studies are carried out. Preliminary data is utilised in the examination of
small sample size methodologies, the proof of working theory, and as pilot data for grant
submissions. Preliminary data can also be used to demonstrate the significance or probable
outcome of a research study. Preliminary data analysis is used to prepare a research project so
that a proposed solution will be successful and able to answer the research project's concerns.
Because of the nature and complexity of such small-scale or pilot investigations, this study
usually does not give strong findings. This is beneficial for gathering samples, generating data,
and identifying flaws in a plan.
3.9.3 Descriptive Statistics
It provides an analysis data that affects Gen Z's perception of gold, helps in the diagnosis of
mistakes and outliers, and captures patterns across variables in order to set the stage for
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additional statistical investigations. A population's characteristics are described using a
descriptive data study method. Identifying the type of demographic information for the target
audience is its main objective. The information received from the online survey was compiled
into an Excel spreadsheet as the first phase in this study's data analysis process and SPSS. This
stage will evaluate the primary influences on gold investment awareness among GenZ in east
coast states such Terengganu, Pahang, and Kelantan. The results of each questionnaire are then
analysed. The percentage of respondents will be interpreted and explained in this stage. Lastly,
make a conclusion on the research project based on the results. The results lead to a simple
statistical analysis that includes the mean, standard deviation, percentage, frequency, and
highest and lowest number.
3.9.4 Normality Test

Normal data assessment is required for specific mathematical procedure as normal data is the
foundation of the parametric test. However, other statistics such as Kolmogorov-Smirnov
statistics, a Lilliefors significance ratio, Shapiro-Wilk statistics, skewing, and even kurtosis in
the usual analysis, by analysing the normality of the p-p map, the techniques for graphic testing
58 of this hypothesis can be used to check for normality (Melee, 2018). As a result, if machine
and graphic tests were used in the normality analysis, the data distribution is normal.
3.9.5 Frequency Analysis

The frequency analysis analyses the continuous variables and class variables as well as the
number of times an event occurs with each rating attribute in statistics. The mode, median, and
mean of central tendency are established. Furthermore, variability tests are more appropriate
for scale, interquartile variation, standard deviation, and variance. The percentile value, on the
other hand, indicates that the number of values in a data collection is less than a given
percentage. In most cases, quartiles, deciles, and percentiles are used in frequency analysis
(Melee, 2018).
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3.9.6 Reliability Analysis
The reliability analysis is a tool for measuring consistency and effectiveness that is used to
determine a metric's meaning and goodness. Cronbach's alpha is a dependability coefficient
that assesses the degree of connectivity between items in a series. The average coefficient of
association for Cronbach's Alpha is represented as a value between 0 and 1. Cronbach's alpha
is 1, and a higher number indicates better internal accuracy. Other reliability measures, such as
the differential and parallel split half performance components, may be calculated using IBM
SPSS in addition to Cronbach alpha (Guttman (Aziz et al., 2016). Cronbach's Alpha measures
how closely connected a group of test items is. Lee Cronbach developed the rule of thumb for
Cronbach's Alpha in 1951. Table 3.4 are showed the rule of thumb for Cronbach’s Alpha.
Table 3.4: Rule of thumb for cronbach’s alpha
Cronbach’s Alpha Internal Consistency

〈 α 0.9 Excellent
0.8 α 〈 < 0.9 Good
0.7 α 〈 < 0.8 Acceptable
0.6 α 〈 < 0.7 Questionable
0.5 α 〈 < 0.6 Poor
〈 < 0.5 Unacceptable
Source: Lee Cronbach (1951)
3.9.7 Correlation of Coefficient
The linear link between two variables, such as independent and dependent variables, is
measured by the correlation coefficient. Understanding the link between two continuous
variables created by a Pearson bivariate product-moment correlation depends on the correlation
coefficient (r). The variables in this equation range from -1 to 1. This route value exhibits both
a strong negative value (-1) and a strong positive value (+ 1) for the force interaction between
the two variables. There is no association between the two variables if the correlation is zero.
2016 (Aziz and associates). Therefore, while doing correlation analysis, it is important to take
into account a number of fundamental assumptions concerning metric sizes, linked pairs,
normalcy, linearity, and homoscedasticity. The comparison demonstrates that the two variables
connected to the meaningful value have a link that is either accepted or refused (p.05). Table
3.5 are showing the rules of thumb about correlation coefficient size.
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Table 3.5: Rules of thumb about correlation coefficient size
Size of Correlation Interpretation

.90 to 1.00(-.90 to-1.00) Very high positive (negative) correlation
.70 to .90(-.70 to .90) High positive(negative) correlation
.50 to .70(-50 to -.70) Moderate positive (negative) correlation
.30 to .50(-.30 to -.50) Low positive (negative) correlation
.00 to .30(.00 to -.30) Negligible correlation
Source: Lee Cronbach (1951)
3.10 Summary
This chapter explains the methodological approach used throughout the review. A
quantitative approach is used, where the distributed questionnaire provides information on
numerical data to be recorded and evaluated in chapters 4 and 5. Based on primary data and
secondary data relating to other sources obtained by another study, the questionnaire design
is formulated. secondary data relating to other sources obtained by another study, the
questionnaire design is formulated.
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CHAPTER 4
DATA ANALYSIS AND FINDINGS
4.1 Introduction
This chapter describe about the findings of the study's analysis. A total of 384 data points
were obtained for this investigation via a questionnaire survey. The researcher seeks to
evaluate the study's research question and research target in this chapter. Furthermore, the
outcome was assessed using the Social Science Statistical System (SPSS). The findings to be
included are the preliminary analysis, the demographic profile of respondents, descriptive
analysis, validity and reliability test, the normality test, and Pearson’s correlation coefficient.
4.2 Preliminary Analysis
A pilot test is necessary for the study to determine whether the respondents comprehended
the questionnaire. In addition, the pilot test is used to evaluate the survey's effectiveness and
applicability before it is employed in real-world data collecting (Blog, 2021). According to
Johansson (2010), the sample size for validating the test should be at least 20. The
questionnaire's usefulness was tested using Cronbach's Alpha coefficient, which was
calculated using 20 respondents.
The Table 4.1 showed that the overall reliability for the independent and dependent variables
has reached 0.7 upper and reached Cronbach’s Alpha. It can be concluded that the Cronbach’s
Alpha for the overall reliability is accepted for this study because the reliability is upper than
0.7 and above.
Table 4.1: Reliability test coefficient alpha from overall reliability (Pilot Test)
Variables No. of Items Cronbach’s Alpha

Gold Investment Awareness 3 0.700
Financial Literacy 3 0.772
Personal Interest 3 0.721
Environment 3 0.796
Perceived Behaviour 3 0.715
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The reliability of the independent and dependent variables for the pilot test for the 20
questionnaires gathered is shown in table 4.1. All the independent and dependent variable
which are gold investment awareness, financial literacy, personal interest, environment and
perceived behaviour show the Cronbach’s Alpha 0.700, 0.772, 0.721, 0.796, and 0.715
respectively acceptable good for this research.
4.3 Demographic Profile of Respondent
Table 4.2 are showed the number of respondent followed by category for each group.
Table 4.2: Number of respondent followed by category for each group
Category Frequency Percentage (%)

Gender
Male 159 41.4%
Female 225 58.6%
Age
17 – 19 years old 44 11.5%
20 – 23 years old 255 66.4%
24 – 25 years old 85 22.1%
Academic Qualification
SPM 45 11.7%
STPM / Diploma 84 21.9%
Degree 235 61.2%
Postgraduate 20 5.2%
Race
Malay 287 74.7%
Chinese 46 12.0%
Indian 51 13.3%
City
Kelantan 166 43.2%
Terengganu 139 36.2%
Pahang 79 20.6%
Occupation
Government sector 24 6.3%
Private sector 65 16.9%
Self-employed 47 12.2%
Student 238 62.0%
Unemployed 10 2.6%
Level of Income
Below RM 1000 180 46.9%
RM 1000 – RM 1999 101 26.3%
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RM 2000 – RM 2999 67 17.4%
RM 3000 – RM 3999 22 5.7%
RM 4000 and above 14 3.6%
Types of gold investment
Bullion (Gold Bar) 65 16.9%
Gold Coin 27 7.0%
Jewellery 63 16.4%
Bullion (Gold Bar), Gold 134 34.9%
Coin, Jewellery
Bullion (Gold Bar), Gold 7 1.8%
Coin
Bullion (Gold Bar), 50 13.0%
Jewellery
Jewellery, Gold Coin 38 9.9%
Total 384 100.0%
4.3.1 Number of Respondent Based On the Gender Group
The most of the respondents are female with 225 participants of this study (58.6%).
Meanwhile, the male group were about 159 participants with (41.4 %).
4.3.2 Number of Respondent Based On the Age Group
The lowest age and most of the respondents are 17 – 19 years old age group with 44
participants of this study with (11.5 %). Meanwhile, the age group between 20 – 23 years old
is 255 participants who are an attempt for this questionnaire with (66.4%). Next category age
is 24 – 25 years old is 85 participants with (22.1%).
4.3.3 Number of Respondents Based On the Academic Qualification
For the academic qualification, Degree holds the highest number of respondents with 61.2%
(235 respondents). Next is STPM/Diploma with 21.9% (84 respondents). For SPM number
of 45 respondents with 11.7% and finally, the number of respondents for postgraduate were
5.2% (20 respondents).
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4.3.4 Number of Respondent Based On Race
For the race, Malay’s ethnic holds the highest number of respondents with 74.7% (287
respondents). Next is Indian ethnic with 13.3% (51 respondents) and Chinese ethnic with
12.0% (46 respondents).
4.3.5 Number of Respondent Based On City
The table also shows the number of respondents in Kelantan are the highest with the 166
participants with 43.2% while Terengganu holds the next high number of respondents with
36.2% (139 respondents) and followed by respondent in Pahang with 20.6% (79 respondents).
4.3.6 Number of Respondent Based On Occupation
Based on professions, the table also displays the number of respondents. The highest number
with 62.0% (238 respondents) was a student and then followed by private sector respondents
with 16.9% (65 respondents), then self-employed with 47 respondents (12.2%). Meanwhile,
government sector with 24 respondents with 6.3% and finally, the lowest occupation were
unemployed which were 2.6% from 10 respondents.
4.3.7 Number of Respondent Based On Level of Income
Furthermore, in the monthly income group, the highest number of respondents are from below
RM 1000 with 46.9% (180 respondents), followed by RM 1000 – RM 1999 with 26.3% (101
respondents), RM 2000 - RM 2999 with 17.4% (67 respondents), RM 3000 – RM 3999 with
5.7% (22 respondents) and finally RM 4000 and above with 3.6% (14 respondents).
4.3.8 Number of Respondent Based On Types of Gold Investment
All of the type which are Bullion (Gold Bar), Gold Coin and also Jewellery 34.9% (134
respondents) while there was also respondent that just known one or two of that type gold
investment that can be seen here Bullion (Gold Bar) was also known with 16.9% (65
respondents) followed by Jewellery with 16.4% (63 respondents). There was also respondent
that also known two type of them with Bullion (Gold Bar), Jewellery with 13.0% (50
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respondents) followed by Jewellery, Gold Coin with 9.9% (38 respondents). Meanwhile Gold
Coin was the second lowest that not many respondents know about that gold investment’s
type with 7.0% (27 respondents) and last is Bullion (Gold Bar), Gold Coin with only 1.8% (7
respondents).
4.4 Descriptive Analysis
The study had come out with the result to determine the mean for each variable for descriptive
analysis. The result was scaled by using five Point Likert Scale where there were a strongly
disagree, disagree, neutral, agree, strongly agree. The Table 4.3 showed the range of the mean
score.
Table 4.3: Descriptive statistic for the factor influencing gold investment awareness among
GenZ
Descriptive Std.
Category Mean
Analysis Deviation
1. I am aware that gold investment is really
4.64 0.566
important in future
1.Gold 2. I am aware that gold investment are good
Investment for financial planning in the present and the 4.63 0.573
Awareness future.
3. I am aware that gold investment can give
4.58 0.608
more income.
1. I have an attitude that always tries to learn
about self-taught investment and attend 4.39 0.768
investment seminar
2. Financial 2. I know the established financial well-being
Literacy of gold investment will continue to maintain 4.48 0.689
and increase investor wealth
3. I get knowledge regarding investment from
4.51 0.712
a website and from friends
1. I got investment motivation from the
4.38 0.782
website
2. I would invest based on my psychological
3. Personal
factors, whether investing in gold is a 4.44 0.720
Interest
necessity or not.
3. I am interested in investing for the long
4.59 0.606
term
1. Having supportive income makes me want
4.59 0.627
to invest in gold investment
4. Environment 2. Political and social stability will increase
4.47 0.736
the price of gold investment
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3. Investor around me had effective promotion
4.49 0.674
on me to invest.
1. I really have confidence that investing in
4.55 0.699
gold can get more profit.
2. Cultural beliefs make people know that
5.Perceived investing in gold is an incentive to avoid the 4.54 0.665
Behaviour liquidity of money.
3. I have self-efficacy that investing in gold
4.53 0.653
can make an investor wealthy
4.4.1 Gold Investment Awareness
The mean for the independent variables, that had the highest mean score, which is 4.64, for the
important of gold investment in the future. It showed the GenZ gold investment awareness
increase. The lowest mean score was 4.58, for the aware of gold investment can gave more
income. It shows that GenZ have unstable income.
The mean for the independent variables, that had the highest mean score, which was 4.51, to
get knowledge regarding investment from website and from friends. It shows the GenZ more
advance using a technology. The lowest mean score was 4.39, for the attitude to learn about
self-taught investment and attend investment seminar. It shows that GenZ are lowed in physical
class such as attending seminar.
The mean for the independent variables, that had the highest mean score, which was 4.59 that
are interested in investing for the long term. It showed the respondent have a strong basic
knowledge in gold because the concept of gold was long term investment. The lowest mean
score was 4.38, for investment motivation from the website. It showed that respondent less
interest to get motivation from website.
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4.4.4 Environment
The mean for the independent variables, that had the highest mean score, which was 4.59, for
having supportive income makes me want to invest in gold investment. The lowest mean score
was 4.47, for political and social stability will increase the price of gold investment. It showed
the less general knowledge about political and social stability that effected the price of gold
investment among respondent.
The mean for the independent variables that had the highest mean score which was 4.55 for
confidence that investing in gold can get more profit. The lowest mean score was 4.53 for self-
efficacy that investing in gold can make an investor wealth. It showed respondent have a strong
basic concept of gold investment.
4.5 Validity and Reliability Test
Reliability and validity test was defined as the measurement to make sure the scores are free
from errors (Moss, 1994). Table 4.4 are showed the reliability test coefficient alpha from
overall reliability.
Table 4.4: Reliability test coefficient alpha from overall reliability
Variables No. of item Cronbach’s Alpha

Financial Literacy 3 0.899
Personal Interest 3 0.881
Environment 3 0.882
Perceived Behaviour 3 0.931
Investment Awareness 3 0.815
From table 4.4 above, there was financial literacy variable that obtained the second-highest
score of Cronbach's Alpha which was 0.899. Meanwhile, the highest score of Cronbach's
Alpha for this study were Perceived Behaviour with 0.931. The lowest Cronbach's Alpha
score for these variables can be seen in time, Environment and Personal Interest with
0.882and 0.881 scored. The overall results for the reliability and validity test were considered
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as a strong accuracy and precision for all independent variables and dependent variable as all
Cronbach's Alpha value were upper than 0.
4.6 Normality Test
A normality test was used to assess if a sample of the data falls within a conventional normal
distribution. (Mishra et al., 2019). The Shapiro Wilk test (Shapiro & Wilk, 1965; Razali &
Wah, 2011) is Kolmogorov-Smirnov test were used for n 50 and more suitable method for
small sample sizes (50 samples), though it also can handle larger sample sizes. The null
hypothesis for the two tests above states that the data are drawn from a population that were
normally distributed. The null hypothesis was accepted and the data are referred to as normally
distributed when P > 0.05. Table 4.5 are showing the output from SPSS on statistics of
Kolmogorov- Smirnova
Table 4.5: Output from SPSS on Statistics of Kolmogorov-Smirnova
Kolmogorov-Smirnova
Category Statistic df Sig.
Gold Investment 0.304 384 0.000

Awareness
Financial Literacy 0.256 384 0.000
Personal Interest 0.267 384 0.000
Environment 0.299 384 0.000
Perceived Behaviour 0.322 384 0.000
Table 4.5 showed the data of the Kolmogorov-Smirnova for independent variables and the
dependent variable of this study. For the Kolmogorov-Smirnova of the Dependent, Financial
Literacy, Personal Interest, Environment and Perceived Behaviour was 0.304, 0.256, 0.267,
0.299, 0.322 respectively. This had degrees of freedom which equals the number of data points
namely 384. Meanwhile, the p-value provided by SPSS (quoted under Sig. for Kolmogorov-
Smirnov) is 0.000 (reported as p < 0.001) for the Dependent, Financial Literacy, Personal
Interest, Environment and Perceived Behaviour. In a conclusion, the variable had significant
evidence to reject the null hypothesis that the variable follows a normal distribution.
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4.7 Hypotheses Testing
Correlation coefficient tests was used to measure linear relationships between numerical
variables, according to Makowski (2020). The correlation coefficient test allows us to
determine if hypotheses should be accepted or rejected. It is conceivable, according to
Schober, to classify the link between variables as "moderate" or "strong" (2018). The table
below shows the correlation coefficient. Table 4.6 showed the sources of conventional
approach to interpreting a correlation coefficient.
Table 4.6: Sources of conventional approach to interpreting a correlation coefficient
Strength of Relationship Correlation Coefficient Size (r)

Very Strong (0.91 to 1.00) or (-0.91 to -1.00)
Strong (0.71 to 0.90) or (-0.71 to -0.90)
Medium (0.51 to 0.70) or (-0.51 to -0.70)
Weak (0.31 to 0.50) or (-0.31 to -0.50)
Very Weak (0.1 to 0.30) or (-0.1 to -0.30)
No Correlation 0.00
Table 4.7 showed the result on hypotheses based on the pearson correlation coefficient test in
SPSS.
Table 4.7: Result on hypotheses based on the pearson correlation coefficient test in SPSS.
Correlations
Category CTC LOS
Gold Pearson Correlation 1 .647**
Investment Sig. (2-tailed) 0.00 Sig. (2-tailed)
Awareness N 384 384
Financial Pearson Correlation .647** 1
Literacy Sig. (2-tailed) 0.00
N 384 384
Correlations
Category CTC LOS
Investment
Awareness
Sig. (2-tailed) 0.00 Sig. (2-tailed)
N 384 384
Personal Pearson Correlation .634** 1
Interest
Sig. (2-tailed) 0.00
N 384 384
Correlations
Category CTC LOS
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Investment
Awareness
Sig. (2-tailed) 0.00 Sig.(2-tailed)
N 384 384
Environment Pearson Correlation .700** 1
N 384 384
Correlations
Category CTC LOS
Investment
Awareness
Sig. (2-tailed) 0.00 Sig.(2-tailed)
N 384 384
Perceived Pearson Correlation .640** 1
Behaviour
N 384 384
***. Correlation is significant at the 0.01 level (2-tailed)
The first objective of this study was to identify whether there is a significant and positive
relationship that affected financial literacy to investigated the factors influencing gold
HO: There is no significant and negative relationship between the Financial Literacy and gold
H1: There for a significant and positive relationship between the Financial Literacy and gold
The value of the correlation coefficient was 0.647 indicate that there had a medium
relationship between both variables. Based on the result of the significant value p-value
<0.01; this showed that there had a relationship between financial literacy to investigated the
factors influencing gold investment awareness among GenZ. Meanwhile, the significant
levels of both variables was 0.000 and it showed that both variables are highly significant.
Therefore, the null hypothesis is rejected and H1 is accepted. There had a strong relationship
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between financial literacy to investigated the factors influencing gold investment awareness
among GenZ.
The second objective of this study was to identify whether there had a significant and positive
relationship that affected personal interest to investigated the factors influencing gold
HO: There is no significant and negative relationship between the Personal Interest and gold
H1: There for a significant and positive relationship between the Personal Interest and gold
<0.01; this showed that there had a relationship between personal interest to investigated the
factors influencing gold investment awareness among GenZ. Meanwhile, the significant
between personal interest to investigated the factors influencing gold investment awareness
among GenZ.
4.7.3 Environment
The third objective of this study was to identify whether there had a significant and positive
relationship that affected environment to investigated the factors influencing gold investment
HO: There is no significant and negative relationship between the environment and gold
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H1: There for a significant and positive relationship between the environment and gold
<0.01; this shows that there had a relationship between environment to investigated the factors
influencing gold investment awareness among GenZ. Meanwhile, the significant levels of
both variables was 0.000 and it showed that both variables are highly significant. Therefore,
the null hypothesis is rejected and H3 is accepted. There had a strong relationship between
environment to investigated the factors influencing gold investment awareness among GenZ.
The fourth objective of this study was to identify whether there had a significant and positive
relationship that affected perceived behaviour to investigated the factors influencing gold
HO: There is no significant and negative relationship between the perceived behaviour and
gold investment awareness among GenZ.
H1: There for a significant and positive relationship between the perceived behaviour and
<0.01; this showed that there had a relationship between perceived behaviour to investigated
the factors influencing gold investment awareness among GenZ. Meanwhile, the significant
between perceived behaviour to investigated the factors influencing gold investment
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4.8 Summary
The data analysis and the findings that covered the result of the data analysis was according
to the questionnaire survey given. The data had been collected from the questionnaire derived
using SPSS software. In this chapter, the interpretation of the data analysis described the
relationship between the research questions and research objectives. Based on the result that
the researcher got from the analysis, among all the independent variables, all the variable,
which is financial literacy, personal interest, environment and perceived behaviour towards
gold investment awareness have a significant relationship on factor influencing gold
investment awareness among Generation Z.
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CHAPTER 5
DISCUSSION AND CONCLUSION
5.1 Introduction
The major findings of the study had covered in this chapter, along with a summary of the
statistical analysis from Chapter 4. These sections highlight the study's findings, its limitations,
and its suggestions for additional research.
5.2 Key Findings
Table 5.1 are showed the result of the hypotheses in this study.
Table 5.1: The result of the hypotheses
Objective Hypotheses Result Conclusion

1. To identify There for a R= 0.647 Accepted
whether there is a significant and P= 0.000
significant and positive
positive relationship Medium Positive
relationship that between the Correlation
affects financial financial literacy
literacy to and gold
investigates the investment
factors influencing awareness among
gold investment GenZ.
awareness among
GenZ.
affects personal personal interest
interest to and gold
investigates the investment
factors influencing awareness among
gold investment GenZ.
awareness among
GenZ.
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affects environment and
environment to gold investment
investigates the awareness among
factors influencing GenZ.
gold investment
awareness among
GenZ.
4.To identify There for a R= 0.640 Accepted
affects perceived perceived
behaviour to behaviour
investigates the and gold
factors influencing investment
gold investment awareness among
GenZ.
5.3 Discussion
RO: To identify whether there is a significant and positive relationship that affects financial
literacy to investigates the factors influencing gold investment awareness among GenZ.
H1: There for a significant and positive relationship between the financial literacy and gold
The website quality has been found to have a significant and favourable association with the
researcher's findings. The researcher carried out a series of tests to validate the hypothesis.
Multiple regression, normality, descriptive, and reliability testing had all been performed. The
Pearson correlation coefficient has also been computed.
The objective of these independent variables was to observe whether there's a significant and
positive relationship between the financial literacy and gold investment awareness among
GenZ. Refer to table 4.4 in the previous chapter; the result from Cronbach's Alpha for
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reliability test coefficient alpha of financial literacy was 0.899 and the result indicated that
the hypothesis is accepted.
Based on the previous study, financial literacy of the respondents is found to have a significant
impact on investment awareness. Financial planners should take seriously the respondents'
knowledge of how to invest, the type of investment, the concept, and how to accessed
information about investing, according to the questionnaire. These results are consistent with
Azizah et al.’s (2013) study which emphasizes on the importance of financial literacy in terms
of interpreting and managing money. The financial literacy also gives room to the young
generation to avoid being trapped with a lot of debts especially the credit card debts.
Financial interest is the one of the factor that influence GenZ to invested in gold. Being
financially illiterate is the absence of these skills, and in order to become financially literate,
one must learn about important aspects of investing. Financial knowledge, financial well-
being and financial attitude are a few of the elements that investors should become
knowledgeable about to ensure profitable investments. People can make better financial
decisions and potentially increase their income by learning about key investment components
(Corporate Finance Institute, 2022).
RO: To identify whether there is a significant and positive relationship that affects personal
interest to investigates the factors influencing gold investment awareness among GenZ.
H2: There for a significant and positive relationship between the personal interest and gold
The personal interest had been found to have a significant and favourable association with the
Multiple regression, normality, descriptive, and reliability testing have all been performed.
The Pearson correlation coefficient has also been computed.
positive relationship between the personal interest and gold investment awareness among
GenZ. Refered to table 4.4 in the previous chapter; the result from Cronbach's Alpha for
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reliability test coefficient alpha of Personal Interest was 0.881 and the result indicated that
the hypothesis is accepted.
From previous study, the personal interest factor had the study's second key finding. It wase
essential to raising public awareness about investments. The respondents said that in order to
invest, they would need a guaranteed return; they prefer to put their money into low-income
investments in order to receive a higher return over a longer period of time. The majority of
them also enjoy investing in mutual, cheap, and gold funds. This study is consistent with
Boushey’s (2005) study that the society should have been more careful in managing personal
interest such as the desire to have family and to purchase home as those are significantly
related to investment awareness
GenZ, who may be well into middle age before realising that life is moving quickly and
necessitates a plan to deal with old age and retirement, was the target audience in order to
relate personal interest with gold investment awareness. When putting off setting investment
goals, fear can take over, but once the plan is in motion, it should pass. Young generation
can't invest what they don't have, so income is the obvious place to start when making
investment plans. The first job of a young adult serves as a wake-up call, requiring decisions
about IRA contributions, savings, or money market accounts, as well as the sacrifices
necessary to balance increasing affluence with the need for immediate gratification
(Investopedia, 2018).
5.3.3 Environment
RO: To identify whether there is a significant and positive relationship that affects
environment to investigates the factors influencing gold investment awareness among GenZ.
H3: There for a significant and positive relationship between the environment and gold
The environment has been found to have a significant and favourable association with the
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positive relationship between the environment and gold investment awareness among GenZ.
Refer to table 4.4 in the previous chapter; the result from Cronbach's Alpha for reliability test
coefficient alpha of environment was 0.882 and the result indicated that the hypothesis is
accepted.
From previous study, the environmental factor was not found to be significant. The fact that
the respondents are young people suggests that their lack of interest in the environment's
impact on the political, social, and economic landscape. The results might vary as they
develop later and become more mature. This study was not consistent with Prasana (2012)
and Chander, S., & Singh, J.’s (2004) studies.
The volume and make-up of investment funds drawn to various sectors and industries of the
national economy with rules regulation, as well as the growth of incomes and the
improvement of living conditions, all play a role in the socioeconomic development of the
country. As a result, it was inevitable that each state will give special consideration to
developing an environment that will draw investment to its territory (S Makhmudov, 2020)
RO: To identify whether there is a significant and positive relationship that affects perceived
behaviour to investigates the factors influencing gold investment awareness among GenZ.
H4: There for a significant and positive relationship between the perceived behaviour and
The perceived behaviour has been found to have a significant and favourable association with
the researcher's findings. The researcher carried out a series of tests to validate the hypothesis.
The objective of these independent variables is to observe whether there's a significant and
positive relationship between the perceived behaviour and gold investment awareness among
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GenZ. Refer to table 4.4 in the previous chapter; the result from Cronbach's Alpha for
reliability test coefficient alpha of environment was 0.931 and result indicated that the
hypothesis is accepted.
Based on previous study, it was discovered that among these employees, the influence of gold
investment perceived behavioural control on gold investment behaviour was moderated by
gold investment intention. According to the mediated model, the perception of behavioural
control significantly affects one's intention to invest in gold, which in turn significantly affects
one's actual behaviour. There hasn't been any prior research on the role of gold or investment
intention as a mediator of perceived behavioural control's influence on gold or investment
behaviour. However, perceived behavioural control was found to influence investment
intention only and not investment behaviour (Claudia & Murniati, 2018; Ngadino et al., 2019;
Pahlevi & Oktaviani, 2018; Rahadjeng & Fiandari, 2020; Yanuar & Zainul, 2021). Similar to
other types of investment, a significant effect on gold investment intention was found by
perceived behavioural control (Tamaraa et al., 2021).
Most investors would choose the investment with the lower risk of loss given such a choice.
However, mathematically speaking, the first's expectation value is greater than the second's.
Although the first option is the sensible one, it doesn't appear or feel that way. It seems that
feelings almost always take precedence over reason (Gattiker et al., 2022).
5.4 Implications of the Study
Several ramifications can be practiced through the finding of the review based on the
preference of factor that influencing gold investment awareness among GenZ. Gold is an
essential asset to a person.
A better alternative to savings accounts with low or no interest is gold. The average return on
most regular savings accounts is 0.3%, with a maximum return of 1% if you’re lucky. Although
inflation never goes away, the value of gold remains constant. Without realising it, millennials
are losing hundreds of dollars a year as a result of rising prices for goods and services, which
frequently outstrip interest rates. You need to come up with innovative ways to make your
money work for you because it might be expensive to live comfortably. Even if gold’s price
just experienced a clawback, it is still continuously rising year after year. The clawback
shouldn’t be seen negatively; rather, it should provide new investors a foothold in the market.
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A diverse investment portfolio must include gold. "Never put all your eggs in one basket," as
the proverb says, certainly applies to your investment portfolio. Gold, gold mining stocks, and
other gold investment products are all common examples of the many assets that seasoned
investors will always spread their risks across. Gold mining companies should be a cornerstone
in everyone's portfolio since they often track gold trends and because gold retains its worth,
particularly in these unsettling times. Think of gold as insurance; it is the asset that safeguards
your portfolio in the event that other assets decline. Millennials are resilient and have developed
more realistic approaches to conserving money and making long-term plans. Although the
effects of inflation and economic unrest can take years to heal, gold offers a store of value to
safeguard your financial future.
In an emergency, it is simple to purchase and sell physical gold. Even though many accounts
have respectable interest rates, you must stow your money away for extended periods of time.
The inability to access funds instantly is impractical because so many millennials are
freelancers, small business owners, and entrepreneurs. If calamity strikes, you can find yourself
in a precarious situation. Due to its great liquidity, gold may be swiftly sold for cash.
A real, tangible asset is gold. While the cryptocurrency boom and bubble have made some
investors in digital assets very wealthy, many have also lost money as a result of the market’s
turbulence. When you compare gold’s historical ability to keep its value with cryptocurrency’s
wild rallies and crashes, you’ll see that gold is not only a safer investment but also a lot less
stressful. Additionally, buying gold gives you a physical object that you can hold and that a
hacker from another nation would find difficult to get.
5.5 Limitations of the Study
To conduct research study, it is necessary to encounter several limitations. In this way, it

enhances the researchers understanding of the scope of the study While this investigation is in
progress, the researcher is confronted with several issues that must be overcome. The limits of
the study can be a significant obstacle to the researcher's ability to complete the project. The
researcher has had to deal with a number of these types of rip-offs.
The first drawback is that this study only includes members of GenZ. Only information
pertaining to the generation of people between the ages of 18 and 25 is the subject of this
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situation. The study's scope is constrained by the small amount of data collected. We all know
that the older generation is more knowledgeable about gold, so it can be done more widely.
The study's exclusive focus on the East Coast is its second drawback. When searching for
information from GenZ respondents, this problem is only concentrated in the regions of
Kelantan, Terengganu, and Pahang. As a result, the data collected cannot be widely used
because other states are unable to respond.
The third drawback is that there are still a lot more independent variables in the field of
awareness that can be focused and clarified, whereas this study only has four independent
variables which are financial literacy, personal interest, environment, and perceived
behaviour. The final drawback is that this research only looks at gold bars. Everyone is
already aware that there are additional types of gold that can be described in greater detail in
relation to an investment situation.
5.6 Recommendations for Future Research
There are several recommendations for future research to further improve the result of the
study. So, here are some suggestions can help to get a better result.
For upcoming research on this subject, a broader study that doesn't just concentrate on one
generation should be conducted. In order to obtain more results more quickly and widely, this
study can also involve multiple generations or be accessible to the public at different ages.
This study should also be expanded upon for future research on the subject because it does
not only focus on the East Coast but also includes data from respondents from states like
Kedah, Perlis, Perak, and others.
The researchers can look more closely at the independent variable related to awareness for
the study's future findings in their subsequent work. Lastly, in relation to gold, it should be
noted that there are numerous varieties of the metal, including gold jewellery and coins. The
type of gold can be further explored by researchers in the future.
5.7 Overall Conclusion of the Study
The result of these analyses confirmed the overall findings indicated that there is a positive
and significant relationship between skills and performance, networking and communication
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performance variables with financial literacy, environment, perceived behaviour and gold
investment awareness. The indicates the Gen Z in east coast especially in Kelantan have
strong knowledge and general knowledge about gold investment. It also helps and influence
on positively and significantly in their understanding of gold investment awareness. Next,
from the data collection it shows that Gen Z is more interest in saving gold bar and jewellery.
Gen Z also, more advance in technology because they prefer to study or get some knowledge
about gold investment from website and friends. The online questionnaires very helpful for a
respondent to answer the survey.
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APPENDIX A
A1: List of gold company investment
No. Bank/Company Account Name Website url
KFH Gold Account-

I www.kfh.com.my
Kuwait Finance
i.
House (KFH)
KFH Junior Gold
Account-i
Citibank Gold
Account http://www.citibank.com.my/wealth-
management/citigold
ii. Citibank
Citibank Dual
Currency Account
(Gold)
www.pbebank.com
Premium Currency
iii. Public Bank
Investment Gold
https://www.uob.com.my/corporate/gmim/gmim-
Gold Savings pga.page
iv. UOB Bank
Account (GSA)
https://www.hshc.com.my/accounts/products/gold
HSBC Gold
v. HSBC Bank
Account
Gold Accumulation
vi. Public Gold Program (GAP) www.publicgold.com.my
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APPENDIX B
B1: List of gold companies in Malaysia
No Gold and Jewellery Company Website
i. Wah Chan Gold & Jewellery www.wahchan.com.my
ii. HABIB www.habibjewels.com
iii. Poh Kong Jewellers www.pohkong.com.my
iv Kedai Emas Anuar Tiktok : @emasanuaronline
v. Kelantan Gold Trade Sdn.Bhd www.kgt.com.my
https:/kedai-emas-richgold.business.site
vi Kedai Emas Rich Gold
vii. Kuwait Finance House www.kfh.com.my
viii. Tomei www.tomei.com.my
ix Power Gold Powergold-i.blogspot.com
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APPENDIX C
QUESTIONNAIRES
UNIVERSITY MALAYSIA KELANTAN

FACULTY OF ENTREPRENEURSHIP AND BUSINESS
BACHELOR OF ENTREPRENEURSHIP (COMMERCE) WITH HONOURS

FACTOR INFLUENCING OF GOLD INVESTMENT AWARENESS AMONG GENERATION Z
Kindly respondent:
We are final-year student at University Malaysia Kelantan's Faculty of Entrepreneurship and Business,
where pursuing a Bachelor of Entrepreneurship (Commerce) with Honours of Factor Influencing of
Gold Investment Awareness Among Generation Z” in East Coast’s areas which in Kelantan,
Terengganu, and Pahang is the name of the study I'm undertaking. We really appreciate you taking part
in this study. It will take around 5 minutes of your valuable time to complete the questionnaire. Your
private information will be kept completely private. The collected information is exclusively used for
academic study.
It will take 5 to 10 minutes to complete the following questions. The information gathered will be
helpful in understanding my study, and all information will be carefully saved and used solely for
academic purposes. We really appreciate your thoughtful involvement in this research. Please respond
thoughtfully to each of the questions on this form. All comments will be treated in confidence. The
assertions don't have any right or wrong answers. Contact the following for more information:
1. Logeswaran A/L Baskaran (A19A0250)

Email: logesbaskaran123@gmail.com
2. Siti Nur Hatika Binti Shaikh Salim (A19A0873)
Email: hatika.a19a0873@siswa.umk.edu.my
3. Nurul Noor Murnie Binri Mat Nasir (A19A0766)
Email: murnie.a19a0766@siswa.umk.edu.my
4. Syazwani Inti Abd Shukur (A19A0918)
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Email: syazwaniti.a19a0918@siswa.umk.edu.my
Thank you very much for your feedback and cooperation.
Mohon responden:
Kami merupakan pelajar tahun akhir di Fakulti Keusahawanan dan Perniagaan Universiti Malaysia
Kelantan, di mana saya sedang mengikuti pengajian Ijazah Sarjana Muda Keusahawanan
(Perdagangan) dengan Kepujian. " Faktor Yang Mempengaruhi Kesedaran Pelaburan Emas Di
Kalangan Generasi Z” dalam linkungan Pantai timur iaitu Kelantan, Terengganu, dan Pahang adalah
nama kajian yang saya jalankan. Kami amat menghargai anda mengambil bahagian dalam kajian ini.
Ia akan mengambil masa kira-kira 5 minit masa berharga anda untuk melengkapkan soal selidik.
Maklumat peribadi anda akan dirahsiakan sepenuhnya. Maklumat yang dikumpul digunakan secara
eksklusif untuk kajian akademik.
Ia akan mengambil masa 5 hingga 10 minit untuk menyelesaikan soalan berikut. Maklumat yang
dikumpul akan membantu dalam memahami kajian saya, dan semua maklumat akan disimpan dengan
berhati-hati dan digunakan semata-mata untuk tujuan akademik. Kami amat menghargai penglibatan
anda dalam penyelidikan ini. Sila balas dengan teliti setiap soalan pada borang ini. Semua komen akan
dilayan dengan yakin. Pernyataan itu tidak mempunyai jawapan yang betul atau salah. Hubungi
berikut untuk maklumat lanjut:
1. Logeswaran A/L Baskaran (A19A0250)

Email: logesbaskaran123@gmail.com
2. Siti Nur Hatika Binti Shaikh Salim (A19A0873)
Email: hatika.a19a0873@siswa.umk.edu.my
3. Nurul Noor Murnie Binri Mat Nasir (A19A0766)
Email: murnie.a19a0766@siswa.umk.edu.my
4. Syazwani Inti Abd Shukur (A19A0918)
Email: syazwaniti.a19a0918@siswa.umk.edu.my
Terima kasih atas maklum balas dan kerjasama anda.
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SECTION A: DEMOGRAPHIC INFORMATION
BAHAGIAN A: MAKLUMAT DEMOGRAFI
The following questions aim to provide some demographic information that is important to this study.
Please fill this accurately. Please tick (/) on the right information.
Soalan-soalan berikut bertujuan mendapatkan beberapa maklumat demografi yang penting untuk
kajian ini. Sila isi dengan tepat. Sila tandakan (/) pada maklumat yang betul.
Gender / Jantina
Male / Lelaki Female / Perempuan
Age / Umur
17-19 years old/umur

20 - 23 years old/umur
24 - 25 years old/umur
Academic Qualification / Kelayakan Akademik
SPM
STPM
Degree/Diploma
Postgraduate
Others
Race / Bangsa
Malay/Melayu
Chinese/Cina
Indian/India
Others/Lain-lain
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Occupation / Pekerjaan
Government sector/Sektor kerajaan

Private sector/Sektor swasta
Self -employed/Bekerja sendiri
Student/Pelajar
Unemployed/Tidak bekerja
Level of Income / Tahap Pendapatan
Below RM 1000 / Bawah RM 1000

RM 1,000 - RM 1,999
RM 2,000 - RM 2,999
RM 3,000 - RM 3,999
RM 4,000 and above / RM 4,000 dan ke atas
Did you have gold investment? / Adakah anda mempunyai pelaburan emas?
Yes
No
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SECTION B
This section contains the dependent variable that stated in this study. Please answer all the following
questions by chosen the one that is most relevant to your thoughts and perspectives.
Bahagian ini mengandungi pembolehubah bergantung yang dinyatakan dalam kajian ini. Sila jawab
semua soalan berikut dengan memilih yang paling relevan dengan fikiran dan perspektif anda.
Read and tick your answer below (/) with refer to the given scale.
Baca dan bulatkan jawapan anda di bawah dengan merujuk kepada skala yang diberikan.
LIKERT SCALE / SKALA LIKERT

1. STRONGLY 2. AGREE / 3. UNCERTAINITY 4. DISAGREE / 5. STRONGLY
AGREE / SETUJU / TIDAK PASTI TIDAK DISAGREE /
SANGAT BERSETUJU SANGAT TIDAK
SETUJU BERSETUJU
The following questions are investigating the influencing factors Factor Influencing of Gold
Investment Awareness Among Generation Z in Kelantan, Terengganu, and Pahang. As for the
questions of scale given below. You can mark your sincere answers in the
scale from 1 to 5. ( / )
Soalan berikut adalah untuk Mengkaji Faktor Yang Mempengaruhi Kesedaran Pelaburan Emas Di
Kalangan Generasi Z Di Kelantan, Terengganu, dan Pahang. Setiap skala untuk soalan diberikan
di bawah. Anda boleh menandakan jawapan anda pada skala 1 hingga 5. ( / )
SECTION B: GOLD INVESTMENT AWARENESS
NO FINANCIAL LITERACY 1 2 3 4 5
1 I am aware that investments is important in the future / Saya sedar
pelaburan sangat penting untuk masa hadapan.
2 I am aware that investments are good for financial planning. / Saya sedar
pelaburan adalah sangat bagus untuk rancangan kewangan.
3 I am aware that investment can give more income / Saya sedar pelaburan
emas dapat menjana pendapatan yang lebih .
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SECTION C: FINANCIAL LITERACY
NO FINANCIAL LITERACY 1 2 3 4 5
1 I have attitude that always tried to learn about self-taught investment and
attend investment seminars. / Saya mempunyai sikap yang sentiasa
mencuba untuk mempelajari tentang pelaburan dengan mengetahui untuk
belajar sendiri dan menghadiri seminar pelaburan.
2 I know established financial well-being of gold investment continue will
maintain and increase investor wealth. / Saya tahu kesejahteraan
pelaburan emas akan mengekalkan dan meningkatkan kekayaan pelabur.
3 I am prepared to risk some of my own money when doing investment
because I have financial knowlege / Saya bersedia untuk mempertaruhkan
sebahagian daripada wang saya sendiri apabila melakukan pelaburan
kerana saya mempunyai pengetahuan kewangan. .
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SECTION D: PERSONAL INTEREST
Factor Influencing of Gold Investment Awareness Among Generation Z in Kelantan,

Terengganu, and Pahang. / Faktor Yang Mempengaruhi Kesedaran Pelaburan Emas Di Kalangan
Generasi Z di Kelantan, Terengganu dan Pahang.
NO PERSONAL INTEREST 1 2 3 4 5
1 I got investment motivation from website. / Saya mendapat motivasi
pelaburan daripada laman web.
2 I would invest based on my psychological factor whether invest gold are
necessity or not. / Saya akan melabur berdasarkan faktor psikologi sama
ada melabur emas adalah keperluan pada saya atau tidak.
3 I am interested in investment for a long term period. / Saya berminat
dengan pelaburan jangka masa panjang.
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SECTION E: ENVIRONMENT

NO ENVIRONMENT 1 2 3 4 5
1 Political and social will increase the investment. / Politik dan Sosial akan
meningkatkan pelaburan
2 Having supportive income make me want to invest in gold investment. /
Mempunyai sokongan pendapatan membuatkan saya untuk melabur
dalam pelaburan emas
3 Investor around me had effective promotion on me to invest. / Pelabur di
sekeliling saya membuat penawaran yang berkesan kepada saya untuk
melabur.
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SECTION F: PERCEIVED BEHAVIOUR

NO PERCEIVED BEHAVIOUR 1 2 3 4 5
1 I really confidence that invest gold had more profit. / Saya sangat pasti
pelaburan terhadap emas akan meningkatkan keuntungan.
2 Cultural beliefs make people know that invest gold is an incentive to avoid
liquidity of money. / Kepercayaan budaya membuat orang tahu bahawa
melabur emas adalah insentif untuk mengelakkan kecairan wang.
4 I have self-efficacy that invest gold can make investor wealth. / Saya
mempunyai keupayaan diri bahawa melabur emas boleh menjadi pelabur
yang kaya.
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APPENDIX D
GANTT CHART
WEEK OCT OCT NOV NOV NOV NOV DEC DEC DEC DEC JAN JAN JAN JAN
WEEK WEEK WEEK WEEK WEEK WEEK WEEK WEEK WEEK WEEK WEEK WEEK WEEK WEEK
TASK 3 4 1 2 3 4 1 2 3 4 1 2 3 4
Topic
Choosing
and Chapter
1
Searching
for Journal
and
Do Matric
Table
Chapter 1
editing
and
Checking
Chapter 2
editing
and
Checking
Chapter 3
Chapter 3
editing
and checking
Formatting
questionnaire
and
References
Submission
for PPTA 1
Preparation
for
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Presentation
PPTA 1
Meeting for
PPTA 11
Created
google form
and
collecting
respondent
for pilot test
Created
google form
and
collecting
data for
SPSS
Created
SPSS
Chapter 4 &
5 in progress
Checking
chapter 4 &
chapter 5 and
doing
correction
Submission
foe E-poster,
research
report and
video
presentation
Submission
for final
report
67

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FKP

FACTOR INFLUENCING OF GOLD INVESTMENT

LOGESWARAN A/L BASKARAN

DEGREE OF BACHELOR OF ENTREPRENEURSHIP (COMMERCE)

Logeswaran A/L Baskaran

A thesis submitted in fulfillment of the requirements for the degree of

Faculty of Entrepreneurship and Business

OPEN ACCESS I agree that my thesis is to be made immediately available

EMBARGOES I agree that my thesis is to be made available as hardcopy

CONFIDENTIAL (Contain confidential information under the Official Secret

RESTRICTED (Contains restricted information as specified by the

I acknowledge that Universiti Malaysia Kelantan reserves the right as follows:

noormurnie NAME: Dr. Fatihah Binti Mohd

CHAPTER 2: LITERATURE REVIEW

CHAPTER 3: RESEARCH METHODS

CHAPTER 4: DATA ANALYSIS AND FINDINGS

CHAPTER 5: DISCUSSION AND CONCLUSION

Figures Title Page

The Theory of Reasoned Action (TRA) (Fishein & Ajzen,

Figure 2.3 Research Framework 15

Table Title Page

Table 1.2 Pros and cons of gold investment 6

Table 2.1 List of gold investment accounts in Malaysia 14

Table 3.1 Questionnaire 18

Table 3.2 Determining sample size of a known population 19

Table 3.3 Point of likert-scale method 20

Table 3.4 Rules of thumb about correlation coefficient size 23

1.1 Background of Study

(Adam Abdullah et al, 2017)

1.2 Problem Statement

1.3 Research Question (RQ)

The research questions of this study are as follows:

1.4 Research Objectives (RO)

The research objectives of this study are as follows:

Table 1.1: Pros and cons of different types of physical gold

Types of gold Pros Cons

 Ideal for new

Table 1.2: Pros and cons of gold investment

 Value increase over time

Source: Rahim (2021)

1.7 Definition of Terms

The definition of term in this study are as follows:

1.7.1 Gold Investment Awareness

1.7.2 Financial Literacy

1.7.3 Personal Interest

1.8 Limitations of the Studies

1.9 Organization of the Proposal

2.2 Underpinning Theory

Figure 2.2: The Theory of Reasoned Action (TRA)

(Fishbein & Ajzen, 1975)

2.3 Previous Studies

2.3.1 Financial Literacy

2.3.4 Perceived Behaviour

Perceived behavioural control significantly influenced gold investment intention (Tamaraa et

2.3.6 Gold investment awareness

2.3.7 Gold investment company

In Malaysia, gold is used as an alternative asset investment. Hyperinflation is likely to occur

Table 2.1: List of gold investment accounts in Malaysia

No. Bank/Company Account Name

i. Maybank Maybank Gold Investment Account (MGIA)

ii. CIMB Bank CIMB Bank Gold Deposit Account (GDA)

iii. Public Bank Gold Investment Account (GIA)

iv. UOB Bank Gold Savings Account (GSA)

Premier Gold Account (PGA)