Trust, Social Influence, and the Adoption of Digital Gold Savings Schemes Among Millennial and Generation Z Investors in India

This study examines the adoption of digital gold savings schemes among Millennial and Generation Z investors in India, with a focus on three theoretically grounded determinants: perceived usefulness, trust and security, and social influence. Employing a quantitative, descriptive-cum-explanatory research design, primary data were collected from 143 respondents using a structured, closed-ended questionnaire. Analytical techniques included descriptive statistics, exploratory factor analysis (EFA), Pearson correlation analysis, multiple linear regression, independent-samples t-test, and one-way Welch ANOVA. Results indicate a moderate overall adoption level (M = 3.06, SD = 0.583 on a five-point Likert scale). Trust/security (β = 0.196, p = .016) and social influence (β = 0.230, p = .005) emerged as statistically significant positive predictors of adoption, whereas perceived usefulness did not attain significance (β = 0.066, p = .412). The regression model was statistically significant overall [F(3, 139) = 5.19, p = .002, R² = 0.101]. No significant generational cohort difference (t = 0.301, p = .764) or income-group difference (F = 1.07, p = .381) in adoption was detected. The findings suggest that confidence in platform integrity and peer or social-media-driven legitimacy are stronger adoption drivers than functional utility alone. Theoretical and managerial implications for fintech providers, wealth-technology firms, and policymakers are discussed.