Investment Decisions in Trading Card Game (TCG) Cards: The Roles of Self-Control, Financial Literacy, Financial Attitude, and Income

Authors

  • Dewi Khoirunnisa Sirait Sekolah Tinggi Manajemen PPM, Jakarta, Indonesia.
  • Yosua Raphael Parulian Pasaribu Sekolah Tinggi Manajemen PPM, Jakarta, Indonesia.
  • Andriati Fitriningrum Sekolah Tinggi Manajemen PPM, Jakarta, Indonesia.

DOI:

https://doi.org/10.38035/dijefa.v7i5.7176

Keywords:

Investment Decision, Financial Literacy, Financial Attitude, Income, Self-Control

Abstract

This study aims to empirically examine the effects of self-control, financial literacy, financial attitude, and income on investment decisions involving Trading Card Game (TCG) cards. The study is motivated by the rapid growth of investments in unconventional assets, such as TCG cards, which have attracted increasing interest from investors beyond traditional investment instruments, such as stocks or bonds. A mixed-methods approach employing an explanatory sequential design was adopted, with quantitative analysis serving as the primary method and qualitative inquiry providing complementary insights. The sample was selected using purposive sampling from members of TCG communities in Indonesia who had engaged in collecting, trading, or investing in TCG cards. Primary data were collected through an online questionnaire followed by semi-structured interviews. The quantitative data were analyzed using SmartPLS 4, while the qualitative data were examined through thematic descriptive analysis. These findings indicate TCG investment decisions are driven by income and restrained by conservative financial attitudes. Literacy and self-control have no significant effect, overridden by community dynamics.

References

Adil, M., Singh, Y., & Ansari, M. S. (2022). How financial literacy moderate the association between behaviour biases and investment decision? Asian Journal of Accounting Research, 7(1), 17–30. https://doi.org/10.1108/AJAR-09-2020-0086

Akbar, R. P., & Armansyah, R. F. (2023). Perilaku keuangan Generasi Z berdasarkan literasi keuangan, efikasi diri, dan gender. Jurnal Ilmiah Manajemen Dan Bisnis (JIMBis), 2(2), 107–124. https://doi.org/10.24034/jimbis.v2i2.5836

Andanika, A., Echdar, S., & Sjarlis, S. (2020). Analisis Faktor Faktor Yang Mempengaruhi Perilaku Pengelolaan Keuangan Pelaku Bisnis Ibu Rumah Tangga Di Desa Tawondu Kecamatan Suli Kabupaten Luwu. Jurnal Bisnis & Kewirausahaan, 9(1), 82–91. https://doi.org/10.37476/jbk.v11i1.3077

Caporale, G. M., Gil-Alana, L., Plastun, A., & Havrylina, A. (2022). Persistence in the passion investment market. Heliyon, 8(12). https://doi.org/10.1016/j.heliyon.2022.e12555

Creswell, J. W., & Creswell, J. D. (2023). Research Design: Qualitative, Quantitative, and Mixed Methods Approaches. In SAGE Publications. https://books.google.co.id/books?id=335ZDwAAQBAJ

Desiyanti, R., Islamiati, F., Fitria, R., Moreno, K., & Sari, J. N. (2025). Effect Of Financial Literacy, Risk Perception, And Financial Attitude On Investment Decisions Of Millennial Generation. Jurnal Apresiasi Ekonomi, 13(2), 505–521. https://itskhatulistiwa.ac.id/ojsapresiasiekonomi/index.php/apresiasiekonomi/article/view/955

Dew, J. P., & Xiao, J. J. (2011). The financial management behavior scale: Development and validation. Journal of Financial Counseling and Planning. https://scholarsarchive.byu.edu/facpub/4521/

Elnakib, S., Elaraby, S., Othman, F., BaSaleem, H., Abdulghani AlShawafi, N. A., Saleh Al-Gawfi, I. A., Shafique, F., Al-Kubati, E., Rafique, N., & Tappis, H. (2021). Providing care under extreme adversity: The impact of the Yemen conflict on the personal and professional lives of health workers. Social Science & Medicine, 272, 113751. https://doi.org/10.1016/j.socscimed.2021.113751

Fachrudin, K. R. (2024). Pengaruh overconfidence dan availability bias terhadap keputusan investasi. Bisnis Net Jurnal Ekonomi Dan Bisnis, 7(1), 299–309. https://doi.org/10.46576/bn.v7i1.4433

Febrianti, E., & Anggarini, D. R. (2025). Analisis perilaku keuangan personal, gaya hidup hedonisme dan pendapatan dalam pengambilan keputusan berinvestasi pada Gen Z di Bandar Lampung. Jambura Economic Education Journal, 7(2), 737–761. https://ejurnal.ung.ac.id/index.php/jej/article/view/30966

Gupta, S., & Shrivastava, M. (2022). Herding and loss aversion in stock markets: mediating role of fear of missing out (FOMO) in retail investors. International Journal of Emerging Markets, 17(7), 1720–1737. https://doi.org/10.1108/IJOEM-08-2020-0933

Hair, J. F. (2021). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM), 3/E. Sage Publications. https://us.sagepub.com/en-us/nam/a-primer-on-partial-least-squares-structural-equation-modeling-pls-sem/book270548

Haykir, O., & Yagli, I. (2022). Speculative bubbles and herding in cryptocurrencies. Financial Innovation, 8(1), 78. https://doi.org/10.1186/s40854-022-00383-0

Hildawati, H., Suhirman, L., Prisuna, B. F., Husnita, L., Mardikawati, B., Isnaini, S., Wakhyudin, W., Setiawan, H., Hadiyat, Y., & Sroyer, A. M. (2024). Buku Ajar Metodologi Penelitian Kuantitatif & Aplikasi Pengolahan Analisa Data Statistik. In PT. Sonpedia Publishing Indonesia. https://books.google.co.id/books?id=_eL8EAAAQBAJ

Huang, H.-C. (2025). Emotion Regulation Strategies Moderating the Relationship Between Perceived Causes of Anxiety and Social and Emotional Learning Outcomes in Taiwanese Adolescents. Education Journal, 53(1), 121–147. https://hkier.cuhk.edu.hk/tc/publicationsfile/ej-v53n1-121-147

Hunsader, K. J., Lawrey, C., & Affuso, E. (2025). Evaluating collectibles as alternative investments: a hedonic pricing analysis of vintage Hot WheelsTM. Review of Behavioral Finance, 17(3), 462–481. https://doi.org/10.1108/RBF-10-2024-0301

Irsanita, L. V., & Susilawati. (2024). Strategi Investasi Jangka Panjang: Memilih Antara Investasi Riil Dan Investasi Keuangan. Jurnal Ekonomi Bisnis Manajemen Prima, VI(1), 1–7. https://doi.org/10.34012/jebim.v6i1.5021

Junianto, D., Sabtohadi, J., & Hendriani, D. (2022). Persepsi Mahasiswa Muslim Terhadap Investasi Produk Syariah Di Pasar Modal Dalam Kajian Theory Planned Behaviour. Shidqia: Jurnal Keuangan Dan Perbankan Syariah, 1(1), 77–88. https://doi.org/10.30999/jsn.v1i1.768

Karki, U., Bhatia, V., & Sharma, D. (2024). A systematic literature review on overconfidence and related biases influencing investment decision making. Economic and Business Review, 26(2), 130–150. https://doi.org/10.15458/2335-4216.1338

Langelett, G., & Wang, Z. (2023). Sealed Collectible Card Game Product As Standalone Investment And Portfolio Diversifier. Global Journal of Accounting & Finance (GJAF), 7(1), 1. https://doi.org/10.47177/wwns9y63

Le Fur, E. (2021). Collectors’ motives in the context of wealth management. Journal of Asset Management, 22(5), 326–337. https://doi.org/10.1057/s41260-021-00221-5

Lionardo, H. C., Resubun, L. A., & Sahetapy, K. A. (2025). The Role of Familiarity Bias and Confirmation Bias in Investment Decisions: The Moderating Role of Financial Literacy-A Case Study of FEB Students at Universtas Klabat. Jurnal Economic Resource, 8(1), 338–349. https://doi.org/10.57178/jer.v8i1.1385

Mardotillah, R. (2025). Media sosial dan perilaku generasi Z dalam berinvestasi di Kota Pontianak (studi pada penggunaan instrumen saham dan cryptocurrency). Indonesian Journal of Economics, Management, and Accounting, 2(6). https://jurnal.intekom.id/index.php/ijema/article/view/1346

Nabila, A. M., Setyati, E., & Kristian, Y. (2025). Expert System Berbasis Forward Chaining Pada Personal Financial Assistant. Konvergensi, 21(1), 36–46.

Nabila, F. S., Fakhri, M., Pradana, M., Kartawinata, B. R., & Silvianita, A. (2023). Measuring financial satisfaction of Indonesian young adults: a SEM-PLS analysis. Journal of Innovation and Entrepreneurship, 12(1), 16. https://doi.org/10.1186/s13731-023-00281-4

OJK. (2024). Survei Nasional Literasi dan Inklusi Keuangan (SNLIK) 2024. Otoritas Jasa Keuangan. https://ojk.go.id/Id/Berita-Dan-Kegiatan/Publikasi/Pages/Survei-Nasional-Literasi-Dan-Inklusi-Keuangan-(SNLIK)-2024.Aspx.

Penasse, J., & Renneboog, L. (2022). Speculative trading and bubbles: Evidence from the art market. Management Science, 68(7), 4939–4963. https://doi.org/10.1287/mnsc.2021.4088

Plastun, A., Bouri, E., Havrylina, A., & Ji, Q. (2022). Calendar anomalies in passion investments: Price patterns and profit opportunities. Research in International Business and Finance, 61, 101678. https://doi.org/10.1016/j.ribaf.2022.101678

Pratiknjo, M. L., Wijaya, L. I., & Marciano, D. (2024). Pengaruh bias perilaku terhadap keputusan investasi dengan fear of missing out (FOMO) sebagai mediator di Indonesia. Jurnal Manajemen STIE Muhammadiyah Palopo, 10(2), 489–502. https://journal.stiem.ac.id/index.php/jurman/article/view/2267

Rahmiyati, N., & Somodiharjo, K. (2025). The Impact of Financial Literacy, Invesment Decision-Making, Risk Tolerance, and Behavioral Biases on Individual Invesment Performance. The Es Accounting And Finance, 3(03), 223–237. https://doi.org/10.58812/esaf.v3i03.668

Ramadhani, A. P., Septyasari, I. A., Hasannah, F. N., & Kustiawati, D. (2022). Investasi ditinjau dari Perspektif Ekonomi dan Ekonomi Islam. Jurnal Indonesia Sosial Sains, 3(12), 1579–1589. https://doi.org/10.59141/jiss.v3i12.746

Rudianto, R., Farrell, E., Saputri, K., & Pasaribu, L. N. (2026). The Influence of Financial Literacy and Income on Investment Decisions: A Case Study of MSMEs in Medan City. Jurnal Manajemen Motivasi, 22(1), 362–371. https://doi.org/10.29406/jmm.v22i1.8503

Sari, A. L. A., & Widoatmodjo, S. (2023). Pengaruh literasi keuangan, gaya hidup, dan locus of control terhadap perilaku keuangan mahasiswa di Jakarta. Jurnal Manajerial Dan Kewirausahaan, 5(2), 549–558. https://doi.org/10.24912/jmk.v5i2.23426

Seraj, A. H. A., Alzain, E., & Alshebami, A. S. (2022). The roles of financial literacy and overconfidence in investment decisions in Saudi Arabia. Frontiers in Psychology, 13, 1005075. https://doi.org/10.3389/fpsyg.2022.1005075

Sugeng, A. A. N., Afifudin, A., & Anwar, S. A. (2023). Pengaruh Pengetahuan Keuangan, Sikap Keuangan, dan Kepribadian Terhadap Perilaku Manajemen Keuangan pada Pelaku UMKM Sentra Kerajinan Batik Desa Kunir Kidul. E_Jurnal Ilmiah Riset Akuntansi, 12(02), 1341–1352. https://jim.unisma.ac.id/index.php/jra/article/view/22780

Sulistyowati, A., Rianto, M. R., Handayani, M., & Bukhari, E. (2022). Pengaruh financial literacy, return dan resiko terhadap keputusan investasi generasi milenial Islam di Kota Bekasi. Jurnal Ilmiah Ekonomi Islam, 8(2), 2253–2260. https://doi.org/10.29040/jiei.v8i2.5956

Sun, S., & Lestari, E. (2022). Analisis Pengaruh Literasi Keuangan (Financial Literacy), Pengetahuan Investasi (Investment Knowledge), Motivasi Investasi (Investment Motivation) Dan Pendapatan (Income) Terhadap Keputusan Investasi Pada Masyarakat Di Batam. Jurnal Akuntansi AKUNESA, 10(3), 101–114. https://doi.org/10.26740/akunesa.v10n3.p101-114

Suripto, S., & Supriyanto, S. (2021). Buku Book Chapter Behavioral Finance: Theory And Implementation. In Global Aksara. http://repository.lppm.unila.ac.id/35759/

Veronika, A., & Purba, Y. S. (2022). The Socio-Economic Influence Of Parents, Financial Behavior In The Family And Self- Control On Personal Financial Management Of Management Study Program Students At Stmb Multi Smart Medan. Management Studies and Entrepreneurship Journal, 3(6), 3390–3407. https://doi.org/10.37385/msej.v3i6.1130

Yulya, E., & Aminah, A. (2026). Pengaruh Literasi Keuangan Dan Gaya Hidup Terhadap Prilaku Keuangan Dari Persepsi Teori TPB. JAMBURA: Jurnal Ilmiah Manajemen Dan Bisnis, 9(1), 509–521. https://ejurnal.ung.ac.id/index.php/JIMB/article/view/38665

Yusriza, Afhdal, K., Syarifah Wilda, N., & Amin, M. (2025). Analysis of Students’ Consumption Behavior from a Behavioral Economics Perspective in the Digital Era. Economia: Journal of Economics and Management, 4(1), 1–40. https://ejournal.cyberdakwah.com/index.php/Economia/article/view/350

Zahara, M., Suraya, R., & Tanjung, N. U. (2025). Influence of energy intake and nutritional status on work productivity among construction workers: A case study of the Merdeka Square revitalization project, Medan. Journal of Health Sciences and Medical Development, 4(02), 99–115. https://doi.org/10.56741/hesmed.v4i02.1010

Zulfah, Z. (2021). Karakter: pengendalian diri. Iqra: Jurnal Magister Pendidikan Islam, 1(1), 28–33. https://journal.unismuh.ac.id/index.php/iqra/id/article/view/5803

Published

2026-11-12

How to Cite

Sirait, D. K., Pasaribu, Y. R. P., & Fitriningrum, A. (2026). Investment Decisions in Trading Card Game (TCG) Cards: The Roles of Self-Control, Financial Literacy, Financial Attitude, and Income. Dinasti International Journal of Economics, Finance & Accounting, 7(5), 3263–3278. https://doi.org/10.38035/dijefa.v7i5.7176

Similar Articles

<< < 5 6 7 8 9 10 11 12 13 14 > >> 

You may also start an advanced similarity search for this article.