Financial naivety, excessive gaming, and compulsive buying influence cryptocurrency continuance intention: the mediating role of overconfidence and risk tolerance

Tjondro, Elisa and Widuri, Retnaningtyas and Tarigan, Josua and Hatane, Saarce Elsye (2025) Financial naivety, excessive gaming, and compulsive buying influence cryptocurrency continuance intention: the mediating role of overconfidence and risk tolerance. [UNSPECIFIED]

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Abstract

This study seeks to investigate the investment persistence among individuals who have maintained cryptocurrency holdings in the previous year. Financial naivety, online compulsive buying, and excessive gaming behaviours influence continuance intention, either through overconfidence or risk tolerance. The sample comprised 1,097 participants selected from the five provinces of Indonesias most significant internet user bases. Structural equation modeling is utilised in this study. This study demonstrates that excessive gaming behaviour and financial naivety are associated with continuance intention, either directly or indirectly, via overconfidence or risk tolerance. Investors should be cautious regarding their financial naivety and excessive gaming behaviour, as these elements increase the tendency to be overly optimistic. The findings are consistent with the Dunning-Kruger effect. Conversely, this study fail to substantiate the correlation between compulsive buying and continuance intention. The implication is to provide investors with valuable insights into the psychological effects of specific behaviors on investment decisions.

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