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All Journal Formosa Journal of Multidisciplinary Research (FJMR)
Marta Fika Fadillah
Padang State University
Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Education Social Sciences

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The Effect of Heuristic Bias and Herding Bias on Investment Decisions with Financial Literacy as a Moderating Variable in Gen Z Marta Fika Fadillah; Dina Patrisia
Formosa Journal of Multidisciplinary Research Vol. 4 No. 6 (2025): June 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/fjmr.v4i6.249

Abstract

This study aims to examine the influence of heuristic bias and herding bias on investment decisions, and evaluate the role of financial literacy as a moderating variable on Gen Z investors in Indonesia. Data was collected from 170 respondents with at least three years of investment experience, analyzed using SEM-PLS. The results show that heuristic bias and herding bias have a significant positive effect on investment decisions. Financial literacy also has a positive effect, but only moderates (weakens) the relationship between heuristic bias and investment decisions. There is no moderation on herding bias. These findings emphasize the importance of financial literacy in mitigating the effects of behavioral biases, although social influences remain strong in Gen Z's decision-making.
Co-Authors Dina Patrisia