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All Journal PROCEEDING ICTESS (Internasional Conference on Technology, Education and Social Sciences)
Anissa Ariyanti
Universitas Veteran Bangun Nusantara
Computer Science & IT Education Social Sciences

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The Influence of Overconfidence on Investment Decisions: The Mediating Role of Financial Literacy (A Study of Millennials and Generation Z in the Solo Raya Area) Anissa Ariyanti; Purwanto Purwanto; Ariyani Wahyu WIjayanti; Sari Widati; Ardian Prima Putra Putra
PROCEEDING ICTESS (Internasional Conference on Technology, Education and Social Sciences) Vol 8 (2026): ICTESS 8th
Publisher : Universitas Slamet Riyadi Surakarta

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Abstract

This study aims to examine the influence of overconfidence on investment decisions, with financial literacy serving as a mediating variable. The population comprised Millennials and Generation Z residing in the Solo Raya Area, Indonesia. A total of 178 respondents were selected using a non-probability sampling technique with a purposive sampling approach. Data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 4 software. The findings reveal that overconfidence has a positive and significant effect on financial literacy. Furthermore, both overconfidence and financial literacy positively and significantly influence investment decisions. The mediation analysis also demonstrates that financial literacy significantly mediates the relationship between overconfidence and investment decisions. These findings suggest that although overconfidence represents a behavioral bias, it can encourage individuals to improve their financial knowledge, ultimately leading to more rational and informed investment decisions.
Co-Authors Ardian Prima Putra Putra Ariyani Wahyu Wijayanti Purwanto Purwanto Sari Widati