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Resubun, Laura Alicia
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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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 Lionardo, Holly Christy; Resubun, Laura Alicia; Sahetapy, Kenneth August
Jurnal Economic Resource Vol. 8 No. 1 (2025): March-August
Publisher : Fakultas Ekonomi & Bisnis Universitas Muslim Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57178/jer.v8i1.1385

Abstract

This study examines the influence of familiarity bias and confirmation bias on investment decisions, with financial literacy as a moderating factor, involving 293 students from the Faculty of Economics and Business (FEB) at Universitas Klabat. The findings indicate that familiarity bias significantly affects investment decisions, meaning that the tendency to choose familiar investments influences students' financial choices. Conversely, confirmation bias does not have a significant effect, suggesting that the inclination to focus solely on information that aligns with personal beliefs has a limited impact on their investment decisions. Additionally, the findings reveal that financial literacy reduces the influence of familiarity bias, enabling students to make rational decisions. However, financial literacy does not moderate the relationship between confirmation bias and investment decisions. This study underscores the importance of financial literacy in formal education. Integrating comprehensive financial literacy materials into the curriculum could help students mitigate investment biases and enhance the quality of their financial decisions, especially in a complex economic environment.
Co-Authors Kenneth Sahetapy Lionardo, Holly Christy