Research Article
The Influence of Psychological Bias on Investment Decisions of Generation Z in Semarang City Moderated by Financial Literacy
@INPROCEEDINGS{10.4108/eai.30-7-2025.2360598, author={Andhi Wijayanto and Achmad Riyadin}, title={The Influence of Psychological Bias on Investment Decisions of Generation Z in Semarang City Moderated by Financial Literacy}, proceedings={Proceedings of the 5th Business Innovation Sustainability and Technology International Conference, BISTIC 2025, 30th July 2025, Malang, Indonesia}, publisher={EAI}, proceedings_a={BISTIC}, year={2025}, month={12}, keywords={investment decisions herding disposition effect availability financial literacy}, doi={10.4108/eai.30-7-2025.2360598} }- Andhi Wijayanto
Achmad Riyadin
Year: 2025
The Influence of Psychological Bias on Investment Decisions of Generation Z in Semarang City Moderated by Financial Literacy
BISTIC
EAI
DOI: 10.4108/eai.30-7-2025.2360598
Abstract
The purpose of this research is to determine the influence of herding bias, disposition effect, and availability bias on investment decisions, considering financial literacy as a moderating factor. The population in this study is Generation Z investors in Semarang City. The number of samples used in this study is a minimum of 100 generation Z investors in Semarang City. The data collection method used questionnaires. The results of the study show that there is a significant influence of herding bias, disposition effect, and availability bias on investment decisions. The findings indicate that financial literacy serves as a moderating factor in the relationship between herding bias and disposition effect with investment decisions. However, it does not moderate the impact of availability bias on those decisions. Future studies are encouraged to include additional variables related to behavioral finance and investor behavior. It is advisable to continuously enhance knowledge and skills in financial information analysis by attending accredited investment-related training or seminars. Such efforts can help investors avoid making irrational decisions that may lead to future losses.
