Dampak Literasi Keuangan dan Bias Kognitif terhadap Keputusan Investasi: Sebuah Analisis

https://doi.org/10.35912/jakman.v6i4.4413
Published: Sep 3, 2025

Abstract:

Purpose: This study intends to investigate how financial literacy and cognitive biases, namely overconfidence and availability bias, influence investment decisions in the stock market.

Methodology/approach: This research targeted stock investors in Jakarta, accumulating 141 responses via Google Forms survey distributed on social media. Responses were collected between October 2024 - December 2024 using purposive sampling. Data were examined by utilizing SmartPLS 3.

Results/findings: The findings reveal that financial literacy and cognitive biases positively influence stock investment decisions. Furthermore, this research also displays that overconfidence bias moderates the relationship between financial literacy and investment decision, exhibiting negative impact.

Conclusion: This study concludes that financial literacy and cognitive biases depict a significant role in forming investment decisions, emphasizing the importance for improved financial education to mitigate biases.

Limitations: This study concentrates on a particular age group of investors in Jakarta, restricting its generalizability to the broader population of Indonesian investors.

Contribution: This study enriches existing literature on investment decisions by highlighting the moderating role of overconfidence bias. Additionally, it underscores the importance of enhancing financial literacy in Indonesia to optimize investment decisions and reduce unnecessary losses.

Keywords:
1. Availability Bias
2. Cognitive Biases
3. Financial Literacy
4. Overconfidence Bias
5. Stock Market Investment Decisions
Authors:
1 . Christy Jonathan
2 . Bayu Laksma Pradana
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How to Cite
Jonathan, C., & Pradana, B. L. (2025). Dampak Literasi Keuangan dan Bias Kognitif terhadap Keputusan Investasi: Sebuah Analisis. Jurnal Akuntansi, Keuangan, Dan Manajemen, 6(4), 917–933. https://doi.org/10.35912/jakman.v6i4.4413
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Vol. 6 No. 4 (2025): September
Articles
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References

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    Ahmad, M., & Shah, S. Z. A. (2022). Overconfidence heuristic-driven bias in investment decision-making and performance: mediating effects of risk perception and moderating effects of financial literacy. Journal of Economic and Administrative Sciences, 38(1), 60-90.

    Aisa, N. N. (2021). Do financial literacy and technology affect intention to invest in the capital market in the early pandemic period. Journal of Accounting and Investment, 23(1), 49-65.

    Augier, M. (2002). Administrative Behavior: A Study of Decision?Making Processes in Administrative Organizations: Oxford University Press Oxford, UK.

    Baihaqqy, M. R. I., Disman, N., Sari, M., & Ikhsan, S. (2020). The effect of financial literacy on the investment decision. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 3(4), 3073-3083. doi:https://doi.org/10.33258/birci.v3i4.1333

    Balakrishnan, J., & Griffiths, M. D. (2018). Loyalty towards online games, gaming addiction, and purchase intention towards online mobile in-game features. Computers in Human Behavior, 87, 238-246. doi:https://doi.org/10.1016/j.chb.2018.06.002

    Dhungana, B. R., Bhandari, S., Ojha, D., & Sharma, L. K. (2022). Effect of cognitive biases on investment decision making: A case of Pokhara Valley, Nepal. Quest Journal of Management and Social Sciences, 4(1), 71-84. doi:https://doi.org/10.3126/qjmss.v4i1.45868

    Fridana, I. O., & Asandimitra, N. (2020). Analisis faktor yang memengaruhi keputusan investasi (studi pada mahasiswi di Surabaya). Jurnal Muara Ilmu Ekonomi Dan Bisnis, 4(2), 396-405. doi:https://doi.org/10.24912/jmieb.v4i2.8729

    Ghozali, I. (2016). Aplikasi Analisis Multivariate dengan Program IBM SPSS 23. . Semarang: Badan Penerbit Universitas Diponegoro.

    Gunawan, C., & Hapsari, N. (2023). Analisis Fundamental untuk Menilai Saham dengan Metode Valuasi Relatif terhadap Keputusan Investasi. Jurnal Akuntansi, Keuangan, Dan Manajemen, 5(1), 53-67. doi:https://doi.org/10.35912/jakman.v5i1.2262

    Hair, J. F. (2014). A primer on partial least squares structural equation modeling (PLS-SEM): sage.

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    Hidayat, F., Hernisawati, H., & Maba, A. P. (2021). Dampak penggunaan gadget terhadap kepribadian anak sekolah dasar: studi kasus pada siswa ‘X’. Jurnal Humaniora dan Ilmu Pendidikan, 1(1), 1-13. doi:https://doi.org/10.35912/jahidik.v1i1.226

    Jonathan, R., & Sumani, S. (2021). Millennial Investment Decision Analysis. Business and Entrepreneurial Review, 21(2), 279-296.

    Kartini, K., & NAHDA, K. (2021). Behavioral biases on investment decision: A case study in Indonesia. The Journal of Asian Finance, Economics and Business (JAFEB), 8(3), 1231-1240. doi:https://doi.org/10.13106/jafeb.2021.vol8.no3.1231

    Keuangan., O. J. (2024). OJK dan BPS umumkan hasil survei nasional literasi dan inklusi keuangan tahun 2024.

    Khan, M. S. R., Rabbani, N., & Kadoya, Y. (2020). Is financial literacy associated with investment in financial markets in the United States? Sustainability, 12(18), 7370. doi:https://doi.org/10.3390/su12187370

    Kim, D. (2021). Bounded rationality in a P2P lending market. Review of Behavioral Finance, 13(2), 184-201. doi:https://doi.org/10.1108/RBF-10-2019-0141

    Loris, R. P., & Jayanto, P. Y. (2021). The effect of representativeness, availability, anchoring, risk perception, and herding on investment decisions syariah investors. Jurnal Akuntansi ISSN, 2303, 0356. doi:https://doi.org/10.33369/j.akuntansi.11.1.81-92

    Maiziyah, A., Radita.,, & Helmayunita, N. (2023). Pengaruh Representativeness Bias dan Availability Bias terhadap Pengambilan Keputusan Investasi. Jurnal Nuansa Karya Akuntansi. doi:https://doi.org/10.24036/jnka.v1i3.33

    Malkan, M., Malarangan, H., & Nurdin, N. (2022). The effect of financial literacy and knowledge of capital market on intention to invest on Islamic Stock Exchange. International Journal of Current Science Research and Review, 5(02), 363-374. doi:https://doi.org/10.47191/ijcsrr/V5-i2-09

    Manurung, A. H., & Sembel, R. (2023). The Effect of Availability Bias and Representativeness Bias on Investment Decisions Among Millennials and Gen Z in Indonesia. Tekmapro, 18(2), 47-58. doi:https://doi.org/10.33005/tekmapro.v18i2.337

    Morelli, M., Casagrande, M., & Forte, G. (2022). Decision making: A theoretical review. Integrative Psychological and Behavioral Science, 56(3), 609-629. doi:https://doi.org/10.1007/s12124-021-09669-x

    Natasya, N., Kusumastuti, D. H., Alifia, W., & Leon, F. M. (2022). The effect between behavioral biases and investment decisions moderated by financial literacy on the millennial generation in Jakarta. The Accounting Journal of Binaniaga, 7(1), 113-126. doi:https://doi.org/10.33062/ajb.v7i1.502

    Novianto, J., & Robin, R. (2021). Investor’ s behavior and stock investment decision in batam city. Akuntabel: Jurnal Ekonomi dan Keuangan, 18(3), 532-542. doi:https://doi.org/10.30872/jakt.v18i3.10029

    Poudel, A., Bhusal, S., & Pathak, D. D. (2024). Behaviour bias and investment decision in Nepalese investors. International Journal of Business and Management, 19(2), 85-105. doi:https://doi.org/10.5539/ijbm.v19n2p85

    Puspawati, D., & Yohanda, A. R. (2022). Bias Perilaku Pada Keputusan Investasi Generasi Muda. Akuntabilitas, 16(1), 41-60. doi:https://doi.org/10.29259/ja.v16i1.15724

    Ramadhan, D., Asri, H. R., Gisijanto, H. A., Hartanti, N. D., & Setyarini, E. (2023). Pengaruh Persepsi Kemudahan, Persepsi Manfaat, Gaya Hidup dan Literasi Keuangan Digital Terhadap Keputusan Penggunaan QRIS pada Generasi Muda. Revenue: Lentera Bisnis Manajemen, 1(04), 162-170. doi:https://doi.org/10.59422/lbm.v1i04.168

    Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill building approach: john wiley & sons.

    Seraj, A. H. A., Alzain, E., & Alshebami, A. S. (2022). The roles of financial literacy and overconfidence in investment decisions in Saudi Arabia. Frontiers in Psychology, 13, 1005075. doi:https://doi.org/10.3389/fpsyg.2022.1005075

    Simon, H. A. (1972). Theories of bounded rationality. Decision and organization, 1(1), 161-176.

    Spivak, I., Mihus, I., & Greben, S. (2024). Financial Literacy and Government Policies: An International Study. Public Administration and Law Review(2 (18)), 21-33. doi:https://doi.org/10.36690/2674-5216-2024-2-21-33

    Sudirman, W. F. R., Winario, M., Priyatno, A. M., & Assyifa, Z. (2023). Risk Tolerance: Heuristic Bias Towards Investment Decision Making. Jurnal Manajemen Teori dan Terapan, 16(2). doi:https://doi.org/10.20473/jmtt.v16i2.47471

    Widya, W., Yulia, D., & Selasi, D. (2024). Analisis Faktor yang Mempengaruhi Minat Mahasiswa dalam Investasi di Pasar Modal Syariah. Jurnal Syntax Admiration, 5(9), 3604-3615. doi:https://doi.org/10.46799/jsa.v5i9.1608

    Wijoyo, F., & Arifin, A. Z. (2024). OVERCONFIDENCE BIAS IN INVESTMENT DECISIONS ON INDONESIAN STOCK MARKET. International Journal of Application on Economics and Business, 2(2), 3430-3439. doi:https://doi.org/10.24912/ijaeb.v2i2.3430-3439

    Wirayana, I. M. A. (2023). Pengaruh Heuristik pada Keputusan Investasi Generasi Muda di Kota Denpasar. KOLONI, 2(1), 262-269. doi:https://doi.org/10.31004/koloni.v2i1.441

    Yeh, T.-m., & Ling, Y. (2022). Confidence in financial literacy, stock market participation, and retirement planning. Journal of Family and Economic Issues, 43(1), 169-186. doi:https://doi.org/10.1007/s10834-021-09769-1

    Zafar, S., Ashraf, S., & Raza, T. (2024). The investment decision-making: understanding overconfidence, herding and risk aversion among individual investors. Journal of Social Sciences Development, 3(1), 32-44. doi:https://doi.org/10.53664/JSSD/03-01-2024-03-32-44

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  2. Ahmad, M., & Shah, S. Z. A. (2022). Overconfidence heuristic-driven bias in investment decision-making and performance: mediating effects of risk perception and moderating effects of financial literacy. Journal of Economic and Administrative Sciences, 38(1), 60-90.
  3. Aisa, N. N. (2021). Do financial literacy and technology affect intention to invest in the capital market in the early pandemic period. Journal of Accounting and Investment, 23(1), 49-65.
  4. Augier, M. (2002). Administrative Behavior: A Study of Decision?Making Processes in Administrative Organizations: Oxford University Press Oxford, UK.
  5. Baihaqqy, M. R. I., Disman, N., Sari, M., & Ikhsan, S. (2020). The effect of financial literacy on the investment decision. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 3(4), 3073-3083. doi:https://doi.org/10.33258/birci.v3i4.1333
  6. Balakrishnan, J., & Griffiths, M. D. (2018). Loyalty towards online games, gaming addiction, and purchase intention towards online mobile in-game features. Computers in Human Behavior, 87, 238-246. doi:https://doi.org/10.1016/j.chb.2018.06.002
  7. Dhungana, B. R., Bhandari, S., Ojha, D., & Sharma, L. K. (2022). Effect of cognitive biases on investment decision making: A case of Pokhara Valley, Nepal. Quest Journal of Management and Social Sciences, 4(1), 71-84. doi:https://doi.org/10.3126/qjmss.v4i1.45868
  8. Fridana, I. O., & Asandimitra, N. (2020). Analisis faktor yang memengaruhi keputusan investasi (studi pada mahasiswi di Surabaya). Jurnal Muara Ilmu Ekonomi Dan Bisnis, 4(2), 396-405. doi:https://doi.org/10.24912/jmieb.v4i2.8729
  9. Ghozali, I. (2016). Aplikasi Analisis Multivariate dengan Program IBM SPSS 23. . Semarang: Badan Penerbit Universitas Diponegoro.
  10. Gunawan, C., & Hapsari, N. (2023). Analisis Fundamental untuk Menilai Saham dengan Metode Valuasi Relatif terhadap Keputusan Investasi. Jurnal Akuntansi, Keuangan, Dan Manajemen, 5(1), 53-67. doi:https://doi.org/10.35912/jakman.v5i1.2262
  11. Hair, J. F. (2014). A primer on partial least squares structural equation modeling (PLS-SEM): sage.
  12. Hidayat, F., & Hartono, U. (2022). Factors affecting financial investment decisions: undergraduate student context. BISMA (Bisnis dan Manajemen), 15, 40-59. doi:http://dx.doi.org/10.26740/bisma.v15n1.p40-59
  13. Hidayat, F., Hernisawati, H., & Maba, A. P. (2021). Dampak penggunaan gadget terhadap kepribadian anak sekolah dasar: studi kasus pada siswa ‘X’. Jurnal Humaniora dan Ilmu Pendidikan, 1(1), 1-13. doi:https://doi.org/10.35912/jahidik.v1i1.226
  14. Jonathan, R., & Sumani, S. (2021). Millennial Investment Decision Analysis. Business and Entrepreneurial Review, 21(2), 279-296.
  15. Kartini, K., & NAHDA, K. (2021). Behavioral biases on investment decision: A case study in Indonesia. The Journal of Asian Finance, Economics and Business (JAFEB), 8(3), 1231-1240. doi:https://doi.org/10.13106/jafeb.2021.vol8.no3.1231
  16. Keuangan., O. J. (2024). OJK dan BPS umumkan hasil survei nasional literasi dan inklusi keuangan tahun 2024.
  17. Khan, M. S. R., Rabbani, N., & Kadoya, Y. (2020). Is financial literacy associated with investment in financial markets in the United States? Sustainability, 12(18), 7370. doi:https://doi.org/10.3390/su12187370
  18. Kim, D. (2021). Bounded rationality in a P2P lending market. Review of Behavioral Finance, 13(2), 184-201. doi:https://doi.org/10.1108/RBF-10-2019-0141
  19. Loris, R. P., & Jayanto, P. Y. (2021). The effect of representativeness, availability, anchoring, risk perception, and herding on investment decisions syariah investors. Jurnal Akuntansi ISSN, 2303, 0356. doi:https://doi.org/10.33369/j.akuntansi.11.1.81-92
  20. Maiziyah, A., Radita.,, & Helmayunita, N. (2023). Pengaruh Representativeness Bias dan Availability Bias terhadap Pengambilan Keputusan Investasi. Jurnal Nuansa Karya Akuntansi. doi:https://doi.org/10.24036/jnka.v1i3.33
  21. Malkan, M., Malarangan, H., & Nurdin, N. (2022). The effect of financial literacy and knowledge of capital market on intention to invest on Islamic Stock Exchange. International Journal of Current Science Research and Review, 5(02), 363-374. doi:https://doi.org/10.47191/ijcsrr/V5-i2-09
  22. Manurung, A. H., & Sembel, R. (2023). The Effect of Availability Bias and Representativeness Bias on Investment Decisions Among Millennials and Gen Z in Indonesia. Tekmapro, 18(2), 47-58. doi:https://doi.org/10.33005/tekmapro.v18i2.337
  23. Morelli, M., Casagrande, M., & Forte, G. (2022). Decision making: A theoretical review. Integrative Psychological and Behavioral Science, 56(3), 609-629. doi:https://doi.org/10.1007/s12124-021-09669-x
  24. Natasya, N., Kusumastuti, D. H., Alifia, W., & Leon, F. M. (2022). The effect between behavioral biases and investment decisions moderated by financial literacy on the millennial generation in Jakarta. The Accounting Journal of Binaniaga, 7(1), 113-126. doi:https://doi.org/10.33062/ajb.v7i1.502
  25. Novianto, J., & Robin, R. (2021). Investor’ s behavior and stock investment decision in batam city. Akuntabel: Jurnal Ekonomi dan Keuangan, 18(3), 532-542. doi:https://doi.org/10.30872/jakt.v18i3.10029
  26. Poudel, A., Bhusal, S., & Pathak, D. D. (2024). Behaviour bias and investment decision in Nepalese investors. International Journal of Business and Management, 19(2), 85-105. doi:https://doi.org/10.5539/ijbm.v19n2p85
  27. Puspawati, D., & Yohanda, A. R. (2022). Bias Perilaku Pada Keputusan Investasi Generasi Muda. Akuntabilitas, 16(1), 41-60. doi:https://doi.org/10.29259/ja.v16i1.15724
  28. Ramadhan, D., Asri, H. R., Gisijanto, H. A., Hartanti, N. D., & Setyarini, E. (2023). Pengaruh Persepsi Kemudahan, Persepsi Manfaat, Gaya Hidup dan Literasi Keuangan Digital Terhadap Keputusan Penggunaan QRIS pada Generasi Muda. Revenue: Lentera Bisnis Manajemen, 1(04), 162-170. doi:https://doi.org/10.59422/lbm.v1i04.168
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  31. Simon, H. A. (1972). Theories of bounded rationality. Decision and organization, 1(1), 161-176.
  32. Spivak, I., Mihus, I., & Greben, S. (2024). Financial Literacy and Government Policies: An International Study. Public Administration and Law Review(2 (18)), 21-33. doi:https://doi.org/10.36690/2674-5216-2024-2-21-33
  33. Sudirman, W. F. R., Winario, M., Priyatno, A. M., & Assyifa, Z. (2023). Risk Tolerance: Heuristic Bias Towards Investment Decision Making. Jurnal Manajemen Teori dan Terapan, 16(2). doi:https://doi.org/10.20473/jmtt.v16i2.47471
  34. Widya, W., Yulia, D., & Selasi, D. (2024). Analisis Faktor yang Mempengaruhi Minat Mahasiswa dalam Investasi di Pasar Modal Syariah. Jurnal Syntax Admiration, 5(9), 3604-3615. doi:https://doi.org/10.46799/jsa.v5i9.1608
  35. Wijoyo, F., & Arifin, A. Z. (2024). OVERCONFIDENCE BIAS IN INVESTMENT DECISIONS ON INDONESIAN STOCK MARKET. International Journal of Application on Economics and Business, 2(2), 3430-3439. doi:https://doi.org/10.24912/ijaeb.v2i2.3430-3439
  36. Wirayana, I. M. A. (2023). Pengaruh Heuristik pada Keputusan Investasi Generasi Muda di Kota Denpasar. KOLONI, 2(1), 262-269. doi:https://doi.org/10.31004/koloni.v2i1.441
  37. Yeh, T.-m., & Ling, Y. (2022). Confidence in financial literacy, stock market participation, and retirement planning. Journal of Family and Economic Issues, 43(1), 169-186. doi:https://doi.org/10.1007/s10834-021-09769-1
  38. Zafar, S., Ashraf, S., & Raza, T. (2024). The investment decision-making: understanding overconfidence, herding and risk aversion among individual investors. Journal of Social Sciences Development, 3(1), 32-44. doi:https://doi.org/10.53664/JSSD/03-01-2024-03-32-44