ANALISIS PENGARUH FINANCIAL LITERACY, OVERCONFIDENCE BIAS, DAN HERDING BEHAVIOR TERHADAP KEPUTUSAN INVESTASI PADA PARA PEKERJA MILENIAL DAN GEN Z DI SURABAYA

AN ANALYSIS OF THE EFFECT OF FINANCIAL LITERACY, OVERCONFIDENCE BIAS, AND HERDING BEHAVIOR ON INVESTMENT DECISIONS OF MILLENNIAL AND GEN Z WORKERS IN SURABAYA

Penelitian ini bertujuan untuk menguji pengaruh financial literacy, overconfidence bias, dan herding behavior terhadap keputusan investasi di kalangan pekerja Milenial dan Generasi Z di Surabaya. Penelitian ini mengadopsi pendekatan kuantitatif dengan desain eksploratif untuk menganalisis hubungan kausal antar variabel. Data primer dikumpulkan melalui penyebaran kuesioner kepada responden yang jumlahnya ditentukan menggunakan rumus lemeshow, sehingga diperoleh sebanyak 100 responden. Analisis data dilakukan menggunakan metode Structural Equation Modeling berbasis Partial Least Squares (SEM-PLS) dengan bantuan perangkat SmartPLS 4. Hasil penelitian menunjukkan bahwa financial literacy, overconfidence bias, dan herding behavior berpengaruh positif terhadap keputusan investasi.

Kata Kunci : Financial Literacy, Overconfidence Bias, Herding Behavior, Keputusan Investasi

This study aims to examine the influence of financial literacy, overconfidence bias, and herding behavior on investment decisions among Millennial and Generation Z workers in Surabaya. This study adopted a quantitative approach with an exploratory design to analyze the causal relationships between variables. Primary data were collected through the distribution of questionnaires to respondents, with the sample size determined using the lemeshow formula, resulting in a total of 100 respondents. Data analysis was conducted using the Structural Equation Modeling based on Partial Least Squares (SEM-PLS) method with the assistance of SmartPLS 4 software. The results showed that financial literacy, overconfidence bias, and herding behavior have a positive effect on investment decisions.

Keywords : Financial Literacy, Overconfidence Bias, Herding Behavior, Investment Decision