Peran Digital Financial Literacy Dan Literasi Keuangan Dalam Memoderasi Overconfidence Bias Pada Pengambilan Keputusan Investasi Saham Generasi Milenial

Setelah merebaknya kasus Covid-19, para pakar membahas dampak pandemi terhadap pasar keuangan maupun perilaku para investor. Ekspektasi investor individu menjadi lebih berbasis momentum sehingga pesimis dalam jangka pendek namun tetap optimis dalam melihat ekonomi jangka panjang. Hal ini terbukti dengan meningkatnya jumlah investor pada masa pandemi. Dilansir dari KSEI jumlah investor saham mengalami peningkatan yang signifikan mulai 2019 hingga 2022. Investor saham di Indonesia mulai didominasi oleh generasi milenial. Dominasi generasi milenial dalam investasi saham salah satunya disebabkan kemudahan dalam membuka rekening investasi secara online. Kemudahan ini membuktikan kemajuan financial technology di bidang investasi. Akan tetapi, fenomena ini bertolak belakang dengan tingkat literasi keuangan nasional yang hanya sebesar 38,03%. Angka ini dinilai tidak dapat menjamin kemampuan dan kecakapan investor dalam melakukan aktivitas investasi. Oleh karena itu, tujuan penelitian ini untuk mengetahui apakah keputusan investasi saham generasi milenial dipengaruhi oleh overconfidence bias dan apakah terdapat pengaruh digital financial literacy maupun literasi keuangan dalam memoderasi overconfidence bias para investor milenial dalam pengambilan keputusan investasi saham. Data yang digunakan dalam penelitian yaitu data primer. Pengumpulan data dilakukan secara online melalui kuesioner. Data kemudian dianalisis dengan metode PLS-SEM. Hasil penelitian menunjukkan bahwa overconfidence bias berpengaruh positif terhadap keputusan investasi saham generasi milenial. Variabel moderasi yaitu digital financial literacy mampu memperkuat overconfidence bias terhadap keputusan investasi saham generasi milenial. Variabel moderasi lainnya literasi keuangan juga mampu memoderasi dengan memperlemah overconfidence bias terhadap keputusan investasi saham generasi milenial. ======================================================================================================================================= After the outbreak of the Covid-19 case, experts discussed the impact of the pandemic on financial markets and investor behavior. Individual investors' expectations are becoming more momentum-based so that they are pessimistic in the short term but remain optimistic in looking at the long-term economy. This is proven by the increasing number of investors during the pandemic. Reporting from KSEI, the number of stock investors has increased significantly from 2019 to 2022. Stock investors in Indonesia are starting to be dominated by the millennial generation. One of the reasons for the domination of the millennial generation in stock investment is the ease of opening an investment account online. This convenience proves the progress of financial technology in the investment sector. However, this phenomenon is in contrast to the national financial literacy rate of only 38.03%. This figure is considered unable to guarantee the ability and skills of investors in carrying out investment activities. Therefore, the purpose of this study is to find out whether millennial generation stock investment decisions are influenced by overconfidence bias and whether there is an influence of digital financial literacy and financial literacy in moderating the overconfidence bias of millennial investors in making stock investment decisions. The data used in this research is primary data. The data collection was carried out online through a questionnaire. The data were then analyzed using the PLS-SEM method. The results of the study show that overconfidence bias has a positive effect on millennial generation stock investment decisions. The moderating variable, namely digital financial literacy, is able to strengthen the overconfidence bias towards millennial generation stock investment decisions. Another moderating variable is that financial literacy is also able to moderate by weakening the overconfidence bias towards millennial generation stock investment decisions