PERILAKU HERDING DAN OVERCONFIDENCE: MENJELAJAHI PENGARUH MEDIA SOSIAL TERHADAP KEPUTUSAN INVESTASI GENERASI Z
Abstract
This study aims to examine the influence of behavioral biases including overconfidence, loss aversion, herding behavior, confirmation bias, and Fear of Missing Out (FOMO) as well as the roles of social media, influencers, and financial literacy on investment decisions among Generation Z in Indonesia. A qualitative approach was employed through in-depth interviews with five investors aged 18–25 who have experience investing in stocks and/or cryptocurrencies. Data were analyzed using thematic analysis to identify patterns and themes related to investment decision-making. The findings indicate that Generation Z’s investment decisions are more influenced by psychological and social factors than by rational analysis; herding behavior and FOMO drive impulsive actions, while overconfidence increases overestimation of personal analytical ability. Influencers and social media content reinforce biased risk perceptions, whereas financial literacy, although adequate regarding basic investment concepts, is insufficient to fully mitigate the effects of behavioral biases. These results highlight the dominant role of social media and psychological factors in shaping Generation Z’s investment decisions, suggesting the need for interventions such as financial education, information verification, portfolio diversification, and regulatory oversight of investment promotions. This study contributes to behavioral finance literature and provides practical guidance for enhancing the quality of investment decisions among young investors in the digital era.
Keywords: Z, Investment Decisions, Behavioral Bias, Financial Literacy, Social Media
References
Addinpujoartanto, A., & Darmawan, A. (2020). Pengaruh overconfidence, regret aversion, loss aversion, dan herding bias terhadap keputusan investasi investor ritel di Indonesia. Jurnal Manajemen dan Bisnis, 7(2), 115–128.
Amalia, R., & Krisnawati, A. (2023). Pengaruh bias kognitif dan literasi keuangan terhadap keputusan investasi generasi Z di Bandung Raya. Jurnal Keuangan dan Perbankan, 27(1), 45–60.
Anwar, M., Wijaya, A., & Amelinda, R. (2020). Analisis pengaruh herding behavior terhadap keputusan dan kinerja investasi investor individu. Jurnal Akuntansi dan Investasi, 21(2), 230–242.
Aulia, R., dkk. (2024). Literasi keuangan dan pengaruhnya terhadap keputusan investasi generasi Z. Jurnal Ekonomi dan Bisnis Indonesia, 39(1), 55–70.
Barber, B. M., & Odean, T. (2000). Trading is hazardous to your wealth: The common stock investment performance of individual investors. Journal of Finance, 55(2), 773–806. https://doi.org/10.1111/0022-1082.00226
Bouoiyour, J., & Selmi, R. (2015). Bitcoin price: Is it really driven by its fundamentals? Economics Bulletin, 35(4), 2769–2778.
Gunanto, E., & Kusuma, H. (2023). Herding behavior, illusion of control, dan keputusan investasi cryptocurrency generasi Z. Jurnal Manajemen Keuangan, 12(2), 89–104. –
Gufron, M., & Wibowo, A. (2021). Bias perilaku investor generasi Z di pasar modal Indonesia. Jurnal Riset Akuntansi dan Keuangan, 9(3), 511–526.
Hidayat, A. N., Wijayantini, B., & Puspitadewi, I. (2022). Literasi investasi, persepsi risiko, dan efikasi finansial terhadap perilaku investasi mahasiswa generasi Z. Jurnal Pendidikan Ekonomi, 15(2), 134–148.
Holly, A., Jao, R., & Limang, Y. (2022). Pengaruh loss aversion, regret aversion, dan overconfidence terhadap keputusan investasi investor ritel. Jurnal Akuntansi Kontemporer, 14(1), 21–35.
Howe, N., & Strauss, W. (2000). Millennials rising: The next great generation. New York: Vintage Books.
Humairo, S., & Panuntun, B. (2022). Bias perilaku dan keputusan investasi mahasiswa generasi Z. Jurnal Manajemen dan Kewirausahaan, 10(1), 44–58.
Humairo, S., & Panuntun, B. (2023). Loss aversion dan keputusan investasi generasi Z di Indonesia. Jurnal Ilmu Manajemen, 11(2), 101–115.
Irti, N., & Amir, A. (2025). Fear of missing out (FOMO), influencer, dan keputusan investasi kripto generasi muda. Jurnal Ekonomi Digital, 4(1), 1–15.
Malik, R., dkk. (2023). Herding behavior dan overconfidence dalam keputusan investasi generasi Z Indonesia. Jurnal Keuangan dan Investasi, 8(2), 77–92.
Marciano, D., Zunairoh, F., & Wijaya, A. (2024). Behavioral bias dan keputusan investasi investor Indonesia. EKUITAS: Jurnal Ekonomi dan Keuangan, 8(1), 1–18.
Mujianah, Anita, & Ermawati. (2025). Pengaruh overconfidence dan herding bias terhadap keputusan investasi generasi Z di Bandar Lampung. Jurnal Manajemen dan Bisnis Syariah, 6(1), 25–39.
Mumpuni, S. (2021). Dasar-dasar investasi dan pengelolaan keuangan pribadi. Jakarta: Gramedia.
Pramesti, D., & Graciafernandy, A. (2024). Literasi keuangan, herding behavior, dan keputusan investasi generasi Z di Kota Semarang. Jurnal Manajemen Keuangan, 13(1), 66–82.
Pratiknjo, H., Wijaya, A., & Marciano, D. (2022). Fear of missing out sebagai variabel mediasi dalam perilaku investasi. Jurnal Psikologi Ekonomi, 4(2), 90–104.
Prodi, A., & Santi, R. (2024). Overconfidence dan frekuensi trading saham generasi Z di Indonesia. Jurnal Pasar Modal, 6(1), 33–47.
Rahmawati, D., & Nugroho, A. (2023). Loss aversion, literasi keuangan, dan intensi investasi saham. Jurnal Ekonomi Modernisasi, 19(2), 145–159.
Ridha, M., & Windarsari, T. (2024). Digital social influence dan keputusan investasi generasi Z. Jurnal Komunikasi Bisnis, 5(1), 88–102.
Salim, M., Sari, P., & Sulastri, E. (2022). Herding behavior dan keputusan investasi cryptocurrency. Jurnal Akuntansi dan Keuangan, 24(1), 12–27.
Santoso, A., & Arifin, Z. (2023). Big five personality traits dan bias perilaku investor. Jurnal Psikologi Terapan, 11(2), 155–170.
Setyaningrum, R., & Wiyatur, R. (2025). Literasi digital dan keputusan investasi kripto generasi Z. Jurnal Teknologi dan Keuangan, 3(1), 40–55.
Shiller, R. J. (2000). Irrational exuberance. Princeton: Princeton University Press.
Syardhana, F., & Prajawati, D. (2025). Overconfidence dan keputusan investasi kripto generasi Z. Jurnal Keuangan Digital, 4(1), 19–34.
Theressa, R., & Armansyah. (2017). Overconfidence dan keputusan investasi pasar modal. Jurnal Riset Manajemen, 6(2), 98–110.
Tversky, A., & Kahneman, D. (1974). Judgment under uncertainty: Heuristics and biases. Science, 185(4157), 1124–1131. https://doi.org/10.1126/science.185.4157.1124
Vitmiasih, R., Maharani, D., & Narullia, D. (2019). Herding effect dan keputusan investasi investor pemula. Jurnal Ekonomi dan Keuangan, 23(3), 201–215.
Yulianti, A., & Hartati, S. (2023). Overconfidence dan keputusan investasi generasi Z. Jurnal Akuntansi dan Keuangan Indonesia, 20(1), 72–88.
Yulianti, A., Syaukat, Y., & Fariyanti, A. (2025). Bias perilaku dan keputusan investasi generasi Z di DKI Jakarta. Jurnal Ekonomi Pembangunan, 26(1), 59–74.
