LITERASI KEUANGAN DAN BIAS PERILAKU: JALAN MENUJU KEPUTUSAN INVESTASI YANG LEBIH RASIONAL

Abstrak

This study examines the influence of behavioral biases—specifically overconfidence, herding, risk aversion, and anchoring—on investment decisions among Generation Z investors in Indonesia. It also explores the moderating role of financial literacy in mitigating the impact of these biases. Using a quantitative approach and data from  Gen Z investors collected via online questionnaires, the study employs Partial Least Squares Structural Equation Modeling (PLS-SEM) for data analysis. The results reveal that all four behavioral biases have a significant positive effect on investment decision-making. However, financial literacy only significantly moderates the effect of anchoring bias, while it fails to moderate the effects of herding and risk aversion biases. Interestingly, financial literacy negatively moderates overconfidence, suggesting that higher financial knowledge can reduce the adverse impact of excessive self-confidence. These findings contribute to the understanding of financial behavior among young investors and emphasize the importance of tailored financial education programs that address specific behavioral tendencies in investment decision-making.

The flash floods that struck North Sumatra at the end of 2025 caused hundreds of fatalities, thousands of displaced residents, and extensive infrastructural damage. Mass media became the primary source of information for the public in understanding the causes, impacts, and responses to the disaster. Therefore, analyzing media coverage is important to reveal how the event is constructed through language. This study aims to analyze the discourse construction of the causes of the flash floods in North Sumatra in three news reports from Kompas TV, TV One, and Tribun News using Teun A. van Dijk’s Critical Discourse Analysis model. The research employed a descriptive qualitative method with a focus on discourse structure, including macrostructure, superstructure, and microstructure. The findings show that the three news articles share the same macrostructure, namely the theme of the flash flood disaster in North Sumatra, but with different emphases according to each media’s reporting interest: disaster causes, casualty data, and international support. In terms of superstructure, the news articles are systematically organized through summary, lead, and content that highlight official data and situational developments. At the microstructure level, scientific details about extreme weather phenomena, disaster-related technical terminology, and empathetic expressions are used to construct the view that the disaster is a critical situation requiring swift response. Overall, the media construct the disaster as a major event caused by natural factors, thus demanding collective attention for its mitigation.