Financial Confidence dan Kompetensi dalam Kualitas Keputusan Investasi Individu
Keywords:
financial confidence, investment decisions, overconfidence, behavioral finance, risk tolerance, financial literacy, gender differencesAbstract
This research examines how financial confidence influences individual investment decisions and identifies factors moderating this relationship. Synthesis of literature from behavioral finance, cognitive psychology, and household economics reveals that financial confidence positively affects market participation and allocation to risky assets, but overconfidence leads to overtrading and under-diversification that reduce investment performance. This relationship is moderated by prior investment experience, where experienced investors show better confidence calibration; objective financial literacy, which exhibits an inverted U-shaped relationship with confidence; gender, with women tending to be underconfident and men overconfident; perceived risk tolerance, where the combination of high confidence and high risk tolerance is most detrimental; social support and professional advice, which helps moderately confident investors but is ignored by overconfident ones; and information environment and loss experience, which can permanently alter confidence levels. The balance between confidence and competence, along with accurate calibration between belief and reality, is key to optimal investment decisions.
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