Investment Behavioral Biases in Indonesia Millennial Investors Behavior during Pandemic

Purpose: Digital financial inclusion era has brought Indonesian people to gain interest in sector by accessing more resources literature. During Covid-19 Pandemic, there was a unique phenomenon occurred where the price going down but number of individual investors, dominated millennial, increasing. This paper aimed examine behavioral biases that may influence millennial investors during investment decision making process. The main focus is examining possibility given effects from overconfidence, disposition effect, and loss aversion also mediating effect for literature.
 Method: Using purposive sampling, total 1,035 valid respondents were collected using Google Form questionnaire. Structural Equation Modeling (SEM) analysis conducted as quantitative chosen method condition.
 Result: Overconfidence, are proven positively affect decisions Millennial Investors Pandemic. Additionally, literature receive overconfidence decision, over all other independent variables. study believed broaden insight, especially terms process bias.