How financial literacy moderate the association between behaviour biases and investment decision?

Purpose The purpose of the study is to examine impact behavioural biases (i.e. overconfidence, risk-aversion, herding and disposition) on investment decisions amongst gender. authors further moderation effect financial literacy in relationship between behaviour Design/methodology/approach considered a cross-sectional research design. For this survey, data have been collected through structured questionnaire from 253 individual investors Delhi-NCR region. To analyse validity reliability, Pearson correlation Cronbach's alpha test taken into account respectively. testing hypothesis, hierarchical regression analysis has used study. Findings results reveal that male investors, influence risk-aversion decision was negative statistically significant, while overconfidence positive significant. However, disposition found insignificant. stated female insignificant decision. It observed significantly influenced investors. interaction by literacy. with remaining three biases, i.e. for were significant Research limitations/implications Based present finding, more productive portfolio manager policymakers at time making an based their biases. recommends need training programmes, workshops seminars enhance knowledge which helps them overcome Originality/value current aims explore whether several can affect Moreover, would like these associations are moderated In sense, might also show substantial part prediction investments. be first examines