Tujuan dari penelitian ini untuk menganalisis pengaruh Bias Perilaku Ikut-ikutan, Kepercayaan Diri Berlebihan dan Toleransi Risiko terhadap keputusan investasi serta menguji peran literasi keuangan digital sebagai variabel moderasi pada mahasiswa Fakultas Ekonomi dan Bisnis Universitas Kuningan. Penelitian menggunakan metode deskriptif dengan pendekatan kuantitatif. Data diperoleh melalui penyebaran kuesioner kepada 97 responden dan dianalisis menggunakan Moderated Regression Analysis (MRA) dengan bantuan IBM SPSS Statistics 26. Hasil penelitian menunjukkan bahwa Bias Perilaku Ikut-ikutan, Kepercayaan Diri Berlebihan dan Toleransi Risiko berpengaruh positif dan signifikan terhadap keputusan investasi. Selain itu, literasi keuangan digital mampu memoderasi pengaruh Bias Perilaku Ikut-ikutan dan Kepercayaan Diri Berlebihan terhadap keputusan investasi. Namun, literasi keuangan digital tidak mampu memoderasi pengaruh toleransi risiko terhadap keputusan investasi.

This study aimed to analyze the influence of herding bias, overconfidence, and risk tolerance on investment decisions and to examine the moderating role of digital financial literacy among students of the Faculty of Economics and Business, Kuningan University. The study employed a descriptive method with a quantitative approach. Data were collected through questionnaires distributed to 97 respondents and were analyzed using Moderated Regression Analysis (MRA) with the assistance of IBM SPSS Statistics 26. The results showed that herding bias, overconfidence, and risk tolerance had a positive and significant effect on investment decisions. Furthermore, digital financial literacy was found to moderate the influence of herding bias and overconfidence on investment decisions. However, digital financial literacy was not able to moderate the influence of risk tolerance on investment decisions.