THE INFLUENCE OF DEMOGRAPHIC FACTORS AND FINANCIAL LITERACY ON INVESTMENT DECISIONS MEDIATED BY BEHAVIORAL FINANCE (EMPIRICAL STUDY: ON CAPITAL MARKET INVESTORS IN DKI JAKARTA

: Financial literacy is only one of many aspects that have a role in the choice of investments to make. This study investigates how knowledge of behavioral finance might influence investing choices for those with a basic understanding of personal finance. In this study, we used a structural equation modeling (SEM) approach. This finding demonstrates that financial knowledge has a role in moderating undesirable actions. Similarly, investment choices benefit from both financial knowledge and behavioral finance as a mediator. Market momentum may be gained if individual investors engage in behavior that can be managed via careful preparation and the use of sound financial principles. Which aids in maximizing profit, improving investment and portfolio performance, minimizing risk, making more informed investment decisions, and coming up with effective trading methods.


INTRODUCTION
Putting money into assets with the expectation of a return or increase in value requires taking certain risks over a long period of time (Sarkar and Sahu, 2018).Consumption today is a form of sacrifice for profit later in the process.
Putting aside money or other resources in the hope of making a profit in the future is a kind of sacrifice.It involves managing an individual's assets and level of wealth by comparing the current value of wealth or assets with their future value.Individuals who carry out the investment process, both on behalf of the company and as individuals who set aside assets, are called investors (Jensen and Jones, 2020).These investors can be said to be the main pillars in the investment world (Sarkar and Sahu, 2018).Conversely, if the risk is low, the rate of return obtained also tends to be low.
Although there are some investments that are considered risk free, there are still small risks that may occur (Jensen and Jones, 2020).Meanwhile, in the context of time, investment is related to the term of the asset invested.The rate of return generated is related to a certain level of risk, and this affects the choice of investment products for investors.
Therefore, investment can be considered a sacrifice, because investors set aside some of their wealth or assets to invest in a certain period of time.However, there is no guarantee that investors will get optimal returns or increase their wealth or assets.In fact, there is a risk of loss that must be considered.Therefore, making investments requires high commitment (Baker, Nofsinger, and Spieler, 2020).
Investment has a wide range and scope, both in terms of the type of activity and the type of investment product.One commonly known form of investment is real investment (economic investment), which involves the purchase of physical assets such as buildings, land, physical gold, and the like.These assets have a form that can be seen or felt physically.On the other hand, there are also investments that are not physically

Research Population
A population is a collection of people, activities, or items that researchers find interesting (Sekaran &; Bougie, 2016, p.Based on table 1 it can be obtained that for all variables obtained valid results, this can be seen from the value of the loading factor for the twelve indicators, which is greater than 0.5.

CFA Behavioral Finance Test
In the Behavioral Finance variable , there are 24 indicators used to measure, each indicator can be seen the loading factor value to measure whether the indicator is valid or not.Based on table 2 it can be obtained that for all indicators obtained valid results, this can be seen from the loading factor value for the 24 indicators, which is greater than 0.5.

Test CFA Investment Decisions
In the Investment Decision variable, there are 7 indicators used to measure, each indicator can be seen the loading factor value to measure whether or not the indicator is valid.(Hair, 2018).Based on the research model in table 4.10, the results of the Goodness of Fit assessment are obtained, where this research model has twelve (12) fit model evaluations and three (3) marginal ones, so that it can be concluded that the research model is fit and can be continued for the hypothesis analysis process.

Hypothesis testing (influence between variables) directly
Hypothesis testing is done after the research model can be considered fit.While the basis for decision making in hypothesis testing is as follows: • If the P (Probability) value > 0.05 or CR < 1.96, then Ha is rejected and H0 is accepted (no effect) • If the P (Probability) value ≤ 0.05 and CR ≥ 1.96 then Ha is accepted and H0 is rejected (there is an effect) Hypothesis testing is carried out by looking at the results of standardized regression weight.Table 4 and table 5 describe the results of structural model estimation as well as the decisions of each hypothesis: Decisions show a probability value (P) = 0.000 and a C.R value of 3.732.Based on these results, the third hypothesis is accepted, so that it can be interpreted that there is a significant relationship between the influence of Behavioral Finance on Investment Decisions.Given that the coefficient shows positive results, it means that the relationship between the two variables is positive, meaning that the higher respondents perceive Behavioral Finance, the higher the Investment Decision.

Direct, Indirect and Total Influence
The analysis was conducted to determine the magnitude of the coefficient of direct, indirect influence, and total influence of all research variables.(2020).

The Relationship of Behavioral
Finance Influence on Investment

Decisions
Behavioral Finance has a positive and significant effect on investment decisions, so the 5th hypothesis is accepted.The higher / positive behavioral finance, the higher / more positive investment decisions.

CONCLUSION
The results showed that financial literacy is a supporting factor for investors in reducing behavior, avoiding risk and emotional, illustrating the commitment and level of investor participation as well as decision making that tends to be rational and changes investor behavior to be more positive, which will produce quality investors.
Therefore, there is a positive influence of financial literacy on behavioral finance in the stock market.
In addition, financial literacy and the interrelated characteristics of risk and return.The greater the potential reward, 989| The Influence Of Demographic Factors And Financial Literacy On Investment Decisions Mediated By Behavioral Finance (Empirical Study: On Capital Market Investors In DKI Jakarta) the greater the associated risk.

Figure
Figure 1 Research Framework 236).Population according to Sugiyono (2019) is the sum of the parts used to form a broad conclusion; It consists of objects and people that possess certain qualities and in relation to whom the researcher will conduct an investigation.Drawn.

Figure 2 .
Figure 2. Number of Capital Market Investors This test is done to determine the validity of the construct or to find out whether each indicator can explain the existing construct.Indicators used as a measure of the validity of research variables are indicators that have a loading factor or estimate > 0.5 while indicators below < 0.5 are eliminated from the model.Figure 4.1 shows the CFA assay for exogenous (independent) and endogenous (dependent) variables using the AMOS program.

Figure 4
Figure 4 Complete SEM Model Source: Data Processing Results (2023) Especially loose aversion and regret aversion tends to occur in general or almost all investors.Where Baker and Puttonen (2017) argue Emotional Bias It is a cognitive deviation in investment decision making based on emotional factors and tends to be more difficult to correct due to the emotional psyche that forms personal sentiments through the impulse of consciousness or in other words illogical reasoning generated by instinct or intuition emotionally as explained by Jensen and Jones (2020).This is in line with Sharma and Kumar (2019) that investment decision making is indirectly affected emotionally in terms of intuition which results in errors or accumulation of profits or losses based on vans experience of cognitive and rational thinking due to uncertainty and risk in the market.
describes and shows a person's financial management ability.However, the existence of behavioral finance will hinder or reduce the level of financial literacy owned by investors.So that programs, materials, and training are also given in overcoming biased behavior in order to have financial capability which leads to better investment performance.Therefore, there is a positive influence of financial literacy on an investor's investment decision making in the stock market.The existence of biased behavior managed by planning, financial literacy support and demographic factors owned by individual investors will be an opportunity for momentum in the market.So investors must understand the psychological biases inherent in themselves during decision making that help maximize returns, investment and portfolio performance, avoid risk, and form trading strategies.At the same time, there is an inseparable element of psychology by involving emotional and cognitive that creates an emotional atmosphere and motivates investors in the form of biased behavior.Therefore, there is a positive influence of behavioral finance on an investor's investment in the stock market.This study helps show the relationship between variables and describes the mistakes that investors tend to make based on psychology that causes errors in behavior in making investment decisions with demographic factors and the level of financial literacy as influencing variables.

Figure 3 Distribution of Stock Market Investors in Indonesia
Source: Indonesia Central Securities Depository (KSEI) April 2023 Analysis Techniques (

descriptive and inferential) Data Analysis Methods
Reliability Test Reliability tests were conducted in this study to determine the reliability of each variable used with Cronbach's Alpha measurements.According to Hair et al. (2018, p. 761) Cronbach's alpha is a