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The review aims to synthesize evidence on behavioral biases in investment decision-making and identify demographic moderators.

A PRISMA-Based Systematic Review of Behavioral Biases and Demographic Moderators in Investment Decision-Making

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The review aims to synthesize evidence on behavioral biases in investment decision-making and identify demographic moderators.
Conducted a PRISMA 2020 systematic review of 57 empirical studies from 2010 to 2025.
Screened studies from 172 Scopus records and assessed against eight quality criteria.
Performed formal moderation analyses on 14 studies.
Overconfidence was found in 31 studies and herding in 26, primarily among younger, male, and less experienced investors.
Loss and risk aversion were more prevalent in female, older, and financially insecure investors.
Financial literacy is a significant moderator, reducing most biases but increasing overconfidence at moderate levels.

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Systematic review synthesizes investments biases and their demographic influences, suggesting important implications for financial behavior.

Douhabi et al. (2026) studied this question.

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Systematic review synthesizes investments biases and their demographic influences, suggesting important implications for financial behavior.