ABSTRACT
This study aims to analyze the influence of demographic factors on investment bias in Ponzi scheme investors. The study analyzes demographic factors such as gender, age, marital status, level of education, occupation, working experience and income level, and investment biases such as herding and overconfidence. The respondents in this study were 187 Ponzi scheme investors in Bandung. They were selected by using purposive random sampling. The data were collected by using a questionnaire and they were analyzed by using multiple regression analysis with dummy variables. The results of the study showed that the demographic factors had a significant effect on investment bias. Gender, age, marital status and occupation had a negative effect on both the herding and overconfidence bias. The working experience and income level had a positive effect on herding and overconfidence. The level of education had a negative effect on the herding and overconfidence bias. The findings of this study contribute to developing financial education models in the community.
