Abstract
<p><em>This study aims to examine the effect of herding and financial literacy on investment decisions with religiosity as a moderating variable. Religiosity is the focus of this study, where it is suspected that investors with good religious aspects tend not to be speculative and prioritize rationality in their actions. Using primary data with respondents a total of 98 students in Kendal district, as well as using a quantitative approach as a research method. Data is processed using SEM analysis using the smartPLS 4.0 application. The results of this study indicate that the two independent variables, namely financial literacy and herding, have a significant positive effect on investment decisions, while religiosity as a moderating variable has not been able to strengthen or weaken the relationship between exogenous and endogenous variables. </em><em></em></p>
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