The Effect of Financial Literacy, Overconfidence, and Fear of Missing Out (FOMO) on Financial Behavior and Financial Decisions of Sky Players: Children of the Light

Abstract

This study examines and analyzes the influence of financial literacy, overconfidence, and fear of missing out on financial behavior and financial decisions of Sky: Children of The Light players. Along with the increasing popularity of the Sky: Children of The Light game released and developed by that game company since 2019, an interesting question arises about how the financial behavior and financial decisions of the players of this game are influenced by various psychological and cognitive factors. By using purposive sampling of 110 respondents, the results of the study show that financial literacy has a significant positive impact on financial behavior and financial decisions, while overconfidence and fear of missing out have no effect on financial behavior and financial decisions. These results highlight the importance of efforts to improve financial literacy in financial management and financial decision making.