Purpose - The purpose of the paper is to study the influence of behavioural biases on investors. The behavioural biases can change the way individuals take their investment decisions. This paper analyses all the research done on this relation over the last 10 years. The stockbrokers and fund managers can benefit from the results as they advise on personalized investment strategies to individuals. These drivers also impact broader market trends and lead to instabilities. So, this study is crucial for financial advisors, investors, and policymakers.

Design/methodology/approach -The author has conducted a literature review to identify existing relevant work from various authors, who have studied the relation between behavioural biases and investment decisions of retail investors. Most authors have used a survey for calculating behavioural biases and few have used other methods.

Findings - The findings show that there is a significant impact of behavioural biases on investment decisions and behaviour of investors. Most of the biases have a positive impact and few have a negative impact on retail investors.

Practical implications - The retail investors should take investment decisions after taking into account the influence of behavioural biases. The financial advisers can analyse this relation in terms of clients and then advise them accordingly.

Social implications - All types of investors can gain insight into the different types of behavioural biases of individuals and their investment decisions