Behavioral factors that compel people to engage in decision-making studies may help people make better investment decisions on a number of important decisions. Women entrepreneurs in emerging markets are often confronted with these issues and their investment decisions can be complicated. We argued that, in addition to heuristics and behavioral influences, women's financial literacy is an important factor in making rational decisions. We collected data from registered women entrepreneurs using a proportionate stratified sampling approach. The data analysis software SMART-PLS is used. The results showed that financial literacy plays an important role in mediating the relationship between heuristic behavioral factors and investment decisionmaking. Implications for financial practitioners’ and academicians’ understanding of financial literature's mediating role and the significance of age factors are discussed, which are missing elements in the existing literature.