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  1. Financial autonomy among emerging adults in Australia
    Author: Botha, Ferdi; Broadway, Barbara; Haisken-DeNew, John P.; Wong, Clement
    Published: [2020]
    Publisher:  Melbourne Institute: Applied Economic and Social Research, Melbourne, Victoria, Australia

    This paper investigates how financial autonomy develops in young adults and under what circumstances that development process is hastened or hindered. The paper uses longitudinal data from the Household, Income, and Labour Dynamics in Australia... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    This paper investigates how financial autonomy develops in young adults and under what circumstances that development process is hastened or hindered. The paper uses longitudinal data from the Household, Income, and Labour Dynamics in Australia (HILDA) survey for persons aged 15-25, thus following young people from the time they are adolescents and into adulthood. We develop a novel measure of financial autonomy based on an individual’s degree of responsibility for household decision-making related to (a) managing day-to-day spending, (b) making large household purchases, and (c) savings and investments. Measuring financial autonomy allows us to observe a period of “emerging adulthood” as opposed to merely delaying nest-leaving due to cost-constraints (i.e. costs of living). If emerging adulthood plays an important role in young adults’ development, we would expect to see steadily increasing levels of financial autonomy while the young adults are still at home. If on the other hand, delayed nest-leaving is only due to costs-constraints, we would not expect to observe such a period of systematic preparation for independent living. We estimate a correlated random-effects model for the latent financial autonomy construct, specifying a range of covariates related to individual demographic and resource characteristics, household characteristics, and regional factors. For men, there is a significant and positive age gradient associated with financial autonomy. There is no evidence of an age profile for young women whose level of financial autonomy is mostly explained by their household- and regional characteristics. This suggests that the phase of “emerging adulthood”, in which financial autonomy is learned over time at home, plays an important role for young men but not for young women. This systematically puts young women at a potential disadvantage compared to young men, and consequently at a higher risk of low financial literacy and poor financial decision-making in the period after nest-leaving

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Working paper series / Melbourne Institute: Applied Economic & Social Research ; no. 20, 30 (December 2020)
    Subjects: Financial Autonomy; financial decision making; emerging adulthood
    Scope: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  2. Fearless woman: financial literacy and stock market participation
    Author: Bucher-Koenen, Tabea; Alessie, Rob; Lusardi, Annamaria; Rooij, Maarten van
    Published: [2021]
    Publisher:  De Nederlandsche Bank NV, Amsterdam, The Netherlands

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / De Nederlandsche Bank NV ; no. 708 (March 2021)
    Subjects: financial knowledge; gender gap; financial decision making; confidence; measurement error; latent class model; finite mixture model
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  3. Fearless woman
    financial literacy and stock market participation
    Author: Bucher-Koenen, Tabea; Alessie, Rob; Lusardi, Annamaria; Rooij, Maarten van
    Published: 2021
    Publisher:  ZEW - Leibniz Centre for European Economic Research, Mannheim, Germany

    Women are less financially literate than men. It is unclear whether this gap reflects a lack of knowledge or, rather, a lack of confidence. Our survey experiment shows that women tend to disproportionately respond “do not know” to questions measuring... more

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    Verlag (kostenfrei)
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    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Location:
    Universitätsbibliothek Mannheim
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    Women are less financially literate than men. It is unclear whether this gap reflects a lack of knowledge or, rather, a lack of confidence. Our survey experiment shows that women tend to disproportionately respond “do not know” to questions measuring financial knowledge, but when this response option is unavailable, they often choose the correct answer. We estimate a latent class model and predict the probability that respondents truly know the correct answers. We find that about one-third of the financial literacy gender gap can be explained by women’s lower confidence levels. Both financial knowledge and confidence explain stock market participation.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/231301
    Edition: This version: 2.3.2021
    Series: Discussion paper / ZEW ; no. 21, 015 (03/2021)
    Subjects: financial knowledge; gender gap; financial decision making; confidence; measurement error; latent class model; finite mixture model
    Scope: 1 Online-Ressource (55 Seiten), Illustrationen
  4. Information illusion
    placebic information and stock price estimates
    Author: Oehler, Andreas; Horn, Matthias; Wendt, Stefan
    Published: 2020
    Publisher:  Verein für Socialpolitik, [Köln]

    This study analyzes investors' perception of placebic information and its impact on stock price estimates. We initiate a questionnaire-based stock price forecast competition among 196 undergraduate students in business administration. We show that... more

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    This study analyzes investors' perception of placebic information and its impact on stock price estimates. We initiate a questionnaire-based stock price forecast competition among 196 undergraduate students in business administration. We show that placebic information increases the perceived amount of relevant information. Individual participants' characteristics, such as gender, financial knowledge or overconfidence, do not affect these findings. Placebic information does not alter participants' stock price estimates and their accuracy, but it has an impact on individual expectations about the stock price forecast competition itself. The findings indicate that placebic information leads to information illusion. As reaction to the illusion, less overconfident investors decrease their expectations with regard to payoff and chances to win a prize in the competition. More overconfident participants do not show the latter behavior. Our findings provide implications for practitioners and researchers alike. Since the participants in our study serve as a proxy for economically educated young adults who are likely to invest in stocks in the future, both regulators and policy makers should consider that placebic information can significantly impact investors' perception and, therefore, regulation on information that is provided to retail investors should focus on relevant and avoid irrelevant information. Researchers should be aware that placebic information asymmetrically influences expectations of participants in experiments who show different levels of overconfidence.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/224575
    Series: Jahrestagung 2020 / Verein für Socialpolitik ; 64
    Subjects: Placebic information; information illusion; information overload; financial decision making; experiments; forecasting; investor survey
    Scope: 1 Online-Ressource (circa 87 Seiten), Illustrationen
  5. You're invited - RSVP!
    the role of tailoring in incentivising people to delve into their pension situation
    Author: Dinkova, Milena; Elling, Sanne; Kalwij, Adriaan; Lentz, Leo
    Published: [2023]
    Publisher:  Netspar, Network for Studies on Pensions, Aging and Retirement, [Tilburg]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; 2023, 025 (05)
    Subjects: Field experiment; financial decision making; pension communication; pension information; tailoring
    Scope: 1 Online-Ressource (circa 19 Seiten), Illustrationen