The Effect of the Economic Situation on Time and Risk Preferences: Does Financial Literacy Matter?
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11410%2F22%3A10448396" target="_blank" >RIV/00216208:11410/22:10448396 - isvavai.cz</a>
Result on the web
<a href="https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=HuGYI0.Dou" target="_blank" >https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=HuGYI0.Dou</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.31577/sp.2022.02.850" target="_blank" >10.31577/sp.2022.02.850</a>
Alternative languages
Result language
angličtina
Original language name
The Effect of the Economic Situation on Time and Risk Preferences: Does Financial Literacy Matter?
Original language description
In two studies (N1 = 430; N2 = 500) on a general Slovak population (50.3% female; age = 39.8 +/- 11.7 years), we tested a structural model outlining the effects of one's economic situation and its subjective perception on time and risk preferences (in tasks with hypothetical rewards), with financial literacy serving as a mediator of these relationships. Even after respecifying the model, mostly weak or inconclusive relationships were observed. We further tested the time stability of time and risk preferences. On a sample of 224 participants who completed both waves (one year apart), we observed moderate correlations in the preferences even after controlling for income change. We argue that both time and risk preferences in monetary choices appear to be stable traits and are only marginally related to one's economic situation or financial literacy. Further investigation on the effectiveness of financial literacy in shaping economic preferences is needed.
Czech name
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Czech description
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Classification
Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
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OECD FORD branch
50301 - Education, general; including training, pedagogy, didactics [and education systems]
Result continuities
Project
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Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace
Others
Publication year
2022
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
Studia Psychologica
ISSN
0039-3320
e-ISSN
2585-8815
Volume of the periodical
64
Issue of the periodical within the volume
2
Country of publishing house
SK - SLOVAKIA
Number of pages
14
Pages from-to
228-241
UT code for WoS article
000817207500001
EID of the result in the Scopus database
2-s2.0-85134558738