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1

FINANCIAL PRODUCT CHOICES: DOES ATTRIBUTE PREFERENCE HELP AVOID THE ATTRACTION EFFECT?

100%
Bačová V., Hanák R.
Studia Psychologica
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2019
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vol. 61
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issue 2
71 – 85
EN
The attraction effect occurs when a third option is added to two seemingly equivalent options but it competes against only one of the original options. This increases the likelihood of the dominating option being chosen. In attraction effect studies, it is assumed that both attributes of the options are of equal importance to the decision maker. We aimed to examine whether attribute preference would affect the occurrence of the attraction effect when choosing financial products. A total of 487 undergraduate students were randomly assigned to groups with the financial product choice of two or three options. We found that when participants had no clear attribute preference the attraction effect occurred more frequently. Those with a clear preference for one attribute succumbed to the effect only when choosing a product unfamiliar to them. The research sheds light on two conditions of the attraction effect: the product familiarity and the attribute preference.
2

TOO FAR AWAY TO CARE ABOUT? PREDICTING PSYCHOLOGICAL PREPAREDNESS FOR RETIREMENT FINANCIAL PLANNING AMONG YOUNG EMPLOYED ADULTS

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Bačová V., Kostovičová L.
Ekonomický časopis (Journal of Economics)
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2018
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vol. 66
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issue 1
43 – 63
EN
Knowing which factors underlie beliefs concerning financial planning for retirement (FPR) among young adults is essential for designing interventions to support their actual FPR. Therefore, we examined predictors of FPR-related beliefs and current retirement savings in a sample of 502 employed Slovak adults aged 20 to 35 years. Actual savings and all dimensions of psychological preparedness for FPR were positively predicted by retirement financial literacy and self-rated financial literacy. Moreover, we found that perceived FPR emotional load decreases with education, and perceived FPR task complexity diminishes with age. Further, increasing income was predictive of a higher subjective FPR competence and a perception of FPR as less stressful. Finally, professional experience in the financial domain was linked to a higher self-assessed capability in terms of FPR, but also with a lower personal FPR engagement. Our findings stress the need for effective communication of information about FPR’s relevance to young people.
3

COGNITIVE PREDICTORS OF DELAY DISCOUNTING IN MONETARY CHOICES

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Bačová V., Šrol J.
Studia Psychologica
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2021
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vol. 63
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issue 2
129-142
EN
Delay discounting, the tendency to choose a smaller-sooner reward over a larger-later reward, has been conceptualized either as a personal preference or as a rational thinking component. In this study (N = 397), the associations between monetary delay discounting – constructed as a rational thinking task – and cognitive individual difference measures were examined. Participants with higher general cognitive ability, cognitive reflection, scientific reasoning, and objective numeracy had a weaker tendency to discount delayed rewards, the opposite was true for those with higher intuitive thinking disposition and bias susceptibility. Bias susceptibility predicted delay discounting over and above all other cognitive predictors. The results partially support the assumption about a common basis of delay discounting and susceptibility to cognitive biases (as a rational thinking indicator). Because of the relatively low explained variance in delay discounting by cognitive variables, however, ample room is left for other potential predictors in the monetary delay discounting tasks.
4

IS RETIREMENT REALLY ABOUT OLD AGE? CONCEPTUALIZATION OF RETIREMENT AMONG SLOVAK PRE-RETIREES

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Bačová V., Havan P.
Studia Psychologica
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2023
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vol. 65
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issue 4
350 - 363
EN
We investigated how the Slovak pre-retiree participants (N = 450, 50 to 62 years; M = 54.9) conceptualize retirement. We used the Retirement Lifestyles Questionnaire for measuring retirement concepts, The Passion Scale, Attitudes toward Gains and Losses in Retirement, and Basic Need Satisfaction in the General Scale for measuring variables that could help us shed light on retirement concepts. Exploratory factor analysis of the retirement conceptualizations derived from Hornstein and Wapner’s framework set aside the Transition to the old age concept and endorsed the New Start and Imposed Disruption concepts. The Continuation concept was split into two: Continuation in Activities and Life without Change. Correlation analyses corroborated the connections between the concept of New Start and the perception of gains in retirement and the connections between the concept of Continuation in activities and the basic psychological needs satisfaction and gains in entering retirement. No connections were found with the concept of Life without Change. The Imposed Disruption concept was connected to retirement losses and obsessive work passion. The new retirement concepts questionnaire seems to be a prospective tool for detecting adjustment problems in retirement transition, above all in the case of the retirement concept of Imposed Disruption.
5

FINANCIAL PLANNING FOR RETIREMENT IN YOUNG ADULTS: INTERACTION OF PROFESSIONAL EXPERIENCE, KNOWLEDGE, AND BELIEFS

81%
Bačová V., Dudeková K., Kostovičová L., Baláž V.
Studia Psychologica
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2017
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vol. 59
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issue 2
84 – 99
EN
The aim of the present study was to examine the impact of professional financial experience on the relationships between financial knowledge and beliefs on financial planning for retirement (FPR) in young adults. We designed a domain-specific personal belief inventory comprising all important components involved in FPR. Financial professionals (n = 145) demonstrated greater knowledge of the financial retirement system compared with non-professionals (n = 382). The two groups, however, differed neither in objective nor self-rated general financial literacy. In non-professionals, higher financial literacy was positively linked to trust in the 2nd pension pillar, self-assessed competence in FPR, personal engagement in FPR, perceiving FPR as less emotionally loaded and FPR task as fewer complex. These predicted relationships were not found among professionals. Thus, professional experience in financial domain seems to bring a deeper and particularized insight into the pros and cons of the pension system, and consequently vacillating beliefs about FPR.
6

PREDICTING PERCEPTION OF RISKS AND BENEFITS WITHIN NOVEL DOMAINS

81%
Kostovičová L., Bašnáková J., Bačová V.
Studia Psychologica
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2017
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vol. 59
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issue 3
176 – 192
EN
According to the cultural theory of risk, people’s cultural worldviews can bias the evaluation of risks and benefits, even after reading balanced arguments on a given topic. This assumption was tested on two controversial domains, which were relatively novel for the chosen population: nanoscience and HPV vaccination. Participants (N = 339) evaluated respective risks and benefits, either without or after reading balanced arguments. Contrary to earlier findings, positive perception of nanoscience was associated with egalitarianism. Worldviews of the pro- and con advocate of nanoscience influenced risk perception among people with little prior knowledge. Assessment of risks inherent to HPV vaccination was positively associated with hierarchism among men, negatively with familiarity among women, and sensitive to the worldviews of the advocates. We provide a discussion on how evaluation of risks and benefits in novel domains is affected by a complex interplay of cultural cognition, domain familiarity, personal relevance and general risk attitudes.
7

IMPACT OF PSYCHOLOGICAL PREPARATION INFORMATION ON RETIREMENT PLANNING INTENTION AND RETIREMENT CONCEPTUALIZATION

81%
Bačová V., Kohút M., Halama P.
Studia Psychologica
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2023
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vol. 65
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issue 2
133-153
EN
The research aim was to find out whether providing information on psychological preparation would produce changes in pre-retirees retirement planning intentions and advance retirement concepts. In the experiment, we divided the pre-retirees (N = 567, mean age of 54.91, SD = 3.55 years, working full-time) into four groups (with and without pre-test, with and without the information provided). There were no differences between the pre-test and post-test conditions. However, the results showed that participants acknowledged the need to prepare for retirement even before the intervention. The participants also rated themselves as psychologically prepared for retirement. The results also indicated which pre-retirees could benefit from psychological preparation: those who believe they would have a disadvantageous and unfavourable retirement transition. The next group is the ones who tend to conceptualize their retirement as an imposed disruption as they also perceive their psychological resources for a successful transition as insufficient.
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