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EFFECT OF THE ECONOMIC SITUATION ON TIME AND RISK PREFERENCES: DOES FINANCIAL LITERACY MATTER?

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Adamkovič M., Ropovik I., Martončik M.
Studia Psychologica
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2022
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vol. 64
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issue 2
228 - 241
EN
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.
2

IN SEARCH OF DETERMINANTS OF TIME-DISCOUNTING IN MONETARY CHOICES: PERSONAL CHARACTERISTICS MATTER ONLY A LITTLE

100%
Vargová L., Adamkovič M.
Studia Psychologica
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2022
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vol. 64
|
issue 3
313 – 328
EN
Time-discounting in monetary choices is determined by aspects related to the reward, contextual factors and characteristics of a person. In the present study, we used three datasets (Ndata1 = 419; Ndata2 = 485; Ndata3= 240) to examine how well personal characteristics (sociodemographic, financial situation, self-control, cognitive abilities, negative experiencing, and trustfulness) predict time-discounting in both hypothetical and real reward scenarios. The results of the regression analyses indicate that the characteristics of a person only explain a small proportion of the variance in time-discounting (R2 ranged from .10 to .19). The only substantive predictors of time-discounting in monetary choices were financial literacy and the general tendency to delay gratification. We conclude that there remains much work to be done in explaining what determines time-discounting. However, shifting the focus from personal characteristics to the characteristics of reward and contextual factors could be of interest.
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