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Article Title: Aging and Altruism: A Meta-Analysis Publication: Psychology and Aging Authors: Erika P. Sparrow, Liyana T. Swirsky, Farrah Kudus, and Julia Spaniol Older = More Altruistic? Previous research and theories related to altruism and aging have suggested that most of us become more selfless and “nicer” as we age. Altruism is generally defined as a tendency towards decisions that promote the welfare of others at some cost to ourselves. Most scientific research has shown that …
Article Title: Predicting Stock Market Performance: The Influence of Gender and Personality on Financial Decision Making Publication: Journal of Individual Differences (2021) Authors: Thomas Plieger, Thomas Grunhage, Eilish Duke, Martin Reuter Reviewer: Sean Bogart Examining Risk-Taking: Beyond Self-Report Studies A large amount of research assessing investor risk-taking has shown the presence of several factors that increase the likelihood of taking investment risks. Variables such as stress, particularly depression and negative affect, have been linked …
Budgeting. Investing. Spending. Each of us reacts to money-related topics on a scale from negative to neutral to positive. Money attitudes are not perfect predictors of financial behaviors. However, how we feel about budgeting, spending, and investing impacts our financial goals. Indeed, our attitudes can affect the entire financial planning process, especially when working with others who may not share our perspectives. What Are Attitudes? Let’s start with the basics. What is an attitude? …
The financial services industry is moving at warp speed to embrace psychology. The trick is that we have a definition problem when describing the field that encompasses the mind, behavior, and money. If you look at the media coverage of finance and psychology, most content focuses on cognitive errors in decision-making related to investments. In other words, most of the media and most financial services concentrate on behavioral finance. However, this focus is slowly …
Uncover Client Money Mindset with Financial Personality Tests Client personality relates to saving, spending, and investing decisions. How does your firm measure client personality? Financial professionals use our library of behavioral assessments to uncover client financial psychology and provide financial advice, guidance, and coaching. Learn more about our financial personality tests, and discover which ones are right for your practice. Building Wealth Identify and guide client financial behaviors with the Building Wealth test. The …