Individual differences in time perspectives and risky financial choices

Katarzyna Sekścińska , Joanna Rudzińska-Wojciechowska , Dominika Maison

Abstract

Preferences for risks have been a subject of interest to both economists and psychologists. This has given rise to many findings about the role of psychological factors in influencing risky choices. The presented studies focused on the role of Time Perspectives (TPs) in explaining people's risky financial choices. The main goal was to examine the relationship between people's TPs (chronic and induced) and their propensity to invest and undertake investment risks. Three studies on Polish national representative samples (N1 = 1093; N2 = 1081, N3 = 1563) and one on a sample of Polish adults (N4 = 246) were conducted. The results showed that chronic Future and Present Hedonistic TPs are the most important in the context of risky financial choices. Higher Future TP is related to a propensity to invest and make safe investment choices. Higher Present Hedonistic TP is related to a low propensity to invest and risky investment. Moreover, induced Future and Present Hedonistic TPs lead to similar patterns of results to those obtained in studies on chronic TPs.
Author Katarzyna Sekścińska
Katarzyna Sekścińska,,
-
, Joanna Rudzińska-Wojciechowska (Filia we Wrocławiu / II Wydział Psychologii we Wrocławiu)
Joanna Rudzińska-Wojciechowska,,
- II Wydział Psychologii we Wrocławiu
, Dominika Maison
Dominika Maison,,
-
Journal seriesPersonality and Individual Differences, ISSN 0191-8869, (A 35 pkt)
Issue year2018
Vol120
Pages118-126
Publication size in sheets0.5
Keywords in EnglishChronic time perspectives Induced time perspectives Risk Investing
ASJC Classification3200 General Psychology
DOIDOI:10.1016/j.paid.2017.08.038
URL http://www.sciencedirect.com/science/article/pii/S0191886917305408
Languageen angielski
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10. Rudzinska-Wojciechowska_Individual differences...2017.pdf 265 KB
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10a. oświadczenie JRW.pdf 134.76 KB
Score (nominal)35
Score sourcejournalList
Publication indicators Scopus SNIP (Source Normalised Impact per Paper): 2016 = 1.183; WoS Impact Factor: 2017 = 1.967 (2) - 2017=2.39 (5)
Citation count*8 (2019-06-30)
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* presented citation count is obtained through Internet information analysis and it is close to the number calculated by the Publish or Perish system.
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