Is there any link between level of instruction and financial choices? A study on a Generation Y-based survey

Iuliana Bitca (), Andrea Ellero () and Paola Ferretti ()
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Iuliana Bitca: Department of Management, University Of Venice CÃ Foscari
Paola Ferretti: Department of Economics, University Of Venice CÃ Foscari
Authors registered in the RePEc Author Service: Paola Ferretti and Paola Ferretti

No 2016:38, Working Papers from Department of Economics, University of Venice "Ca' Foscari"

Abstract: Generally investors use heuristics in their process of decision-making with the aim of finding short-cuts and simplified roads to quite sophisticated answers. We conducted a survey on about 250 young people (18-27 years old) concerning their financial literacy and economic choices, given an education level which is predominantly very high (73% enrolled in a bachelor degree, 80% took part to at least some basic finance or economics courses). The survey was designed to study the influence of financial-economic literacy on the flaws occurring in financial decisions of young people (the so called generation Y), mainly with reference to biases, overconfidence, framing. The results of the survey give an insight into the behavior of a new and educated generation in typical economic decision frameworks, which could be a useful tool for stakeholders. In fact, being aware of the psychological component of the financial decision is a key factor to better understand and manage risk.

Keywords: Financial Literacy; Financial Education; Data Mining; Decision Rules (search for similar items in EconPapers)
JEL-codes: C65 C91 G02 G11 (search for similar items in EconPapers)
Pages: 11 pages
Date: 2016
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