Intergenerational transmission of financial biases

Gizem Turna Cebeci

Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), 2024, vol. 111, issue C

Abstract: The aim of this study is to test the intergenerational transmission of frequently observed financial biases. We elicited financial biases of first-year university students and their parents. Results indicate the intergenerational transmission of illusion of control, loss-aversion, and overconfidence from parents to children as well as transmission of affinity bias only from parents to daughters. Financial knowledge and saving habits of students have a strong influence on the transmission of financial biases. In addition, we found a moderate effect of economic preferences in the transmission process.

Keywords: Financial biases; Intergenerational transmission; Overconfidence; Illusion of control; Loss aversion; Affinity (search for similar items in EconPapers)
JEL-codes: D91 G41 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:soceco:v:111:y:2024:i:c:s2214804324000727

DOI: 10.1016/j.socec.2024.102234

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