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Does Pain that Doesn't Kill Strengthen or Bankrupt? The Effect of Psychological Resilience Factors on Financial Attitude

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  • Umut Can Öztürk
  • Hüseyin Başar Önem

Abstract

In recent years, personality traits and psychology connections of behavioral finance have been frequently preferred by researchers. In other words, the effects of psychological variables on people's financial behaviors have become an important research topic. In connection with this idea the aim of this research is to determine the psychological resilience of young banker and insurer candidates and their effects on their financial attitudes. Convenience sampling method was preferred for the study and 200 people were included in the study. In the research, reliability and validity analysis, frequency analysis, confirmatory factor analysis and path analysis were performed. According to the research results; While the "Self-Perception" dimension, which is one of the sub-dimensions of the resilience scale for adults, had a positive effect on the "Frugal", "Shy" and "Extravagant" dimensions of the financial attitude scale, no significant relationship was found with the "Conscious" dimension. While the "Future Perception" dimension, which is another sub-dimension, had a negative effect on the "Conscious" dimension of the financial attitude scale, and the "Social Resources" dimension on the "Shy" dimension, no significant relationship was found with the other dimensions.

Suggested Citation

  • Umut Can Öztürk & Hüseyin Başar Önem, 2022. "Does Pain that Doesn't Kill Strengthen or Bankrupt? The Effect of Psychological Resilience Factors on Financial Attitude," Journal of Research in Economics, Politics & Finance, Ersan ERSOY, vol. 7(3), pages 608-625.
    • Handle: RePEc:ahs:journl:v:7:y:2022:i:3:p:608-625
    DOI: 10.30784/epfad.1089145
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    References listed on IDEAS

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    1. Nigel Nicholson & Emma Soane & Mark Fenton-O'Creevy & Paul Willman, 2005. "Personality and domain-specific risk taking," Journal of Risk Research, Taylor & Francis Journals, vol. 8(2), pages 157-176, March.
    2. Stuart J. Watson & Bonnie L. Barber, 2017. "University Attendance Moderates the Link between Financial Norms and Healthy Financial Behavior for Australian Young Adults," Journal of Family and Economic Issues, Springer, vol. 38(2), pages 238-248, June.
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    More about this item

    Keywords

    Psychological Resilience; Financial Attitude; Behavioral Finance;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

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