IDEAS home Printed from https://ideas.repec.org/a/ahs/journl/v7y2022i3p608-625.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: https://dergipark.org.tr/tr/download/article-file/2315020
    Download Restriction: no
    File URL: https://libkey.io/10.30784/epfad.1089145?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. 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.
    2. 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.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Sharma, Dheeraj & Alford, Bruce L. & Bhuian, Shahid N. & Pelton, Lou E., 2009. "A higher-order model of risk propensity," Journal of Business Research, Elsevier, vol. 62(7), pages 741-744, July.
    2. K Amber Curtis, 2016. "Personality’s effect on European identification," European Union Politics, , vol. 17(3), pages 429-456, September.
    3. Marco Caliendo & Frank Fossen & Alexander Kritikos, 2014. "Personality characteristics and the decisions to become and stay self-employed," Small Business Economics, Springer, vol. 42(4), pages 787-814, April.
    4. Breaban, Adriana & van de Kuilen, Gijs & Noussair, Charles, 2016. "Prudence, Personality, Cognitive Ability and Emotional State," Other publications TiSEM 9a01a5ab-e03d-49eb-9cd7-4, Tilburg University, School of Economics and Management.
    5. van Winden, Frans & Krawczyk, Michal & Hopfensitz, Astrid, 2011. "Investment, resolution of risk, and the role of affect," Journal of Economic Psychology, Elsevier, vol. 32(6), pages 918-939.
    6. Ann Congleton, 2014. "Beyond Business Ethics: An Agenda for the Trustworthy Teachers and Practitioners of Business," Journal of Business Ethics, Springer, vol. 119(2), pages 151-172, January.
    7. Mendonça, Joana & Reis, Anabela, 2020. "Exploring the mechanisms of gender effects in user innovation," Technological Forecasting and Social Change, Elsevier, vol. 155(C).
    8. Zhu, Xuemin & van der Pol, Marjon & Scott, Anthony & Allan, Julia, 2023. "The stability of physicians’ risk attitudes across time and domains," Social Science & Medicine, Elsevier, vol. 339(C).
    9. Simon Gollisch & Barbara Hedderich & Ludwig Theuvsen, 2016. "Reference points and risky decision-making in agricultural trade firms: A case study in Germany," Department of Agricultural and Rural Development (DARE) Discussion Papers 260773, Georg-August-Universitaet Goettingen, Department of Agricultural Economics and Rural Development (DARE).
    10. Fellner, Gerlinde & Maciejovsky, Boris, 2007. "Risk attitude and market behavior: Evidence from experimental asset markets," Journal of Economic Psychology, Elsevier, vol. 28(3), pages 338-350, June.
    11. Marco R Steenbergen & Tomasz Siczek, 2017. "Better the devil you know? Risk-taking, globalization and populism in Great Britain," European Union Politics, , vol. 18(1), pages 119-136, March.
    12. Carleton, Tamara & Cockayne, William, 2025. "The framing of opportunity to provoke high risk-taking decisions for radical innovation," OSF Preprints aqgf8_v1, Center for Open Science.
    13. Michela Faccioli & Laure Kuhfuss & Mikołaj Czajkowski, 2019. "Stated Preferences for Conservation Policies Under Uncertainty: Insights on the Effect of Individuals’ Risk Attitudes in the Environmental Domain," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 73(2), pages 627-659, June.
    14. Traag, T. & van der Velden, R.K.W., 2012. "The effects of cognitive and non-cognitive skills on early school-leaving," ROA Research Memorandum 005, Maastricht University, Research Centre for Education and the Labour Market (ROA).
    15. Frank M. Fossen & Johannes König & Carsten Schröder, 2024. "Risk preference and entrepreneurial investment at the top of the wealth distribution," Empirical Economics, Springer, vol. 66(2), pages 735-761, February.
    16. Poier, Stefan, 2023. "A matter of risk? Investigating the battery purchase decision in the German photovoltaics market," Energy, Elsevier, vol. 275(C).
    17. Soane, Emma & Dewberry, Chris & Narendran, Sunitha, 2010. "The role of perceived costs and perceived benefits in the relationship between personality and risk-related choices," LSE Research Online Documents on Economics 28353, London School of Economics and Political Science, LSE Library.
    18. Michael Fritsch & Alina Rusakova, 2010. "Personality Traits, Self-Employment, and Professions," Jena Economics Research Papers 2010-075, Friedrich-Schiller-University Jena.
    19. Volker Thoma & Elliott White & Asha Panigrahi & Vanessa Strowger & Irina Anderson, 2015. "Good Thinking or Gut Feeling? Cognitive Reflection and Intuition in Traders, Bankers and Financial Non-Experts," PLOS ONE, Public Library of Science, vol. 10(4), pages 1-17, April.
    20. Stanislav Avsec & Magdalena Jagiełło-Kowalczyk & Agnieszka Żabicka, 2022. "Enhancing Transformative Learning and Innovation Skills Using Remote Learning for Sustainable Architecture Design," Sustainability, MDPI, vol. 14(7), pages 1-33, March.

    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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ahs:journl:v:7:y:2022:i:3:p:608-625. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ersan Ersoy (email available below). General contact details of provider: https://epfjournal.com/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.