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Intergenerational transmission of financial biases

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  • Turna Cebeci, Gizem

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.

Suggested Citation

  • Turna Cebeci, Gizem, 2024. "Intergenerational transmission of financial biases," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 111(C).
    • Handle: RePEc:eee:soceco:v:111:y:2024:i:c:s2214804324000727
    DOI: 10.1016/j.socec.2024.102234
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    More about this item

    Keywords

    Financial biases; Intergenerational transmission; Overconfidence; Illusion of control; Loss aversion; Affinity;
    All these keywords.

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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