The Academy of Financial Services 35th Annual Meeting

COVID-19, Behavioral finance, payment behavior

Financial advisors are most concerned with finance-related psychological behaviors (i.e., financial risk tolerance, financial stress, and financial satisfaction) and payment-related behaviors (i.e., pay full credit and pay full bills) affected by COVID-19. Changes in human behavior due to COVID-19 reflect psychological changes, and that psychological change is an important part of an individual’s economic activity, such as changing each asset portfolio, financial decisions, and financial tolerance. In this backdrop, the main objective in this study is to classify differences of finance-related psychological behaviors and payment-related behaviors for each generation before and after the COVID-19 pandemic. To achieve the research objective, data from a survey before the pandemic (i.e., 2019) and data from a survey during the pandemic (i.e., 2021) were analyzed. The results showed partially significant association among selected variables, COVID-19, and generations.