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E3b Does it Help to be Concerned? Exploring the Association Between Worry About Investment Fraud and Investing Behavior
Short Description
Using data from the FINRA Foundation’s 2021 National Financial Capability Study Investor Survey, we explore if worrying about investment fraud varies by investor characteristics, and if worrying about investment fraud is associated with certain investing behaviors. Findings from this study can provide helpful information for policy makers, financial advisors, and financial educators seeking to protect investors from investment fraud, improve investment decision making, and increase consumer wellbeing. The findings showed a number of demographic and psychographic variables related to worry about investment fraud. Investors who were younger, nonwhite, less experienced in investing, willing to take substantial financial risk, and with the medium investment size were more likely to worry about investment fraud. In addition, subjective investment knowledge was positively associated with worry about investment fraud, while objective investment knowledge and comfort making investment decisions were negatively associated with it. Worry about investment fraud was positively associated with all investing behaviors except for trading frequently where a significant negative relationship exists. Subjective investment knowledge was positively associated with seven investing behaviors, except for trading frequently and investing in cryptocurrencies. Objective investment knowledge was associated with only four behaviors, positively one (trading frequently) and negatively three (authorizing a trusted contact, using professional advice and using a financial professional to execute trades). Comfort making investment decisions was positively associated with five investing behaviors and negatively associated with two behaviors.
Type of presentation
Accepted Oral Presentation