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DID NOT SHOW?? H3a Financial Decision-Making Ability as a Durable Resource in Financial Decision Making
Short Description
Existing literature suggests that financial knowledge alone is insufficient in producing the behaviors and outcomes that positively influence financial well-being; however, little attention has been paid to the other factors necessary to produce such outcomes. Financial decision-making ability, the psychomotor component of financial literacy, represents one promising candidate in addressing this gap. We introduce and validate a scale to measure financial decision-making ability and examine its role in improved financial well-being as well as the persistence of this relationship even after decision-making resources are depleted. Our research demonstrates the importance of financial decision-making ability in financial decision making and provides support for its inclusion in financial education. We also show that financial decision-making ability is an enduring resource for individual decision-makers in the face of decision resource depletion.
Type of presentation
Accepted Oral Presentation