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A European Study on Financial Risk Attitude and Cognitive Decline in Aging Societies

In: Economics and Finance Readings

Author

Listed:
  • Michail Chouzouris

    (University of Piraeus
    University of Western Macedonia)

  • Antigone Lyberaki

    (Panteion University)

  • Platon Tinios

    (University of Piraeus)

Abstract

In this study we investigate the relationship between willingness to take financial risks and cognitive decline in the European region. We use panel data from the Survey of Health, Ageing and Retirement in Europe (SHARE) including a measure for financial risk preference and an index for cognitive abilities based on the evaluation of episodic memory, verbal fluency and numeracy skills. Additionally, the dataset allow us to control for demographic factors and individual characteristics that may be related to cognitive skills and risk attitude. We performed generalized regression models to examine the effect of cognitive skills on risk attitude controlling for the individual characteristics of the sample. Our findings demonstrate a variation in all the components of cognitive functioning across the European regions while gender differences are also significant. Finally, analysis revealed the existing correlation between risk attitude and cognitive aging.

Suggested Citation

  • Michail Chouzouris & Antigone Lyberaki & Platon Tinios, 2023. "A European Study on Financial Risk Attitude and Cognitive Decline in Aging Societies," Springer Books, in: Evan Lau & Rayenda Khresna Brahmana & Lee Ming Tan (ed.), Economics and Finance Readings, pages 27-39, Springer.
    • Handle: RePEc:spr:sprchp:978-981-99-1979-6_3
    DOI: 10.1007/978-981-99-1979-6_3
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