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Is there any link between level of instruction and financial choices? A study on a Generation Y-based survey

Author

Listed:
  • Iuliana Bitca

    (Department of Management, University Of Venice CÃ Foscari)

  • Andrea Ellero

    (Department of Management, University Of Venice CÃ Foscari)

  • Paola Ferretti

    (Department of Economics, University Of Venice CÃ Foscari)

Abstract

Generally investors use heuristics in their process of decision-making with the aim of finding short-cuts and simplified roads to quite sophisticated answers. We conducted a survey on about 250 young people (18-27 years old) concerning their financial literacy and economic choices, given an education level which is predominantly very high (73% enrolled in a bachelor degree, 80% took part to at least some basic finance or economics courses). The survey was designed to study the influence of financial-economic literacy on the flaws occurring in financial decisions of young people (the so called generation Y), mainly with reference to biases, overconfidence, framing. The results of the survey give an insight into the behavior of a new and educated generation in typical economic decision frameworks, which could be a useful tool for stakeholders. In fact, being aware of the psychological component of the financial decision is a key factor to better understand and manage risk.

Suggested Citation

  • Iuliana Bitca & Andrea Ellero & Paola Ferretti, 2016. "Is there any link between level of instruction and financial choices? A study on a Generation Y-based survey," Working Papers 2016:38, Department of Economics, University of Venice "Ca' Foscari".
    • Handle: RePEc:ven:wpaper:2016:38
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    More about this item

    Keywords

    Financial Literacy; Financial Education; Data Mining; Decision Rules;
    All these keywords.

    JEL classification:

    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • C65 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Miscellaneous Mathematical Tools

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