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Addressing financial biases in university undergraduates: Unveiling connections with knowledge, behaviours and attitudes

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  • Celia López-Penabad
  • Marcos Álvarez-Espiño
  • Leandro Benito-Torres

Abstract

Purpose: This study investigates how financial knowledge, behaviours, and attitudes shape the prevalence of financial biases among Economics students at the University of Santiago de Compostela. Methodology: Based on survey data from 403 first- and fourth-year students, a composite bias index—covering overconfidence, gambler’s fallacy, and herd behaviour—is constructed using the Benefit of the Doubt method. Truncated regressions explore the influence of financial capability. Findings: Results show attitudinal factors explain biases better than knowledge. Surprisingly, behaviours such as long-term planning and fraud avoidance increase susceptibility to biases. These findings highlight the complexity of financial decision-making and the need for emotionally aware, bias-targeted financial education. Value: This paper introduces a novel approach by constructing multiple financial bias indices and calling for hands-on, behaviour-focused financial education.

Suggested Citation

  • Celia López-Penabad & Marcos Álvarez-Espiño & Leandro Benito-Torres, 2025. "Addressing financial biases in university undergraduates: Unveiling connections with knowledge, behaviours and attitudes," PLOS ONE, Public Library of Science, vol. 20(11), pages 1-17, November.
    • Handle: RePEc:plo:pone00:0336274
    DOI: 10.1371/journal.pone.0336274
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    References listed on IDEAS

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