Financial Consumers' Sense of Purpose and Consistent Financial Decisions: Experimental Evidence from South Korea*. (23rd October 2020)

• Record Type: Journal Article
• Authors: Park, Na Young
• Is Part Of: Asia-Pacific journal of financial studies. Volume 49:Number 5(2020:Oct.)
• Page Start: 720
• Page End: 749
• Publication Date: 2020-10-23
• Subjects: Purpose -- Psychological well‐being -- Consistent choices -- Non‐traditional factors in financial decisions -- Financial transactions; Pacific Area -- Economic conditions -- Periodicals; Finance -- Asia -- Periodicals; Finance -- Pacific Area -- Periodicals; Asia -- Economic conditions -- Periodicals; 332.09505
• DOI: 10.1111/ajfs.12312
• Languages: English
• ISSNs: 2041-9945

Abstract

Abstract: This paper examines the association between financial consumers' sense of purpose and the consistency of their choices when they make investment decisions. The data are based on two controlled experiments conducted in South Korea. The first main result shows that financial consumers' psychological well‐being has a positive association with choice consistency. The second result confirms the causal relationship between sense of purpose and choice consistency.