Gabriele Paolacci, Paolo Legrenzi

Financial literacy and cognitive abilities: An empirical study

  • Abstract

Informations and abstract

Keywords: financial literacy, cognitive abilities, cognitive reflection, individual differences, intelligence

We observed the relationship between cognitive abilities and financial literacy in a preliminary correlational study. Given the importance of financial decisions in people's everyday life, it is important to supplement the concept of financial literacy with insights from psychology. Past research has shown that cognitive abilities predict a number of decisions, but fail to predict others. It is therefore an empirical question whether individuals with higher cognitive abilities are more likely to be financially literate.

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