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O impacto do nível de literacia financeira nos enviesamentos de comportamento nas decisões financeiras
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Abstract(s)
Esta dissertação tem como objetivo analisar o impacto do nível de literacia financeira nos enviesamentos de comportamento, em particular o seu efeito no excesso de confiança, aversão à perda, efeito “manada” e ancoragem na tomada de decisões financeiras. Além disso, também tem como objetivo analisar se o nível de literacia financeira modera a relação entre as variáveis sociodemográficas, como o género, idade, nível de escolaridade e área de formação e os enviesamentos de comportamento.
Neste sentido, foi realizado um questionário online dirigido à população portuguesa com mais de 18 anos, tendo-se obtido uma amostra total de 188 observações (186 válidas). Os dados primários recolhidos foram analisados no software estatístico SPSS através dos testes paramétricos U de Mann-Whitney e Kruskal-Wallis, do coeficiente de correlação de Spearman e do modelo de regressão logística ordinal.
Os resultados obtidos permitem concluir que indivíduos com maiores níveis de literacia financeira apresentam uma menor propensão ao enviesamento excesso de confiança, aversão à perda, efeito “manada” e ancoragem. Relativamente à análise do nível de literacia como moderador do efeito das variáveis sociodemográficas e os enviesamentos, verificou-se que o nível de literacia financeira modera a relação entre a idade (faixa etária dos 35 aos 44 anos) e o enviesamento aversão à perda, e modera a relação entre o nível de escolaridade (licenciatura) e o enviesamento excesso de confiança. Também se verificou, para um nível de significância estatística de 10%, que indivíduos das áreas de Economia, Finanças, Gestão ou Contabilidade com níveis médios de literacia financeira apresentam menor predisposição para a aversão à perda. Já no caso do género não se verificou evidências de moderação em nenhum dos enviesamentos em estudo.
This dissertation aims to analyse the impact of the level of financial literacy on behavioural biases, in particular its effect on overconfidence, loss aversion, herding behaviour, and anchoring in financial decision-making. In addition, it also seeks to examine whether the level of financial literacy moderates the relationship between socioeconomic and demographic variables such as gender, age, educational level, and field of study and behavioural biases. To this end, an online questionnaire was carried out among the Portuguese population over 18 years of age, resulting in a total sample of 188 observations (186 valid). The primary data collected were analysed using the statistical software SPSS through the non-parametric tests U de Mann-Whitney and Kruskal-Wallis, Spearman’s rank correlation coefficient, and the ordinal logistic regression model. The results allow us to conclude that individuals with higher levels of financial literacy show a lower propensity for the biases of overconfidence, loss aversion, herding behaviour, and anchoring. Regarding the analysis of financial literacy as a moderator of the effect of sociodemographic variables on behavioral biases, it was found that financial literacy moderates the relationship between age (35–44 years) and loss aversion, as well as between education level (undergraduate degree) and overconfidence. It was also observed, at a 10% significance level, that individuals from the fields of Economics, Finance, Management, or Accounting with medium levels of financial literacy show a lower predisposition to loss aversion. In the case of gender, however, no evidence of moderation was found for any of the behavioral biases under study.
This dissertation aims to analyse the impact of the level of financial literacy on behavioural biases, in particular its effect on overconfidence, loss aversion, herding behaviour, and anchoring in financial decision-making. In addition, it also seeks to examine whether the level of financial literacy moderates the relationship between socioeconomic and demographic variables such as gender, age, educational level, and field of study and behavioural biases. To this end, an online questionnaire was carried out among the Portuguese population over 18 years of age, resulting in a total sample of 188 observations (186 valid). The primary data collected were analysed using the statistical software SPSS through the non-parametric tests U de Mann-Whitney and Kruskal-Wallis, Spearman’s rank correlation coefficient, and the ordinal logistic regression model. The results allow us to conclude that individuals with higher levels of financial literacy show a lower propensity for the biases of overconfidence, loss aversion, herding behaviour, and anchoring. Regarding the analysis of financial literacy as a moderator of the effect of sociodemographic variables on behavioral biases, it was found that financial literacy moderates the relationship between age (35–44 years) and loss aversion, as well as between education level (undergraduate degree) and overconfidence. It was also observed, at a 10% significance level, that individuals from the fields of Economics, Finance, Management, or Accounting with medium levels of financial literacy show a lower predisposition to loss aversion. In the case of gender, however, no evidence of moderation was found for any of the behavioral biases under study.
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Keywords
Literacia financeira Enviesamentos de comportamento Género Idade Nível de escolaridade Área de formação