Financial well-being, COVID-19, and the financial better-than-average-effect

被引:61
作者
Barrafrem, Kinga [1 ]
Vaestfjaell, Daniel [2 ,3 ]
Tinghoeg, Gustav [1 ,4 ]
机构
[1] Linkoping Univ, JEDI Lab, Div Econ, Dept Management & Engn, Linkoping, Sweden
[2] Linkoping Univ, JEDI Lab, Div Psychol, Dept Behav Sci & Learning, Linkoping, Sweden
[3] Decis Res, Eugene, OR USA
[4] Linkoping Univ, Natl Ctr Prior Setting Hlth Care, Dept Med & Hlth Sci, Linkoping, Sweden
关键词
Financial well-being; COVID-19 and finance; Financial ignorance; Better-than-average effect; UNREALISTIC OPTIMISM; BEHAVIOR;
D O I
10.1016/j.jbef.2020.100410
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
At the onset of the COVID-19 outbreak we conducted two surveys in the United Kingdom and Sweden (N=2021) regarding how people assess the near future economic situation within their household, nation, and the world. Together with psychological factors related to information processing we link these prospects to financial well-being. We find that, although generally very pessimistic, a substantial proportion of individuals believes that their households' economy will be doing substantially better than the national and global economy, suggesting a "financial better-than-average'' effect. Furthermore, we find that the pessimism regarding future household economic situation and being financially ignorant are associated with decreased financial well-being, while the (inter)national economic situation is not. This study shows how contextual factors and personal aspects shape financial well-being during turbulent and stressful times. (C) 2020 The Authors. Published by Elsevier B.V.
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页数:5
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