Arbeitspapier
Households' financial resilience, risk perceptions, and financial literacy: Evidence from a survey experiment
We examine the financial resilience of Austrian households, relating it to their experience of financial shocks earlier in life and to their financial literacy. We find that previous negative (positive) financial shocks are negatively (positively) related to financial resilience. Financial literacy and households' financial resilience are positively related. Based on a randomized survey experiment, we investigate the role of over-optimism when evaluating the potential impact of future events on households' financial situation. Households are asked to assess specific risks for their own household (treatment) or for a household with similar characteristics (control). On average, households assign a lower probability to shocks that negatively affect personal finances if asked for their own household compared to a similar household. We do not find the reverse effect for positive shocks. We find a negative correlation between over-optimism and financial literacy, indicating that financial literacy is relevant to both, financial behavior and the ability to assess financial shocks.
- Sprache
-
Englisch
- Erschienen in
-
Series: ZEW Discussion Papers ; No. 23-074
- Klassifikation
-
Wirtschaft
Household Saving; Personal Finance
Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡
- Thema
-
financial fragility
expectations
risk assessment
financial behavior
over-optimism
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Bucher-Koenen, Tabea
Fessler, Pirmin
Silgoner, Maria Antoinette
- Ereignis
-
Veröffentlichung
- (wer)
-
ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
- (wo)
-
Mannheim
- (wann)
-
2023
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Bucher-Koenen, Tabea
- Fessler, Pirmin
- Silgoner, Maria Antoinette
- ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
Entstanden
- 2023
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