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Financial Management Behavior Among Young Adults: The Role of Need for Cognitive Closure in a Three-Wave Moderated Mediation Model

This three-wave study aims to explore whether the impact of investment literacy on the financial management behavior is mediated by investment advice use and moderated by the need for cognitive closure. A total number of 272 financially independent adults, under 40 years, completed questionnaires at...

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Autores principales: Topa, Gabriela, Hernández-Solís, Montserrat, Zappalà, Salvatore
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Frontiers Media S.A. 2018
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6283974/
https://www.ncbi.nlm.nih.gov/pubmed/30555400
http://dx.doi.org/10.3389/fpsyg.2018.02419
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author Topa, Gabriela
Hernández-Solís, Montserrat
Zappalà, Salvatore
author_facet Topa, Gabriela
Hernández-Solís, Montserrat
Zappalà, Salvatore
author_sort Topa, Gabriela
collection PubMed
description This three-wave study aims to explore whether the impact of investment literacy on the financial management behavior is mediated by investment advice use and moderated by the need for cognitive closure. A total number of 272 financially independent adults, under 40 years, completed questionnaires at three different times with 3-month intervals. The results reveal that employees with more investment advice use and characterized by high need for cognitive closure show a higher level of financial management behavior, in relation to both the urgency (seizing) of getting knowledge and the permanence (freezing) of such knowledge. The present study contributes to better understand how and when investment literacy drives well-informed and responsible financial behavior. According to these results, interventions to improve financial behavior should focus on the combination of investment advice use and metacognitive strategies used by individuals to make financial decisions.
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spelling pubmed-62839742018-12-14 Financial Management Behavior Among Young Adults: The Role of Need for Cognitive Closure in a Three-Wave Moderated Mediation Model Topa, Gabriela Hernández-Solís, Montserrat Zappalà, Salvatore Front Psychol Psychology This three-wave study aims to explore whether the impact of investment literacy on the financial management behavior is mediated by investment advice use and moderated by the need for cognitive closure. A total number of 272 financially independent adults, under 40 years, completed questionnaires at three different times with 3-month intervals. The results reveal that employees with more investment advice use and characterized by high need for cognitive closure show a higher level of financial management behavior, in relation to both the urgency (seizing) of getting knowledge and the permanence (freezing) of such knowledge. The present study contributes to better understand how and when investment literacy drives well-informed and responsible financial behavior. According to these results, interventions to improve financial behavior should focus on the combination of investment advice use and metacognitive strategies used by individuals to make financial decisions. Frontiers Media S.A. 2018-11-30 /pmc/articles/PMC6283974/ /pubmed/30555400 http://dx.doi.org/10.3389/fpsyg.2018.02419 Text en Copyright © 2018 Topa, Hernández-Solís and Zappalà. http://creativecommons.org/licenses/by/4.0/ This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) and the copyright owner(s) are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
spellingShingle Psychology
Topa, Gabriela
Hernández-Solís, Montserrat
Zappalà, Salvatore
Financial Management Behavior Among Young Adults: The Role of Need for Cognitive Closure in a Three-Wave Moderated Mediation Model
title Financial Management Behavior Among Young Adults: The Role of Need for Cognitive Closure in a Three-Wave Moderated Mediation Model
title_full Financial Management Behavior Among Young Adults: The Role of Need for Cognitive Closure in a Three-Wave Moderated Mediation Model
title_fullStr Financial Management Behavior Among Young Adults: The Role of Need for Cognitive Closure in a Three-Wave Moderated Mediation Model
title_full_unstemmed Financial Management Behavior Among Young Adults: The Role of Need for Cognitive Closure in a Three-Wave Moderated Mediation Model
title_short Financial Management Behavior Among Young Adults: The Role of Need for Cognitive Closure in a Three-Wave Moderated Mediation Model
title_sort financial management behavior among young adults: the role of need for cognitive closure in a three-wave moderated mediation model
topic Psychology
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6283974/
https://www.ncbi.nlm.nih.gov/pubmed/30555400
http://dx.doi.org/10.3389/fpsyg.2018.02419
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