The aim of the present study was to examine the impact of professional financial experience on the relationships between financial knowledge and beliefs on financial planning for retirement (FPR) in young adults. We designed a domain-specific personal belief inventory comprising all important components involved in FPR. Financial professionals (n = 145) demonstrated greater knowledge of the financial retirement system compared with non-professionals (n = 382). The two groups, however, differed neither in objective nor self-rated general financial literacy. In non-professionals, higher financial literacy was positively linked to trust in the 2nd pension pillar, self-assessed competence in FPR, personal engagement in FPR, perceiving FPR as less emotionally loaded and FPR task as less complex. These predicted relationships were not found among professionals. Thus, professional experience in financial domain seems to bring a deeper and particularized insight into the pros and cons of the pension system, and consequently vacillates beliefs about FPR.
Delay discounting, the tendency to choose a smaller-sooner reward over a larger-later reward, has been conceptualized either as a personal preference or as a rational thinking component. In this study (N = 397), the associations between monetary delay discounting -constructed as a rational thinking task -and cognitive individual difference measures were examined. Participants with higher general cognitive ability, cognitive reflection, scientific reasoning, and objective numeracy had a weaker tendency to discount delayed rewards, the opposite was true for those with higher intuitive thinking disposition and bias susceptibility. Bias susceptibility predicted delay discounting over and above all other cognitive predictors. The results partially support the assumption about a common basis of delay discounting and susceptibility to cognitive biases (as a rational thinking indicator). Because of the relatively low explained variance in delay discounting by cognitive variables, however, ample room is left for other potential predictors in the monetary delay discounting tasks.
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