Risk Toleransı ve Para Yönetimi'ne Farklı Bir Yaklaşım: Dolaşan Zihnin Bireysel Finansman Üzerindeki Etkisi

Abstract

Mind wandering is a state of mind which impairs concentration via vision and thought raids about past or future, and creates an erosion in the task performance. Results in recent mind wandering studies show; deterioration in reading speed and comprehension, poor driving experiences leading to accidents, disrupted performance of working memory, and negative mood swings resulting with lesser happiness. However, findings of recent research demonstrate that wandering mind can increase critical thinking and improve creative problem-solving abilities. Another area which demands focus, and requires critical thinking is surely financial decisions. Although some market agents classify themselves as the most risk averse, their risk appetites can be high in reality. The effect of the wandering mind should be noted in the formation of these behavioral inconsistencies among investors. Wandering mind studies make very rare appearances in the field of behavioral finance until recent years. Main motive of this study is to demonstrate the potential effect of wandering mind on risk taking and money management behaviors of investors. The prediction role of mind wandering on risk tolerance and money management behavior is investigated on 226 university students in Turkey, who are in the field of financial management and investment planning, thus can be seen as future investors. Structural Equation Modeling results show that wandering mind effected subjects both risk tolerance and money management behaviors negatively. These findings are in line with international literature. In addition, mind wandering explained the variance of risk tolerance and money management behavior by 31% and 2%, respectively.