Financial Decision Making and Cognition in a Family Context

TitleFinancial Decision Making and Cognition in a Family Context
Publication TypeJournal Article
Year of Publication2010
AuthorsJames P. Smith, McArdle, JJ, Willis, RJ
JournalEconomic journal
Volume120
Issue548
PaginationF363-80
Call Numbernewpubs20110418_Smith.pdf
KeywordsAdult children, Health Conditions and Status, Net Worth and Assets, Other
Abstract

In this article, we study the association of cognitive traits and, in particular, numeracy of both spouses on financial outcomes of the family. We find significant effects, particularly for numeracy for financial and non-financial respondents alike, but much larger effects for the financial decision maker in the family. We also examine who makes these financial decisions in the family and why. Once again, cognitive traits such as numeracy are an important component of that decision with larger effects of numeracy for husbands compared to wives.

URLhttp://mgetit.lib.umich.edu/sfx_local?sid=metalib 3AARTICLEFIRSTandamp=andamp=andamp=andamp=andamp=andamp=andamp=andamp=andamp=andamp=andamp=andamp=andamp=andamp=andamp=andamp=andamp=andid=doi 3Aandgenre=andisbn=andissn=0013-0133anddate=2010andvolume=120a
Endnote Keywords

cognition/numeracy/financial decision-making/financial decision-making/Families

Endnote ID

25510

Citation Key7539
PubMed ID21116477
PubMed Central IDPMC2992344