The Role of Subjective Attitudes and Beliefs in Financial Decision-Making of Canadians
While many Canadians lack basic financial literacy, mounting evidence from behavioural economics suggests that financial decisions are also frequently undermined by psychological factors. Even with the requisite financial knowledge and literacy skills, people are prone to various kinds of cognitive biases when making financial decisions such as those related to evaluating risk and uncertainty or the time value of money.
This project undertakes an analysis of the 2014 Canadian Financial Capability Survey (CFCS) with the aim of understanding the role of cognitive biases in the financial decision-making of Canadians, with a particular focus on youth, aboriginals, and those with low incomes
Project Details
Published: March 2016
Capability: Policy Research - Behavioural Economics
Policy Area: Adult Learning - Financial Literacy - Literacy and Essential Skills, Income Security - Income Security for Seniors
Population: Indigenous Peoples - Low-income Populations - Older Workers - Seniors - Youth
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