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The impact of shared financial decision making on overconfidence for married adults
journal contribution
posted on 2023-06-09, 19:33 authored by Dee Warmath, Dominik PiehlmaierDominik Piehlmaier, Cliff RobbPrevious research has shown that overconfidence is associated with a decrease in the quality of decision making and, therefore, decision outcomes. However, less is known about the conditions or circumstances that reduce financial overconfidence. Using data from two national studies, this study was designed to provide insights into the dynamics of intrahousehold financial decision making by examining the role of shared decision making in reducing overconfidence bias. Findings suggest that a psychological sense of shared ownership of money is associated with lower levels of overconfidence. With regard to financial planning practice, these results suggest that married individuals who believe in shared ownership of household money tend to have lower levels of overconfidence.
History
Publication status
- Published
File Version
- Published version
Journal
Financial Planning ReviewISSN
2573-8615Publisher
WileyExternal DOI
Issue
1Volume
2Page range
1-14Department affiliated with
- Strategy and Marketing Publications
Full text available
- Yes
Peer reviewed?
- Yes
Legacy Posted Date
2019-11-08First Open Access (FOA) Date
2020-04-18First Compliant Deposit (FCD) Date
2019-11-07Usage metrics
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