Executive Functions and Financial Risk-Taking: The Crucial Role of Cognitive Flexibility and Mediating Effect of Risk-Perception

IF 3.3 3区心理学 Q1 PSYCHOLOGY, MULTIDISCIPLINARY

International Journal of Psychology Pub Date : 2025-04-06 DOI:10.1002/ijop.70046

Katarzyna Sekścińska, Diana Jaworska, Joanna Rudzińska-Wojciechowska

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Abstract

Executive functions are crucial for decision-making, yet their role in financial risk-taking remains unclear. This study explores the relationship of three executive functions—inhibitory control, working memory, and cognitive flexibility—with two areas of financial risk-taking: investing and gambling. Additionally, it examines how risk perception mediates these relationships. An online correlational study was conducted with 399 participants, utilising three measures of executive functions: the Go/No-Go task to assess inhibitory control, the Trail Making Test for cognitive flexibility, and the 2-back task for working memory. Financial measures evaluated participants' general risk propensity and performance in incentivised tasks across both subdomains, alongside measures of risk perception. The findings indicate that cognitive flexibility is the only significant positive predictor of both investment and gambling risk-taking propensity, as well as the riskiness of choices in both domains. Furthermore, the results suggest that risk perception mediates the relationship between cognitive flexibility and financial risk-taking. While working memory was identified as a significant predictor only in the context of gambling risk-taking, inhibitory control did not appear to play a role in financial risk-taking at all.

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来源期刊

International Journal of Psychology PSYCHOLOGY, MULTIDISCIPLINARY-

CiteScore

6.40

自引率

0.00%

发文量

期刊介绍： The International Journal of Psychology (IJP) is the journal of the International Union of Psychological Science (IUPsyS) and is published under the auspices of the Union. IJP seeks to support the IUPsyS in fostering the development of international psychological science. It aims to strengthen the dialog within psychology around the world and to facilitate communication among different areas of psychology and among psychologists from different cultural backgrounds. IJP is the outlet for empirical basic and applied studies and for reviews that either (a) incorporate perspectives from different areas or domains within psychology or across different disciplines, (b) test the culture-dependent validity of psychological theories, or (c) integrate literature from different regions in the world.