The effect of financial literacy confidence on financial risk preference confidence. A lab experiment approach.

The study experimentally investigated the impact of financial literacy confidence (FLC) on financial risk preference confidence (FRPC) constructed from objective and subjective measures of financial literacy and risk preferences. Seven hundred seventytwo responses from 193 subjects were analyzed using the Random Effect Panel Regression (REPR) technique. The study reveals that FLC significantly impacts FRPC differently for overconfident and underconfident individuals. Specifically, the results show that an increase in FLC increases FRPC for overconfident individuals but decreases FRPC for underconfident individuals. Hierarchical Random Effect Panel regressions confirm that financial literacy residuals significantly impact risk preference residuals. The findings entail that cognitive abilities errors on subjective and objective measures of financial literacy correlate with risk preference errors on subjective and objective risk preference measures. Interestingly, the results show that increased financial literacy residuals lead to reduced risk preference residuals for individuals with high financial literacy. The results suggest that individuals with higher financial literacy can better align their subjective and objective measures of risk preferences. The study findings help to explain how FLC shapes the financial behavior of individuals making risky financial choices. The policy implications of these findings are that investing in financial literacy programs can assist individuals in making well-informed investment or saving decisions and can better manage financial risks.本研究通过实验探究了金融素养信心（Financial Literacy Confidence, FLC）对金融风险偏好信心（Financial Risk Preference Confidence, FRPC）的影响，其中FRPC由金融素养与风险偏好的客观及主观测度构建而成。研究共回收193名受试者的772份有效回复，并采用随机效应面板回归（Random Effect Panel Regression, REPR）方法开展分析。研究结果显示，FLC对FRPC的显著影响在过度自信与自信不足群体中存在显著异质性。具体而言，当FLC提升时，过度自信个体的FRPC会随之升高，而自信不足个体的FRPC则会降低。分层随机效应面板回归进一步验证了，金融素养残差会对风险偏好残差产生显著影响。上述研究发现表明，金融素养主观与客观测度中存在的认知能力误差，与风险偏好主观及客观测度中的风险偏好误差存在相关性。值得注意的是，结果显示，对于金融素养水平较高的个体而言，金融素养残差的增加会使其风险偏好残差降低。上述结果表明，金融素养更高的个体能够更好地协调其风险偏好的主观与客观测度结果。本研究的结论有助于阐释FLC如何影响个体在进行风险性金融决策时的金融行为。本研究的政策启示在于，开展金融素养教育项目能够帮助个体做出更为理性的投资或储蓄决策，并更好地管理金融风险。