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Measuring financial anxiety.
Open accessAbstract
There is a scarcity of information concerning the emotional aspects of financial management.Two studies were conducted to evaluate the measurement of conscious and intuitive emotional anxiety toward one's personal finances.Along with a selfreported financial anxiety questionnaire, a modified Emotional Stroop Test (EST) and Dot-Probe Paradigm (DPP) were separately utilized to evaluate financial anxiety.In both studies, the self-reported financial anxiety questionnaire correlated significantly with the implicit measures.Furthermore, the DPP was predominantly characterized by avoidance of financial information.Financial anxiety was shown to be a separate construct from depression and general anxiety.These findings indicate that those who report having financial anxiety also display reaction latencies in the processing of financial information.Accordingly, financial behavior could be more comprehensively evaluated and policy could be better determined by incorporating financial anxiety into economic models of financial illiteracy, mismanagement, and debt.
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“Similarly, students with higher levels of financial anxiety paid relatively high attention to money-related cues (Shapiro and Burchell 2012).”
From Poverty and economic decision making: a review of scarcity theory (2022) · cites this paper as Shapiro and Burchell 2012
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Metadata
- Authors
- Shapiro, G. K., & Burchell, B. J.
- Affiliations
- London School of Economics and Political Science (GB)
- University of Cambridge (GB)
- Venue
- Journal of Neuroscience, Psychology, and Economics
- Published
- 2012-05
- Volume
- 5
- Issue
- 2
- Pages
- 92-103
- ISSN
- 1937-321X (ISSN-L)
- 2151-318X
- OpenAlex
- W2006784837
- Cited by
- 184
- References
- 49
- Citations by year
- 2026: 23 · 2025: 19 · 2024: 17 · 2023: 25 · 2022: 16 · 2021: 23 · 2020: 16 · 2019: 14 · 2018: 8 · 2017: 6 · 2016: 5 · 2015: 5 · 2014: 2 · 2013: 5
- FWCI
- 14.86
- Type
- journal article
- Language
- en
- Open access
- bronze
- doi.org
- Locations
- Journal of Neuroscience Psychology and Economics (publishedVersion)
- Apollo (University of Cambridge) (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy and Behavior
- Keywords
- financial anxiety, implicit emotional processing, emotional Stroop task, dot-probe task, financial behavior, financial illiteracy, depression, general anxiety
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