This paper studies the relationship between financial risk taking and trait emotional intelligence (EI). An incentivized online survey was conducted to collect the data, including measurements for cognitive ability and socio-demographic characteristics. We find a positive correlation between trait EI and financial risk taking that is at least as large as that between risk taking and measures of cognitive control (CRT). Trait EI is a key determinant of risk taking. However, not all components of trait EI play an identical role. In fact, we observe positive effects of wellbeing, mainly driven by males, and sociability. Self-control seems to matter only for males.
Financial Risk Taking and Trait Emotional Intelligence
Alessandro Bucciol;
2021-01-01
Abstract
This paper studies the relationship between financial risk taking and trait emotional intelligence (EI). An incentivized online survey was conducted to collect the data, including measurements for cognitive ability and socio-demographic characteristics. We find a positive correlation between trait EI and financial risk taking that is at least as large as that between risk taking and measures of cognitive control (CRT). Trait EI is a key determinant of risk taking. However, not all components of trait EI play an identical role. In fact, we observe positive effects of wellbeing, mainly driven by males, and sociability. Self-control seems to matter only for males.
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