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Develop and validate a concise 12-item questionnaire, the Financial Homo Ignorans Scale, to quantify individual vulnerability to behavioral biases in household finance.

January 14, 2020

Financial Homo Ignorans: measuring vulnerability to behavioral biases in household finance

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Develop and validate a concise 12-item questionnaire, the Financial Homo Ignorans Scale, to quantify individual vulnerability to behavioral biases in household finance.
Conducted two validation studies among general population cohorts totaling N=2508 participants.
Assessed predictive validity across financial decision tasks—including consumer purchases, loan choices, and investments—controlling for demographic factors, financial literacy, and related psychological constructs.
The Financial Homo Ignorans Scale successfully predicted consumer behavior in purchasing, borrowing, and investment tasks after controlling for demographics and financial literacy.
Assessed consumer vulnerability directly accounted for observed variations in household financial management efficiency and overall financial well-being.

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Implication

Validation study demonstrates that a 12-item scale predicts diverse household financial behaviors across general population cohorts, indicating high utility for targeted consumer interventions.

Cite This Study

Barrafrem et al. (2020) studied this question.

synapsesocial.com/papers/6a11ce82cd406dcc8edcdbf1 https://doi.org/10.31234/osf.io/q43ca

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Implication

Validation study demonstrates that a 12-item scale predicts diverse household financial behaviors across general population cohorts, indicating high utility for targeted consumer interventions.

Financial Homo Ignorans: measuring vulnerability to behavioral biases in household finance

Key Points

Discussion

Implication

Cite This Study

Financial Homo Ignorans: measuring vulnerability to behavioral biases in household finance

Key Points

Discussion

Implication

Cite This Study

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