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Chapter 5 Results

Abstract

This chapter first outlines the demographic profile for the participants and the descriptives for chronic regulatory focus, financial literacy, eye tracker— asset selection, eye tracker—portfolio selection, self-report—asset selection and self-report—portfolio selection. Tests of the hypotheses then follow, first with the eye tracker as the measure then followed by the self-report. The chapter is con- cluded with a section on the further analysis conducted. The further analysis pri- marily regards the gender and education variables, along with analysis into the effect of the unfavourable world financial outlook.

5.1 Descriptives

This section details with the demographic profile of the participants in the exper- iment, followed by the descriptives of the variables (chronic regulatory focus, financial literacy, eye tracker—asset selection, eye tracker—portfolio selection, self-report—asset selection and self-report—portfolio selection) that were assessed by a measure (CRFS, financial literacy questionnaire, eye tracker, self-report).

5.1.1 Demographic Profile

The data was collected at a university located in Selangor, Malaysia. A total of 105 participants were involved in the experiment, 60 were females and 45 were males. The Australian participants (two in total) indicated that they were not familiar with the term 'mutual funds', and further ten participants who reported identical scores for the promotion and prevention items in the CRFS were excluded. A chronic regulatory focus cannot be determined for participants who have the same pro- motion and prevention scores in the CRFS (ten in total). This made an effective

Table 5.1 Demographic profile

sample of 93 participants. The demographic profile of the final sample used in the analysis is noted in Table 5.1.

For 'marital status', participants who indicated 'partnered' and 'attached' were

subsumed under 'married'. Regarding 'education', those indicating 'masters' and

'PhD' were grouped under 'higher degree'.

The demographic profile of the participants reflected the typical profile of a university in Malaysia with a higher number of Asians than other ethnic groups, all participants had degrees, with a greater number of participants holding basic degrees. Those who had higher degrees were academics employed at the university. There was also slightly more participants who were under 30-years old. A slightly higher number of females than males participated in the experiment. The partici- pants were either students, academics or professional administrative staff.

5.1.2 Descriptives of Measured Variables

This section outlines the descriptives of the following variables; chronic regulatory focus, financial literacy, eye tracker—asset selection, eye tracker—portfolio selection, self-report—asset selection and self-report—portfolio selection (see Table 5.2).

Participants with the same promotion and prevention scores were excluded, as within the constraints of this research, they cannot be assigned a chronic regulatory focus. Initially, only participants who had a difference of three between their pro- motion and prevention scores were included in the book. However, reducing this threshold to two, then to one, yielded no significant change in results. Thus, the participants who had promotion and prevention scores with a difference of one and greater were included.

Table 5.2 states that there were slightly more chronic promotion-focused par-

ticipants than chronic prevention-focused participants. Most participants passed the Table 5.2 Descriptives of measured variables

financial literacy questionnaire, correctly answering three out of four questions correctly. On the eye tracker, most participants selected the prevention asset and portfolio. On the self-report, most participants selected the prevention asset, but were slightly more likely to select the promotion portfolio.

 
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