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6.1.2 Further Hypotheses Hα

The results in Sect. 5.3.1 indicate that on the self-report measure, female prevention- focused participants are more likely to select prevention assets, and female promotion-focused participants are more likely to select the promotion portfolio. No significant results were obtained for males. Research indicates that gender is not associated with regulatory focus (Dholakia et al. 2006; Förster et al. 1998; Keller 2006; Lee et al. 2000). However, the data indicates significant results for the association between gender and regulatory focus. It is possible that gender may be related to regulatory focus, only in the context for financial decision-making, as the different genders make financial decisions differently (Powell and Ansic 1997). Hβ

The hypothesis concerning the relationship between regulatory focus and age did not yield significant results. However, as risk preferences tend to shift with age (Agarwal et al. 2007) and regulatory focus is linked with the former, further study may be required in this aspect. Hγ

As the study was conducted in a university, the participants who indicated that they had a higher degree are academics. In Sect. 5.3.3, on the self-report, none of the academics selected the promotion asset and then the prevention portfolio thereafter, and of those who had chosen the prevention asset, had an equal chance of selecting the promotion or prevention portfolio.

The majority of the academics had a chronic promotion focus. The participants who had a basic degree (non-academics) were equally likely to have either foci. Self-actualisation (Maslow et al. 1970) indicates that academics are motivated by the opportunity for scientific contribution, autonomy (Rowley 1996) and the status achieved in their vocation (Erez and Shneorson 1980). Such traits are similar to the promotion focus on aspiration and accomplishments (Liberman et al. 1999). It may be that a chronic promotion focus is typical of academics. On the self-report, none of the academics chose the promotion asset and the prevention portfolio thereafter. This may be because academics who selected the promotion asset are primarily risk seeking and would thus not select the more conservative prevention portfolio.

Significant results were obtained for those who possess a higher degree

(Master's degree and above) for both the eye tracker (Sect. 5.3.2) and self-report (Sect. 5.3.3), but not for those who possess a basic degree. Those who are better educated tend to be more active in financial markets (Cole and Shastry 2009), and it is proposed that those who have a basic degree are unfamiliar with the financial products used. Thus, this may explain the non-significant results for the basic degree participants. Selecting participants with a basic degree was necessary to ensure a robust and diverse sample (Sect. 4.3.1). Overall, there has been little research on the relationship between education and financial decision-making and further study is necessary to gain greater insight. The next section brings together all the results observed on the eye tracker, and compares them with the results obtained on the self-report.

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