Behavioral and Experimental Economics and Financial Behavior: A Cross-Country Comparative Study
Abstract
One of the key objectives of financial literacy studies is to translate financial knowledge into positive financial behavior. Thus, appropriate financial choices and sound decisions can be made. However, this translation is hindered by psychological factors. This study examines the factors that influence financial behavior in both theoretical and practical contexts through the lenses of behavioral and experimental economics. This research seeks to examine the financial behaviors of university students in Romania, Türkiye, and Ukraine, as well as the factors affecting them from this perspective. The data were analyzed using multiple regression and the Mann-Whitney U. The findings revealed that Turkish students’ financial behavior level is higher than their counterparts in Romania and Ukraine. It was found that having financial knowledge improves positive financial behavior. The results indicate a potential relationship between the financial behavior level and the principles of behavioral and experimental economics. It was concluded that rational decision-making, along with trust, can foster positive financial behavior. This study may motivate educational authorities to implement financial education, as it underscores the beneficial impact of financial knowledge on financial behavior. Given that the research highlights the importance of trust, it could assist market makers in fostering sustainable market trust.
References
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[13] Doğanay Payziner, P. (2017). Determination of Attitudes and Behaviors Related to Financial Literacy: Research on Students of Department of Healthcare Management. The Journal of Academic Social Science, 58(58): 432-452. DOI: https://doi.org/10.16992/ASOS.12804
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[15] Eberly, L.E. (2007). Multiple linear regression. In: Ambrosius, W.T. (eds) Topics in biostatistics. methods in molecular biology, vol 404. Humana Press. DOI: https://doi.org/10.1007/978-1-59745-530-5_9
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[21] Gürbüz, H., and Yılmaz, V. (2023). Investigation of the factors affecting the investment behavior of university students with a structural model. Eskişehir Osmangazi University Journal of Social Sciences, 24(3): 708-722. DOI: https://doi.org/10.17494/ogusbd.1334492
[22] Gutter, M., and Copur, Z. (2011). Financial behaviors and financial well-being of college students:evidence from a national survey. J Fam Econ Iss, 32: 699 - 714. DOI: https://doi.org/10.1007/s10834-011-9255-2
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[24] Henager, R., and Cude, B. J. (2016). Financial literacy and long- and short-term financial behavior in different age groups. Journal of Financial Counseling and Planning, 27(1): 3–19. DOI: 10.1891/1052-3073.27.1.3
[25] Hershey, D. A., Jacobs-Lawson, J. M., McArdle, J. J., and Hamagami, F. (2007). Psychological foundations of financial planning for retirement. Journal of Adult Development, 14. DOI: 10.1007/s10804-007-9028-1
[26] Hilgert, M. A., Hogarth, J. M., and Beverly, S. G. (2003). Household financial management: The connection between knowledge and behavior. Fed. Res. Bull., 89, 309. Available at: https://www.federalreserve.gov/pubs/bulletin/2003/0703lead.pdf
[27] Joo, S. (2008). Personal financial wellness. In: Xiao, J.J. (eds) Handbook of consumer finance research. Springer, New York, NY. DOI: https://doi.org/10.1007/978-0-387-75734-6_2
[28] Kaiser, T., and Menkhoff, L. (2017). Does financial education impact financial literacy and financial behavior, and if so, when? The World Bank Economic Review, 31(3): 611-630. DOI: 10.1093/wber/lhx018
[29] Khalisharani, H., Johan, I. R., and Sabri, M. F. (2022). The ınfluence of financial literacy and attitude towards financial behaviour amongst undergraduate students: A cross-country evidence. Pertanika Journal of Social Sciences & Humanities, 30(2). DOI: 10.47836/pjssh.30.2.03
[30] Kharchenko, O. (2011). Financial literacy in Ukraine: Determinants and implications for saving behavior. Ukraine: Kyiv School of Economic. Availanle at: https://kse.ua/wp-content/uploads/2019/03/KHARCHENKO.pdf
[31] Kim J. H. (2019). Multicollinearity and misleading statistical results. Korean journal of anesthesiology, 72(6): 558–569. DOI: https://doi.org/10.4097/kja.19087
[32] Koskelainen, T., Kalmi, P., Scornavacca, E., and Vartiainen, T. (2023). Financial literacy in the digital age—A research agenda. Journal of Consumer Affairs, 57(1): 507–528. DOI: https://doi.org/10.1111/joca.12510
[33] Kumar, P., Pillai, R., Kumar, N., and Tabash, M. I. (2023). The interplay of skills, digital financial literacy, capability, and autonomy in financial decision making and well-being. Borsa Istanbul Review, 23(1): 169-183. DOI: https://doi.org/10.1016/j.bir.2022.09.012
[34] Lassar, W.M., Manolis, C. and Lassar, S.S. (2005). The relationship between consumer innovativeness, personal characteristics, and online banking adoption. International Journal of Bank Marketing, 23(2): 176-199. DOI: https://doi.org/10.1108/02652320510584403
[35] Loerwald, D., and Stemmann, A. (2016). Behavioral finance and financial literacy: educational ımplications of biases in financial decision making. In: Aprea, C., et al. International handbook of financial literacy. Springer, Singapore. DOI: https://doi.org/10.1007/978-981-10-0360-8_3
[36] Marantz, E., and Plonsky, O. (2025). Predicting Human Choice Between Textually Described Lotteries. arXiv preprint arXiv:2503.14004. DOI: https://doi.org/10.48550/arXiv.2503.14004
[37] Mireku, K., Appiah, F., and Agana, J. A. (2023). Is there a link between financial literacy and financial behaviour? Cogent Economics & Finance, 11(1): 1-25. DOI: https://doi.org/10.1080/23322039.2023.2188712
[38] Mullainathan, S., and Thaler, R. H. (2000). Behavioral economics. National Breau of Economic Research, Working paper: 7948. DOI: http://dx.doi.org/10.3386/w7948
[39] Namiasenko, V. (2025). Governance and management of post-war recovery and transforming Ukraine’s economy through behavioural economics and meritocratic democracy. Journal of Governance & Regulation, 14(3): 117–127. DOI: https://doi.org/10.22495/jgrv14i3art11
[40] Nițoi, M., Clichici, D., Zeldea, C., Pochea, M., and Ciocîrlan, C. (2022). Financial well-being and financial literacy in Romania: A survey dataset. Data in Brief, 43, 108413, 1-8. DOI: 10.1016/j.dib.2022.108413
[41] Özen, E. (2021). The Effect of auto-enrollment perception financial knowledge and financial behavior on the demand for the individual pension system. Journal of Research in Economics, Politics & Finance, 6(3): 912-927. DOI: https://doi.org/10.30784/epfad.1019921
[42] Pech, W., and Milan, M. (2009). Behavioral economics and the economics of Keynes. The Journal of Socio-Economics, 38(6): 891-902. DOI: https://doi.org/10.1016/j.socec.2009.06.011
[43] Perry, V. G., and Morris, M. D. (2005). Who is in control? The role of self‐perception, knowledge, and income in explaining consumer financial behavior. Journal of consumer affairs, 39(2): 299-313. DOI: 10.1111/j.1745-6606.2005.00016.x
[44] Płonka, M., Jedynak, T., and Trynchuk, V. (2020). Retirement behavior strategies: the attitudes of students from Poland and Ukraine towards the old-age risk. Problems and Perspectives in Management, 18(2): 350-365. DOI: https://doi.org/10.21511/ppm.18(2).2020.29
[45] Polishchuk, Y., Maiurchenko, V., Tereshchenko, O., Budiaiev, M., and Onikiienko, S. (2023). Unveiling individuals' financial behavior patterns: The Polish-Ukrainian case study in the pre-war period. Investment Management & Financial Innovations, 20(4): 242-256. DOI: https://doi.org/10.21511/imfi.20(4).2023.20
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Published
2025-09-30
How to Cite
ERGÜN, Kutlu.
Behavioral and Experimental Economics and Financial Behavior: A Cross-Country Comparative Study.
Theoretical and Practical Research in Economic Fields, [S.l.], v. 16, n. 3, p. 652 - 666, sep. 2025.
ISSN 2068-7710.
Available at: <https://journals.aserspublishing.eu/tpref/article/view/9108>. Date accessed: 08 oct. 2025.
doi: https://doi.org/10.14505/tpref.v16.3(35).09.
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