GENERATIONAL PARTICULARITIES IN FINANCIAL BEHAVIOR. EXAMPLES FROM ROMANIA

Undoubtedly, financial behavior is a particularly complex one, which incorporates a multitude of factors. In order to have a better understanding of the motives that act upon the financial (and investment) behavior, numerous theorists have made efforts to explain what exactly (and how it) impacts decisions. Moving to the pool of investors, the aging rate of population is increasing at a dramatic rate in countries like the United States, or in regions such as Europe (implicitly in Romania). Due to this increase in the proportion of elderly people, it has become of interest to understand how these people can make rational financial decisions. Therefore, we aim to examine whether the elderly make more profitable investment choices as they acquire more knowledge and experience in the field of (stock) investments, or whether aging gives us the exact opposite, causing investing skills to deteriorate with age due to the adverse effects of cognitive aging etc.