Financial Consumers’ Sense of Purpose and Consistent Financial Decisions: Experimental Evidence from South Korea*

Abstract

This paper examines the association between financial consumers’ sense of purpose and the consistency of their choices when they make investment decisions. The data are based on two controlled experiments conducted in South Korea. The first main result shows that financial consumers’ psychological well‐being has a positive association with choice consistency. The second result confirms the causal relationship between sense of purpose and choice consistency.