Provincial marketization and individual financial literacy in China.

Xin, Ziqiang; Yang, Zhihui

doi:10.1037/npe0000173

Cited by 4 publications

(1 citation statement)

References 52 publications

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“…Extensive research has established that priming individuals to contemplate money or engaging in market activities leads to more unethical and individualistic behaviours and less prosocial behaviours (Falk & Szech, 2013;Vohs et al, 2006;Zhang & Xin, 2019). By considering evidence of the two conflicting views, we have found that there is more evidence suggesting the negative effects of the market mindset (Xin et al, 2022;Xin & Yang, 2023). Also, the majority of studies demonstrating the positive role of the market mindset in prosocial behaviour are predominantly correlational rather than causal in nature, thereby prohibiting the elimination of the influence of other variables (Xin, 2019).…”

Section: R E G U L a R A R T I C L Ementioning

confidence: 79%

The market mindset erodes social mindfulness

Xiao,

Xin

2023

Asian J of Social Psycho

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Previous studies have mainly explored the impacts of social mindfulness on social behaviours (e.g., cooperation), little is known about crucial macro social environment factors that affect social mindfulness, like the market economy. With the development of the market economy, people typically acquire the self‐centred and rational market mindset which may suppress social mindfulness. Therefore, the current study aimed to examine the causal relationship between the market mindset and social mindfulness, as well as the psychological mechanism behind the effect. In Study 1, participants whose market mindset was activated by recalling market experiences showed lower social mindfulness than those whose non‐market mindset was activated by recalling other experiences. Studies 2 and 3 explored the mediation of perspective taking and state empathy behind the detrimental effect. It was found that the relationship between the market mindset and social mindfulness was mediated by perspective taking rather than by state empathy. Together, the present three studies expand the existing literature on the relationship between the market mindset and social mindfulness and remind policymakers to pay attention to the adverse effects of the market mindset on social mindfulness.

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Section: R E G U L a R A R T I C L Ementioning

confidence: 79%

The market mindset erodes social mindfulness

Xiao,

Xin

2023

Asian J of Social Psycho

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Characteristics of Chinese Lottery Consumers’ Financial Literacy and its Relationship with Problem Lottery Gambling

Wang,

Yang,

Xin

2023

J Gambl Stud

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Math Anxiety and Financial Anxiety Predicting Individuals’ Financial Management Behavior

Xin,

Xiao,

Lin

2023

Depression and Anxiety

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Background. In managing finances, people need to process various financial texts containing math (e.g., amount of money and mathematical concepts) and financial information (e.g., funds and bonds). Such information could trigger anxiety related to math and finance; however, previous literature has rarely investigated the prediction role of contextual anxiety on financial management behavior. Therefore, the current study examined how math anxiety and financial anxiety are related to individuals’ financial management behavior assessed by self-report and objective observation, respectively. Methods. Study 1 investigated 186 employees with the math anxiety scale, financial anxiety scale, and financial management behavior scale to explore how math anxiety and financial anxiety predicted financial management behavior. Study 2 used a “choice/no choice” paradigm to observe how the high ( n = 50 ) and low ( n = 53 ) financial anxiety groups chose (or avoided) between a math task and a finance task (as a measurement of financial avoidance). Results. Study 1 showed that financial anxiety fully mediated the negative relationship between math anxiety and financial management behavior and the mediating effect size was −0.24, 95 % CI = − 0.34 , − 0.16 . And compared to math anxiety ( r = − 0.24 , p < 0.01 ), financial anxiety ( r = − 0.45 , p < 0.01 ) was a stronger negative predictor of financial management behavior. Study 2 revealed that, compared to people with low financial anxiety, those with high financial anxiety were 2.75 times more likely to choose financial avoidance. Conclusions. People’s financial management behavior can be predicted by financial anxiety and math anxiety (especially the former), and the two types of anxiety seem to derive more from an irrational self-perception rather than actual ability. So, reducing financial anxiety and math anxiety should come first to motivate people to manage finances.

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Provincial marketization and individual financial literacy in China.

Cited by 4 publications

References 52 publications

The market mindset erodes social mindfulness

The market mindset erodes social mindfulness

Characteristics of Chinese Lottery Consumers’ Financial Literacy and its Relationship with Problem Lottery Gambling

Math Anxiety and Financial Anxiety Predicting Individuals’ Financial Management Behavior

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