Aluno: Daniel Dorr
Resumo
The aim of this study is to investigate the psychological biases that influence the investment decisions of German retail investors and their impact on financial well-being. The study examines the relationship between behavioral biases - overconfidence, fear of missing out (FOMO), disposition effect and herd behavior - investment satisfaction and financial well-being. It also assesses how these biases influence investment behavior and outcomes, thereby contributing to broader financial stability. A quantitative method was applied using a structured survey. This was distributed via digital channels including social media and investment forums. The data collection, conducted over a two-week period, generated 620 responses, of which 377 were validated for analysis. A PLS-SEM approach was used to assess the relationships between behavioral biases, investment satisfaction and financial well-being. The results show that overconfidence and the disposition effect significantly influence both investment decisions and financial well-being. FOMO affects financial well-being mainly through increased financial awareness. Although herd behavior does not have a significant impact on investment decisions, it contributes positively to financial well-being by providing psychological security. Investment satisfaction showed a negative relationship with financial well-being, indicating the complexity of the interaction between emotional fulfilment and financial outcomes. The study highlights the role of psychological and contextual factors in shaping financial behavior. While certain behaviors improve financial well-being under certain conditions, others present risks that can undermine long-term financial stability. These findings underscore the importance of targeted financial education and behavioral interventions to improve decision-making and promote economic resilience.
Trabalho final de Mestrado