Cognitive abilities and household financial portfolios in association with economic development and national health system: A cross-country analysis based on SHARE data

Tsendsuren, Saruultuya and Wong, Wing-Keung and Li, Chu-Shiu (2024) Cognitive abilities and household financial portfolios in association with economic development and national health system: A cross-country analysis based on SHARE data. ACTA OECONOMICA, 74 (3). pp. 379-403. ISSN 0001-6373

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Abstract

Cognitive ability is increasingly recognized as a significant factor influencing household portfolio decisions. However, different cognitive abilities, such as numeracy, fluency and recall, may yield different investment results. The aim of this paper is to empirically examine the associations of three cognitive abilities (numeracy, fluency and recall) with household portfolio composition using Survey of Health, Aging and Retirement (SHARE) data across 16 European countries and the multinomial logit model. Our empirical analyses focus on the impacts of differences in country characteristics, specifically the level of economic development and the existence of a national health system (NHS).

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