Default rules in investment decision-making: trait anxiety and decision-making styles

Financial Innovation

Table 1 Descriptives and statistical comparisons among the three experimental groups regarding demographics and experience in the financial field

Dependent variable	Condition	Mean (SD)	F	p
T-Anxiety	Opt-out	38.51 (7.00)	1.02	.36
	Opt-in	38.16 (10.26)
	Control	41.12 (9.36)
Rational	Opt-out	19.30 (2.63)	.30	.74
	Opt-in	18.80 (2.40)
	Control	19.03 (2.65)
Intuitive	Opt-out	16.90 (2.97)	.00	.99
	Opt-in	16.93 (2.47)
	Control	16.93 (2.55)
Dependent	Opt-out	16.42 (3.70)	.75	.47
	Opt-in	15.77 (3.76)
	Control	16.96 (4.05)
Avoidant	Opt-out	13.60 (3.79)	.09	.91
	Opt-in	13.54 (4.63)
	Control	13.19 (4.02)
Spontaneus	Opt-out	14.45 (3.14)	.94	.39
	Opt-in	13.77 (3.47)
	Control	13.32 (3.37)
Age	Opt-out	55.33 (10.16)	2.12	.12
	Opt-in	53.46 (11.02)
	Control	57.13 (8.01)
Gender	Opt-out	.57 (.49)	2.51	.13
	Opt-in	.43 (.37)
	Control	.49 (.44)
Level of education	Opt-out	3.72 (.93)	.18	.83
	Opt-in	3.63 (.95)
	Control	3.67 (.69)
Financial experience	Opt-out	.72 (.79)	.52	.59
	Opt-in	.66 (.83)
	Control	.58 (.80)

Gender was coded as 1 for females and as 0 for males; the level of education was coded as 1 for primary school, 2 for middle school, 3 for high school and 4 for bachelor's or graduate degree; financial experience was coded as 0 for inexperienced individuals, 1 for people without specific training but who have previous personal experience, and 2 for participants who had studied financial topics or worked in the field of economics. N = 194