Investor Impulsivity and Mental Accounting: A Gender-Centric Investigation.

This study investigates the relationship between impulsivity—specifically attentional, motor, and non-planning impulsivity—and mental accounting among individual investors, while examining gender as a moderating factor. Using structural equation modeling on survey data from 162 Indian investors, the research found that non-planning impulsivity negatively correlates with mental accounting regardless of gender, whereas attentional and motor impulsivity do not show a significant overall effect. However, multi-group analysis revealed that gender moderates the impact of attentional and motor impulsivity on mental accounting: these impulsivities affect female investors' mental accounting significantly but not males'. The findings suggest implications for financial advisors, asset management companies, and policymakers in tailoring financial literacy programs and products that consider psychological traits and gender differences in financial decision-making.