ADELANTE
Institutional Repository

This study aimed to investigate how different behavioral and traditional finance variables affect the investment decision-making of individuals based on their marital status. The data was collected from a sample of individuals who were categorized as married, separated, single, and widowed. The study used One-way Analysis of Variance (ANOVA) and Tukey Pairwise Comparison Grouping to analyze the data collected. The behavioral finance variables that were analyzed included heuristic, prospect, and herding, while the traditional finance variable was fundamental. The results showed that married individuals were less influenced by heuristic and herding behaviors compared to single and separated individuals. Widowed individuals were found to be less influenced by herding behavior compared to other groups. Additionally, the results indicated that the fundamental variable had a significant effect on investment decision-making across all marital status groups. These findings suggest that individuals' investment decisions are influenced by their marital status as well as their behavioral and traditional finance attitudes. These findings provide insights for financial advisors and investment product creators to develop more practical financial advice and products that align with investors' preferences and decision-making processes.