How do elderly consumption patterns, personality traits and Covid-19 pandemic shock influence their investment risk profiles across Europe?

Abstract

This study, as a contribution to the behavioral finance research field, aimed at understanding how risky consumption (i.e. smoking and/or alarming drinking) and healthy consumption patterns (i.e. daily consumption of fruits, vegetables, meat and dairy products, along with regular physical activities), the big Five personality traits (extraversion, openness, conscientiousness, agreeableness and neuroticism) and the Covid-19 pandemic shock influenced the investment risk profiles (risk seeker, dynamic or perfect or defensive risk diversifier, defensive and risk averse) of the elderly across eleven European countries, while taking into account the effect of personal sociodemographic and health characteristics.