Financial decision-making, income, cognitive biases: The impact of economic systems and environments on behavior in six countries

Positive deviants are individuals from disadvantaged circumstances who outperform the typically negative outcomes for their group. Research on positive deviance in behavioral sciences is scarce, although such information could provide valuable insights into overcoming inequalities useful for developing interventions. We tested choice patterns between positive deviants, low-income individuals, and the general population. Our aim was to investigate whether positive deviants perform differently on cognitive bias tasks compared to other individuals with low incomes or the general population. The instrument was tested in multiple countries (N = 1,722) to determine potential differentiation based on systems-level, social, and structural factors. We found no differences between income groups in the fourteen choice patterns assessed in our instrument involving cognitive biases, and only anecdotal differences in some financial behaviors. Such findings suggest that, while behavioral interventions will benefit individuals where appropriately implemented, systemic and structural factors are most critical for improving the financial well-being of entire populations.