1. My main role in managing my money is:
A To be the guardian of my wealth by not making risky investments
B Actively trading my account to accumulate wealth
C Doing research before investment decisions
D Listening to others for advice on managing money
2. When it comes to financial matters, I most agree with which statement?
A Losing money is the worst possible outcome
B I should act quickly on opportunities to make money
C I need to be satisfied I have taken the time to understand an investment I plan to make, even if I miss opportunities by doing so
D I should not be in charge of overseeing my money
3. When deciding on an investment, I trust the advice of:
A My own self-discipline
B My own instincts
C My own research
D Someone other than myself
4. When markets are going up, I am:
A Relived
B Excited
C Calm and rational
D Glad I am following someone’s advice
5. In the financial realm, which word best describes you?
A Guardian
B Trader
C Researcher
D Advice taker
6. When it comes to following a plan to manage money, which best describes your thinking?
A If following a plan will help safeguard my assets, I will do it
B Following a plan is not that important
C A plan is good, but investment decisions must include my thinking
D I tend to follow others’ advice; so if a plan is recommended to me I will follow it or
I will just listen to others’ ideas
7. I feel most confident about my money when:
A I can sleep at night knowing my assets are safely invested
B I am invested in assets that have high appreciation potential
C I make my own investment decisions or at least have input into the process
D I am invested in things that many others are invested in
8. When a friend suggests a ‘sure thing’ investment idea, my response normally is:
A I typically avoid these types of ideas
B I love things like this and I can take action right away if needed
C I will do my own research and then decide what to do
D I will need to consult someone else before making a decision
9. Short-term fluctuations in my portfolio make me:
A Panic, think about selling
B Sense opportunity, think about buying
C Feel in control, potentially do nothing
D Want to call someone to see how my money is going
10. Imagine yourself at a sporting event. Which role are you most likely to play?
A A defensive player
B An offensive player
C Strategist or coach
D Fan
Bias identification quiz
| Bias identification quiz question | Strongly agree | Agree | Neutral | Disagree | Strongly disagree |
| 1. When thinking about selling an investment, the price I paid is a big factor I consider before taking any action. | |||||
| 2. The pain of financial loss is at least two times stronger than the pleasure of financial gain. | |||||
| 3. I will buy things I want even if they are not the best financial choices. | |||||
| 4. Poor past financial decisions have caused me to change my current investing decisions. | |||||
| 5. I sometimes get attached to many investments, which may cause me not to take action on them. | |||||
| 6. I often take action on a new investment right away, if it makes sense to me. | |||||
| 7. I often find that many of my successful investments can be attributed to my decisions, while those that did not work out were based on the guidance of others. | |||||
| 8. When considering changing my portfolio, I spend time thinking about options but often end up changing little or sometimes nothing. | |||||
| 9. I am confident that my investment knowledge is above average. | |||||
| 10. I trust more the advice on investments from national, advertised firms than from small, local firms. | |||||
| 11. I do not easily change my views about investments once they are made. | |||||
| 12. I invest in companies that make products I like or companies that reflect my personal values. | |||||
| 13. I tend to categorise my investments into various accounts, such as leisure, bill paying, tuition fees, and so on. | |||||
| 14. When reflecting on past investment mistakes, I see that many could have been easily avoided. | |||||
| 15. Many investment choices I make are based on my knowledge of how similar past investments have performed. | |||||
| 16. What is most important is that my investments make money. I am not very concerned with following a structured plan. | |||||
| 17 When making investment decisions, I tend to focus on the positive aspect of an investment rather than on what could go wrong with the investment. | |||||
| 18. I am more likely to have a better outcome if I make my own investment choices rather than relying on others. | |||||
| 19. When an investment is not going well, I usually seek information that confirms I made the right decision about it. | |||||
| 20. When considering the track record of an investment, I put more weight on how it has performed recently rather than on how it has performed historically. |
