Illuminating the Influence of Demographic Variables on Investment Biases

Behavioral sciences and finance studies are on the research priority lists of university across globe. Behavioral studies have given a new dimension to marketing of product. This papers attempts to understand the demographic factors influencing the behavioral investment biases. A sample of 125 respondents is used and data is collected through structured interview and email via questionnaire. In order to identify the influence Chi square test and ANOVA is used. Chi Square test affirms the association of Yearly Income with Overconfidence bias and Occupation with Self Attribution and Framing bias. While ANOVA affirms the significant mean differences between Yearly Income and Overconfidence bias, Occupation and Self Attribution bias, Occupation and Framing bias, and finally between Gender and Overconfidence bias. It can be concluded although demographic variables do influence investment bias but very variables and biases are witnessing this relationship