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Ser ou não ser: que fatores influenciam a decisão de um indivíduo ser um investidor no mercado de capitais?
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Abstract(s)
A sobrecarga dos sistemas de segurança social e a sua capacidade em assegurar as futuras pensões tem gerado preocupações com a reforma e levado à procura de outras formas de assegurar rendimentos no futuro. Neste contexto, investir surge como uma alternativa, mas o aparecimento de instrumentos cada vez mais complexos, aliado à baixa literacia financeira existente, tornam o ato de investir desafiante e restrito a um número reduzido de pessoas. A literatura existente mostra que indivíduos com um maior nível de escolaridade são mais propensos a investir. No entanto, outros fatores poderão condicionar esta decisão. Deste modo, torna-se crucial analisar quais os fatores que influenciam um indivíduo a ser investidor.
O presente trabalho empírico propõe abordar este problema, concentrando-se na comunidade académica portuguesa. O principal objetivo passa por determinar que fatores sociodemográficos influenciam a decisão de um indivíduo, que frequenta ou já terminou o Ensino Superior, a ser investidor no mercado de capitais. A idade, o género, o nível de escolaridade, a área principal de estudos, o rendimento e a situação profissional foram as variáveis sociodemográficas analisadas e, com base num questionário elaborado pela CMVM, no primeiro semestre de 2023, utilizou-se um modelo logit, para verificar a relação entre estas variáveis e a decisão de um determinado membro da comunidade académica ser investidor.
Os resultados obtidos destacam o impacto significativo de todos os fatores sociodemográficos analisados na decisão de um indivíduo ser investidor. Além disso, constata-se que os indivíduos mais jovens, do género masculino, com um maior nível de escolaridade e um nível de rendimento mais elevado são mais propensos a serem investidores entre a população universitária.
The overload of social security systems and their ability to guarantee future pensions has led to concerns about retirement and the search for other ways to secure future income. In this context, investment has emerged as an alternative, but the emergence of increasingly complex instruments, coupled with the low level of financial literacy, makes investment a challenge and restricts it to a small number of people. Existing literature shows that individuals with a higher level of education are more likely to invest. However, other factors may also influence this decision. It is therefore essential to analyse which factors influence an individual to be an investor. This empirical study aims to respond to this problem, focussing on the Portuguese academic community. The main objective is to determine which sociodemographic factors influence the decision of an individual, who is attending or has already completed higher education, to be an investor in the capital market. Age, gender, level of education, field of study, income and professional status were the sociodemographic variables analysed and, based on a questionnaire drawn up by the CMVM in the first half of 2023, a logit model was used to verify the relationship between these variables and the decision of a given member of the academic community to be an investor. The results highlight the significant impact of all the sociodemographic factors analysed on an individual's decision to be an investor. In addition, it was found that younger, male individuals with a higher level of education and a higher level of income are more likely to be investors among the university population.
The overload of social security systems and their ability to guarantee future pensions has led to concerns about retirement and the search for other ways to secure future income. In this context, investment has emerged as an alternative, but the emergence of increasingly complex instruments, coupled with the low level of financial literacy, makes investment a challenge and restricts it to a small number of people. Existing literature shows that individuals with a higher level of education are more likely to invest. However, other factors may also influence this decision. It is therefore essential to analyse which factors influence an individual to be an investor. This empirical study aims to respond to this problem, focussing on the Portuguese academic community. The main objective is to determine which sociodemographic factors influence the decision of an individual, who is attending or has already completed higher education, to be an investor in the capital market. Age, gender, level of education, field of study, income and professional status were the sociodemographic variables analysed and, based on a questionnaire drawn up by the CMVM in the first half of 2023, a logit model was used to verify the relationship between these variables and the decision of a given member of the academic community to be an investor. The results highlight the significant impact of all the sociodemographic factors analysed on an individual's decision to be an investor. In addition, it was found that younger, male individuals with a higher level of education and a higher level of income are more likely to be investors among the university population.
Description
Keywords
Comportamento do investidor Decisão de ser investidor Fatores sociodemográficos Ensino superior Mercado de capitais Modelo logit