Hirshman Samuel D, Sussman Abigail B, Vazquez-Hernandez Carlos, O'Leary Daniel, Trueblood Jennifer S
Department of Economics, Norwegian School of Economics, 5045 Bergen, Norway.
Booth School of Business, University of Chicago, Chicago, IL 60637.
Proc Natl Acad Sci U S A. 2025 Jan 7;122(1):e2412760121. doi: 10.1073/pnas.2412760121. Epub 2024 Dec 23.
Job loss is a common and disruptive life event. It is known to have numerous long-term negative effects on financial, health, and social outcomes. While the negative effects of becoming unemployed on health and well-being are well understood, the influence of job loss on financial decisions has received little attention. Across a large-scale survey ([Formula: see text]), spending data from a bank ([Formula: see text]), and two online experiments (total [Formula: see text]), we find that job loss increases financial risk-taking. First, in survey data, job loss is associated with elevated levels of self-reported financial risk-taking and lottery ticket purchases. Next, using administrative data from a large bank, we find consistent causal evidence of the influence of job loss on gambling spending. Although total spending decreases after job loss, gambling spending is less affected than our control categories. Finally, we turn to two incentive-compatible manipulations of job loss operationalized in a lab setting. We find that this experimental manipulation increases the take-up of financial risks. The current finding that job loss increases financial risk-taking could accentuate long-term negative financial effects of job loss.
失业是一种常见且具有破坏性的生活事件。众所周知，它会对经济、健康和社会状况产生众多长期负面影响。虽然失业对健康和幸福的负面影响已为人所熟知，但失业对财务决策的影响却很少受到关注。通过一项大规模调查（[公式：见正文]）、一家银行的支出数据（[公式：见正文]）以及两项在线实验（总计[公式：见正文]），我们发现失业会增加金融冒险行为。首先，在调查数据中，失业与自我报告的金融冒险行为和购买彩票的水平升高有关。其次，利用一家大型银行的行政数据，我们发现了失业对赌博支出影响的一致因果证据。虽然失业后总支出会减少，但赌博支出受影响程度小于我们的控制类别。最后，我们转向在实验室环境中对失业进行的两种激励兼容操纵。我们发现这种实验操纵会增加对金融风险的接受程度。当前关于失业会增加金融冒险行为的发现可能会加剧失业带来的长期负面财务影响。
