Coloma-Carmona Ainhoa, Carballo José Luis, Miró-Llinares Fernando, C Aguerri Jesús
Center for Applied Psychology, Miguel Hernández University of Elche, Elche, Spain; Alicante Institute for Health and Biomedical Research (ISABIAL), Alicante, Spain.
Center for Applied Psychology, Miguel Hernández University of Elche, Elche, Spain; Alicante Institute for Health and Biomedical Research (ISABIAL), Alicante, Spain.
Public Health. 2025 Jul;244:105742. doi: 10.1016/j.puhe.2025.105742. Epub 2025 May 14.
This study aimed to identify subgroups of retail investors based on their engagement in trading and gambling activities, and to examine differences in involvement, demographics, substance use, impulsivity, cognitive biases, problem gambling, and disordered trading.
Cross-sectional, population-based study using panel data. Quota sampling and post-stratification weights were applied using data from a prior population-based random digital dial telephone survey.
Data were collected from 1,429 Spanish adults (aged 18-64). Participants reported involvement in trading of 8 financial instruments (e.g., cryptocurrencies, stocks, ETFs) and 12 gambling (e.g., lotteries, sports betting) and gambling-like activities (e.g., loot boxes, skin betting). 28.6 % of respondents engaged in non-professional trading.
Using weighted latent class analysis we identified three distinct subgroups of retail investors: crypto-traders (52.4 %), focused on cryptocurrency trading with minimal gambling; stock-traders (32 %), involved in stocks/ETFs and lotteries, and gambling-traders (15.6 %), heavily involved in high-risk trading and various gambling activities. Although gambling-traders were not the highest investors in terms of trading volume, this class exhibited the highest frequency of trading and gambling, impulsivity, gambling-related cognitive biases, rates of disordered trading, and illicit substance use. 24.9 % of gambling-traders scored for problem gambling (PGSI≥8), compared to 0.5 % of crypto-traders and 3.5 % of stock-traders.
Not all retail investors seem to extend their gambling behaviors to financial markets; however, those with higher impulsive traits and gambling-related cognitive biases tend to combine trading with gambling. This combination is strongly associated with problem gambling and disordered trading.
本研究旨在根据散户投资者参与交易和赌博活动的情况确定其亚组，并研究在参与度、人口统计学特征、物质使用、冲动性、认知偏差、问题赌博和无序交易方面的差异。
基于人群的横断面研究，使用面板数据。利用先前基于人群的随机数字拨号电话调查的数据进行配额抽样和事后分层加权。
收集了1429名西班牙成年人（年龄在18 - 64岁之间）的数据。参与者报告了参与8种金融工具（如加密货币、股票、交易型开放式指数基金）的交易情况以及12种赌博（如彩票、体育博彩）和类似赌博的活动（如开箱、皮肤赌博）。28.6%的受访者参与非专业交易。
使用加权潜在类别分析，我们确定了散户投资者的三个不同亚组：加密货币交易者（52.4%），专注于加密货币交易且极少参与赌博；股票交易者（32%），参与股票/交易型开放式指数基金和彩票交易；赌博交易者（15.6%），大量参与高风险交易和各种赌博活动。尽管赌博交易者在交易量方面并非最高的投资者类别，但该类别表现出最高的交易和赌博频率、冲动性、与赌博相关的认知偏差、无序交易率以及非法物质使用率。24.9%的赌博交易者问题赌博得分（PGSI≥8），相比之下，加密货币交易者为0.5%，股票交易者为3.5%。
并非所有散户投资者似乎都将其赌博行为扩展到金融市场；然而，那些具有较高冲动特质和与赌博相关认知偏差的人往往会将交易与赌博结合起来。这种结合与问题赌博和无序交易密切相关。
