Does Biological Endowment Matter for Demand for Financial Services? Evidence from Russian Household Survey

30 Pages Posted: 4 Feb 2016

See all articles by Irina Andrievskaya

Irina Andrievskaya

National Research University Higher School of Economics

Maria Semenova

National Research University Higher School of Economics

Date Written: February 3, 2016

Abstract

There are many studies revealing factors which influence the demand for financial services. However genetic features, determining the individual’s overall postnatal behaviour, have not been studied within this context. This paper extends the previous literature by studying to what extent individual biological endowment, proxied by prenatal testosterone (PT) (measured by the 2D:4D ratio), can determine personal demand for bank services and insurance. We use data from the Russian Longitudinal Monitoring Survey of 2011–2012. Our findings confirm the existence of the link between inherent biological variation and financial inclusion: PT affects the use of bank cards, intention to take out a loan, having a bank deposit and the consumption of insurance products.

Keywords: prenatal testosterone, 2D:4D ratio, financial inclusion, household, RLMS, Russia.

JEL Classification: D14, D81, G21, G22, O16, P34

Suggested Citation

Andrievskaya, Irina and Semenova, Maria, Does Biological Endowment Matter for Demand for Financial Services? Evidence from Russian Household Survey (February 3, 2016). Higher School of Economics Research Paper No. WP BRP 52/FE/2016. Available at SSRN: https://ssrn.com/abstract=2727108 or http://dx.doi.org/10.2139/ssrn.2727108

Irina Andrievskaya

National Research University Higher School of Economics ( email )

Myasnitskaya street, 20
Moscow, Moscow 119017
Russia

Maria Semenova (Contact Author)

National Research University Higher School of Economics ( email )

Myasnitskaya street, 20
Moscow, Moscow 119017
Russia

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