The role of cognitive-behavioral constructs in investors’ wealth management: Freud’s theory test

Wealth management and financial management behaviors often show emotional needs such as security, acceptance, and success. On the other hand, financial issues change people’s knowledge, behavior, emotions, and social relationships. People’s behavior differs in how they interact with the cognitive-behavioral factors affecting their wealth management level. In this regard, the present study seeks to explain the role of cognitive-behavioral factors in wealth management by predicting the causal relationships among the constructs of these factors on the wealth management of investors. The research population is active investors in the capital market, and a standardized questionnaire was used to collect data. After conducting the reliability and validity tests of the sample data, the structural modeling approach was used. The results of the structural modeling unraveled that the cognitive-behavioral constructs (financial collage, financial genogram, financial discipline, and financial self-efficacy) have a significant impact on investors’ wealth management. In addition, financial knowledge and mental accounting through financial data mining significantly influence investors’ wealth management.