BFN3034 BEHAVIOURAL FINANCE

Title: The Relationship Between Mindfulness and

Investment

Mindful in Finance or Mindfulness In Investment

No Student Name Student Id

1 Sweethaa A/P Arumukam @ Arumugam 1181100269
2 Gitaloshni A/P Velu 1181101068
3 Shantaana Lakshmi A/P Kesavan 1191301906

Evaluate by Prof. DR.Lai Ming Ming

 Table Of Content

Content Page

Abstract 2

1.0 Introduction 2-3

1.1 Problem Statement 3
1.2 Research Question 3
1.3 Research Objective 3
1.4 Hypothesis 3

2.0 Literature Review 4

2.1 Mindfulness in Financial Literacy 4
2.2 Mindfulness in Enhance Discipline 4-5
2.3 Mindfulness in Stock Trading 5

3.0 Methodology 6
3.1 Framework 6
3.2 Data Collection Method 6-7
3.3 Sampling 7
3.4 Data Analysis Method 7
3.5 Questionnaire 8-9

4.0 Finding & Discussion 10

4.1 Section A 10-11
4.2 Section B 12-13
4.3 Section C 14-15
4.4 Section D 16-17
4.5 Correlation Analysis 19
4.6 Multiple Regression Analysis 19-20

5.0 Discussion 20-21

6.0 Implication & Recommendation 21

7.0 Conclusion 21

8.0 Reference 22-23

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 The Relationship Between Mindfulness and
Investment

Abstract

Mindfulness is a very important aspect for investing. Making objective financial judgments and
managing the emotional turbulence involved with investing are both made easier with
mindfulness.The purpose of this study on the relationship between mindfulness in investment is to
conduct a questionnaire relating to three scales such as financial literacy, finance performance and
stock trading. A survey questionnaire was conducted and there were 63 students participating, and
the outcome shows that there is a positive relationship between mindfulness in investment . There
was a significant difference in scoring between the three variables based on the questionnaire.
Finally, recommendations are suggested to investors and others which act as a way of improving
performance in investing.

1.0 Introduction
Mindfulness is a state of mind created by focusing on the present moment, while calmly
acknowledging and accepting our feelings, thoughts, and bodily sensations. It's all about thinking
clearly and remembering what you're thinking about when it comes to mindfulness. Mindfulness is
described as paying attention to the present moment. It's being completely conscious of what's
going on around you and inside your brain right now, not yesterday or tomorrow, through your five
senses. Mindfulness practice is a mental training technique that helps you to relax your mind and
body by slowing down racing thoughts, letting go of negativity, and focusing on the present
moment. It blends practices with mindfulness, which is described as a mental state in which you are
completely concentrated on "the moment" and can consider and acknowledge your thoughts,
emotions, and sensations without judgement. Mindfulness practices require deep breathing and
consciousness of the body and mind. Techniques vary, but in general, it includes deep breathing and
knowledge of the body and mind.A number of researchers have established descriptions of financial
literacy over the years, with varying degrees of effectiveness and focus. Personal financial literacy
is described by Vitt, Reichbach, Kent, and Siegenthaler (2005) as the ability to read, interpret,
handle, and write about personal financial conditions that affect material well-being. Financial
literacy refers to the ability to comprehend and apply a variety of financial concepts and skills, such
as personal financial management, budgeting, and investing. Financial literacy is the bedrock of
your financial partnership, and it is a lifelong process of learning. The sooner you begin, the better
off you will be, because education is the key to financial success. Financial products and services

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have become more widely available in society in recent decades. Earlier generations of Americans
may have purchased items solely with cash, but today financial products such as credit and debit
cards, as well as electronic transactions, are widely used.

1.1 Problem statement

Investors who do not use a mindful planner can find it difficult to pay attention to the present
moment because they struggle to calmly acknowledge and accept their emotions, ideas, and bodily
sensations. Furthermore, they could be less capable of focusing and being present at a moment's
notice, resulting in a lack of self-confidence. Aside from that, a lack of mindfulness can lead to
investors allowing their emotions to control them. They can become more excited about something
and less patient as a result, affecting their own feelings and decisions.Furthermore, without
mindfulness, investors will be unable to think objectively and will have difficulty determining what
they are really concerned about. As a consequence, visceral decisions such as selling at a low price
or being scared to buy and sell shares can arise. Additionally, if they do not have strong emotional
balance, they will get more greedy. In this scenario, more investors without a proper mentality
become greedy and experience significant losses.

1.2 Research Question

Q1: Does mindfulness practice affect financial literacy?

Q2: To what extent does mindfulness meditation affect stock trading ?
Q3: To what extent does mindfulness practices affect finance ?

1.3 Research Objective

Q1: To find out how mindfulness practices affect financial literacy.
Q2: To investigate the effect of mindfulness meditation on stock trading.
Q3: To find out how mindfulness affects finance.

1.4 Hypothesis
Ho1: There is no impact between mindfulness and financial literacy
Ha1: There is an impact between mindfulness and financial literacy
H2o: There is no effect between mindfulness meditation in trading performance
Ha2: There is an effect between mindfulness meditation in trading performance.
H3o: There is no effect between mindfulness and finance.
Ha3: The is an effect between mindfulness and finance

2.0 Literature Review

2.1 Mindfulness in Financial Literacy

According to the Journal of Human Behavior in the Social Environment from Thomas E. Smith,
Kristin V. Richards & Victoria M. Shelton (2015), in an environment where there are many traps for
unwary consumers, financial education is becoming increasingly important. Educational strategies

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must understand the readiness of customers to learn the curriculum in order to be successful. The
challenges that educators face in fostering financial effectiveness are highlighted by behavioural
economics.Mindfulness is an innovative model that sheds light on the human nature of personal
financial activities. This article connects financial literacy, mindfulness strategies, and health belief
preparation levels. The effect of progressively implemented educational tasks is viewed with an eye
toward clients' preparation levels, and mindfulness discusses the emotional pressures of changing a
financially choosing to spend lifestyle.According to the journal Applying Mindfulness and
Compassion in Finance from Christophe Faugère (2016), examine the effectiveness of using two
mental skills in the financial sector: mindfulness and compassion. He defines finance's noble goal
as channelling capital into the most deserving social and/or economic activities, resulting in
increased community and societal welfare.
According to the journal Debiasing the Mind Through practices: Mindfulness and the Sunk-Cost
Bias by Andrew C. Hafenbrack, Zoe Kinas, and Sigal G. Barsade, The effect of mindfulness
practices on the sunk-cost bias was investigated. They performed four studies (one correlational and
three experimental), with the findings indicating that mindfulness decreases the propensity to let
unrecoverable prior costs affect current decisions. The journal Mindfulness and Financial Decision
Making from Bianca Peters (2020), examines the impact of a mindfulness intervention on financial
decision-making. This study hypothesizes, based on a literature review, that state mindfulness
enhances the outcomes of financial decisions, as assessed by success in the Iowa Gambling Task.

2.2 Mindfulness practices Enhance Discipline

Based on the journal The Role of Mindfulness practices on Stock Trading Performance from
Charoensukmongkol, Peerayuth & Aumeboonsuke, Vesarach. (2018). This study claims that
practising mindfulness practices will improve stock trading success in a variety of ways. The first
advantage of practices for stock traders is that it will aid in the promotion of trading discipline.
Investors with strong discipline, on the whole, not only have well-planned trading rules and
strategies before each deal, but they also obey certain rules and strategies to the letter. Apart from
the expected returns, disciplined investors tend to know the acceptable amount of risk to take and
invest in their portfolio depending on that potential risk.
Another important feature of highly focused investors is that they do not allow feelings to affect
their trading decisions. The rationality of financial markets argues that psychological emotions such
as terror, greed, trust, faith, and hope are the causes of irrational behaviour in financial markets,
especially stock markets (Mayall, Charoensukmongkol, Peerayuth & Aumeboonsuke, Vesarach.
(2018). Greed, which can be described as a desire for profit, when present in the stock market, may
lead investors to pay less attention to investment risk, or fear, which may lead investors to be overly
afraid of downward stock price fluctuations and trigger them to panic sell.
Investors who are disciplined will stick to their plans and not let feelings influence their decisions
(Maglio, Mayall, Charoensukmongkol, Peerayuth & Aumeboonsuke, Vesarach. (2018). The
importance of discipline in assisting investors in improving their trading efficiency has also been
recorded in research. For example, Locke, MannandMayall, Charoensukmongkol, Peerayuth &
Aumeboonsuke, Vesarach. (2018) used high-frequency trades data to study the trading behaviour of

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experienced futures traders and discovered that trading discipline is positively linked to subsequent
trading success. Trading discipline, according to Locke and Mann (2005), is especially important
for good trading because it tends to reduce irrational actions that may be harmful to investors.
According to the Journal of the Mindfulness Practices for Accounting and Business Education from
Borker, D. R. (2012, November 30), evaluating the advantages of mindfulness methods in
accounting and business education are not limited to the disciplines' 'soft" concerns.
According to the Journal of Mindfulness and Buddhist economics in the financial
market–generating Delta or Alpha From Ernest C. H. Ng (2018, December 1) examines that
integrating spiritual discipline into one's work and life is beneficial to ensuring long-term happiness
for oneself, culture, and the rest of the ecosystem for financial market practitioners..

2.3 Mindfulness in Stock Trading

The impact of mindfulness on stock trader success is investigated in this study. The authors
concentrate on the role of mindfulness in reducing impulsive behaviour among stock traders.
According to the findings of partial least squares regression, problems with impulse control
mediated the connection between mindfulness and stock trading results. However, the moderating
effect study showed that mindfulness has a favourable impact on stock trading success only for
people with severe impulse control issues. Surprisingly, traders who did not have problems with
impulse control tended to do worse when they practised mindfulness. Stock trading has evolved
into a big investing option that is common with investors in a variety of countries around the world.
It is clear, though, that not every stock trader would be active in this investing strategy.
Uncontrollable feelings are risky in equity investing since they lead traders to execute on instincts
and temptations rather than predetermined trading strategies and stock fundamentals.
According to Baer and Lykins, 2011, the concept of mindfulness is proposed as a personal
characteristic that significantly helps individuals to enhance focus and promote the ability to
regulate moods and behaviours. It's also said that it's a consistency that aids people in making better
decisions. According to scientists, one of the main benefits of mindfulness for stock traders is that it
helps them avoid impulsive behaviour. This study focuses on the problem of impulse control
problems since it is a harmful issue that causes people to make trading decisions on the spur of the
moment, which leads to ineffective trading, particularly while they are in a negative emotional state.

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3.0 Methodology

3.1 Framework

3.2 Data Collection Method

The measurement items utilized in designing the questionnaire for this research include
close-ended-multiple-choice questions within the kind of a 5-point Likert scale. An internet
questionnaire that consists of two sections regarding the topic is prepared by the researchers to be
shared with students. In section A, data on the demographic of the respondent is collected. Section
B is prepared to get knowledge relating to mindfulness on investment. Each student is instructed to
answer the question supported the answers prepared and each question prepared is within the design
of a closed-ended question where students are given a scaling option on a 5-point scale where 1 =
“strongly disagree”, 2= “disagree”, 3= “neutral” 4= “agree”, and 5 = “strongly agree” and required
‘Yes’ or ‘No’ questions. The details of the item are shown in the appendix.

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 Author Sample data & Period Method Findings

Charoensukmongkol, 145 individual stock Questionnaire Stock traders have

traders and 81 potenational
Peerayuth &
professional stock relationship between
Aumeboonsuke, traders in Thailand mindfulness
meditation and
Vesarach. (2018)
trading discipline.

Kirk Warren Brown, 221 British Questionnaire Mindfulness was

undergraduate (172 associated with a
Tim Kasser, Richard
women , 49 men) smaller financial
M.Ryan

Anand N. Asthana 293 MBA students Questionnaire Mindfulness has

effectiveness towards
investment and
decreased stress level.

Table A: Source of questions for each question

3.3 Sampling

In the research of the relationship between mindfulness and investment, we have extracted the data
from 63 respondents who are from Multimedia University. Therefore, our sampling frame is the
students who are studying at Multimedia University Cyberjaya. The sampling process that we have
chosen in order to conduct this survey is non-probability and we distribute all the questionnaires
online. We cannot see our pals face to face because of the present epidemic and we are just
temporary. We have thus chosen to do research in this manner in order to make it quick, not
expensive, because it is done over the internet and saves us time. We researchers have distributed
the study so that it becomes more convenient for students of Multimedia University Cyberjaya.
Answers did not be confused as only all questions contained in the questionnaire can be
answered.The questionnaire is available to all students in Multimedia University, as all questions
are generic and easy to grasp and answer by the respondents.

3.4 Data Analysis Method

Data was collected from 63 respondents, mostly university students, and used in the Social Sciences
Statistical Package (SSPS) program for statistical input analysis. In 2014, the program was renamed
IBM SPSS Statistics. SPSS is a powerful tool for analyzing and controlling survey results. It aids in
the collection of comprehensive statistical data in a timely manner. Data such as gender, age, and
degree of education are given in a simple data analysis. Furthermore, we can provide a complete
and accurate percentage and frequency for gender, age, and educational level.

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3.5 Questionnaire

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 4.0 Findings and Discussion

4.1 Section A: Demographic data

Table 1: Table 2:

Based on 63 respondents, 47.6% of them come from males and

52.4% of them come from females. Based on 63 respondents, most of them come from the ages
between 20 to 21 and between 24 years old and above which
is 38.1% and 28.6% respectively while the minority of them
comes from the ages between 18 to 19 as well as 22 to 23
years old which is 14.3% and 19%.

Table 3: Table 4:

Based on 63 respondents, the majority of them come from the degree

program which is 65.1%. For the rest of them, 4.8% of the
respondents come from the foundation program, 19.0% of them
come from the diploma program and 11.1% of them come from the
postgraduate program

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 Based on 63 respondents, 49.2% of them come from the
faculty of management which occupied half of our
respondents. For the rest of them, 9.5% come from the
faculty of engineering, 6.3% of them come from the faculty
of computing and information, 4.8% of them come from the
faculty of creative multimedia and 30.2% of them come from
other faculty.

4.2 Section B Mindfulness in Investment

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Table 5:
Based on table 5,the number of respondents who practice
mindfulness in investing is 35 which is similar to 55.6 % from
the total respondent.While 27 % of respondent do not practice
mindfulness when investing and 17% which is actually 11
respondent answered maybe.this shows that they are not sure
whether they used mindfulness or not.
Table 7:
Among the questions about mindfulness investment , ‘yes’ has
the highest percent, 88.9% and the ‘no’ has 6.3% while
'maybe’ has the lowest percent, 4.8%
Table 6:
Based on the 63 respondents we received ,there are 6
professional traders which is equivalent to 9.5% from the total
.A large number which is 50 of respondents answered no which
shows that they are not professional traders while 7 of them said
maybe.
Table 8:
Among the questions about mindfulness is a key component for
investing , ‘yes’ has the highest percent, 90.5% and the
‘maybe’ has 6.3% while 'no’ has the lowest percent, 3.2% .
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Table 9: Table 10:

Among the questions about whether mindfulness can make a

better investor , ‘yes’ has the highest percentage, 87.3% and
‘maybe’ has 7.9% while 'no’ has the lowest percentage, 4.8% .
Among the questions about mindfulness in investment, ‘Are you
a professional trader?’ has the highest mean, 2.02 and the lowest
standard deviation, 0.458 while 'Do you think mindful
investment is very important? and In your opinion do you think
mindfulness is a key component for investing?’ has the lowest
mean, 1.16.

Table 11:

From the table ,the mean difference is 5.01 and the 95 % is from 4.8 to 5.3.The score was
statistically significantly lower than a normal depression score of 5.0

4.3 Section C: Mindfulness Meditation on Stock Trading

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Table 12:
For this question ‘Does mindfulness meditation increase
trading discipline’ 43 respondents strongly agree with this
statement which is the largest percentage while 13
respondents agreed.9.5% of the respondent choosed neutral
for this question and 1.6% of respondent disagree with this
which is only respondent.
Table 14:
For this question “Does practicing mindfulness meditation
reduce panic sales” respondent who chose ‘agree’ has the
largest percentage 65.1% which is equivalent to 41 respondent
while respondent who chose ‘disagree’ has the least
percentage which is 1.6% where only 1 respondent chose it.
Table 13:
For the question “Does mindfulness create a positive association
between trading discipline and trading performance” 47
respondents have strongly agreed with this which is the largest
percentage while 11 respondent only answered agreed for this
question.Respondent who chose neutral are 5 which contributes
to the smallest percentage which is 7.9%
Table 15:
For this question “ Does Mindfulness meditation increase trading
performance” 40 respondents chose to agree which contributes to
the largest percentage which is 63.5% while the smallest
percentage is to disagree which is 1.6% from the total.
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Table 16: Table 17:

For the question “ Does being more mindful lead to

increased trading performance”,the largest percentage is for
the respondent who choose agree.It is 65.1% and the least
smallest percentage is respondent who disagree which is 1.6%
Among the questions about Mindfulness meditation on stock
trading, ‘ Does mindfulness meditation increase trading
discipline?’ has the highest mean, 4.67 and the lowest standard
deviation, 0.622 while 'Does practicing mindfulness meditation
reduce panic sales?’ has the lowest mean, 4.02.

Table 18:

From this table, the section shows that the mean difference in the population mean is 12.9 and the
95% confidence interval of difference is from 12.4 to 13.4.Depression score was statistically
significantly higher than normal score.

4.4 Section D: Mindfulness Practices on Finance

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Table 19: Table 20:

Among the questions about mindfulness practice on finance ,

‘strongly disagree’ has the highest percent, 90.5%
‘disagree’ has lowest percentage 9.5%
Among the questions about mindfulness practice on finance,
and the
‘strongly disagree’ has the highest percent, 77.8% and ‘disagree’
has the lowest percentage 22.2%.

Table 21: Table 22:

Among the questions about mindfulness practice on Among the questions about mindfulness practice on finance,
finance, ‘disagree’ has the highest percent, 82.5% and the ‘strongly disagree’ has the highest percentage, 93.7% and
‘strongly disagree’ has lowest percentage 17.5% ‘disagree’ has lowest percentage 6.3% .

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Table 23: Table 24:

From this table.the mean difference is 0.11 and the 95% confidence
intervals are from -0.05 to 0.27. Depression score was statistically
significant than a normal depression score.

Among the questions about Mindfulness practices on

finance, ‘When you are practicing mindfulness in your
daily life, do you think you're antisocial? has the highest
mean, 1.83 and the standard deviation, 0.383 while Does
practicing mindfulness in trading help to reduce stress and
help us to gain perspective again?’ has the lowest mean,
1.06.

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Table 25: Overall Mean Score Table 26: Reliability test

Among the 3 independent variables, the variable of

Mindfulness meditation on stock trading has the highest
group mean, which is 4.292. Meanwhile, the variable of
Mindfulness practices on finance has the lowest group The reliability of all constructs in the proposed model was assessed
mean, which is 1.303. It is concluded that the variable of using Cronbach’s alpha (α). As shown in the figure above, the
Mindfulness meditation on stock trading is most important. values of reliability are at the range of 0.079 to 0.788, indicating
that all values have exceeded the cutoff point of reliability, 0.7.
Thus, it is assumed that Mindfulness meditation on stock trading
measures items to achieve a high level of reliability.

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4.5 Correlation Analysis

Table 27:

Based on the table of correlation, the independent variables, mindfulness in financial literacy,
mindfulness meditation on stock trading, and mindfulness practices on finance have a more
significant relationship to the dependent variable.

4.6 Multiple Regression Analysis

Table 28:

The R Square for the model is 0.083. This resulted in all the independent variables in the research
namely financial literacy , finance performance and stock trading explained 8.3% variance of the
mindfulness in investment.

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Table 29:

There was a statistically significant difference between groups as demonstrated by one-way

ANOVA (F(1,61) = 5.507, p = 0.022). This means there is a statistically significant difference
between mindfulness and investment.

Table 30:

According to the table above, it shows that the group means of mindfulness meditation on stock
trading is considered to have a high significance level since the value is less than 0.05. Therefore,
we can accept the following hypothesis: The higher level of mindfulness meditation practice, the
higher level of investment performance and reject the following hypothesis: If the mindfulness in
financial literacy is higher, then it will make the investment higher and the more mindfulness
practice , the better in investment.

5.0 Discussions
Mindfulness in financial literacy

This hypothesis is rejected since this element is linked to the respondents' behavior. Some
respondents believe that mindfulness is helpful, while others are unsure whether mindfulness is
truly significant in terms of finances. However, some respondents believe that mindfulness is an
important aspect of investing. As a result, this component is unrelated since it is often dependent on
investor behavior and mindset.

Mindfulness meditation on stock trading

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This hypothesis is accepted since meditation is associated favorably with further trade success,
enhancing trade disciplines. According to the responses we gathered, everyone believes that
meditation has a favorable impact on trading performance. Furthermore, respondents feel that
meditation helps in the reduction of panic sales and is necessary for successful trading since it tends
to prevent impulsive behavior that may be damaging to investors.

Mindfulness practices on finance

This hypothesis is rejected, as some respondents do not think that financial attention is not very
closely associated. Most respondents disagree with meditation as some people could experience
worry and become demotivated following a loss of business. It doesn't help focus on one. Therefore
this element is not linked to attention and investment.

6.0 IMPLICATIONS & RECOMMENDATIONS

Through this analysis, the level of mindfulness in investment was established. The outcome of this
analysis investors will be able to improve stock trading success in a variety of ways besides
investors tend to know the acceptable amount of risk to take and invest in their portfolio depending
on that potential risk. In order to better explain the relationship between mindfulness and
investment qualitative analysis should be the focus of future studies. Qualitative methods should be
considered where the purpose of the mindfulness is to determine the interaction of various factors
between investors.

7.0 Conclusion
In conclusion, mindfulness plays an important role in investing. Mindfulness is proposed as a
personal characteristic that significantly helps individuals to enhance focus and promote the ability
to regulate moods and behaviours. It's also said that it's a consistency that aids people in making
better decisions. We have carried out the research via an online survey from 63 respondents due to
the pandemic issue. We have collected the data through Google form and analyzed the data via
SPSS. From the research, we can conclude that the variable of mindfulness meditation on stock
trading is acceptable and able to affect the relationship between mindfulness in investment. This
research has led to the perception of mindfulness in investment. The study explored 3 factors:
financial literacy, stock trading, and finance. The results of the current research help to provide a
thorough understanding of the desire of investors to learn.

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