PERSONALISED BEHAVIOURAL FINANCE WITHIN THE EUROPEAN MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE II FRAMEWORK: A MULTILAYERED ANALYSIS

This article explores how behavioural, psychological, and socio-demographic factors interact in shaping financial decision-making (FDM) within the framework of the European Markets in Financial Instruments Directive II (MiFID II). The objective is to define a personalised model of behavioural finance that aligns with MiFID II’s requirement for investor profiling and transparent advice. A total of 155 participants (aged 18–60) completed online questionnaires assessing financial literacy − divided into knowledge, behaviour, and attitude − together with psychological measures of impulsiveness, time perspective, behavioural activation/inhibition systems, and temperament traits. Gender differences and relationships among these variables were examined through t-tests, MANOVAs, and chi-square analyses. Results revealed that men scored higher in financial knowledge and literacy, whereas women exhibited higher behavioural inhibition. Temperament types influenced impulsiveness and time perspectives: Rationalists appeared less impulsive and more future-oriented, while Idealists and Artisans were more hedonistic and risk-seeking. Higher financial literacy was associated with more cautious investment decisions and a preference for low-risk portfolios, supporting the idea that knowledge enhances prudence rather than risk tolerance. These findings highlight the importance of multilayered profiling that integrates behavioural, psychological, and socio-demographic dimensions to improve personalised financial advice. The study concludes that the implementation of MiFID II should incorporate these multidimensional insights to foster informed, responsible, and tailored financial decision-making. Future research should extend this model by testing how such profiles influence real investment choices under uncertainty.