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This study explores the relationship of three executive functions\u2014inhibitory control, working memory, and cognitive flexibility\u2014with two areas of financial risk\u2010taking: investing and gambling. Additionally, it examines how risk perception mediates these relationships. An online correlational study was conducted with 399 participants, utilising three measures of executive functions: the Go\/No\u2010Go task to assess inhibitory control, the Trail Making Test for cognitive flexibility, and the 2\u2010back task for working memory. Financial measures evaluated participants' general risk propensity and performance in incentivised tasks across both subdomains, alongside measures of risk perception. The findings indicate that cognitive flexibility is the only significant positive predictor of both investment and gambling risk\u2010taking propensity, as well as the riskiness of choices in both domains. Furthermore, the results suggest that risk perception mediates the relationship between cognitive flexibility and financial risk\u2010taking. While working memory was identified as a significant predictor only in the context of gambling risk\u2010taking, inhibitory control did not appear to play a role in financial risk\u2010taking at all.<\/jats:p>","DOI":"10.1002\/ijop.70046","type":"journal-article","created":{"date-parts":[[2025,4,7]],"date-time":"2025-04-07T04:29:47Z","timestamp":1744000187000},"update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":4,"title":["Executive Functions and Financial Risk\u2010Taking: The Crucial Role of Cognitive Flexibility and Mediating Effect of Risk\u2010Perception"],"prefix":"10.1002","volume":"60","author":[{"given":"Katarzyna","family":"Sek\u015bci\u0144ska","sequence":"first","affiliation":[{"name":"Faculty of Psychology University of Warsaw  Warsaw Poland"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Diana","family":"Jaworska","sequence":"additional","affiliation":[{"name":"Faculty of Psychology University of Warsaw  Warsaw Poland"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-3995-6803","authenticated-orcid":false,"given":"Joanna","family":"Rudzi\u0144ska\u2010Wojciechowska","sequence":"additional","affiliation":[{"name":"Centre for Economic Psychology and Decision Sciences Kozminski University  Warsaw Poland"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2025,4,6]]},"reference":[{"key":"e_1_2_12_2_1","doi-asserted-by":"publisher","DOI":"10.17261\/pressacademia.2022.1647"},{"key":"e_1_2_12_3_1","doi-asserted-by":"publisher","DOI":"10.1007\/s10803\u2010010\u20101087\u20107"},{"key":"e_1_2_12_4_1","doi-asserted-by":"publisher","DOI":"10.1111\/mbe.12100"},{"key":"e_1_2_12_5_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.neuroimage.2013.05.087"},{"key":"e_1_2_12_6_1","doi-asserted-by":"publisher","DOI":"10.1023\/A:1021223113233"},{"key":"e_1_2_12_7_1","doi-asserted-by":"publisher","DOI":"10.1017\/S1930297500000334"},{"key":"e_1_2_12_8_1","doi-asserted-by":"publisher","DOI":"10.1037\/0894\u20104105.19.3.267"},{"key":"e_1_2_12_9_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.frl.2013.11.002"},{"key":"e_1_2_12_10_1","doi-asserted-by":"publisher","DOI":"10.1023\/A:1021275130071"},{"key":"e_1_2_12_11_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jebo.2012.12.023"},{"key":"e_1_2_12_12_1","volume-title":"Working Memory Test V1. 06.1","author":"Coppola R.","year":"1999"},{"key":"e_1_2_12_13_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2021.103695"},{"key":"e_1_2_12_14_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jvb.2019.103339"},{"key":"e_1_2_12_15_1","doi-asserted-by":"publisher","DOI":"10.1146\/annurev\u2010psych\u2010113011\u2010143750"},{"key":"e_1_2_12_16_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467\u20109280.2007.01882.x"},{"key":"e_1_2_12_17_1","first-page":"20","article-title":"Mediation, Moderation, and Conditional Process Analysis","volume":"1","author":"Hayes A. 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