# Chronotype, Risk and Time Preferences, and Financial Behaviour
## 6 Conclusions  
In summary, to further understanding of the influence of circadian rhythms on specific financial behaviour (e.g., delinquent credit card payments and stock market participation), we integrated and examined the role of time perspective and risk preference in a sequential process. We conducted regressions and path analysis based on an online survey sample representing the group of people who have been working for three to eight years in China. The findings show that compared to evening-type and neither-type individuals, morningarks are much less likely to have revolving credit card debt and one of the channels is the individual's time perspective. However, time preference only partially mediates the relationship between morning chronotype and the probability of having revolving credit card debt when individual' income level is at average and low, for the path from time preference to delinquent credit card payments.  
Some limitations of this paper warrant mention. First, the sample included workers who have been working for 3 to 8 years and consequently, future studies could benefit from using a wider age spectrum. Second, the use of other measures of circadian rhythm, such as rMEQ [172] and MESSi [35] could potentially overcome the issue of unevenly distributed chronotypes in our Chinese samples. Third, it would be interesting to examine cultural and environmental differences with respect to our results and findings, such as in an individualism-oriented country and using culturally modified cut-off criteria of chronotypes, as proposed by [PERSON] [173] and [PERSON] et al. [174], in future studies.  
The present study helps to clarify the underlying mechanism and the condition in the link between circadian typologies and revolving credit card debt. Another novel finding is that risk preference fully mediates the relationship between morningness and the probability of owning equity. Therefore, the current study is also helpful to elucidate the unique channel and mechanism through which being morning-oriented exerts an influence on stock market participation. Furthermore, the results could be a valuable tool for financial professionals who could consider circadian rhythms when developing and introducing financial products or financial services to morning-type, intermediate-type, and evening-type populations. Future research could extend by studying the relationship between chronotypes, preference constructs, and financial behaviour by adding sampling frames, such as including aging cohorts, general populations in other countries. In addition, longitudinal studies are particularly of use to validate the proposed relationships. A further step could be to verify causal relationships among these variables by implementing behavioural experiments.  
Conceptualization, D.W. and F.M.; Methodology, D.W.; Software usage, D.W.; Validation, F.M. and E.-T.C.; Formal analysis, D.W.; Investigation and resources, D.W.; Original Draft Preparation, D.W.; Review and Editing, D.W., F.M. and E.-T.C.; Supervision, F.M. and E.-T.C.  
This research received no external funding.  
The authors declare no conflict of interest.