While economic inequality continues to rise within countries, efforts to address it have been largely ineffective, particularly those involving behavioral approaches. It is often implied but not tested that choice patterns among low-income individuals may be a factor impeding behavioral interventions aimed at improving upward economic mobility. To test this, we assessed rates of ten cognitive biases across nearly 5000 participants from 27 countries. Our analyses were primarily focused on 1458 individuals that were either low-income adults or individuals who grew up in disadvantaged households but had above-average financial well-being as adults, known as positive deviants. Using discrete and complex models, we find evidence of no differences within or between groups or countries. We therefore conclude that choices impeded by cognitive biases alone cannot explain why some individuals do not experience upward economic mobility. Policies must combine both behavioral and structural interventions to improve financial well-being across populations.

Centre for Business Research Judge Business School University of Cambridge Cambridge CB2 1AG UK

Columbia University 116th and Broadway New York NY 10027 USA

Department of Biological Sciences Columbia University 1212 Amsterdam Avenue New York NY 10027 USA

Department of Clinical Neuroscience Division of Psychology Karolinska Institutet Solna 171 77 Stockholm Sweden

Department of Clinical Psychology Leiden University Wassenaarseweg 52 2333 AK Leiden South Holland The Netherlands

Department of Cognitive Science Columbia University 116th and Broadway New York NY 10027 USA

Department of Computer Science Columbia University 500 W 120th Street New York NY 10027 USA

Department of Developmental Psychology and Socialisation University of Padua Via Venezia 12 35131 Padua PD Italy

Department of Economics Columbia University 420 W 118th Street New York NY 10027 USA

Department of Experimental Psychology University of Oxford Oxford UK

Department of Health Policy and Management Columbia University 722 W 168th Street New York NY 10032 USA

Department of Health Universidad Camilo José Cela Madrid Spain

Department of Life Sciences University of Roehampton Whitelands College London SW15 4JD UK

Department of Political Science Columbia University 420 W 118th Street New York NY 10027 USA

Department of Psychology and Behavioural Sciences Aarhus University Bartholins Allé 11 8000 Aarhus Denmark

Department of Psychology Barnard College Columbia University 3009 Broadway New York NY 10027 USA

Department of Psychology Columbia University 1180 Amsterdam Avenue New York NY 10027 USA

Department of Psychology Faculty of Media and Communications Singidunum University Karadjordjeva 65 Belgrade 11000 Serbia

Department of Psychology Faculty of Social Studies Masaryk University Joštova 218 10 60200 Brno Czech Republic

Department of Psychology Koc University 34349 Istanbul Turkey

Department of Psychology Ludwig Maximilians Universität München Munich Germany

Department of Psychology University of Ljubljana Aškerčeva Cesta 2 1000 Ljubljana Slovenia

Department of Psychology University of Padua Via 8 Febbraio 35122 Padua PD Italy

Department of Psychology University of Stirling Stirling Scotland FK9 4L UK

Department of Public Administration Columbia University 420 West 118th Street New York NY 10027 USA

Department of Social and Organizational Psychology Iscte University Institute of Lisbon Avenida das Forças Armadas 1649 026 Lisbon Portugal

Department of Sociology Columbia University 606 W 122nd Street New York NY 10027 USA

German Center for Addiction Research in Childhood and Adolescence University Medical Center Hamburg Eppendorf Martinistr 52 20246 Hamburg Germany

Lund University Lund Sweden

SWPS University Chodakowska 19 31 Warsaw Poland

University of Cologne Albertus Magnus Platz 50923 Cologne Germany

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