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A study led by economist Giovanni Burro and colleagues called on 295 investors, asking them to recall stock market memories—either positive or negative—and the implications these had on their next financial move.

Key Findings: Participants recalling positive stock market experiences invested about 25 percent more compared to a control group. Those recalling negative or neutral memories invested about 28 percent less. In a second experiment, personal memories made participants less receptive to expert advice about stock performance. Conversely, participants with no personal stock market experience were more likely to follow expert recommendations, adjusting their investments accordingly.

What to Know: Your personal memories can make you resistant to external advice, reinforcing reliance on your own past experiences. To mitigate a potential skew in your decisions, it’s important to follow a comprehensive, unbiased financial framework.