Purpose

Consumers who experience social exclusion often prefer high-risk financial products over low-risk financial products. The aim of this study is to examine how this effect can be attenuated by applying the theories of mental budgeting and pain of payment. The authors’ aim in pursuing this research is to improve the effectiveness of financial professionals and others in educating consumers on healthy financial practices. Understanding how social exclusion experiences influence financial decision-making is essential for continued progress in consumer financial education.

Design/methodology/approach

The authors examine the effect of consumers experiencing social exclusion on preference for high-risk financial products using an experimental design involving the manipulation of social exclusion/inclusion experiences. Data were collected from 148 consumers of mutual fund investment services via Amazon Mechanical Turk.

Findings

The study found that consumers experiencing social exclusion are more likely to make high risk investments. It also found that this effect is moderated by consumers' level of mental budgeting such that at high levels of mental budgeting the effect of social exclusion on investment choice is attenuated. The study further finds that the moderating effect of mental budgeting is mediated by pain of payment.

Social implications

The findings of this study suggest that policymakers can reduce unduly risky personal investment behavior by triggering mental budgeting thoughts using methods such as advertising and explicit mention of transaction fees.

Originality/value

The present study builds on existing research demonstrating the adverse behavioral consequences of social exclusion but refines our understanding by demonstrating the attenuating effect of mental budgeting and the mediating effect of pain of payment on high risk financial purchases.

中文翻译：

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心理预算和支付痛苦对社会排斥人群财务决策的影响

目的

经历社会排斥的消费者往往更喜欢高风险的金融产品而不是低风险的金融产品。本研究的目的是研究如何通过应用心理预算和支付痛苦的理论来减弱这种影响。作者进行这项研究的目的是提高金融专业人士和其他人在对消费者进行健康金融实践教育方面的有效性。了解社会排斥经历如何影响金融决策对于消费者金融教育的持续进步至关重要。

设计/方法/方法

作者使用涉及操纵社会排斥/包容体验的实验设计，研究了经历社会排斥的消费者对高风险金融产品偏好的影响。数据是通过 Amazon Mechanical Turk 从 148 名共同基金投资服务消费者那里收集的。

发现

研究发现，经历社会排斥的消费者更有可能进行高风险投资。它还发现，这种影响受到消费者心理预算水平的调节，因此在高心理预算水平下，社会排斥对投资选择的影响减弱。研究进一步发现，心理预算的调节作用是通过支付痛苦来调节的。

社会影响

这项研究的结果表明，政策制定者可以通过使用广告和明确提及交易费用等方法触发心理预算思想，从而减少过度冒险的个人投资行为。

原创性/价值

本研究建立在现有研究的基础上，该研究证明了社会排斥的不利行为后果，但通过证明心理预算的衰减作用和支付痛苦对高风险金融购买的中介作用来完善我们的理解。