How Trust in Financial Supplier Information Impacts Young Adults' Financial Information Involvement

The Moderating Roles of Product Savings Risk and Social Norm

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Abstract

Although consumers' risk-taking, supplier trust, social norms and information involvement are central to much of thought in the financial market and consumer economic literature, it is not known how the interplay between consumers' trust in supplier information, risk-taking behaviour and social norm may influence information involvement. This research contributes to the consumer economic literature by investigating how product savings risk and social norm affect the relationship between young adults' trust in supplier information and their information involvement. On the basis of two samples with young adults who recently have purchased a low-risk savings product (n = 641) and a high-risk savings product (n = 219), respectively, several results are obtained. It is found that both product savings risk and social norm positively moderate the relationship between young adults' trust in supplier information and their information involvement. In addition, the results indicate that the three-way interaction between trust in supplier information, products savings risk and social norm has a positive effect on information involvement. As direct implications, financial authorities and financial service managers should especially consider investing additional resources in developing information trust for high-risk savings products and should also take social norms into account when considering young adults' high-risk-taking behaviour.
Original languageEnglish
JournalJournal of Consumer Behaviour
Volume16
Issue number3
Pages (from-to)221-232
ISSN1472-0817
DOIs
Publication statusPublished - 2017

Cite this

@article{314d1821cb4d4885a953e1490759e22a,
title = "How Trust in Financial Supplier Information Impacts Young Adults' Financial Information Involvement: The Moderating Roles of Product Savings Risk and Social Norm",
abstract = "Although consumers' risk-taking, supplier trust, social norms and information involvement are central to much of thought in the financial market and consumer economic literature, it is not known how the interplay between consumers' trust in supplier information, risk-taking behaviour and social norm may influence information involvement. This research contributes to the consumer economic literature by investigating how product savings risk and social norm affect the relationship between young adults' trust in supplier information and their information involvement. On the basis of two samples with young adults who recently have purchased a low-risk savings product (n = 641) and a high-risk savings product (n = 219), respectively, several results are obtained. It is found that both product savings risk and social norm positively moderate the relationship between young adults' trust in supplier information and their information involvement. In addition, the results indicate that the three-way interaction between trust in supplier information, products savings risk and social norm has a positive effect on information involvement. As direct implications, financial authorities and financial service managers should especially consider investing additional resources in developing information trust for high-risk savings products and should also take social norms into account when considering young adults' high-risk-taking behaviour.",
author = "Torben Hansen",
year = "2017",
doi = "10.1002/cb.1638",
language = "English",
volume = "16",
pages = "221--232",
journal = "Journal of Consumer Behaviour",
issn = "1472-0817",
publisher = "JohnWiley & Sons Ltd.",
number = "3",

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AU - Hansen, Torben

PY - 2017

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N2 - Although consumers' risk-taking, supplier trust, social norms and information involvement are central to much of thought in the financial market and consumer economic literature, it is not known how the interplay between consumers' trust in supplier information, risk-taking behaviour and social norm may influence information involvement. This research contributes to the consumer economic literature by investigating how product savings risk and social norm affect the relationship between young adults' trust in supplier information and their information involvement. On the basis of two samples with young adults who recently have purchased a low-risk savings product (n = 641) and a high-risk savings product (n = 219), respectively, several results are obtained. It is found that both product savings risk and social norm positively moderate the relationship between young adults' trust in supplier information and their information involvement. In addition, the results indicate that the three-way interaction between trust in supplier information, products savings risk and social norm has a positive effect on information involvement. As direct implications, financial authorities and financial service managers should especially consider investing additional resources in developing information trust for high-risk savings products and should also take social norms into account when considering young adults' high-risk-taking behaviour.

AB - Although consumers' risk-taking, supplier trust, social norms and information involvement are central to much of thought in the financial market and consumer economic literature, it is not known how the interplay between consumers' trust in supplier information, risk-taking behaviour and social norm may influence information involvement. This research contributes to the consumer economic literature by investigating how product savings risk and social norm affect the relationship between young adults' trust in supplier information and their information involvement. On the basis of two samples with young adults who recently have purchased a low-risk savings product (n = 641) and a high-risk savings product (n = 219), respectively, several results are obtained. It is found that both product savings risk and social norm positively moderate the relationship between young adults' trust in supplier information and their information involvement. In addition, the results indicate that the three-way interaction between trust in supplier information, products savings risk and social norm has a positive effect on information involvement. As direct implications, financial authorities and financial service managers should especially consider investing additional resources in developing information trust for high-risk savings products and should also take social norms into account when considering young adults' high-risk-taking behaviour.

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