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 … Show more
“…It is important that similar results emerged in both the experimental and field studies, as the strengths and weakness of each study compensate for each other. The interaction effect of treatment outcomes with the communication of information between patients and doctors, which is central to these studies, is similar to the results of research on financial risk and trust in financial authorities (Hansen, 2017). The results of our studies indicate that the level of communication may dictate the treatment‐outcome interaction.…”
Section: Discussionsupporting
confidence: 72%
“…Thus, contemplating medical treatment in the context of treatment outcomes provides us with an ideal example of a complex risk. However, the little research that has been conducted on the perception of risk and concern about uncertainty has mainly examined them with respect to the risks of nuclear power, climate change and earthquakes (Hansen, 2017; Vainio et al, 2017; Visschers et al, 2011). We do not know how communication and treatment outcomes shape patients' risk perception and concern about uncertainty.…”
Aim: The aim of the study was to examine whether patient-provider communication interacts with treatment outcomes to influence patients' risk perception. Background: Medical uncertainties and risks are among the most serious problems faced by patients. This is exacerbated by communication failure in patient-provider relationships and poor treatment outcomes. However, we do not know how communication and treatment outcomes shape patients' risk perception and concern about uncertainty. Design: The study is a two-by-two between-subjects design. Methods: Two studies were conducted and data were collected in 2019. Each study used a different research design and different samples: Study 1 used a scenario experiment with 120 undergraduate students; and Study 2 surveyed 200 inpatients in clinical settings. Results: The convergent results found a significant interaction between patientprovider communication and treatment outcome on the perception of medical risks among the participants. Conclusion: Patient-provider communication interacts with treatment outcome to influence patients' perceived risk about uncertainties for healthcare. Clinicians and nurses should be aware of the effects of patient-provider communication on patients' risk perception in their concerns about the uncertainties of treatment and pay much more attention to good healthcare relationship building in addition to the improvement of objective treatment outcome.
“…It is important that similar results emerged in both the experimental and field studies, as the strengths and weakness of each study compensate for each other. The interaction effect of treatment outcomes with the communication of information between patients and doctors, which is central to these studies, is similar to the results of research on financial risk and trust in financial authorities (Hansen, 2017). The results of our studies indicate that the level of communication may dictate the treatment‐outcome interaction.…”
Section: Discussionsupporting
confidence: 72%
“…Thus, contemplating medical treatment in the context of treatment outcomes provides us with an ideal example of a complex risk. However, the little research that has been conducted on the perception of risk and concern about uncertainty has mainly examined them with respect to the risks of nuclear power, climate change and earthquakes (Hansen, 2017; Vainio et al, 2017; Visschers et al, 2011). We do not know how communication and treatment outcomes shape patients' risk perception and concern about uncertainty.…”
Aim: The aim of the study was to examine whether patient-provider communication interacts with treatment outcomes to influence patients' risk perception. Background: Medical uncertainties and risks are among the most serious problems faced by patients. This is exacerbated by communication failure in patient-provider relationships and poor treatment outcomes. However, we do not know how communication and treatment outcomes shape patients' risk perception and concern about uncertainty. Design: The study is a two-by-two between-subjects design. Methods: Two studies were conducted and data were collected in 2019. Each study used a different research design and different samples: Study 1 used a scenario experiment with 120 undergraduate students; and Study 2 surveyed 200 inpatients in clinical settings. Results: The convergent results found a significant interaction between patientprovider communication and treatment outcome on the perception of medical risks among the participants. Conclusion: Patient-provider communication interacts with treatment outcome to influence patients' perceived risk about uncertainties for healthcare. Clinicians and nurses should be aware of the effects of patient-provider communication on patients' risk perception in their concerns about the uncertainties of treatment and pay much more attention to good healthcare relationship building in addition to the improvement of objective treatment outcome.
“…On the one hand, financial literacy can change households' risk attitudes and prevent them from falling into poverty by choosing financial instruments such as insurance and credit for risk protection when facing external risks (Urrea and Maldonado, 2011;Kwon and Ban, 2021). On the other hand, through information analysis and screening of financial products, increasing social trust (Hansen, 2017) and risk-taking capacity (Hong et al, 2020), for example, by increasing households' willingness to purchase financial insurance, the insurance mechanism will work to help households diversify their risks when they are covered by insurance and other protection, thus reducing the probability of falling into poverty in the future. Based on this, this paper proposes the following hypothesis:…”
Section: Theoretical Background and Hypothesis Developmentmentioning
Financial literacy is the significant human capital factor affecting people's ability to obtain financial services. Evaluating the relationship between financial literacy and relative poverty is of great significance to poverty reduction. This study investigated the impacts of financial literacy on relative poverty from the perspective of poverty psychology and market participation using data from the 2017, 2019 China Household Finance Survey (CHFS). The empirical findings showed that financial literacy can alleviate relative household poverty through household participation in entrepreneurial activities, commercial insurance participation and the choice of lending channels. Financial literacy has significant poverty reduction effect on households of continuous operation, reduces the likelihood of exiting operation. Further discussion showed that the poverty reduction effect of financial literacy is more pronounced among households with higher levels of financial literacy, under the age of sixty, low levels of indebtedness and in the eastern region. Our study provides empirical evidence for encouraging market participation and promoting financial literacy and provide valuable recommendations for the policymaker to improve poverty reduction effect in the developing country context.
“…Research has acknowledged the importance of technologies for building trust across various industries, including financial services (Bugandwa et al, 2021 ; Van der Cruijsen et al, 2021 ; Gyamfi, 2019 ; Kosiba et al, 2020 ; Hansen, 2017 ). Although technological advancements may boost customer trust in financial services, products, and systems, linkage warrants a deeper investigation, particularly an examination of the roles for policy and regulatory activity in building trust.…”
Technological innovations that increase trust in the financial sector can drive financial growth. Using Ghana as a case study, this study reviewed technology-focused policies, strategy documents, and peer-reviewed literature to assess how financial technology is being utilized to build trust in financial institutions. The literature search revealed that two categories of technological applications are being used to build trust: payment platforms and trade and investment technologies. The findings showed that Ghana has adopted wide-ranging initiatives to build trust—for example, the National Digital Property Addressing System, the Re-registration of SIM Cards, and the passage of the Data Protection Act (Act 843 of 2012). We also identified key challenges associated with leveraging technologies in the sector. Valuable for financial institutions, academics, practitioners, and other financial-sector actors, the insights from this study could enhance policy formulation and implementation across other jurisdictions.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.