How social support style affects financial risk-taking behavior: A cross-cultural study

• Lili Wang

  Zhejiang University

• Danping Zhou

  Shanghai Jiao Tong University

• Liang Hu

  Zhejiang University

The impact of the level of social support on risky financial behaviors has been extensively investigated. However, the impact of different styles of social support on these behaviors has so far been ignored by researchers. We examined whether or not different styles of social support are related to risky financial behaviors. Participants in our descriptive correlational study were a convenience sample of White North American (n = 149) and Chinese (n = 173) university students. Results showed that the Chinese students received more guidance and less emotional social support than did the White North American students, and that the Chinese students were more likely to take risks in financial domains than the White North American students were. Results also showed that emotional social support was negatively related to risky financial behaviors, but guidance was positively related to risky financial behaviors. More important, the results demonstrated that cross-cultural differences in social support can partly mediate cross-cultural differences in risky financial behaviors.

1. Lili Wang, Zhejiang University
   School of Management
2. Danping Zhou, Shanghai Jiao Tong University
   Antai Economic and Management School
3. Liang Hu, Zhejiang University
   College of Education

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