Mediational effects of sensation seeking on the age and financial risk-taking relationship

The current study examined the potential mediating role of sensation seeking in the well-established negative relationship between age and financial risk-taking. A total of 299 participants, aged 17–90 years, allocated hypothetical money into mutual funds that varied in risk and completed a sensatio...

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Bibliographic Details
Published in:Personality and individual differences 2009-12, Vol.47 (8), p.917-921
Main Authors: Zabel, Kevin L., Christopher, Andrew N., Marek, Pam, Wieth, Mareike B., Carlson, Jacqueline J.
Format: Article
Language:English
Subjects:
Age
Finance
Mediation
Risk taking
Sensation seeking
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Summary:The current study examined the potential mediating role of sensation seeking in the well-established negative relationship between age and financial risk-taking. A total of 299 participants, aged 17–90 years, allocated hypothetical money into mutual funds that varied in risk and completed a sensation seeking measure. Hierarchical multiple regressions revealed that the amount of variability age accounted for in risk-taking (4.1%; β = −.22) was significantly reduced when sensation seeking was controlled for (0.8%; β = −.12). A Sobel test revealed that sensation seeking fully mediated the aforementioned relationship. Results suggest sensation seeking’s role as a mediator in more physiologically arousing risk-taking contexts (e.g., surfing). Discussion recommends investigating potential biologically and cognitively-rooted mediators and moderators of the age and risk-taking relationship.
ISSN:0191-8869
1873-3549
DOI:10.1016/j.paid.2009.07.016