The Role of Emotions and Imagery in Financial Decision-Making: A Comparative Analysis of Neuromarketing and Self-Report Data

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Hamelin, Nicolas
Ferm, Lars-Erik Casper
Huszar, Zsuzsa Reka
Thaichon, Park
Quach, Sara
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2025
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Consumer financial decisions, traditionally viewed as rational, are increasingly recognized as being influenced by emotions and intuition. This study examines how imagery and emotions in financial contexts influence decision-making, specifically in hypothetical loan approvals where loan application documents include carefully selected imagery. Using a mixed-method approach, including neuromarketing methodologies such as eye-tracking and galvanic skin response (GSR), and a between-subjects experimental design utilizing self-report data, this study provides unique and granular insights into financial decision-making. In Study 1, respondents were individuals with 2 years of relevant education and business experience who were expected to apply for business loans themselves in the near future. Results indicate, via neuromarketing measures, that emotions, when influenced by imagery, take precedence over financial data in decision-making. Men (vs. women) respondents were more (vs. less) likely to approve applications with positive imagery. In Study 2, self-reported data revealed a discrepancy between emotional responses and self-reports across 320 participants. Overall, the results (1) show that specific imagery can influence loan approvals and (2) provide further evidence to the extant literature on the role of emotions in decision-making in an often perceived “calculative” financial context.

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Journal of Consumer Behaviour

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© 2025 The Author(s). Journal of Consumer Behaviour published by John Wiley & Sons Ltd. This is an open access article under the terms of the Creative Commons Attribution-NonCommercial License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited and is not used for commercial purposes.

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This publication has been entered in Griffith Research Online as an advance online version.

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Hamelin, N; Ferm, L-EC; Huszar, ZR; Thaichon, P; Quach, S, The Role of Emotions and Imagery in Financial Decision-Making: A Comparative Analysis of Neuromarketing and Self-Report Data, Journal of Consumer Behaviour, 2025

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