People Working Hard for Money Less Likely to Take Financial Risks, Study Says

A study in the Journal of Consumer Psychology finds that people who are working hard for money are less likely to take financial risks. This suggests that the study challenges the common assumption that hard workers are more willing to take risks.

“Working Hard for Money Decreases Risk Tolerance” is an article in the Journal of Consumer Psychology from main author Christopher Bechler. This study finds that people who are working hard for money are less willing to risk their earnings through investments and somewhere else.

According to Carlisle, the recent study investigates how people who are working hard for money value their earnings more and, hence, are more apprehensive of taking risks even when it could lead to more significant gains.

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Assumptions in People Working Hard for Money

However, according to Anderer, the recent study challenges the common assumption that people working hard for money are more willing to take risks. It also widens the readers’ understanding that focuses on unexpected gains or money earned due to unforeseen circumstances.

In addition, the recent study also introduces an uncommon factor of perceived ownership. This suggests that people who are working hard for money feel less willing to take risks if the money they earned is in a currency they feel less ownership over. An example of this is earning Bitcoin for those who do not use crypto.

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