How do Australian female consumers exercise their decision-making power when making financial product decisions? The triad of financial market manipulation, rationality and emotions

PurposeThis study explores the decision-making powers of Australian female consumers in the financial product market. More precisely, it examines how the integrative effects of rationality, emotions and personality traits influence the decision-making powers of Australian female consumers when making financial product purchase decisions.Design/methodology/approachThe study employs a quantitative research approach, utilising a survey strategy. The proposed conceptual model was tested using structural equation modelling (AMOS) on a valid 357 responses from Australian female consumers.FindingsThe findings revealed that rationality, self-efficacy and impulsivity have a positive impact on the decision-making powers of Australian female consumers. Besides this, self-efficacy and anxiety had significant moderating effects on the decision-making power of Australian female consumers when buying financial products, whereas anger and impulsivity were found to have no moderating effects.Research limitations/implicationsThe study offers understanding on the role of emotions and personality traits in financial decision-making, which can help financial institutions design sound products and services that can also ensure consumers' overall well-being.Originality/valueInformed by the theoretical notions of the appraisal-tendency framework (ATF) and emotion-imbued choice model (EIC), the study makes a unique contribution by investigating the impact of rationality, emotions and personality traits on the decision-making powers of female consumers in the Australian financial product market.