The Psychology of Savings: How Regulatory Focus of Financial Ads and Personal Savings Orientation Drive Saving Intentions

Effective financial decision-making is critical for individuals’ long-term well-being, yet many consumers struggle to save consistently. This paper investigates how personal saving orientation (PSO) interacts with message framing (promotion vs. prevention) of ads of financial products to influence saving intentions. Drawing on the Regulatory Focus Theory, we explore how consumers with varying levels of PSO respond to tailored financial messages across three experimental studies. In Study 1, we demonstrate that individuals with high PSO exhibit stronger saving intentions when exposed to prevention-focused messages, while those with low PSO are more motivated by promotion-focused messages. Study 2 delves into the psychological mechanisms driving these effects, revealing that perceived relevance and goal importance sequentially mediate the interaction between PSO and message framing on saving intentions. Study 3 adopts a first-person perspective by measuring PSO and using real ads, thus re-confirming the robustness of the effects. Our findings contribute to the literature on financial behavior by highlighting the critical role of PSO in shaping responses to financial message framing. Additionally, we offer actionable insights for financial institutions and policymakers, suggesting that aligning message framing with consumers’ PSO can enhance the effectiveness of saving promotions, ultimately encouraging healthier financial habits.