Financial information search: An exploration of personal motivational, cognitive, and psychological characteristics

Abstract This study examines how financial knowledge and personal financial involvement relate to financial information search behaviors and the mediating roles of financial self‐efficacy, information‐gathering capacity, and risk tolerance. Using survey data from U.S. adults and mediation analysis, the results show that both financial knowledge and personal involvement are positively associated with relying on knowledge and experience, trusting experts, and collecting additional information when making financial decisions. Information‐gathering capacity and risk tolerance significantly mediate these relationships, while financial self‐efficacy plays a limited role. This study offers implications for policy, practice, and education.