Studies found that exposure to dogs leads people to make riskier financial decisions while interactions with cats have the opposite effect.
Dogs are seen as more likely to leap without looking — possibly a trait shared with their owners. Artur Debat/Moment via Getty ImagesThe big ideaDog owners tend to take bigger risks and respond more to reward-oriented advertisements. Cat owners, on the other hand, are more cautious and more likely to react to ads emphasizing risk aversion. Those are the two main findings from new peer-reviewed research I co-authored.
Our first pair of studies looked at pet ownership data in U.S. states and compared that with several crude measures of risk-taking. For example, we found that people in states with a higher share of dog owners, such as North Dakota, had a greater prevalence of COVID-19 infections in 2020 than states with more cat owners, such as Vermont. Although we controlled for political orientation and other variables, our results show only a correlation.
For example, we asked 225 people to view four print ads featuring either a cat or a dog and then decide how to allocate a $2,000 investment, as in the previous study. We found that exposure to dogs led participants to be more likely to invest more money in stocks.Another study recruited 283 undergrads and asked them to recall a past experience involving a cat or dog.
Why it mattersPets, especially dogs and cats, are prevalent and play important roles in the lives of tens of millions of people.
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