Blue and red in financial documents: the influence on attentional mechanisms and behavior

Abstract

Purpose: This study investigates whether colors red or blue in financial disclosure documents (Key Investor Information Documents – KIIDs) affect attention distribution toward the visual stimulus and the perception of financial attractiveness of the products. Design/methodology/approach: In order to observe and measure financial consumers' visual attention, the unobtrusive methodology of eye-tracking is used on a sample of nonprofessional investors, applying an ecological protocol, through a cross-sectional design. Findings: Financial information processing and visual attention distribution are influenced by the color of the KIID document, as red seems to attract attention, proxied by gazing behavior, more than blue. Red color, compared to blue, is also observed to push investors to rate the products as less financially attractive, especially when the product Risk Reward Profile is high. Practical implications: The findings highlight the role of the basic visual properties of documents conveying financial information, prompting to investigate the unconscious and automatic mechanisms of individual's attention and its influence on decision making. Originality/value: Using the eye-tracking tool, this study bridges neuroscience, color research, marketing and finance and provides new knowledge on the underlying neural mechanisms of financial consumers' behavior.