Purpose: This 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/approach: The 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. Findings: The 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/implications: The 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/value: Informed 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.

The paper aims to examine the relationships between behavioural biases (such as overconfidence and herding) and the rational behaviour of Australian female consumers when making financial decisions. In doing so, the paper showcases the financial illiteracy of Australian female consumers when confronted with irregularities within the Australian financial markets. From a theoretical standpoint, the study adopts the notions of the adaptive market hypothesis (AMH) to understand the reasoning behind the relationships between behavioural biases (such as overconfidence and herding) and the rational behaviour of Australian female consumers when making decisions rationally. Using a quantitative approach, a structural equation modelling (SEM) was conducted on the proposed theoretical framework with a cleaned dataset of 357 Australian female consumers, which revealed that behavioural biases significantly influence each stage of rational decision-making when making financial decisions. More precisely, the structural equation modelling (SEM) showcases that herding behaviour has a significant positive relationship with the information search and evaluation of alternative stages when making financial decisions. However, overconfidence behaviour has a significant negative relationship with demand identification and evaluation of alternative stages when making financial decisions. Moreover, the findings also showcase that the proposed theoretical model closely fits with the data utilised, indicating that Australian female consumers do follow rational decision-making when making financial decisions. Additionally, the findings revealed that the education and income levels of Australian female consumers positively influence the stages of rational decision-making. The findings also contend that Australian female consumers have a risk-averse attitude (i.e., within three key hypothetical scenarios) towards financial decisions due to the presence of financial illiteracy. Hence, it is strongly suggested that financial institutions highlight the calculative benefits and returns from financial product purchases in advertising and promotions in a way that appeals to female consumer segments.

Financial institutions have made significant efforts in recent decades to integrate CSR activities into their core business approaches; however, several studies have shown that CSR violations have increased in the Australian financial industry, with financial institutions engaging in unethical practices and deceptive strategies to benefit their organizational profits over consumer interests. So far, research has shed light on how financial institutions have used CSR violation and manipulative strategies to bias consumer decision making, but there has been little investigation into how these manipulative techniques bias an individual’s rational, emotional, and decision-making powers when purchasing financial products. As a result, this study employs the theoretical notions of the emotion-imbued choice model (EIC) to investigate on how rational decision making, along with moderating effects of emotions (such as anxiety) and behavioural traits (such self-efficacy), influence the decision-making powers of Australian women when making financial product purchase decisions. It employs an online survey with 357 usable responses from Australian women, where several complex products and services are offered, and contentious claims of financial misconducts are reported. Data analysis is carried out through SPSS where regression analysis is performed along with double moderation performed through Hayes Process Model 2, with anxiety and self-efficacy chosen as moderators. Results reveal that anxiety significantly affects decision-making power of Australian women whereas moderating effects of self-efficacy was found to be insignificant. In addition, the regression results also showed that in the face of CSR violations, rational decision making has the greater influence on decision-making power of Australian women as compared to anxiety and self-efficacy. This study will be useful to a wide range of stakeholders, including the government, regulators, marketers, CSR activists, consumer watchdogs as they provide a comprehensive understanding of the interactions between rationality, emotions, and behavioural traits and how they affect the decision making of Australian women when making financial product purchase decisions.