A new study from the University of Arkansas reveals that stress significantly nudges people toward making riskier choices, with key differences in how men and women respond to decision-making under pressure. The findings, published in the journal Psychoneuroendocrinology, mark an important step in understanding how stress changes our judgment—a topic with direct relevance to the daily lives and financial wellbeing of Thais, especially in uncertain economic times.
At the heart of the research is a concept called “loss aversion,” referring to the well-established human tendency to fear losses more than we value equivalent gains—for example, losing 3,600 baht hurts more than the pleasure of gaining 3,600 baht. Under stress, however, this protective instinct weakens, resulting in bolder, riskier decisions. As the study’s lead author, an assistant professor of psychological science, explains, “In my own life, if I’m stressed, I’ll wait to make a decision that could have potential loss implications.” His reflection echoes a common experience for many Thai workers—such as hesitant investment decisions during periods of high job insecurity or fluctuating market conditions.
The research involved 147 participants, placed under controlled stress before being asked to make hypothetical financial choices. Decision patterns were analyzed using cumulative prospect theory, a behavioral economics model based on four psychological factors: loss aversion, risk aversion, randomness in choices, and probability distortion. The latter refers to the tendency to overemphasize unlikely but high-impact events—such as focusing on the slim chance of winning the lottery rather than the more probable outcome of losing one’s ticket price. This theory has informed economic policy and consumer protection work both globally and in Thailand, where the government has repeatedly warned citizens about gambling and risky investments (source).
A unique contribution of this study lies in gender differences: stress influenced men and women’s thinking in distinctive ways. Generally, stress impacted men’s decision-making more profoundly, making them less loss-averse and thus more inclined toward risk. Meanwhile, under stress, female participants proved better at predicting the immediate outcomes of decisions, while males tended to have a clearer sense of the broader consequences. This division mirrors findings from previous psychological research, highlighting the need for personalized financial counseling and mental health support for both genders (MedicalXpress).
These observations fit within the broader Thai social landscape, where economic stressors and familial obligations weigh differently across gender lines. In Thai culture, breadwinning traditionally falls heavily on men, which may make them more susceptible to stress-induced risk-taking especially when facing financial uncertainty. On the other hand, women often play central roles in household budgeting and caretaking, potentially explaining their emphasis on immediate results when making pressured decisions.
Another dimension of the study is the evolutionary perspective. According to the researchers, making bolder moves under stress could once have been beneficial—if an organism was being hunted, for example, taking risks was sometimes necessary for survival. While this instinct may be adaptive in moments of physical danger, it does not always serve us well in modern settings like financial markets or health-related choices. For instance, acting on impulse while stressed could lead a Thai farmer to embrace a dubious investment scheme or a business owner to over-leverage assets during an economic downturn.
Linking these findings to Thailand’s recent experiences, the Covid-19 pandemic triggered long periods of heightened stress among workers, business owners, and students. Studies from local universities have already shown increased financial risk-taking during this time, particularly among those cut off from traditional social support. As mental health challenges surge—including among Thai youths overwhelmed by academic pressure—the ability to understand and manage risk is more important than ever (Thai PBS World).
Experts in psychology and finance in Thailand stress the importance of acknowledging stress as a key factor influencing decision quality. An official with the Department of Mental Health underscores: “Helping people recognize how stress can shape choices is the first step toward fostering better self-control and safer financial or health behaviors. Public education must address both the emotional and practical aspects of risk.” This message aligns with the government’s recent efforts to expand access to mental health counseling in schools, universities, and workplaces (Bangkok Post).
Culturally, Thais value composure, patience (khwam-ot-ton), and considered action—virtues enshrined in royal speeches and Buddhist teachings. The advice to “count to ten before making a decision,” familiar in many Thai households, now has a basis in science: waiting until stress levels decline may help restore rational risk assessment and loss aversion.
As Thailand continues to navigate economic volatility, social change, and rapid digitalization, understanding how stress affects decision-making becomes a public health priority. Authorities, educators, and business leaders should promote strategies for self-awareness and stress management. This includes teaching mindfulness practices, providing access to counseling, and encouraging community support—elements already present in Thai traditions of meditation (samadhi) and merit-making (tam-bun).
Looking to the future, the University of Arkansas study calls for more research on the real-world impacts of stress-driven decisions in diverse cultural settings. For Thailand, adaptations could include context-specific financial education, targeted mental health interventions, and workplace policies designed to reduce unnecessary stress. At the individual level, Thais are encouraged to avoid hasty decisions when under pressure—especially those relating to significant financial or health risks. Seeking advice from trusted professionals and practicing relaxation techniques before big choices can prevent stress from steering life off course.
In summary, the latest scientific evidence shows that stress undermines our natural caution and can push us into riskier territory. Recognizing this pattern—and learning to pause, reflect, and seek support—is a practical step all Thais can take for a safer, more secure future.
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