Cultural values in financial services advertising: a cross-cultural study of magazine ads in the USA and Korea

Abstract

Purpose - This paper aims to examine whether culture impacts the execution of financial services advertising (FSA). Specifically, this study investigates how cultural values are reflected in FSA by comparing magazine ads in the USA and Korea. Design/methodology/approach - This study analyzed the content of a total of 1,889 (USA = 1,486; Korea = 403) FSA in print business/news magazines from 2005 to 2009. Findings - The finding of this study showed significant cultural differences of FSA in terms of collectivism, high and low cultural contexts, human models/celebrity presence and time orientation between the USA and Korea. However, the difference in individualistic cues between the USA and Korea was not significant. Research limitations/implications - Using the integration of multiple cultural frameworks will better explain cultural differences reflected in marketing communication in the financial services (FS) sector. Future research is needed to generalize how such frameworks are reflected in different settings, such as different media or different countries. Practical implications - The findings of this study suggest that FSA reflect cultural values, providing further implications for FS companies targeting the global market. Originality/value - This study extends the understanding of impact of cultural values on advertising by exploring the FS industry.