Individualism-Collectivism and Risk Perception Around the World

Understanding cultural differences in risk perception is critical in an increasingly uncertain world. Here we examine the relationship between the individualism-collectivism continuum and risk perception around the world using a recently available dataset from the Lloyd's Register Foundation World Risk Poll. With a representative sample of 150,000 participants from 142 countries, the dataset contains rich information including risk perception in terms of perceived likelihood and worry along with personal experiences for a range of risks in daily life. We observe that participants from countries with a more individualist culture perceive lower risks relative to their personal experiences. Using historical kinship tightness to proxy individualism or adopt genetic distance as an instrumental variable linked to individualism, we find that more individualist culture is associated with lower perceived risks. Our study sheds light on the importance of culture in shaping risk perception and contributes to the understanding of global differences in behavioral traits.