Emotional and Cognitive Landscape of Perceived Risk: Anxiety, Caution, and Financial Loss in Shaping Safety Decisions Using Partial Least Squares Structural Equation Modeling

Slip, trip, and fall (STF) is the most prominent and longstanding form of accidents and incidents in the UK’s construction industry. Risks directly influence workers’ safety behaviors and decision making. Therefore, by integrating psychological (e.g., anxiety and risk perception) and situational (e.g., financial loss, quality of life) factors, the research provides new insights into the interactions of cognitive, emotional, and environmental influences on STF accidents. The implemented SmartPLS structural equation model (PLS-SEM) showed strong consistency (Cronbach’s Alpha 0.922), discriminant validity (interconstruct correlations <0.900), significant correlation between variables (0.5–1), and satisfactory explanatory power (R-square between 0.347 and 0.683). The findings suggest that higher anxiety, caution, dread, nervousness, risk susceptibility, and worry increase STF risk perception, with the most significant factor being worry. Emotional states can lead to either increased caution or decision paralysis. Also, higher risk perception leads to greater negative well-being effects, including fatigue, financial loss, and reduction in quality of life. Limited financial capacity drives individuals toward immediate safety solutions over systemic improvements. Additionally, higher STF risk perception leads to more safety-oriented decision making and control. Last, higher STF-related well-being concerns encourage proactive safety behaviors and decision making. The Importance-performance map analysis (IPMA) emphasizes the significant roles of anxiety, fear, and financial loss. This study critically links worker well-being and safety outcomes, and provides informed, practical measures to improve workplace safety, reduce STF incidents, and increase employee well-being.