Risk attitudes determine how decision-makers resolve tradeoffs when decisions involve uncertainty. The framing of a decision problem can affect these attitudes. Regulatory focus theory holds that (promotion-focused) frames that emphasize acquiring gains induce higher risk-taking than (prevention-focused) frames that emphasize avoiding losses. Here, we examine how this framing effect is moderated by individual differences in the internality of encoding style—the readiness to construe stimuli in terms of expectancies and pre-existing categories. In two experiments, participants could obtain costly information to aid their focal decision; thus, a risky choice corresponded to obtaining little or no information. Payoffs were framed to emphasize either gaining a bonus or retaining an endowed budget. The results of both experiments suggested that individuals with a more internal encoding style were more likely to be affected by the payoff framing. These results suggest that framings’ effectiveness on risk-taking depends on individual differences in cognitive processing style.