Financial risk tolerance: An analysis of unexplored factors

Ryan Gibson, David Michayluk () and Gerhard Van de Venter ()
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Ryan Gibson: Business Analyst, Strategy Team, Woolworths Limited

Published Paper Series from Finance Discipline Group, UTS Business School, University of Technology, Sydney

Abstract: Using data from a survey alliance between Kiplinger's Personal Finance Magazine, PBS's Nightly Business Report, and FinaMetrica, this study explores various demographical and attitudinal factors related to financial risk tolerance. Investigating risk tolerance scores of more than 2,000 individuals immediately after the 2008 Global Financial Crisis, we find a positive relationship between risk tolerance and income, investment knowledge and positive stock market expectations. Risk tolerance is found to be lower for females, older individuals, those that currently use a financial advisor and individuals that perceive the stock market to be riskier than two years before.

Keywords: Financial risk tolerance; Risk assessment; Financial planning; Financial advisors (search for similar items in EconPapers)
JEL-codes: D14 D81 D91 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2013-01-01
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Citations: View citations in EconPapers (34)

Published in: Gibson, R.J., Michayluk, D. and Van de Venter, G., 2013, "Financial risk tolerance: An analysis of unexplored factors", Financial Services Review, 22(1), 23-50.

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