Value-Based Financial Risk Prediction Model

Jiří Pospíšil, Nataša Matulayová, Pavla Macháčková, Pavlína Jurníčková, Ivana Olecká and Helena Pospíšilová
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Jiří Pospíšil: Department of Christian Social Work, Sts Cyril and Methodius Faculty of Theology, Palacký University Olomouc, Na Hradě 5, 779 00 Olomouc, Czech Republic
Nataša Matulayová: Department of Christian Social Work, Sts Cyril and Methodius Faculty of Theology, Palacký University Olomouc, Na Hradě 5, 779 00 Olomouc, Czech Republic
Pavla Macháčková: Department of Christian Social Work, Sts Cyril and Methodius Faculty of Theology, Palacký University Olomouc, Na Hradě 5, 779 00 Olomouc, Czech Republic
Pavlína Jurníčková: Department of Christian Social Work, Sts Cyril and Methodius Faculty of Theology, Palacký University Olomouc, Na Hradě 5, 779 00 Olomouc, Czech Republic
Ivana Olecká: Department of Christian Social Work, Sts Cyril and Methodius Faculty of Theology, Palacký University Olomouc, Na Hradě 5, 779 00 Olomouc, Czech Republic
Helena Pospíšilová: Department of Christian Social Work, Sts Cyril and Methodius Faculty of Theology, Palacký University Olomouc, Na Hradě 5, 779 00 Olomouc, Czech Republic

Risks, 2021, vol. 9, issue 11, 1-24

Abstract: The model of financial risk prediction we developed and present in our paper is based on the theoretical assumption that there exists a significant relationship between actual economic situation and values. This assumption confirmed by the research influences the potential risk in financial behaviour and it becomes actual especially in the case of changing life conditions. The concept of the model is based on data received from 3768 respondents questioned across the Czech Republic. Measured variables were indexed, and the cluster and factor analyses were used for multivariate analysis. The model is unique in the combination of personal values projected into six generalized value types and developed economic indexes clustered in four types of economic situations. The primary purpose of the model is to identify the anticipated personal financial risk of clients. The model has fundamental applications as a diagnostic or auto-diagnostic tool in social work, counselling, psychotherapy, and other helping professions, or as a research instrument leading to various hypotheses and to the enhancement of theories concerning economic behaviour.

Keywords: model; financial responsibility; financial well-being; financial knowledge; values; economic situation; risks; helping professions (search for similar items in EconPapers)
JEL-codes: C G0 G1 G2 G3 K2 M2 M4 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:gam:jrisks:v:9:y:2021:i:11:p:205-:d:676994

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