An empirical investigation of personal financial risk tolerance

Hallahan, T, Faff, R and Mckenzie, M 2004, 'An empirical investigation of personal financial risk tolerance', Financial Services Review, vol. 13, no. 1, pp. 57-78.

Document type: Journal Article
Collection: Journal Articles

Title An empirical investigation of personal financial risk tolerance
Author(s) Hallahan, T
Faff, R
Mckenzie, M
Year 2004
Journal name Financial Services Review
Volume number 13
Issue number 1
Start page 57
End page 78
Total pages 21
Publisher Academy of Financial Services
Abstract We analyze a large database of psychometrically derived financial risk tolerance scores (RTS) and associated demographic information. We find that people's self-assessed risk tolerance generally accords with RTS. Furthermore, we find that gender, age, number of dependents, marital status, income, and wealth are significantly related to the RTS. Notably, the relationship between age and risk tolerance exhibits a significant nonlinear structure.
Subject Finance
Copyright notice © 2004 Academy of Financial Services
ISSN 1057-0810
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