Articlediamond1999

Financial risk tolerance revisited

451 citations0/0 files storedFinancial Services Review

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Financial Literacy, Pension, Retirement Analysis Decision-Making and Behavioral Economics Financial Literacy and Behavior

Abstract

This paper explores conceptual, methodological, and empirical issues related to the development of a financial risk-tolerance assessment instrument. Financial risk tolerance is a significant factor in a number of household financial decisions, yet few recognized, valid, and reliable methods of assessment are available for use by financial service providers and educators. Empirical results from a multistage development of a 13-item risk assessment instrument are discussed. The multidimensional instrument is presented as the foundation for the development of a more widely used and accepted index. Future use by practitioners and researchers is encouraged to further validate the usefulness of the instrument. © 2000 Elsevier Science Inc. All rights reserved.

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References

1988Prospect theory: An analysis of decision under risk 1989The Practice of Social Research 1985The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence 1971Handbook in research and evaluation 1996Against the Gods: The Remarkable Story of Risk 1995Why do so Few Hold Stocks?

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