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Financial Risk Tolerance and Additional Factors That Affect Risk Taking in Everyday Money Matters

Financial Risk Tolerance and Additional Factors That Affect Risk Taking in Everyday Money Matters The purpose of this research was to extend the investigative line of inquiry, as initiated by Carducci and Wong (1998), regarding risk taking in everyday money matters by examining demographic, socioeconomic, and attitudinal characteristics that may be used either individually or in combination as determinants of financial risk tolerance. Discriminant analysis results indicated that risk tolerance was associated with being male, older, married, professionally employed with higher incomes, more education, more financial knowledge, and increased economic expectations. Findings suggest that the achievement of financial success can be explained, at least in part, by a combination of someone's personality characteristics and socioeconomic background. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Business and Psychology Springer Journals

Financial Risk Tolerance and Additional Factors That Affect Risk Taking in Everyday Money Matters

Journal of Business and Psychology , Volume 14 (4) – Sep 30, 2004

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References (38)

Publisher
Springer Journals
Copyright
Copyright © 2000 by Human Sciences Press, Inc.
Subject
Psychology; Industrial and Organizational Psychology; Community and Environmental Psychology; Personality and Social Psychology; Business and Management, general; Social Sciences, general
ISSN
0889-3268
eISSN
1573-353X
DOI
10.1023/A:1022994314982
Publisher site
See Article on Publisher Site

Abstract

The purpose of this research was to extend the investigative line of inquiry, as initiated by Carducci and Wong (1998), regarding risk taking in everyday money matters by examining demographic, socioeconomic, and attitudinal characteristics that may be used either individually or in combination as determinants of financial risk tolerance. Discriminant analysis results indicated that risk tolerance was associated with being male, older, married, professionally employed with higher incomes, more education, more financial knowledge, and increased economic expectations. Findings suggest that the achievement of financial success can be explained, at least in part, by a combination of someone's personality characteristics and socioeconomic background.

Journal

Journal of Business and PsychologySpringer Journals

Published: Sep 30, 2004

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