A longitudinal study of financial risk tolerance
► We study risk attitudes of Smart Money magazine’s investor surveys. ► We examine the same investors over a 5year period. ► We find a small change in individuals’ financial risk tolerance over time. ► Financial risk tolerance is found to be a stable personality trait. Academics are divided as to wh...
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| Veröffentlicht in: | Journal of economic psychology 2012-08, Vol.33 (4), p.794-800 |
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| container_end_page | 800 |
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| container_issue | 4 |
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| container_title | Journal of economic psychology |
| container_volume | 33 |
| creator | Van de Venter, Gerhard Michayluk, David Davey, Geoff |
| description | ► We study risk attitudes of Smart Money magazine’s investor surveys. ► We examine the same investors over a 5year period. ► We find a small change in individuals’ financial risk tolerance over time. ► Financial risk tolerance is found to be a stable personality trait.
Academics are divided as to whether financial risk tolerance is an enduring psychological trait and as a consequence is less likely to change over the life of an individual, or a variable psychological state which varies readily in response to internal and external influences. In this study we report the findings of a longitudinal study that investigates the annual change in financial risk tolerance scores of individuals over a 5year period and the factors that influence such change. Our results indicate a relatively small annual change in individuals’ financial risk tolerance. Although our regression model is ineffective in providing a clarification for a change in the financial risk tolerance scores of individual respondents, we find a slight decrease in financial risk tolerance associated with a decrease in household size and an increase in financial risk tolerance after terminating the services of a financial planner. From our results we propose that financial risk tolerance is a stable personality trait and is unlikely to change substantially over the life of an individual. |
| doi_str_mv | 10.1016/j.joep.2012.03.001 |
| format | Article |
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Academics are divided as to whether financial risk tolerance is an enduring psychological trait and as a consequence is less likely to change over the life of an individual, or a variable psychological state which varies readily in response to internal and external influences. In this study we report the findings of a longitudinal study that investigates the annual change in financial risk tolerance scores of individuals over a 5year period and the factors that influence such change. Our results indicate a relatively small annual change in individuals’ financial risk tolerance. Although our regression model is ineffective in providing a clarification for a change in the financial risk tolerance scores of individual respondents, we find a slight decrease in financial risk tolerance associated with a decrease in household size and an increase in financial risk tolerance after terminating the services of a financial planner. From our results we propose that financial risk tolerance is a stable personality trait and is unlikely to change substantially over the life of an individual.</description><identifier>ISSN: 0167-4870</identifier><identifier>EISSN: 1872-7719</identifier><identifier>DOI: 10.1016/j.joep.2012.03.001</identifier><identifier>CODEN: JEPSDN</identifier><language>eng</language><publisher>Amsterdam: Elsevier B.V</publisher><subject>Applied psychology ; Biological and medical sciences ; Economic theory ; Financial planning ; Financial risk tolerance ; Financial risks ; Fundamental and applied biological sciences. Psychology ; Longitudinal studies ; Longitudinal study ; Miscellaneous ; Personal finance ; Personality traits ; Psychological aspects ; Psychology. Psychoanalysis. Psychiatry ; Psychology. Psychophysiology ; Regression analysis ; Risk assessment ; Studies ; Tolerance</subject><ispartof>Journal of economic psychology, 2012-08, Vol.33 (4), p.794-800</ispartof><rights>2012 Elsevier B.V.</rights><rights>2015 INIST-CNRS</rights><rights>Copyright Elsevier Sequoia S.A. Aug 2012</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c455t-f1089faec7ee415989a21ad0ad3771b28f6835dcd7ac284530e03d1bf07978623</citedby><cites>FETCH-LOGICAL-c455t-f1089faec7ee415989a21ad0ad3771b28f6835dcd7ac284530e03d1bf07978623</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktohtml>$$Uhttps://dx.doi.org/10.1016/j.joep.2012.03.001$$EHTML$$P50$$Gelsevier$$H</linktohtml><link.rule.ids>314,780,784,3548,27922,27923,45993</link.rule.ids><backlink>$$Uhttp://pascal-francis.inist.fr/vibad/index.php?action=getRecordDetail&idt=25981894$$DView record in Pascal Francis$$Hfree_for_read</backlink></links><search><creatorcontrib>Van de Venter, Gerhard</creatorcontrib><creatorcontrib>Michayluk, David</creatorcontrib><creatorcontrib>Davey, Geoff</creatorcontrib><title>A longitudinal study of financial risk tolerance</title><title>Journal of economic psychology</title><description>► We study risk attitudes of Smart Money magazine’s investor surveys. ► We examine the same investors over a 5year period. ► We find a small change in individuals’ financial risk tolerance over time. ► Financial risk tolerance is found to be a stable personality trait.
Academics are divided as to whether financial risk tolerance is an enduring psychological trait and as a consequence is less likely to change over the life of an individual, or a variable psychological state which varies readily in response to internal and external influences. In this study we report the findings of a longitudinal study that investigates the annual change in financial risk tolerance scores of individuals over a 5year period and the factors that influence such change. Our results indicate a relatively small annual change in individuals’ financial risk tolerance. Although our regression model is ineffective in providing a clarification for a change in the financial risk tolerance scores of individual respondents, we find a slight decrease in financial risk tolerance associated with a decrease in household size and an increase in financial risk tolerance after terminating the services of a financial planner. From our results we propose that financial risk tolerance is a stable personality trait and is unlikely to change substantially over the life of an individual.</description><subject>Applied psychology</subject><subject>Biological and medical sciences</subject><subject>Economic theory</subject><subject>Financial planning</subject><subject>Financial risk tolerance</subject><subject>Financial risks</subject><subject>Fundamental and applied biological sciences. Psychology</subject><subject>Longitudinal studies</subject><subject>Longitudinal study</subject><subject>Miscellaneous</subject><subject>Personal finance</subject><subject>Personality traits</subject><subject>Psychological aspects</subject><subject>Psychology. Psychoanalysis. Psychiatry</subject><subject>Psychology. 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Psychology</topic><topic>Longitudinal studies</topic><topic>Longitudinal study</topic><topic>Miscellaneous</topic><topic>Personal finance</topic><topic>Personality traits</topic><topic>Psychological aspects</topic><topic>Psychology. Psychoanalysis. Psychiatry</topic><topic>Psychology. 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Academics are divided as to whether financial risk tolerance is an enduring psychological trait and as a consequence is less likely to change over the life of an individual, or a variable psychological state which varies readily in response to internal and external influences. In this study we report the findings of a longitudinal study that investigates the annual change in financial risk tolerance scores of individuals over a 5year period and the factors that influence such change. Our results indicate a relatively small annual change in individuals’ financial risk tolerance. Although our regression model is ineffective in providing a clarification for a change in the financial risk tolerance scores of individual respondents, we find a slight decrease in financial risk tolerance associated with a decrease in household size and an increase in financial risk tolerance after terminating the services of a financial planner. From our results we propose that financial risk tolerance is a stable personality trait and is unlikely to change substantially over the life of an individual.</abstract><cop>Amsterdam</cop><pub>Elsevier B.V</pub><doi>10.1016/j.joep.2012.03.001</doi><tpages>7</tpages></addata></record> |
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| identifier | ISSN: 0167-4870 |
| ispartof | Journal of economic psychology, 2012-08, Vol.33 (4), p.794-800 |
| issn | 0167-4870 1872-7719 |
| language | eng |
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| source | ScienceDirect Journals (5 years ago - present) |
| subjects | Applied psychology Biological and medical sciences Economic theory Financial planning Financial risk tolerance Financial risks Fundamental and applied biological sciences. Psychology Longitudinal studies Longitudinal study Miscellaneous Personal finance Personality traits Psychological aspects Psychology. Psychoanalysis. Psychiatry Psychology. Psychophysiology Regression analysis Risk assessment Studies Tolerance |
| title | A longitudinal study of financial risk tolerance |
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