Financial risk tolerance revisited
the development of a risk assessment instrument
DOI:
https://doi.org/10.1016/S1057-0810(99)00041-4Keywords:
Heuristics, Risk Assessment, Risk ToleranceAbstract
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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