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Determinants of Financial Risk Tolerance (FRT): An Empirical Investigation

Heena Thanki and Narayan Baser
The Journal of Wealth Management Fall 2021, 24 (2) 48-64; DOI: https://doi.org/10.3905/jwm.2021.1.144
Heena Thanki
is an assistant professor in the Shri Jairambhai Patel Institute of Business Management and Computer Applications in Gujarat, India
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Narayan Baser
is an associate professor in the School of Petroleum Management at Pandit Deendayal Petroleum University in Gujarat, India
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Abstract

Investors’ capacity to accept risk when making a financial investment decision is popularly known as Financial Risk Tolerance (FRT). Financial advisors and managers are focused on understanding a client’s risk profile before giving any financial advice, and FRT is the most influential factor when investors choose among competing investment avenues. The current study analyzes the impact of various demographic factors, personality type, and financial literacy on the FRT of individual investors. We used a single cross-sectional descriptive research design, and collected data with the help of a structured questionnaire using a convenience sampling method. We found that personality type and financial literacy, along with gender, income, marital status, occupation, and number of dependents, significantly influenced the FRT of investors, while investors’ age and level of formal education were not significant in the determination of FRT.

TOPICS: Wealth management, risk management, quantitative methods, statistical methods

Key Findings

  • ▪ Personality Type A positively correlated with Financial Risk Tolerance.

  • ▪ Financial literacy positively influenced Financial Risk Tolerance, while formal education played an insignificant role.

  • ▪ Gender, income, marital status, occupation, and number of dependents significantly influenced the Financial Risk Tolerance of investors.

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The Journal of Wealth Management: 24 (2)
The Journal of Wealth Management
Vol. 24, Issue 2
Fall 2021
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Determinants of Financial Risk Tolerance (FRT): An Empirical Investigation
Heena Thanki, Narayan Baser
The Journal of Wealth Management Jul 2021, 24 (2) 48-64; DOI: 10.3905/jwm.2021.1.144

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Determinants of Financial Risk Tolerance (FRT): An Empirical Investigation
Heena Thanki, Narayan Baser
The Journal of Wealth Management Jul 2021, 24 (2) 48-64; DOI: 10.3905/jwm.2021.1.144
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    • LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT
    • DATA ANALYSIS AND DISCUSSION
    • IMPLICATIONS FOR PRACTITIONERS
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