Gender differences in financial risk tolerance

Fisher, Patti J.; Yao, Rui

doi:10.1016/j.joep.2017.03.006

Cited by 160 publications

(133 citation statements)

References 63 publications

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“…This method can date back to Jackson and Lindley (1989) who examined wage discrimination between men and women. Similar techniques have been used by other studies since then (Fisher & Yao, 2017;Fontes & Kelly, 2013;Gutter, Fox, & Montalto, 1999).…”

Section: Discussionmentioning

confidence: 88%

Use of Financial Planners and Portfolio Performance

Lei¹,

Yao²

2016

Journal of Financial Counseling and Planning

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Using modern information economics as the conceptual framework and data from the 2013 Survey of Consumer Finances, this study adopts a decomposition technique to explore the relationship between the primary information source used by U.S. investors and their household investment portfolio performance. The sample includes households with investable assets and those whose primary information source is financial planner or self-directed sources. Households that received large amounts of inheritance or gifts within the past year are excluded from this study due to the necessity of additional planning and the associated time commitment to accomplish it. The findings reveal that investors who consult with financial planners have a higher probability of achieving better household investment portfolio performance than selfdirected investors. Results also show that household income and investor's gender mediated the effect of information source on investment portfolio performance. This study is one of the first to provide empirical evidence of a positive relationship between the service that U.S. financial planners provide and their clients' financial outcome.

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Section: Discussionmentioning

confidence: 88%

Use of Financial Planners and Portfolio Performance

Lei¹,

Yao²

2016

Journal of Financial Counseling and Planning

Self Cite

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“…This method can date back to Jackson and Lindley () who examined wage discrimination between men and women. Similar techniques have been used by other studies since then (Fisher & Yao, ; Fontes & Kelly, ; Gutter, Fox, & Montalto, ).…”

Section: Methodsmentioning

confidence: 91%

Source of Information and Projected Household Investment Portfolio Performance

Yao

Lei

2018

Family & Consum Sci Res J

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Using modern information economics as the conceptual framework and data from the 2013 Survey of Consumer Finances, this study adopts a decomposition technique to explore the relationship between the primary information source used by U.S. investors and their household investment portfolio performance. The sample includes households with investable assets and those whose primary information source is a financial planner or self‐directed sources. Households that received large amounts of inheritance or gifts within the past year are excluded from this study due to the necessity of additional planning and the associated time commitment to accomplish it. The findings reveal that investors who consult with financial planners have a higher probability of achieving better household investment portfolio performance than self‐directed investors. Results also show that household income and investor's gender mediated the effect of information source on investment portfolio performance. This study is one of the first to provide empirical evidence of a positive relationship between the service that U.S. financial planners provide and their clients' financial outcome.

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“…Individuals'degree of financial risk tolerance influences their decisions to include certain assets in their portfolio composition (Hallahanet al, 2004). Furthermore, it is suggested that financial risk tolerance is one of the main factors influencing an individual's decisions for his/herstrategies in attaining their goals, security choices, and asset allocation selections (Fisher & Yao, 2017). Hemrajani and Sharma (2018) suggest that financial risk tolerance differs from one individual to the next based on numerous influential.…”

Section: Introductionmentioning

confidence: 99%

The Influence of the Level of Education on Investors Risk Tolerance Level

Koekemoer¹

2019

Proceedings of the 12th Economics &Amp; Finance Conference, Dubrovnik

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Increased attention is being given to the influencethat demographic factors have on financial risk tolerance. Financial risk tolerance is the overall amount of uncertainty an investor is willing to take with regard to his/herinvestment decisions. The aim of this article was to investigate whether an investor's level of education plays a role in the level of financial risk that they are willing to tolerate.Data for this article was purposefully collected using a quantitative questionnaire thatwas electronically distributed to 600 investors within the South African market. Previous research suggests thata positive relationship exists between the level of education and risk tolerance. In other words, an investor with a higher level of education will be willing to tolerate more financial risk due to being able to take more calculated financial risks. The results of this study indicated similar findings to previous research wherean individual with a postgraduate degree was more likely to be high risk tolerant compared to an individual with a lower level of education. Individuals who had some level of schooling were more likely to be risk adverse.

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Gender differences in financial risk tolerance

Cited by 160 publications

References 63 publications

Use of Financial Planners and Portfolio Performance

Use of Financial Planners and Portfolio Performance

Source of Information and Projected Household Investment Portfolio Performance

The Influence of the Level of Education on Investors Risk Tolerance Level

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