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1、原文：Financial Numeracy, Net Worth, and Financial Management Skills: Client Characteristics That Differ Based on Financial Risk ToleranceIntroductionThe personal financial planning literature over the past two decades, particularly papers published in the academic press, has increasingly focused on th
2、e exploration of the role demographic, socioeconomic, and psychosocial factors play in impacting individuals appetite for risk. There is an obvious reason for this interest in risk tolerance and resulting risk-taking activities on the part of consumers. As Roszkowski and Davey pointed out, “Assessme
3、nt of risk tolerance is now generally recognized as a prerequisite to the development of a sound financial plan.” As such, it is important for financial advisors to have a defensible understanding of the factors associated with a current or potential clients tolerance for risk. According to Grable,
4、“financial risk tolerance is defined as the maximum amount of uncertainty that someone is willing to accept when making a financial decision.” Additionally, the concept can be viewed as a persons “willingness or unwillingness to undertake a nonguaranteed course of action.” Finke and Huston stated, “
5、People are rationally willing to take risks because they expect the additional utility derived from the positive outcome will, on average, outweigh the reduced utility from a negative outcome. In personal finance, willingness to take risk involves accepting an increased probability or degree of pote
6、ntial loss.” From a financial advisors perspective this simply means that clients ought to be willing to take on additional levels of investment risk in order to increase potential returns, which, if the returns are actually realized, should increase the clients level of satisfaction and happiness.
7、For example, Finke and Huston demonstrated in their study that a willingness to take financial risk was associated with a significantly higher net worth and that, for persons over the age of 65, risk tolerance was among the strongest predictors of a higher net worth. The link between financial risk
8、tolerance and wealth acumination, as suggested above, is relatively well-known in the practitioner and academic communities. More recently, the associations among risk tolerance, financial numeracy, and financial management skills, the latter concepts both being individual psychosocial factors, have
9、 garnered attention at the highest policy levels. It appears that across the spectrum of interests, policy makers, financial services practitioners, and researchers are looking for more evidence to help consumers make better financial decisions. Financial numeracy may provide a link to such evidence
10、. The term financial numeracy is relatively new. Championed by Huhmann and McQuitty, financial numeracy is defined as “proficiency in processing, understanding, acquiring, and using financial information and concepts based on a consumers capacity and prior knowledge in this area.” Huhmann and McQuit
11、ty proposed a model of financial numeracy in an attempt to close the gap in the literature that shows an extremely limited amount of research by scholars to develop consensus definitions of related concepts, such as financial literacy, financial education, financial knowledge, or financial capabilit
12、y. In a sense, it appears that what some have called financial capability and financial literacy appear to be migrating and morphing into this new, broader construct known as financial numeracy. Huhmann and McQuitty argued that factors such as financial information-processing capacity, knowledge, an
13、d experience combine to allow individuals to navigate the complex financial marketplace. While related to cognitive ability and financial knowledge, the concept is as much a subjective evaluation of ones own financial processing ability as it is an objective measure of intelligence. It has been hypo
14、thesized in the literature that “financial savviness”, or what is referred to in this study as including both financial numeracy and financial management skill, plays a key role in the accumulation and preservation of wealth, especially during bear markets. For example, financial knowledge, as a gen
15、eralized aspect of financial numeracy, is known to be positively associated with both risk tolerance and wealth accumulation, as is a persons proficiency in making financial decisions based on training and experiencei.e. financial management skill. It is not surprising then that households that exhi
16、bit relatively high risk tolerance, financial numeracy, and financial management skills might also display signs of wealth accumulation that exceeds that of households with low tolerances for risk and low levels of financial knowledge and management skills. The purpose of this study was to test the extent to which there are differences in financial risk tolerance based on a linear combination of financial numeracy, net worth, and financial management skills, while con
