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1、原文:Finan cialNumeracy, Net Worth, and Finan cialMan ageme nSkills:Client Characteristics That Differ Based on Financial RiskTolera neeIn troductio nThe personal financialplanning literature over the past two decades,particularly papers published in the academic press, has in creas in gly focused on
2、the explorati on of the role demographic, socioec ono mic, and psychosocial factors play in impact ing in dividuals appetite for risk.There is an obvious reason for this interestin risk toleranee andresultingrisk-taking activities on the part of consumers. As Roszkowskiand Davey poin ted out,“Assess
3、me nt of risk tolera nee is now gen erallyrecognized as a prerequisite to the development of a sound financial plan. ” As such, it is important for financial advisors to have a defe nsible un dersta nding of the factors associated with a curre nt or potential client s toleranee for risk.Accord ing t
4、o Grable, “ finan cial risk tolera nee is defi ned as the maximum amount of un certa inty that some one is willi ng to accept whe n making a finan cial decisi on.” Additi on ally, the eon cept can be viewedas a persons“willingnessor unwillingnessto undertake a nonguaranteedcourse of acti on. ”Fi nke
5、 and Hust on stated, “ People are rati on allywilling to take risks because they expect the additional utility derived from the positive outcome will, on average, outweigh the reduced utility from a n egative outcome. In pers on al fi nan ce, willi ngn ess to take risk invo Ives accepti ng an in cre
6、ased probability or degree of pote ntial loss. ” From a financial advi sor s perspective this simply means that clie nts ought to be willi ng to take on additi on al levels of inv estme nt risk in order to in crease pote ntial returns, which, if the returns areactually realized, should in creasethe
7、clie nt s level of satisfacti onand happ in ess. For example, Finke and Hust on dem on strated in their study that a willingness to take financial risk was associated with a significantlyhigher net worth and that, for persons over the age of 65,risk toleranee was amongthe strongest predictors of a h
8、igher net worth.The link betwee n finan cial risk tolera nee and wealth acu min atio n, as suggested above, is relatively well-k nown in the practiti oner and academic communities.More recently,the associations among risktoleranee,financial numeracy, and financialmanagement skills,thelatter con cept
9、s both being in dividualpsychosocial factors, have garn eredattention at the highest policy levels.It appears that across the spectrum of in terests, policy makers, finan cial services practitio ners, and researchers are look ing for more evide nee to help con sumers make better finan cial decisi on
10、s. Finan cial numeracy mayprovide a link to such evidenee. The term financialnumeracyis relativelynew. Championedby Huhmannand McQuitty, financialnumeracyis defined as “proficiencyin processing, understanding,acquiring,andusing finan cial in formatio n and eon cepts based on a eon sumers capacity an
11、d prior knowledge in this area. ” Huhmannand McQuitty 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, finan cial ed
12、ucatio n, finan cial kno wledge, or finan cial capability .In a sen se, it appears that what some have called finan cial capability and financial literacy appear to be migrating and morphing into this new, broader eon struct known as finan cial nu meracy. Huhma nnand McQuitty argued that factors suc
13、h as finan cial in formati on-process ing capacity, kno wledge, and experie nee comb ine to allow in dividuals to n avigate the complex finan cial marketplace. While related to cog nitive ability and financial knowledge, the concept is as much a subjective evaluation of ones own financial processing
14、 ability as it is an objective measure of in tellige nee.It has been hypot hesized 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,
15、 especiallyduring bearmarkets. For example, finan cial kno wledge, as a gen eralized aspect of financial numeracy, is known to be positively associated with both risk toleranee and wealth accumulation, as is a person s proficiency in making finan cial decisi ons based on training and experie neei.e.
16、 finan cialmanagementskill.It is not surprising then that households that exhibitrelatively high risktoleranee,financialnumeracy, and financialman ageme nt skills might also display sig ns of wealth accumulati on that exceeds that of households with low tolera nces for risk and low levels of finan cial kno wledge and man ageme nt skills.The purpose of this study was to test the extent to which
