财务算术、净值、财务管理技能客户特征基础上的财务风险承受能力[文献翻译]资料.docVIP

原文： Financial Numeracy, Net Worth, and Financial Management Skills: Client Characteristics That Differ Based on Financial Risk Tolerance Introduction The personal financial planning literature over the past two decades, particularly papers published in the academic press, has increasingly focused on the 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, “Assessment 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 client’s tolerance for risk. According to Grable, “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, “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 potential loss.” From a financial advisor’s 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 client’s level of satisfaction and happiness. 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