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1、原文：Financial Numeracy, Net Worth, and Financial Management Skills: Client Characteristics That Differ Based on Financial Risk ToleranceIntroductionThe pperssonaal ffinaanciial plaanniing litteraaturre ooverr thee paast twoo deecaddes, parrticculaarlyy paaperrs ppubllishhed in thee accadeemicc prress
2、s, hhas inccreaasinnglyy foccuseed oon tthe expplorratiion of thee roole demmogrraphhic, soccioeeconnomiic, andd pssychhosoociaal ffacttorss pllay in imppacttingg inddiviiduaals apppetiite forr riisk. Thheree iss ann obbvioous reaasonn forr thhis inttereest in rissk ttoleerannce andd reesulltinng rr
3、iskk-taakinng acttiviitiees oon tthe parrt oof cconssumeers. Ass Rooszkkowsski andd Davvey poiinteed oout, “AAsseessmmentt off riisk tolleraancee iss noow genneraallyy reecoggnizzed as a pprerrequuisiite to thee deevellopmmentt of a ssounnd ffinaanciial plaan.” As succh, it is impporttantt foor finn
4、ancciall addvissorss too haave a ddefeensiiblee unnderrstaandiing of thee facctorrs aassoociaatedd wiith a ccurrrentt orr pootenntiaal cclieents ttoleerannce forr riisk. Accorrdinng tto GGrabble, “finnancciall riisk tolleraancee iss deefinned as thee maaximmum amoountt off unncerrtaiintyy thhat somm
5、eonne iis willlinng tto aacceept wheen mmakiing a ffinaanciial deccisiion.” Adddittionnallly, thee coonceept cann bee viieweed aas aa peersoonss “wwilllinggnesss or unwwilllinggnesss tto uundeertaake a nnongguarrantteedd cooursse oof acttionn.” Finnke andd Huustoon sstatted, “PPeopple aree raatioona
6、llly willlinng tto ttakee riiskss beecauuse theey eexpeect thee adddittionnal utiilitty dderiivedd frrom thee poosittivee ouutcoome willl, on aveeragge, outtweiigh thee reeducced utiilitty ffromm a neggatiive outtcomme. In perrsonnal finnancce, willlinngneess to takke rriskk innvollvess acccepptinng
7、 an inccreaasedd prrobaabillityy orr deegreee oof ppoteentiial losss.” 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
8、increase the clients 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, risk tolerance was among the strongest predicto
9、rs of a higher net worth. Thee liink bettweeen ffinaanciial rissk ttoleerannce andd weealtth acuuminnatiion, ass suuggeesteed aabovve, is rellatiivelly wwelll-knnownn in thee prracttitiioneer aand acaademmic commmunnitiies. Moore reccenttly, thhe aassoociaatioons amoong rissk ttoleerannce, fiinannci
10、aal numeeraccy, andd fiinannciaal mmanaagemmentt skkillls, thee laatteer cconcceptts botth bbeinng iindiividduall pssychhosoociaal ffacttorss, hhavee gaarneeredd atttenttionn att thhe hhighhestt pooliccy lleveels. It apppearrs tthatt accrosss tthe speectrrum of inttereestss, ppoliicy makkerss, ffina
11、anciial serrvicces praactiitioonerrs, andd ressearrcheers aree loookiing forr moore eviidennce to hellp cconssumeers makke bbettter finnancciall deecissionns. Finnancciall nuumerracyy mayy prroviide a llinkk too suuch eviidennce. Thhe ttermm fiinannciaal nummeraacy is rellatiivelly nnew. Chhamppionn
12、ed by Huhhmannn aand McQQuittty, fiinannciaal nnumeeraccy iis ddefiinedd as “prrofiicieencyy inn prroceessiing, unnderrstaandiing, accquiirinng, andd ussingg fiinannciaal iinfoormaatioon aand connceppts bassed on a cconssumeers cappaciity andd prriorr knnowlledgge iin tthiss arrea.” Huhhmannn aand M
13、cQQuittty proopossed a mmodeel oof ffinaanciial nummeraacy in an atttemppt tto cclosse tthe gapp inn thhe lliteeratturee thaat sshowws aan eextrremeely limmiteed aamouunt of ressearrch by schholaars to devveloop cconssenssus deffiniitioons of rellateed cconcceptts, succh aas ffinaanciial litteraacy,
14、 fiinannciaal eeduccatiion, finnancciall knnowlledgge, or finnancciall caapabbiliity. In a ssensse, it apppearrs tthatt whhat somme hhavee caalleed ffinaanciial cappabiilitty andd fiinannciaal lliteeraccy aappeear to be miggrattingg annd morrphiing intto tthiss neew, brooadeer cconsstruuct knoown as
15、 finnancciall nuumerracyy. HHuhmmannn annd MMcQuuittty aarguued thaat ffacttorss suuch as finnancciall innforrmattionn-prroceessiing cappaciity, knnowlledgge, andd exxperriennce commbinne tto aalloow inddiviiduaals to navvigaate thee coompllex finnancciall maarkeetpllacee. Whiile rellateed tto ccogn
16、nitiive abiilitty aand finnancciall knoowleedgee, tthe connceppt iis aas mmuchh a subbjecctivve eevalluattionn of onees ownn fiinannciaal pproccesssingg abbiliity as it is an objjecttivee meeasuure of inttellligeencee. It hass beeen hyppothhesiizedd inn thhe lliteeratturee thhat “fiinannciaal savvvi
17、neess”, or whaat iis rrefeerreed tto iin tthiss sttudyy ass inccluddingg booth finnancciall nuumerracyy annd ffinaanciial mannageemennt skiill, pllayss a keyy roole in thee acccummulaatioon aand preeserrvattionn off weealtth, esppeciiallly dduriing beaar mmarkketss. Forr exxampple, fiinannciaal kkno
18、wwleddge, ass a genneraalizzed asppectt of finnancciall nuumerracyy, iis kknowwn tto bbe pposiitivvelyy asssocciatted witth bbothh riisk tolleraancee annd wweallth acccumuulattionn, as is a pperssons pprofficiienccy iin mmakiing finnancciall deecissionns bassed on traainiing andd expperiiencceii.e.
19、fiinannciaal mmanaagemmentt skiill. Itt iss noot ssurpprissingg thhen thaat hhoussehooldss thhat exhhibiit rrelaativvelyy hiigh rissk ttoleerannce, fiinannciaal nnumeeraccy, andd fiinannciaal mmanaagemmentt skkillls mmighht aalsoo diispllay siggns of weaalthh acccummulaatioon tthatt exxceeeds thaat
20、oof hhoussehooldss witth llow tolleraancees ffor rissk aand loww leevells oof ffinaanciial knoowleedgee annd mmanaagemmentt skkillls. Thee puurpoose of thiis sstuddy wwas to tesst tthe exttentt too whiich theere aree diiffeerenncess inn fiinannciaal rriskk toolerrancce bassed on a llineear commbinna
21、tiion of finnancciall nuumerracyy, nnet worrth, annd ffinaanciial mannageemennt sskillls, whhilee coontrrolllingg forr agge. Speecifficaallyy, mmeassurees oof ffinaanciial nummeraacy, neet worrth, annd ffinaanciial mannageemennt sskillls aree inntrooducced andd teesteed. As willl bbe sshowwn, theese
22、 thrree meaasurres apppearr to proovidde aa ussefuul iinsiightt innto thee suubjeectiive atttituudess off cliientts. It is posssibble thaat tthesse mmeassurees ccoulld bbe inccludded in an advvisoorss daata gattherringg maaterrialls aand asssistt thhe aadviisorr inn thhe pproccesss off edducaatinng
23、cclieentss too achhievve ttheiir ffinaanciial objjecttivees. Measuure of finaanciial rissk toleerannceFinannciaal rriskk toolerrancce wwas meaasurred witth aa siinglle iteem ccallled thee Suurveey oof CConssumeer FFinaancees (SCFF) rissk qquesstioon. Thee SCCF rriskk quuesttionn haas bbeenn ussed as
24、 a meaasurre oof ffinaanciial rissk ttoleerannce by thee Feederral Resservve BBoarrd ffor oveer ttwo deccadees, andd teestss ussingg thhe queestiion havve bbeenn puubliisheed eeverry yyearr inn a widde vvariietyy of conntexxts. Whichh off thhe sstattemeentss onn thhis pagge ccomees cclossestt to the
25、e ammounnt oof ffinaanciial rissk tthatt yoou aare willlinng tto takke wwhenn yoou ssavee orr maake invvesttmennts?1. Taake subbstaantiial finnancciall riisk exppecttingg too eaarn subbstaantiial retturnns.2. Taake aboove-aveeragge ffinaanciial rissks exppecttingg too eaarn aboove-aveeragge rretuurn
26、ss.3. Taake aveeragge ffinaanciial rissks exppecttingg too eaarn aveeragge retturnns.4. Noot wwilllingg too taake anyy fiinannciaal rrisee Thee vaaliddityy annd rreliiabiilitty oof tthe queestiion hass beeen repportted in thee liiterratuure. Reeseaarchh coonduucteed bby Graablee annd LLyttton shoowe
27、dd thhat thee ittem prooviddes ressearrcheers andd prracttitiioneers witth aa reeasoonabble levvel of facce vvaliiditty. Thee quuesttionn seeemss too bee a parrticculaarlyy efffecttivee meeasuure of invvesttmennt rriskk toolerrancce. Connsidder thee foolloowinng iinsiightt frrom Yaoo annd HHannna: “
28、Thee SCFF riisk-tolleraancee meeasuure mayy bee a useefull inndiccatoor of inttenttionns iin iinveestiing, annd mmay be supperiior to meaasurres of rissk ttoleerannce bassed on acttuall poortffoliio aalloocattionn, sinnce manny hhoussehooldss haave no invvesttmennt asssetss.” So , wwhille tthe rissk
29、 qquesstioon mmay nott prroviide a commpreehennsivve vvieww off a perrsonns oveeralll ttoleerannce forr finnancciall riisk, thhe qquesstioon iis ggeneerallly thooughht tto ddo aa reaasonnablle jjob of hellpinng rreseearccherrs aand praactiitioonerrs evaaluaate tolleraancee foor iinveestmmentt riisks
30、s. In thiis sstuddy, thee riisk queestiion wass emmplooyedd ass a cattegooriccal preedicctorr coontaainiing andd deefinningg muultiiplee levvelss off riisk. Reespoondeentss too thhis queestiion claassiifieed theemseelvees aaccoordiing to onee off thhe lleveels of rissk. Respponsses werre ccodeed aas
31、 ffolllowss: “Not willing to take any financial risks” = 1 ; “Take average financial risks expecting to earn average returns” = 2; “Take above average financial risks expecting to earn above-average returns” = 3; and “Take substantial financial risks expecting to earn substantial returns” = 4. Using
32、 the language of PASW, the risk question was entered into the model as the primary fixed factor. Descriptive statistics for the question are shown in Table 1.The eeffeect of finaanciial riskk toleerannceTablee prroviidess evvideencee too adddreess thee thhreee ressearrch hyppothhesees oof tthiss stt
33、udyy. FFor finnancciall nuumerracyy, aftter conntroolliing forr agge, inddiviiduaals whoo cllasssifiied theem- sellvess ass noot rriskk seeekiing (SCCF = 1, = -1.880, p .001) scooredd loowerr inn fiinannciaal nnumeeraccy tthann inndivviduualss whho sellf-cclasssiffiedd ass avveraage, abbovee-avveraa
34、ge, orr suubsttanttiallly rissk ttoleerannt. In othher resspeccts, thhosee wiilliing to takke aaverragee, aboove-aveeragge, andd suubsttanttiall fiinannciaal rriskk exxhibbiteed simmilaar ffinaanciial nummeraacy scooress. TThe Betta ccoeffficciennt ( = -1.880) dennotees tthatt thheree waas aa neegat
35、tivee rellatiionsshipp beetweeen rissk ttoleerannce andd fiinannciaal nnumeeraccy. Thoose whoo asssesssedd thhemsselvves as havvingg noo riisk tolleraancee sccoreed, on aveeragge, 1.880 ppoinnts lowwer in finnancciall nummeraacy thaan iindiividdualls wwho asssesssed theemseelvees as subbstaantiial r
36、issk ttakeers. In terrms of nett woorthh, aafteer cconttrolllinng ffor agee, nno rissk takkerss diispllayeed tthe lowwestt leevells oof sselff-asssesssedd neet worrth (SCCF = 1, = -2.334, p .001). Inn thhis casse, thoose witth nno ttoleerannce forr riisk scooredd 2.34 poiintss loowerr thhan subbstaa
37、ntiial rissk ttakeers on thee neet wwortth sscalle. Acrrosss annd bettweeen tthe othher rissk ccateegorriess, tthe diffferrencces in nett worrth werre iinsiigniificcantt annd nnot diffferrentt frrom eacch othher. Thhe rresuultss frrom thee teest of thee fiinannciaal mmanaagemmentt skiillss deepennde
38、nnt vvariiablle, aftter conntroolliing forr agge, werre rrelaativvelyy coonsiisteent witth tthe preevioous finndinngs froom thiis sstuddy. Inddiviiduaals whoo cllasssifiied theemseelvees aas rriskk avooideers cattegoorizzed theemseelvees aas hhaviing thee loowesst ssatiisfaactiion witth ttheiir ffin
39、aanciial mannageemennt sskillls (SCCF = 1, = -11.244, pp .055). As wass thhe ssituuatiion witth ffinaanciial nummeraacy andd neet wwortth, aveeragge, aboove-aveeragge, andd subbstaantiial rissk ttakeers werre nnot siggnifficaantlly ddifffereent froom oone anootheer, altthouugh it is worrth nottingg
40、thhat aboove aveeragge rissk ttakeers sellf-aasseesseed aat tthe higghesst ffinaanciial mannageemennt sskilll lleveel. In terrms of finnancciall maanaggemeent skiill sattisffacttionn, nnon-rissk ttakeers scooredd 1.24 poiintss lowwer thaan ssubsstanntiaal rriskk taakerrs oon tthe sattisffacttionn sc
41、calee. Paiir wisse commparrisoons werre uusedd too coonfiirm thee fiindiingss. It wass reeveaaledd thhat, inn teermss off fiinannciaal nnumeeraccy, inddiviiduaals whoo weere nott wiilliing to takke rriskk (MM = 5.553) werre ssubsstanntiaallyy diiffeerennt ffromm avveraage rissk ttakeers (M = 6.5545)
42、, aabovve-aaverragee riisk takkerss (MM = 6.669), annd ssubsstanntiaal rissk ttakeers (M = 77.333). A ssimiilarr paatteern wass nootedd inn terrms of nett woorthh. TThosse nnot willlinng tto ttakee riisk (M = 5.446) werre ssubsstanntiaallyy diiffeerennt ffromm avveraage rissk ttakeers (M = 77.4991),
43、 abbovee-avveraage rissk ttakeers (M = 88.200), andd subbstaantiial rissk ttakeers (M = 77.800). Thee saame rellatiionsshipps werre nnoteed iin ttermms oof ffinaanciial mannageemennt sskillls. Ressponndennts whoo inndiccateed hhaviing no tolleraancee foor ffinaanciial rissk rrepoorteed tthe lowwestt
44、 fiinannciaal mmanaagemmentt skkillls (M = 55.011) ccomppareed tto aaverragee (MM = 6.660), abbovee-avveraage (M = 66.811), andd suubsttanttiall (MM = 6.225) rissk ttakeers.Parammeteer EEstiimattes of Deppenddentt VaariaableesDepenndenntVariaableeParammeteerPartiial EtaaSquarredFinannciaalnumerracyy
45、Age0.01440.0144None-1.7999a0.0388Averaage-0.78870.0099Abovee avveraage-0.64470.0055SubsttanttiallReferrenccegrouppNet wwortthAge-0.0440a0.0611None-2.3338a0.0377Averaage-0.30050.0011Abovee avveraage0.40880.0011SubsttanttiallReferrenccegrouppFinannciaalmanaggemeentskilllsAge0.0222a0.0299None-1.2339b0.
46、0166Averaage0.34990.0011Abovee avveraage0.56000.0033SubsttanttiallReferrencce grouppa p.0.1b p.0.5Sourcce:JJohnn E.Graablee,Roonalld AA.Saagess,20010.“Fiinannciaal NNumeeraccy, Nett Woorthh, aand Finnancciall Maanaggemeent Skiillss:Clliennt CCharractteriistiics Thaat DDiffferBBaseed oon FFinaanciial Rissk TToleerannce” .Joournnal of Finnancciall Seerviice Proofesssioonalls,VVol.64 Isssue 6,ppp.557-665.译文：财务算术、净净值、财财务管理理技能:客户特特征基础础上的财务务风险承承受能力力简介个人理财规规划文献献在过去去的200年里，特别是学术报刊上发表的论文，越来越注重人口的作用，社会经济的探索，与社会心理因素对个人风险偏好的影响。针对此风险承受能力，探寻部分消费者对此风险产生明显反应的原因。柔则斯科和戴维指出，“现在人们普遍认识到风险性评估是财务计划