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Title: Does Personality Predict Financial Risk Tolerance of Pre-Retiree Baby Boomers?
Resulting in 1 citation.
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Rabbani, Abed G. Yao, Zheying Wang, Christina |
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Does Personality Predict Financial Risk Tolerance of Pre-Retiree Baby Boomers? Journal of Behavioral and Experimental Finance 23 (September 2019): 124-132. Also: https://www.sciencedirect.com/science/article/pii/S2214635019300358 Cohort(s): NLSY79 Publisher: Elsevier Keyword(s): Financial Behaviors/Decisions; Personality/Big Five Factor Model or Traits; Risk-Taking Financial risk tolerance is an important concept that helps financial planners recommend financial products to their clients. As the baby boomer generation approaches retirement, research to determine how these individuals perceive financial risk tolerance has grown exponentially. The present study examines the relationship between financial risk tolerance and the Big Five personality traits (also known as the Five-Factor Model), which include extraversion, agreeableness, conscientiousness, emotional stability, and openness to experience, in the baby boomer generation. We argue that the influences of Big-five personality traits are consistent in baby-boomer generation. We find that baby boomers with a higher degree of extraversion, emotional stability, and openness to experience are more risk tolerant, while those with a higher degree of agreeableness and conscientiousness have lower risk tolerance. |
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Bibliography Citation
Rabbani, Abed G., Zheying Yao and Christina Wang. "Does Personality Predict Financial Risk Tolerance of Pre-Retiree Baby Boomers?" Journal of Behavioral and Experimental Finance 23 (September 2019): 124-132.
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