RIsk SCreening on the Financial Market (RISC-FM): A tool to assess investors’ financial risk tolerance

Autor(en)

Ingrid Wahl, Erico Kirchler

Abstrakt

To advise investors on the financial market according to their financial risk tolerance it is necessary to apply a valid and reliable instrument measuring financial risk tolerance. We develop a screening instrument which assesses different facets of financial risk tolerance, namely, risk propensity, risk attitude, risk capacity, and risk knowledge. First, an item pool was generated and discussed with lay people as well as financial advisors to assure the questions' understandability and answerability. Second, the most coherent and practice-oriented questions were tested empirically to determine four scales representing the four facets of risk tolerance. Third, resulting items were assessed using a representative sample of Austrian citizens interested in saving, stock trading, and investing, and psychometric quality of the instrument was determined.

Organisation(en)

Institut für Arbeits-, Wirtschafts- und Sozialpsychologie

Externe Organisation(en)

Fachhochschule Wiener Neustadt

Journal

Cogent Psychology

Band

7

Seiten

1

Anzahl der Seiten

37

DOI

https://doi.org/10.1080/23311908.2020.1714108

Publikationsdatum

2020

Peer-reviewed

Ja

ÖFOS 2012

501029 Wirtschaftspsychologie

Schlagwörter

ASJC Scopus Sachgebiete

Allgemeine Psychologie

Link zum Portal

https://ucrisportal.univie.ac.at/de/publications/746e1123-a508-4847-96bc-44e1a744bf62