2019 Conference
May 21–23, 2019
Westin Arlington Gateway, Arlington, VA, USA
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203 Association Among Financial Risk Tolerance and Personality Traits of Pre-Retiree Baby Boomers
Key Words
baby boomers, Big Five, NLSY 1979, personality, financial risk tolerance
Short Description
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 (also known as the Five-Factor Model) personality traits, which include extraversion, agreeableness, conscientiousness, emotional stability, and openness to experience, in the baby boomer generation. We find that the 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. The study also found that race mediates the associations between risk tolerance and these personality traits.
First & Corresponding Author
Abed Rabbani, University of Missouri
Authors in the order to be printed
Abed Rabbani, Zheying Yao, Christina Wang