ACCI 2026 Conference
April 13–15, 2026
Hilton Long Beach, Long Beach, CA, USA
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F1b Long-Run Effects of COVID-19 on Financial Risk Tolerance: Racial/Ethnic Heterogeneity in the U.S.
Short Description
This study investigates how the COVID-19 pandemic reshaped financial risk tolerance (FRT) in the United States, focusing on both short- and long-run dynamics and on variation across racial/ethnic groups and regions. Using repeated cross-sectional survey data from 2018, 2021, and 2024, we treat the pandemic as an exogenous macro shock and apply a difference-in-differences (DID) design to identify changes in FRT from the pre-pandemic to post-pandemic periods, while enabling systematic comparisons across populations and places. The presentation details the empirical design and measurement strategy, including how key variables are constructed, and how identification relies on DID assumptions. To strengthen comparability and credibility, we discuss balancing checks and robustness strategies appropriate for this framework. Building on overall patterns, we then highlight heterogeneous dynamics along several dimensions—gender, income, financial knowledge, and educational background—while also considering how racial/ethnic and regional differences may reflect broader mechanisms such as labor-market disruption, balance-sheet vulnerability, local economic conditions, and shifts in perceived uncertainty. A central theme is that changes in risk tolerance are not merely attitudinal: they can translate into differences in market participation, portfolio choice, and long-run wealth accumulation, with important implications for household financial resilience. We conclude by discussing why post-pandemic financial education and public support may need to be more targeted, helping diverse households make more robust long-term financial decisions under heightened uncertainty.
Type of presentation
Accepted Oral Presentation