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The Relationship Between Financial Risk Tolerance and Demographic Variables: Moderating Effect of Financial Literacy

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  • Ahmet Oğuz Akgüneş

    (Kirklareli University)

Abstract

The aim of this study is to investigate the moderator effect of financial literacy on the relationship between demographic variables and financial risk tolerance. For this purpose, data were collected from 370 participants using the questionnaire method. After the data obtained for the study were tested with reliability and validity tests, the relationships between variables were analyzed using the hierarchical regression model. According to the findings obtained from the analysis, financial literacy has a moderator effect on the relationship between age and financial risk tolerance. This result implies that as financially literate individuals get older, their financial risk tolerance will be lower than those who are not financially literate.

Suggested Citation

  • Ahmet Oğuz Akgüneş, 2021. "The Relationship Between Financial Risk Tolerance and Demographic Variables: Moderating Effect of Financial Literacy," Journal of Finance Letters (Maliye ve Finans Yazıları), Maliye ve Finans Yazıları Yayıncılık Ltd. Şti., vol. 36(115), pages 9-26, April.
    • Handle: RePEc:acc:malfin:v:36:y:2021:i:115:p:9-26
    DOI: https://doi.org/10.33203/mfy.840442
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    Keywords

    Financial Risk Tolerance; Financial Literacy; Demographic Variables; Hierarchical Regression;
    All these keywords.

    JEL classification:

    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
    • G40 - Financial Economics - - Behavioral Finance - - - General
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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