财务算术、净值、财务管理技能客户特征基础上的财务风险承受能力[文献翻译]

原文：FinancialNumeracy,NetWorth,andFinancialManagementSkills:ClientCharacteristicsThatDifferBasedonFinancialRiskToleranceIntroductionThepersonalfinancialplanningliteratureoverthepasttwodecades,particularlypaperspublishedintheacademicpress,hasincreasinglyfocusedontheexplorationoftheroledemographic,socioeconomic,andpsychosocialfactorsplayinimpactingindividualsappetiteforrisk.Thereisanobviousreasonforthisinterestinrisktoleranceandresultingrisk-takingactivitiesonthepartofconsumers.AsRoszkowskiandDaveypointedout,“Assessmentofrisktoleranceisnowgenerallyrecognizedasaprerequisitetothedevelopmentofasoundfinancialplan.”Assuch,itisimportantforfinancialadvisorstohaveadefensibleunderstandingofthefactorsassociatedwithacurrentorpotentialclient’stoleranceforrisk.AccordingtoGrable,“financialrisktoleranceisdefinedasthemaximumamountofuncertaintythatsomeoneiswillingtoacceptwhenmakingafinancialdecision.”Additionally,theconceptcanbeviewedasaperson's“willingnessorunwillingnesstoundertakeanonguaranteedcourseofaction.”FinkeandHustonstated,“Peoplearerationallywillingtotakerisksbecausetheyexpecttheadditionalutilityderivedfromthepositiveoutcomewill,onaverage,outweighthereducedutilityfromanegativeoutcome.Inpersonalfinance,willingnesstotakeriskinvolvesacceptinganincreasedprobabilityordegreeofpotentialloss.”Fromafinancialadvisor’sperspectivethissimplymeansthatclientsoughttobewillingtotakeonadditionallevelsofinvestmentriskinordertoincreasepotentialreturns,which,ifthereturnsareactuallyrealized,shouldincreasetheclient’slevelofsatisfactionandhappiness.Forexample,FinkeandHustondemonstratedintheirstudythatawillingnesstotakefinancialriskwasassociatedwithasignificantlyhighernetworthandthat,forpersonsovertheageof65,risktolerancewasamongthestrongestpredictorsofahighernetworth.Thelinkbetweenfinancialrisktoleranceandwealthacumination,assuggestedabove,isrelativelywell-knowninthepractitionerandacademiccommunities.Morerecently,theassociationsamongrisktolerance,financialnumeracy,andfinancialmanagementskills,thelatterconceptsbothbeingindividualpsychosocialfactors,havegarneredattentionatthehighestpolicylevels.Itappearsthatacrossthespectrumofinterests,policymakers,financialservicespractitioners,andresearchersarelookingformoreevidencetohelpconsumersmakebetterfinancialdecisions.Financialnumeracymayprovidealinktosuchevidence.Thetermfinancialnumeracyisrelativelynew.ChampionedbyHuhmannandMcQuitty,financialnumeracyisdefinedas“proficiencyinprocessing,understanding,acquiring,andusingfinancialinformationandconceptsbasedonaconsumerscapacityandpriorknowledgeinthisarea.”HuhmannandMcQuittyproposedamodeloffinancialnumeracyinanattempttoclosethegapintheliteraturethatshowsanextremelylimitedamountofresearchbyscholarstodevelopconsensusdefinitionsofrelatedconcepts,suchasfinancialliteracy,financialeducation,financialknowledge,orfinancialcapability.Inasense,itappearsthatwhatsomehavecalledfinancialcapabilityandfinancialliteracyappeartobemigratingandmorphingintothisnew,broaderconstructknownasfinancialnumeracy.HuhmannandMcQuittyarguedthatfactorssuchasfinancialinformation-processingcapacity,knowledge,andexperiencecombinetoallowindividualstonavigatethecomplexfinancialmarketplace.Whilerelatedtocognitiveabilityandfinancialknowledge,theconceptisasmuchasubjectiveevaluationofone'sownfinancialprocessingabilityasitisanobjectivemeasureofintelligence.Ithasbeenhypothesizedintheliteraturethat“financialsavviness”,orwhatisreferredtointhisstudyasincludingbothfinancialnumeracyandfinancialmanagementskill,playsakeyroleintheaccumulationandpreservationofwealth,especiallyduringbearmarkets.Forexample,financialknowledge,asageneralizedaspectoffinancialnumeracy,isknowntobepositivelyassociatedwithbothrisktoleranceandwealthaccumulation,asisaperson’sproficiencyinmakingfinancialdecisionsbasedontrainingandexperience—i.e.financialmanagementskill.Itisnotsurprisingthenthathouseholdsthatexhibitrelativelyhighrisktolerance,financialnumeracy,andfinancialmanagementskillsmightalsodisplaysignsofwealthaccumulationthatexceedsthatofhouseholdswithlowtolerancesforriskandlowlevelsoffinancialknowledgeandmanagementskills.Thepurposeofthisstudywastotesttheextenttowhichtherearedifferencesinfinancialrisktolerancebasedonalinearcombinationoffinancialnumeracy,networth,andfinancialmanagementskills,whilecontrollingforage.Specifically,measuresoffinancialnumeracy,networth,andfinancialmanagementskillsareintroducedandtested.Aswillbeshown,thesethreemeasuresappeartoprovideausefulinsightintothesubjectiveattitudesofclients.Itispossiblethatthesemeasurescouldbeincludedinanadvisor’sdatagatheringmaterialsandassisttheadvisorintheprocessofeducatingclientstoachievetheirfinancialobjectives.MeasureoffinancialrisktoleranceFinancialrisktolerancewasmeasuredwithasingleitemcalledtheSurveyofConsumerFinances(SCF)riskquestion.TheSCFriskquestionhasbeenusedasameasureoffinancialrisktolerancebytheFederalReserveBoardforovertwodecades,andtestsusingthequestionhavebeenpublishedeveryyearinawidevarietyofcontexts.Whichofthestatementsonthispagecomesclosesttotheamountoffinanci