Creating a financial profile test : factors that impact the financial risk tolerance of individuals and their financial profile classification

Detalhes bibliográficos
Autor(a) principal: Kügler, Florentine Louisa
Data de Publicação: 2023
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.14/42826
Resumo: The research paper “Creating a financial profile test – factors that impact the financial risk tolerance of individuals and their financial profile classification” was written by Florentine Kügler and examines how to construct a financial profile test based on the concept of financial risk tolerance while considering other significant factors. Previous research has shown that the concept is multidimensional and is significantly affected by sociodemographic variables as well as the level of financial literacy. When assessing financial literacy, it is important to acknowledge that the self-assessment of financial literacy is barely representative of a person's actual level of knowledge. In this paper financial literacy was measured through self-assessment and three test questions on compound interest, inflation, and diversification. Financial risk tolerance was measured through a questionnaire, which assessed several dimensions. This allowed testing the impact of financial literacy and sociodemographic factors on financial risk tolerance. Afterwards, a cluster analysis was applied to characterize the financial profiles. The results showed that gender, income, and age have a significant impact on financial risk tolerance, as opposed to financial literacy and education, which is in strong contrast to existing research. In terms of financial profiling, the analysis found that individuals can be classified into low, medium, and high risk tolerance profiles in combination with income, gender, and age.
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spelling Creating a financial profile test : factors that impact the financial risk tolerance of individuals and their financial profile classificationFinancial risk toleranceFinancial literacyFinancial profileFinancial risk assessmentTolerância ao risco financeiroLiteracia financeiraPerfil financeiroAvaliação do risco financeiroDomínio/Área Científica::Ciências Sociais::Economia e GestãoThe research paper “Creating a financial profile test – factors that impact the financial risk tolerance of individuals and their financial profile classification” was written by Florentine Kügler and examines how to construct a financial profile test based on the concept of financial risk tolerance while considering other significant factors. Previous research has shown that the concept is multidimensional and is significantly affected by sociodemographic variables as well as the level of financial literacy. When assessing financial literacy, it is important to acknowledge that the self-assessment of financial literacy is barely representative of a person's actual level of knowledge. In this paper financial literacy was measured through self-assessment and three test questions on compound interest, inflation, and diversification. Financial risk tolerance was measured through a questionnaire, which assessed several dimensions. This allowed testing the impact of financial literacy and sociodemographic factors on financial risk tolerance. Afterwards, a cluster analysis was applied to characterize the financial profiles. The results showed that gender, income, and age have a significant impact on financial risk tolerance, as opposed to financial literacy and education, which is in strong contrast to existing research. In terms of financial profiling, the analysis found that individuals can be classified into low, medium, and high risk tolerance profiles in combination with income, gender, and age.O trabalho de investigação "Teste de perfil financeiro - factores que influenciam a tolerância ao risco financeiro dos indivíduos e a classificação do seu perfil financeiro" foi escrito por Florentine Kügler e analisa a construção de um teste de perfil financeiro com base no conceito de tolerância ao risco financeiro, considerando outros factores significativos. Estudos anteriores mostraram que o conceito é multidimensional e significativamente afectado por variáveis sociodemográficas, bem como pelo nível de literacia financeira. Ao avaliar a literacia financeira, é importante reconhecer que a auto-avaliação da literacia financeira não corresponde ao nível real de conhecimentos de uma pessoa. Neste estudo, a literacia financeira foi medida através de uma auto-avaliação e de três perguntas sobre juros compostos, inflação e diversificação. A tolerância ao risco financeiro foi medida através de um questionário que avaliava várias dimensões. Isto permitiu examinar o impacto da literacia financeira e dos factores sociodemográficos na tolerância ao risco financeiro. Posteriormente, foi aplicada uma análise de clusters para caracterizar os perfis financeiros. Os resultados mostraram que o género, o rendimento e a idade têm um impacto significativo na tolerância ao risco financeiro, ao contrário da literacia financeira e da educação, o que contrasta fortemente com a pesquisa existente. Em termos de perfil financeiro, a análise revelou que os indivíduos podem ser classificados em perfis de tolerância ao risco baixo, médio e elevado, em combinação com o rendimento, o género e a idade.Xavier, RuteVeritati - Repositório Institucional da Universidade Católica PortuguesaKügler, Florentine Louisa2023-10-11T08:07:12Z2023-07-052023-062023-07-05T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/42826TID:203327330enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-10-17T01:36:07Zoai:repositorio.ucp.pt:10400.14/42826Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T20:35:48.404043Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Creating a financial profile test : factors that impact the financial risk tolerance of individuals and their financial profile classification
title Creating a financial profile test : factors that impact the financial risk tolerance of individuals and their financial profile classification
spellingShingle Creating a financial profile test : factors that impact the financial risk tolerance of individuals and their financial profile classification
Kügler, Florentine Louisa
Financial risk tolerance
Financial literacy
Financial profile
Financial risk assessment
Tolerância ao risco financeiro
Literacia financeira
Perfil financeiro
Avaliação do risco financeiro
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short Creating a financial profile test : factors that impact the financial risk tolerance of individuals and their financial profile classification
title_full Creating a financial profile test : factors that impact the financial risk tolerance of individuals and their financial profile classification
title_fullStr Creating a financial profile test : factors that impact the financial risk tolerance of individuals and their financial profile classification
title_full_unstemmed Creating a financial profile test : factors that impact the financial risk tolerance of individuals and their financial profile classification
title_sort Creating a financial profile test : factors that impact the financial risk tolerance of individuals and their financial profile classification
author Kügler, Florentine Louisa
author_facet Kügler, Florentine Louisa
author_role author
dc.contributor.none.fl_str_mv Xavier, Rute
Veritati - Repositório Institucional da Universidade Católica Portuguesa
dc.contributor.author.fl_str_mv Kügler, Florentine Louisa
dc.subject.por.fl_str_mv Financial risk tolerance
Financial literacy
Financial profile
Financial risk assessment
Tolerância ao risco financeiro
Literacia financeira
Perfil financeiro
Avaliação do risco financeiro
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic Financial risk tolerance
Financial literacy
Financial profile
Financial risk assessment
Tolerância ao risco financeiro
Literacia financeira
Perfil financeiro
Avaliação do risco financeiro
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description The research paper “Creating a financial profile test – factors that impact the financial risk tolerance of individuals and their financial profile classification” was written by Florentine Kügler and examines how to construct a financial profile test based on the concept of financial risk tolerance while considering other significant factors. Previous research has shown that the concept is multidimensional and is significantly affected by sociodemographic variables as well as the level of financial literacy. When assessing financial literacy, it is important to acknowledge that the self-assessment of financial literacy is barely representative of a person's actual level of knowledge. In this paper financial literacy was measured through self-assessment and three test questions on compound interest, inflation, and diversification. Financial risk tolerance was measured through a questionnaire, which assessed several dimensions. This allowed testing the impact of financial literacy and sociodemographic factors on financial risk tolerance. Afterwards, a cluster analysis was applied to characterize the financial profiles. The results showed that gender, income, and age have a significant impact on financial risk tolerance, as opposed to financial literacy and education, which is in strong contrast to existing research. In terms of financial profiling, the analysis found that individuals can be classified into low, medium, and high risk tolerance profiles in combination with income, gender, and age.
publishDate 2023
dc.date.none.fl_str_mv 2023-10-11T08:07:12Z
2023-07-05
2023-06
2023-07-05T00:00:00Z
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