財務算術(shù)、凈值、財務管理技能客戶特征基礎上的財務風險承受能力[文獻翻譯]

1、原文：原文：FinancialNumeracyWthFinancialManagementSkills:ClientacteristicsThatDifferBasedonFinancialRiskToleranceIntroductionThepersonalfinancialplanningliteratureoverthepasttwodecadesparticularlypaperspublishedintheacademicp

2、resshasincreasinglyfocusedontheexplationoftheroledemographicsocioeconomicpsychosocialfactsplayinimpactingindividualsappetitefrisk.Thereisanobviousreasonfthisinterestinrisktoleranceresultingrisktakingactivitiesonthepartof

3、consumers.AsRoszkowskiDaveypointedout“Assessmentofrisktoleranceisnowgenerallyrecognizedasaprerequisitetothedevelopmentofasoundfinancialplan.”Assuchitisimptantffinancialadvisstohaveadefensibleunderstingofthefactsassociate

4、dwithacurrentpotentialclient’stolerancefrisk.AccdingtoGrable“financialrisktoleranceisdefinedasthemaximumamountofuncertaintythatsomeoneiswillingtoacceptwhenmakingafinancialdecision.”Additionallytheconceptcanbeviewedasaper

5、sons“willingnessunwillingnesstoundertakeanonguaranteedcourseofaction.”FinkeHustonstated“Peoplearerationallywillingtotakerisksbecausetheyexpecttheadditionalutilityderivedfromthepositiveoutcomewillonaverageoutweighthereduc

6、edutilityfromanegativeoutcome.Inpersonalfinancewillingnesstotakeriskinvolvesacceptinganincreasedprobabilitydegreeofpotentialloss.”Fromafinancialadvis’sperspectivethissimplymeansthatclientsoughttobewillingtotakeonaddition

7、allevelsofinvestmentriskindertoincreasepotentialreturnswhichifthereturnsareactuallyrealizedshouldincreasetheclient’slevelofsatisfactionhappiness.FexampleFinkeHustondemonstratedintheirstudythatawillingnesstotakefinancialr

8、iskwasassociatedwithasignificantlyhigherwththatfpersonsovertheageof65risktolerancewasamongthestrongestpredictsofahigherwth.Thelinkbetweenfinancialrisktolerancewealthacuminationassuggestedaboveisrelativelywellknowninthepr

9、actitioneracademiccommunities.Meaccumulationthatexceedsthatofhouseholdswithlowtolerancesfrisklowlevelsoffinancialknowledgemanagementskills.Thepurposeofthisstudywastotesttheextenttowhichtherearedifferencesinfinancialriskt

10、olerancebasedonalinearcombinationoffinancialnumeracywthfinancialmanagementskillswhilecontrollingfage.Specificallymeasuresoffinancialnumeracywthfinancialmanagementskillsareintroducedtested.Aswillbeshownthesethreemeasuresa

11、ppeartoprovideausefulinsightintothesubjectiveattitudesofclients.Itispossiblethatthesemeasurescouldbeincludedinanadvis’sdatagatheringmaterialsassisttheadvisintheprocessofeducatingclientstoachievetheirfinancialobjectives.M

12、easureoffinancialrisktoleranceFinancialrisktolerancewasmeasuredwithasingleitemcalledtheSurveyofConsumerFinances(SCF)riskquestion.TheSCFriskquestionhasbeenusedasameasureoffinancialrisktolerancebytheFederalReserveBoardfove

13、rtwodecadestestsusingthequestionhavebeenpublishedeveryyearinawidevarietyofcontexts.Whichofthestatementsonthispagecomesclosesttotheamountoffinancialriskthatyouarewillingtotakewhenyousavemakeinvestments1.Takesubstantialfin

14、ancialriskexpectingtoearnsubstantialreturns.2.Takeaboveaveragefinancialrisksexpectingtoearnaboveaveragereturns.3.Takeaveragefinancialrisksexpectingtoearnaveragereturns.4.NotwillingtotakeanyfinancialriseThevalidityreliabi

15、lityofthequestionhasbeenreptedintheliterature.ResearchconductedbyGrableLyttonshowedthattheitemprovidesresearcherspractitionerswithareasonableleveloffacevalidity.Thequestionseemstobeaparticularlyeffectivemeasureofinvestme

16、ntrisktolerance.ConsiderthefollowinginsightfromYaoHanna:“TheSCFrisktolerancemeasuremaybeausefulindicatofintentionsininvestingmaybesuperitomeasuresofrisktolerancebasedonactualptfolioallocationsincemanyhouseholdshavenoinve