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第1页共11页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第1页共11页原文：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,forpersonsovertheage第2页共11页第1页共11页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第2页共11页of65,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,andexperiencecombinetoallowindividualstonavigatethecomplexf...