A Critical Review of Research on Financial Risk Tolerance
Prasenjit Roy1, S. K. Singh2

1Prasenjit Roy, School of Commerce and Business Studies, Junior Research Fellow, Faculty of Commerce, Jiwaji University, Gwalior (M. P), India.

2S. K. Singh, School of Commerce and Business Studies, Dean, Faculty of Commerce, Jiwaji University, Gwalior 474011 (M.P), India. 

Manuscript received on 25 December 2023 | Revised Manuscript received on 12 January 2024 | Manuscript Accepted on 15 January 2024 | Manuscript published on 30 January 2024. | PP: 17-30 | Volume-10 Issue-5, January 2024 | Retrieval Number: 100.1/ijmh.E168410050124 | DOI: 10.35940/ijmh.E1684.10050124

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Abstract: This paper conferred the objective to conduct a critical review of research on Financial Risk Tolerance. A total of 58 research papers were reviewed and published between 2000 and 2022. This investigation has been split into three sections. Firstly, focused on various types of personality. Secondly, have to do with Six demographic variables, and the remaining with various objectives. Tables and graphs were used to demonstrate the basis of the year of publication, the belonging country, the types of data, the objectives of the research, and the statistical tool used. Findings show that more no. of research had been done during the last decade, and India shares the most no. of research papers. Nearly 75% of research is based on primary data. Grable’s 13-item questionnaire and 5-point Likert Scale are used often. Descriptive Statistics, Cronbach alpha, correlation, and regression are a few most common tools utilized in research papers.

Keywords: JEL Classification: D14, D81, G02, Critical Review, Financial Risk Tolerance, Risk Aversion, Big Five Personality, Type A & Type B Personality
Scope of the Article: Classification