A model for female South African investors’ financial risk tolerance

Figures & data

Table 1. Personality measures estimates and p-values

Personality domain/Item code	Estimate	P-value
Neuroticism—C1	0.71	***
Neuroticism—C2	0.76	***
Neuroticism—C3	0.73	***
Neuroticism—C4	0.78	***
Neuroticism—C5	0.79	***
Extraversion—C6	0.58	***
Extraversion—C7	0.72	***
Extraversion—C8	0.71	***
Extraversion—C9	0.69	***
Openness to experience—C10	0.57	***
Openness to experience—C11	0.47	***
Openness to experience—C13	0.74	***
Openness to experience—C14	0.76	***
Agreeableness—C15	0.63	***
Agreeableness—C16	0.93	***
Agreeableness—C17	0.84	***
Agreeableness—C18	0.04	***
Conscientiousness—C19	0.03	***
Conscientiousness—C20	−0.00	***
Conscientiousness—C21	0.67	***
Conscientiousness—C22	0.85	***
Conscientiousness—C23	0.83	***
Risk aversion—C24	0.75	***
Risk aversion—C25	0.61	***
Risk aversion—C26	0.59	***
Risk aversion—C27	0.73	***
Short-term intentions—C28	0.39	***
Short-term intentions—C29	0.66	***
Short-term intentions—C30	0.73	***
Short-term intentions—C31	0.50	***
Short-term intentions—C32	0.65	***
Long-term intentions—C33	0.59	***
Long-term intentions—C34	0.68	***
Long-term intentions—C35	0.66	***
Long-term intentions—C36	0.66	***
Long-term intentions—C37	0.60	***

***P-value is significant at the.000 level

Table 2. Independent samples t-test for risk tolerance

		Levene’s test for equality of variances		T-test for equality of means
Risk tolerance measurement		F	Sig	t	df	Sig (2-tailed)	Mean Difference	Mean	Std error difference
SCF	Equal variances assumed	34.03	0.000	0.24	1063	0.808	0.02	2.56	0.07
	Equal variances not assumed			0.25	1061.06	0.804	0.02	2.54	0.07
GL-RTS	Equal variances assumed	0.52	0.473	7.97	1063	0.000	0.21	2.14	0.03
	Equal variances not assumed			7.94	986.56	0.000	0.21	1.94	0.03

Table 3. The relationship between risk tolerance and level of education

Risk tolerance measure	Spearman correlation	Level of education
GL-RTS	Correlation coefficient	0.17**
	Sig (2-tailed)	0.000
	N	596

**Correlation is significant at the 0.01 level

Table 4. Standardised regression weights for risk tolerance scale, personality domains and level of education

Domains			Estimate	P-value
GL-RTS	<—	Neuroticism	−0.03	0.592
	<—	Extraversion	0.08	0.171
	<—	Openness to experience	0.07	0.184
	<—	Agreeableness	0.09	0.452
	<—	Conscientiousness	−0.10	0.169
	<—	Risk aversion	−0.62	***
	<—	Short-term intentions	0.09	0.424
	<—	Long-term intentions	0.16	0.142
	<—	Level of education	0.05	0.215

***Significant at 0.01 level.

Figure 1. Relationship between the level of risk tolerance and education.

Figure 2. Theoretical relationship amongst variables.

Figure 3. Structural equation model.