Financial risk tolerance of Hong Kong adolescents: A hierarchical model

Research output: Journal PublicationsJournal Article (refereed)Researchpeer-review

Abstract

Financial risk tolerance (FRT) in adolescents is as important as that in adults; however, it remains underexplored in the literature. This study evaluated demographic, socioeconomic, psychological, and cognitive factors associated with FRT in a sample of Hong Kong adolescents. Results from a survey of adolescents revealed that family income, future orientation, perceived Chinese reading skills, and subjective financial knowledge were positively associated with FRT, while financial education experience was negatively associated with FRT. These findings indicate that establishing confidence in knowledge, ability, and the future, rather than improving objective cognition, could help increase the willingness of adolescents living in economically disadvantaged families to take financial risks when making important decisions.
Original languageEnglish
Pages (from-to)193-200
Number of pages8
JournalChildren and Youth Services Review
Volume102
Early online date15 May 2019
DOIs
Publication statusPublished - Jul 2019

Fingerprint

Hong Kong
tolerance
adolescent
future orientation
cognitive factors
Aptitude
psychological factors
socioeconomic factors
family income
Vulnerable Populations
demographic factors
Cognition
Reading
cognition
Decision Making
confidence
Demography
Psychology
Education
decision making

Keywords

  • Adolescents
  • Family income
  • Financial knowledge
  • Financial risk tolerance
  • Future orientation
  • Hong Kong

Cite this

@article{74f2d4ff8faa4de9b70df17167ca7ebb,
title = "Financial risk tolerance of Hong Kong adolescents: A hierarchical model",
abstract = "Financial risk tolerance (FRT) in adolescents is as important as that in adults; however, it remains underexplored in the literature. This study evaluated demographic, socioeconomic, psychological, and cognitive factors associated with FRT in a sample of Hong Kong adolescents. Results from a survey of adolescents revealed that family income, future orientation, perceived Chinese reading skills, and subjective financial knowledge were positively associated with FRT, while financial education experience was negatively associated with FRT. These findings indicate that establishing confidence in knowledge, ability, and the future, rather than improving objective cognition, could help increase the willingness of adolescents living in economically disadvantaged families to take financial risks when making important decisions.",
keywords = "Adolescents, Family income, Financial knowledge, Financial risk tolerance, Future orientation, Hong Kong",
author = "ZHU, {Alex Yue Feng}",
year = "2019",
month = "7",
doi = "10.1016/j.childyouth.2019.05.014",
language = "English",
volume = "102",
pages = "193--200",
journal = "Children and Youth Services Review",
issn = "0190-7409",
publisher = "Elsevier Ltd",

}

Financial risk tolerance of Hong Kong adolescents: A hierarchical model. / ZHU, Alex Yue Feng.

In: Children and Youth Services Review, Vol. 102, 07.2019, p. 193-200.

Research output: Journal PublicationsJournal Article (refereed)Researchpeer-review

TY - JOUR

T1 - Financial risk tolerance of Hong Kong adolescents: A hierarchical model

AU - ZHU, Alex Yue Feng

PY - 2019/7

Y1 - 2019/7

N2 - Financial risk tolerance (FRT) in adolescents is as important as that in adults; however, it remains underexplored in the literature. This study evaluated demographic, socioeconomic, psychological, and cognitive factors associated with FRT in a sample of Hong Kong adolescents. Results from a survey of adolescents revealed that family income, future orientation, perceived Chinese reading skills, and subjective financial knowledge were positively associated with FRT, while financial education experience was negatively associated with FRT. These findings indicate that establishing confidence in knowledge, ability, and the future, rather than improving objective cognition, could help increase the willingness of adolescents living in economically disadvantaged families to take financial risks when making important decisions.

AB - Financial risk tolerance (FRT) in adolescents is as important as that in adults; however, it remains underexplored in the literature. This study evaluated demographic, socioeconomic, psychological, and cognitive factors associated with FRT in a sample of Hong Kong adolescents. Results from a survey of adolescents revealed that family income, future orientation, perceived Chinese reading skills, and subjective financial knowledge were positively associated with FRT, while financial education experience was negatively associated with FRT. These findings indicate that establishing confidence in knowledge, ability, and the future, rather than improving objective cognition, could help increase the willingness of adolescents living in economically disadvantaged families to take financial risks when making important decisions.

KW - Adolescents

KW - Family income

KW - Financial knowledge

KW - Financial risk tolerance

KW - Future orientation

KW - Hong Kong

UR - http://www.scopus.com/inward/record.url?scp=85065874767&partnerID=8YFLogxK

U2 - 10.1016/j.childyouth.2019.05.014

DO - 10.1016/j.childyouth.2019.05.014

M3 - Journal Article (refereed)

VL - 102

SP - 193

EP - 200

JO - Children and Youth Services Review

JF - Children and Youth Services Review

SN - 0190-7409

ER -