While the effects of emotions on attitudes to investment risk are now well documented, the influence of personality factors has been less researched. This paper examines the role of personality traits in determining financial risk tolerance. Using an extensive survey of UK-based retail investors, we show that personality traits and characteristics are more important than emotions in determining attitude to risk. We also observe that the widely adopted ‘Big Five’ framework is insufficient to characterise this relationship adequately, with significant roles for financial self-efficacy, resilience, and trait anger. Since some of these characteristics can be modified, our findings are suggestive that appropriate training and support for those making financial decisions could lead to better outcomes over the longer term.

虽然情绪对投资风险态度的影响已经得到充分证明，但人格因素的影响却鲜有研究。本文研究了人格特质在决定金融风险承受能力方面的作用。通过对英国散户投资者的广泛调查，我们表明在决定对风险的态度时，性格特征和特征比情绪更重要。我们还观察到，广泛采用的“五大”框架不足以充分描述这种关系，对财务自我效能感、弹性和特质愤怒具有重要作用。由于其中一些特征是可以修改的，我们的研究结果表明，对那些做出财务决策的人进行适当的培训和支持可以带来更好的长期结果。