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Financial Behavioral Health and Investment Risk Willingness: Implications for the Racial Wealth Gap.

Jeffrey Anvari-Clark1, Theda Rose2

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This summary is machine-generated.

Financial behavioral health (FBH) significantly impacts investment risk willingness. This study establishes an FBH measure, finding it a key driver of risk tolerance, not race.

Keywords:
financial behavioral healthfinancial instabilityfinancial precarityfinancial self-efficacyfinancial well-beinginvestment risk willingness

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Area of Science:

  • Behavioral Economics
  • Financial Psychology
  • Sociology of Finance

Background:

  • Financial behavioral health (FBH) impacts wealth and investment decisions.
  • Racial disparities in FBH and investment risk willingness are not well understood.
  • Existing research on Black and White investors' risk willingness yields mixed findings.

Purpose of the Study:

  • To develop and validate a measure for Financial Behavioral Health (FBH).
  • To examine the relationship between FBH and investment risk willingness across racial groups.
  • To investigate the role of FBH in explaining potential racial differences in investment behavior.

Main Methods:

  • Utilized data from FINRA's 2018 National Financial Capability Study.
  • Employed factor analysis to establish a 19-item FBH measure.
  • Applied structural equation modeling (SEM) and invariance analyses to assess FBH and risk willingness.

Main Results:

  • The FBH measure demonstrated excellent model fit for White respondents but not Black respondents.
  • FBH explained a significant 37% of the variance in investment risk willingness (R² = 0.368).
  • Racial group affiliation was found to be a negligible predictor of risk willingness.

Conclusions:

  • This study provides an empirical foundation for understanding Financial Behavioral Health.
  • FBH is a crucial determinant of investment risk willingness, irrespective of race.
  • Racial differences in risk willingness are unlikely to be a primary driver of the wealth gap.