Journal of the Korean Home Economics Association (대한가정학회지)

The Korean Home Economics Association (대한가정학회)
권호 표지

An Analysis of the Relationships Among Financial Risk Components

가계 재무위험 구성요소들의 관계분석

  • Jeong Woonyoung (Dept. of Consumer and Housing Studies, The Catholic Univ.) ;
  • Kim Kyungia (Dept. of Consumer and Housing Studies, The Catholic Univ.)
  • 정운영 (가톨릭대학교 소비자주거학 전공) ;
  • 김경자 (가톨릭대학교 소비자주거학 전공)
  • Published : 2004.10.01
Download PDF
⟨ Previous Next ⟩

Abstract

The purpose of this study was to examine the structure of financial risk components of households. The financial risk of households was assumed to be composed of risk knowledge, risk attitude and risk management behavior. For this study, a questionnaire was developed and distributed to 700 households in Seoul and Kwangju, and there were 495 responses with usable data. The findings showed that income stability had a positive relationship with the level of risk knowledge and risk attitude. Income stability, household debt, age of the youngest child and risk knowledge were found to have direct effects on risky vs. non-risky asset ratio. Income stability, savings, age of the youngest child and risk knowledge also had significant effects on the number of risky assets owned by households. Risk knowledge was the most important determinant of risk management behavior.

Keywords

References

  1. 김경자(2001). 인터넷 재무상담 프로그램의 내용과 양식 개발에 관한 연구. 한국가정관리학회지, 19(6), 207-220
  2. 김성민, 길재욱, 김헌수(1999). 생활재무관리. 서울:경문사
  3. 윤정혜, 김경자, 성영애, 손상희, 양세정, 이희숙, 최현자(2001). 소비자재무설계 . 상담 . 교육 프로그램 개발을 위한 연구 방향. 한국소비자학회, 12(3), 89-108
  4. 정순희(2003). 소비자재정설계. 서울:신정
  5. 정운영(2001). 재무관리체계모델을 적용한 도시가계의 재무건전성. 전남대학교 박사학위논문
  6. Carducci, B. J. & Wong, A. S. (1991). Sensation seeking and risk taking in everyday money matters. Journal of Business and Psychology, 27, 308-320
  7. Cordell, M. D. (1996). Fundamentals of financial planning. The American college: Bryn Mawr, Pennsylvania
  8. Cordell, D. M. (2001). Risk PACK: How to evaluate risk tolerance. Journal of Financial Panning, June, 36-40
  9. Eagly, A. & Chaiken, S. (1993). The psychology of attitudes. Tronto: Harcourt Brace Jovanovich College
  10. Garman, E. T. & Forgue, R. E. (1994). Personal finance. Boston. MA: Houghton Mifflin
  11. Grable, J. E. & Lytton, R. H. (1998). Investor risk tolerance: testing the efficacy of demographics as differentiation and classifying factors. Financial Counseling and Planning, 9(1), 61-73
  12. Grable, J. E. & Lytton, R. H. (1999a). Assessing financial risk tolerance: do demographic, socioeconomics, and attitudinal factors work?, Family Economics and Resource Management Biennial, 1-9
  13. Grable, J. E. & Lytton, R. H. (1999b), Financial risk tolerance revisited: the development of a risk assessment instrument. Financial Services
  14. Grable, J. E. & Joo, S. H. (1999). Factors related to risk tolerance: a future examination. Consumer Interests Annual, 45, 53-58. Review, 8, 164-181
  15. Godwin, D. D. (1994). Antecedents and consequence of newlywed's cash flow management. Financial Counseling and Planning, 5, 161-190
  16. Godwin, D.D. & Carroll, D. D. (1986). Financial management attitudes and behavior of husband and wives. Journal of Consumer Studies and Home Economics, 10, 77-96 https://doi.org/10.1111/j.1470-6431.1986.tb00110.x
  17. Godwin, D.D. & Koonce, J. C. (1992). Cash flow management of low-income newlywed's. Financial Counseling and Planning, 3, 17-42
  18. Gunnarsson, J. (1999). Differential validity in models of risky household financial behavior. Journal of Consumer Policy, 22, 281-312 https://doi.org/10.1023/A:1006269608175
  19. Hanna, S. & Chen, P. (1997). Subjective and Objective risk tolerance: implacation for optimal portfolios. Financial Counseling and Planning. 8(2), 17-26
  20. Hanna, S. & Gutter, M. (1998). A theory based measure of risk tolerance. Proceedings of the Academy of Financial Services, 10-12
  21. Liverant, S. & scodel, A. (1960). Internal and external control as determinants of decisoin making under condition of risk. Psychological Reports, 7, 59-67 https://doi.org/10.2466/PR0.7.5.59-67
  22. MacGrimmon, K. P. & Wehrung, D. A. (1985). A portfolio of risk measure. Theory and Decision, 19, 1-29 https://doi.org/10.1007/BF00134352
  23. Markovich, C. A.& Devaney, S. A. (1997). College senior's personal finance knowledge and practices. Journal of Family and Consumer Sciences, Fall, 62-65
  24. Michael, V. (1995). Risk averse or tolerant? companies must choose. Corporate Cashflow, 16(1), 22-27
  25. Mugenda, O. M., Hira, T. K. & Fanslow, A. M. (1990). Assessing the causal relationship among commuication, money management practices, satisfaction with financial status and satisfaction with quality of life. Lifestyle: Family and Economic Issues, 11(4), 344-360
  26. Palsson, A. M. (1996). Does the degree of relative risk aversion vary with household characteristics. Journal of Economics Psychology, 17, 771-787 https://doi.org/10.1016/S0167-4870(96)00039-6
  27. Parrotta, J. L.& Johnson, P. J. (1998). The Impact of financial attitudes and knowledge on financial management and satisfaction of recently married individuals. Financial Counseling and Planning, 9(2), 59-74
  28. Schooley, D. K. & Worden, D. D. (1996). Risk aversion measures: Comparing attitudes and asset alloction. Financial Services Review, 5, 87-99 https://doi.org/10.1016/S1057-0810(96)90003-7
  29. Sung, J. & Hanna, S. (1996). Factors related to risk tolerance. Financial Counseling and Planning, 7, 11-20
  30. Titus, P. M., Fanslow, A. M. & Hira, T. K. (1989). Net worth and financial satisfaction as function of household money managers' competencies. Home Economics Research Journal, 17(4), 309-317 https://doi.org/10.1177/1077727X8901700404
  31. Wang, H. & Hanna, S. (1997). Does risk tolerance decrease with age? Financial Counseling and Planning, 8(2), 27-32
  32. Zuckerman, M. (1983). Biological biases of sensation seeking, implusivity, and anxiety, Hillsdale, NJ: Lawrence Erlbaum Associates