Educational Achievement as a Mediator Between Gender and Financial Risk Tolerance: An Exploratory Study
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The purpose of this study involved testing whether attained education mediates the association between gender and financial risk tolerance. Using data from a demographically diverse sample living in the United States (N = 249), it was determined that the direct association between being female and risk tolerance was negative. That is, women exhibited a risk-averse profile. Attained education was found to be positively associated with risk tolerance. Using a Sobel test, it was then determined that the total effect of gender on risk tolerance could be significantly reduced when education was used a mediator between gender and risk tolerance. Results were confirmed using a bootstrap estimation procedure that showed a medium to large overall effect size for the indirect effect.
Abstract
The purpose of this study involved testing whether attained education mediates the association between gender and financial risk tolerance. Using data from a demographically diverse sample living in the United States (N = 249), it was determined that the direct association between being female and risk tolerance was negative. That is, women exhibited a risk-averse profile. Attained education was found to be positively associated with risk tolerance. Using a Sobel test, it was then determined that the total effect of gender on risk tolerance could be significantly reduced when education was used a mediator between gender and risk tolerance. Results were confirmed using a bootstrap estimation procedure that showed a medium to large overall effect size for the indirect effect.
참고문헌 (36)
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