ScholarWorks@숙명여자대학교

초록

The purpose of this research is to evaluate whether actual financial literacy (AFL) and perceived financial literacy (PFL) influence financial risk tolerance (FRT) and its three components and whether overconfidence is a significant determinant of financial risk tolerance. We conduct a survey on 203 Vietnamese participants using a questionnaire developed by Grable and Lytton (1999) and Lusardi and Mitchell (2011) to measure FRT, AFL, and PFL. Controlling for other socio-demographic variables such as age, gender, marital status, monthly income, and educational level, the results of multiple regression models show that the perceived level of financial literacy has a larger impact on FRT than the actual level of financial literacy and that overconfidence does not affect FRT on its own. However, when the two aspects of financial literacy are controlled separately, the effect of overconfidence on FRT becomes significant. This effect is positive when AFL is controlled and turns negative when PFL is held constant. This implies that PFL drives the typical positive overconfidence effect on FRT.

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