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The Effect of Sociodemographic Variables and Love of Money on Financial Risk Tolerance of Bankers


  • Anbar, Adem

    (Bursa Uludag University)

  • Eker, Melek

    (Bursa Uludag University)


The purpose of this study is to explore the effect of sociodemographic variables and love of money on financial risk tolerance levels among bankers. The sociodemographic variables used in the study are age, gender, marital status, number of children, education, monthly income, years in occupation and sector (public or private). The study also investigates the relationship between love of money which is one of the personal characteristics and financial risk tolerance. Data is gathered from 259 bankers with a structured questionnaire. Results of the multiple regression analysis show that while there is a positive and significant relationship between number of children, education, and monthly income and financial risk tolerance, there is a negative and significant relationship between marital status and years in occupation. According to t-test and ANOVA analysis, there are significant differences in financial risk tolerance level according to the love of money, age, number of children, level of education, and years in occupation.

Suggested Citation

  • Anbar, Adem & Eker, Melek, 2019. "The Effect of Sociodemographic Variables and Love of Money on Financial Risk Tolerance of Bankers," Business and Economics Research Journal, Uludag University, Faculty of Economics and Administrative Sciences, vol. 10(4), pages 855-866, July.
  • Handle: RePEc:ris:buecrj:0428

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    References listed on IDEAS

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    More about this item


    Financial Risk; Financial Risk Tolerance; Bankers;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets


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