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An analysis of the determinants of risk attitudes in Ireland and the United Kingdom

Author

Listed:
  • McQuinn, Kieran

    (Central Bank and Financial Services Authority of Ireland)

  • O’Donnell, Nuala

    (Central Bank and Financial Services Authority of Ireland)

Abstract

In this paper we avail of new data in studies of financial capability conducted separately in the United Kingdom and Ireland to model the determinants of individuals’ attitudes to risk. These risk attitudes are explored explicitly in the context of savings and investments and are modelled on the basis of socio-economic characteristics such as age, gender, region of residence and educational attainment. Furthermore, we explore the relatively complex relationship between risk attitudes and proxies of individual’s wealth levels in the context of potential reverse causation.

Suggested Citation

  • McQuinn, Kieran & O’Donnell, Nuala, 2010. "An analysis of the determinants of risk attitudes in Ireland and the United Kingdom," Research Technical Papers 6/RT/10, Central Bank of Ireland.
  • Handle: RePEc:cbi:wpaper:6/rt/10
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    File URL: https://centralbank.ie/docs/default-source/publications/research-technical-papers/research-technical-paper-6rt10.pdf?sfvrsn=10
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    More about this item

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

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