•Gender differences in financial risk tolerance are explored and decomposition methods are used.•Individual variables affect financial risk tolerance differently for men and women.•Income uncertainty ...and wealth relate to high risk tolerance differently for men and women.•Income uncertainty relates to some risk tolerance differently for men and women.
The purpose of this research is to explore gender differences in financial risk tolerance using a large, nationally representative dataset, the Survey of Consumer Finances. The impact of the explanatory variables in the model is allowed to differ between men and women to decompose gender differences in financial risk tolerance. The results indicate that gender differences in financial risk tolerance are explained by gender differences in the individual determinants of financial risk tolerance, and that the disparity does not result from gender in and of itself. The individual variables that moderate the relationship between gender and high risk tolerance are income uncertainty and net worth, with income uncertainty moderating the relationship between gender and some risk tolerance. Financial fiduciaries should understand the differences in income uncertainty and net worth between men and women and how those differences relate to risk tolerance.
Purpose
The purpose of this paper is to explore the perceptions of women working in the commercial real estate industry to assess how they approach mentoring relationships and take steps to maximize ...the value derived therefrom.
Design/methodology/approach
Through thematic analysis of 39 interviews conducted with women serving as local chapter presidents of CREW Network, the paper offers insights as to how women position themselves to receive mentorship throughout their careers and engage with mentors to address their evolving needs. In particular, three themes of commitment, reciprocity in the mentoring relationship and mentee motivation emerged.
Findings
The results suggest that this is a strategic process and one in which many women are proactively engaging to ascend to leadership positions in the corporate world. While the study is limited to those working in commercial real estate, clear implications exist for other industries.
Originality/value
By identifying and exploring these themes, the paper serves as a starting point for future research considering how women inside and outside of the commercial real estate industry can more strategically pursue mentorship and use it to attain leadership roles.
The purpose of this research is to explore saving motives and saving horizon using a large, nationally representative dataset, the Survey of Consumer Finances. The framework is based on prospect ...theory, in which consumption and saving decisions are based on a reference point rather than on lifetime income. Prospect theory also posits that individuals construct various mental accounts, thereby allowing for households to have multiple saving motives. Since prospect theory does not assume that saving decisions are based on lifetime income, saving horizons are allowed to vary. The emergency and retirement saving motives are found to significantly increase the likelihood of saving regularly. Longer saving horizons are also found to have a highly significant effect on the likelihood of saving, while poor health is shown to have a significantly negative effect on the likelihood of saving. The results show that the saving motives held by households differ by saving horizon, but the exact relationships are unclear. Further research on the link between saving motives, saving horizon, and saving behaviors is needed. It is important for financial professionals and educators to consider a household’s saving goals, saving horizon, and health status when making recommendations or developing financial plans.
Drawing on concepts of network centrality, closeness, and status, this article examines the networking practices of women in the commercial real estate industry. The data were obtained through ...semi-structured interviews with women serving as local chapter presidents of a prominent trade organization in the United States and Canada. Consistent with social role theory, the results suggest women focus extensively on relationship building during their networking activities and attempt to establish credibility by demonstrating professional competency. The results also indicate that women take a number of common steps to position themselves at the center of networks composed of influential individuals with whom they have close personal ties.
This study uses data from the 2005 Survey of Household Finances to investigate the existence of loss aversion in household saving behavior in Spain. Loss aversion refers to an asymmetry in saving ...behavior in response to increases and decreases in income, where income decreases have a greater effect than increases. Evidence of loss aversion in household saving behaviors in the U.S. has been presented in previous research, and evidence of loss aversion in saving has been found using aggregate data from Europe, but to date there are no household level studies on loss aversion and saving behaviors in Europe. The present results do not support the existence of loss aversion at the household level in Spain. The results indicate symmetry in the responses to positive and negative income changes, failing to provide support for loss aversion in household saving behaviors.
This study uses the 2007 Survey of Consumer Finances to empirically explore differences in saving behavior between Hispanic (N = 533) and non-Hispanic White (N = 2,473) households. The results of the ...logistic regression model show that self-employed Hispanics were more likely to save, while self-employment was not significant for Whites. Being unbanked is the only variable that had a significantly negative relationship with saving for both groups. The results indicate that the model of saving applied to U.S. households may not be appropriate in studies focusing on the saving behaviors of Hispanics. In the empirical model estimated in the current article, only age, being unbanked, and self-employment have significant relationships with the saving behaviors of Hispanics, while many variables were significant for White households.
This study uses data from the 2007 Survey of Consumer Finances to examine household saving behavior based on the two-period model of consumption/saving presented by Bowman et al. (Econ Behav Organ ...38:155-178, 1999). The main focus of the model is the existence of an asymmetry in saving behavior in response to positive and negative adjustments in income. The results of the logistic regression analysis support the existence of loss aversion at the household level, where having income below the household's reference level significantly decreases the likelihood of saving, but having income above the household's reference level does not have a significant effect on the likelihood of saving.
This empirical study uses the 2013 Survey of Consumer Finances (SCF) to investigate the characteristics of households that hold at least one loan for educational expenses. The benefit of using ...household-level data is that a single household may have education loans for multiple people in the household, including the household head, spouse/partner, and children. In studies of the education loan debt of individuals, the true effect on households may be overlooked. The present results show that the respondent's age, respondent's marital status, having at least one dependent child under the age of 18, net worth, home ownership, stock ownership, being retired, being Hispanic, and being in the "other" race/ethnicity group each have a negative relationship with the likelihood of holding education loans. In contrast, the respondent's education, having at least one dependent child who is 18-25 years of age, being a female, and being non-Hispanic Black have a positive relationship with the likelihood of holding education loans.
This study examined the gap between planning and doing among 3,666 future orienters in the 2010 Survey of Consumer Finances. Future orienters were those who expected at least one foreseeable major ...expense in 5–10 years. A theory of planned behavior cumulative logistic model testing saving implementation as a strategy was rejected. Then a multinomial logistic regression was estimated. The odds to be currently saving or to have already saved were higher for those with longer planning horizons, moderate risk tolerance, those who were married, White people, blue‐collar workers, and those with self‐discipline in spending and saving habits. A favorable attitude toward installment credit increased the likelihood of not saving. The number rather than the type of expense was more influential in saving although health, family, and general purchases decreased the odds of saving. Attitudes, norms, and behavior control helped explain a lack of saving among future orienters.
The recent economic recession which began in 2007 prompted many individuals and families to reconsider their spending and saving habits. The personal saving rate increased from a very low level prior ...to the recession to a higher level in 2009 and 2010 (Bureau of Economic Analysis, 2010). At the same time, wealth declined and many families face increased income uncertainty with the loss of unemployment and retirement benefits. The purpose of this research was to explore the relationship between income uncertainty and household saving in the United States. In contrast to many theories of saving, the results indicate that income uncertainty did not significantly affect the likelihood of household saving. Factors that differed significantly in their relationship with household saving between households experiencing and not experiencing income uncertainty were having a high school diploma, having some college, being widowed, low risk tolerance, and having a bequest motive.
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