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This study explores how family relationships and financial education impact financial risk tolerance using a sample of college freshmen and their parents. No significant relationship is found between the financial risk tolerance of parents and their children. However, husbands are significantly more risk tolerant than their wives. There is also a strong correlation between the risk tolerance of the spouses, after controlling for gender, income, and education. In addition, college students who had some financial education in high school are found to be more risk tolerant, especially when they played a stock market game as part of a course.
Kenneth Ryack (Fri,) studied this question.