A Cross Cultural Test of Financial Risk Tolerance Attitudes: Brazilian and American Similarities and Differences

Liana Holanda N. Nobre, John E. Grable, Wesley Vieira Da Silva, Claudimar Pereira Da Veiga


The purpose of this study was to examine the extent to which risk-tolerance attitudes differ between a sample of Brazilians and Americans (N = 620). Based on the use of a variety of statistical methodologies, including regression, factor, and discriminant analysis. The results indicate that Americans were more apt to engage in a speculative gamble and they were less likely to hold bonds as a safe asset. Overall, both Brazilian and American female respondents exhibited lower risk-tolerance scores; however, no age or marital status differences were noted. The results from this analysis show that cultural differences exist between Brazilians and Americans in terms of financial risk-tolerance attitudes.

Keywords: Risk tolerance; Cross cultural; Financial risk.

JEL Classifications: G1, M1

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