The Survey of Consumer Finances (SCF) offers researchers one of the most popular sources of data for the study of financial risk tolerance. This paper reports findings from two studies that were designed to test the concurrent validity of the SCF financial risk tolerance assessment question. Comparisons between the commonly used one-item SCF assessment measure and a 13-item risk-tolerance assessment index were undertaken. Results of the concurrent validity analyses suggest that the SCF question does not represent the full spectrum of financial risk tolerance, but might reflect investment choice attitudes or experience. Key words: Survey of Consumer Finances, Risk tolerance, Validity

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