In Model 4, four independent variables measuring the
BLC framing construct were added. The framing variables
provided an R-squared change of 0.013, F(4,839)=3.67,
p =.006. The framing variable results showed a positive
relationship between how respondents frame income and
saving and their risk tolerance. The results of the hierarchical
regression supported Hypothesis 2 that a relationship between
framing and risk tolerance exists. The significant variables
for framing included saving is beneficial to me and saving is
more important to me now. As respondents agreed more with
these statements, their risk tolerance scores decreased. The
full model explained 24% of the change in risk tolerance in
low-to-moderate-income households, with the BLC variables
explaining 12% more than what was explained by financial,
education, and demographic variables.