Discussion and Implications
The results show the behavioral life-cycle variables of selfcontrol,
mental accounting, and framing were positively
associated with risk tolerance for low-to-moderate-income
respondents. The first hypothesis, respondent risk tolerance
increases as self-control increases, was supported in this
research. The adjusted R-squared change with the addition
of the self-control variables was 0.10, indicating that 10% of
the total variation in financial risk tolerance was explained by
self-control.