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<p>Variation in investors’ financial risk tolerance remains a practical challenge for suitability assessments and segmentation in financial services marketing. This study aims to examine whether political conservatism, treated as a relatively stable ideological trait, helps explain differences in risk tolerance in an emerging market context. Drawing on political psychology, conservatism is decomposed into Right-Wing Authoritarianism (RWA), which captures conformity and threat sensitivity, and Social Dominance Orientation (SDO), which captures preferences for hierarchy and inequality. Using survey data from 456 Brazilian investors combined with the Grable–Lytton Risk Tolerance Scale (GL-RTS), the study employs confirmatory factor analyses, as well as logistic and quantile regressions, to test the proposed relationships. Confirmatory factor analyses support construct validity. Logistic and quantile regressions indicate that RWA is associated with lower financial risk tolerance, whereas SDO is associated with higher tolerance at relevant segments of the distribution. The findings reveal that ideological dimensions exert distinct, asymmetric effects across the risk tolerance spectrum. The results suggest that “conservative investors” are not a homogeneous segment and that ideology-linked motives may shape how risk is interpreted and acted upon. These results contribute to the literature by demonstrating the value of incorporating multidimensional ideological traits into investor profiling models. For practitioners and policymakers, the findings point to actionable gains from refining onboarding and profiling models, tailoring risk communication, and designing financial education messages to reduce misalignment between client motives, suitability outcomes, and portfolio recommendations.</p>

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Political conservatism and investor risk tolerance: implications for suitability, profiling, and segmentation

  • 期刊论文

  • 发表日期：

    2026年5月21日

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  • Miriam Lipinsky de Souza,
  • Wesley Vieira da Silva,
  • Claudimar Pereira da Veiga,
  • Ibsen Mateus Bittencourt Santana Pinto,
  • Marcos Vinicius Andrade de Lima

摘要

Variation in investors’ financial risk tolerance remains a practical challenge for suitability assessments and segmentation in financial services marketing. This study aims to examine whether political conservatism, treated as a relatively stable ideological trait, helps explain differences in risk tolerance in an emerging market context. Drawing on political psychology, conservatism is decomposed into Right-Wing Authoritarianism (RWA), which captures conformity and threat sensitivity, and Social Dominance Orientation (SDO), which captures preferences for hierarchy and inequality. Using survey data from 456 Brazilian investors combined with the Grable–Lytton Risk Tolerance Scale (GL-RTS), the study employs confirmatory factor analyses, as well as logistic and quantile regressions, to test the proposed relationships. Confirmatory factor analyses support construct validity. Logistic and quantile regressions indicate that RWA is associated with lower financial risk tolerance, whereas SDO is associated with higher tolerance at relevant segments of the distribution. The findings reveal that ideological dimensions exert distinct, asymmetric effects across the risk tolerance spectrum. The results suggest that “conservative investors” are not a homogeneous segment and that ideology-linked motives may shape how risk is interpreted and acted upon. These results contribute to the literature by demonstrating the value of incorporating multidimensional ideological traits into investor profiling models. For practitioners and policymakers, the findings point to actionable gains from refining onboarding and profiling models, tailoring risk communication, and designing financial education messages to reduce misalignment between client motives, suitability outcomes, and portfolio recommendations.