Investment Risk Tolerance amongst South African University Students in the Vaal Triangle Area

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  • Antonios Evangelou North-West University, South Africa
  • Sune Ferreira-Schenk North-West University, South Africa
  • Lorainne Ferreira North-West University, South Africa
  • Elizabeth Bothma North-West University, South Africa



Investing, South Africa, demographic factors, risk tolerance


Analysing students risk tolerance during the investor life cycle is imperative to students and financial planners alike, to facilitate the implementation of suitable investments and investment strategies. Students in universities do not have the required knowledge to invest and this is why an investment framework was created to assist, guide and inform students of what stage of the individual investor life cycle that they are in and suggest suitable investment strategies. The article implemented a quantitative approach, using secondary data analysis. The data used for the analysis is from a self-administered questionnaire in 2017 that was distributed to a sample of 396 students from two higher education institutions in the Vaal Triangle region. Two validated risk tolerance scales were used to analyse students risk tolerance levels. The objective of this paper was to determine the risk tolerance levels of students in the Vaal Triangle region. The two results from the 13-item scale and the single-item scale for measuring risk tolerance indicated that the students have a medium risk tolerance level.


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Author Biographies

Antonios Evangelou, North-West University, South Africa

Antonios Evangelou is a Risk Consultant at a financial institution in South Africa and he is a post graduate student in Risk Management at the North-West University.

Sune Ferreira-Schenk, North-West University, South Africa

Dr Suné Ferreira-Schenk is the Risk Management Program Leader at the North-West University in the School of Economic Sciences. She specialise in financial risk management having obtained her PhD in this field. Her main focus area is financial risk tolerance, depositor behaviour, investor behaviour, behavioural finance, and the financial well-being of investors. She (and fellow researchers) have already published several articles in accredited journals regarding this field of interest.

Lorainne Ferreira, North-West University, South Africa

Dr Lorainne Ferreira is a senior lecturer in International Trade at the North-West University and specialises in Economic Development, Developing Countries, Economic Policy analysis and International Development.

Elizabeth Bothma, North-West University, South Africa

Dr Elizabeth Bothma is a statistician at the Optentia Research Unit of the North-West University.




How to Cite

Evangelou, A., Ferreira-Schenk, S., Ferreira, L., & Bothma, E. (2022). Investment Risk Tolerance amongst South African University Students in the Vaal Triangle Area. International Journal of Economics and Financial Issues, 12(1), 13–23.




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