Abstract
This study examines the relationship between individual financial risk tolerance and psychosocial factors (sensation seeking, locus of control, self-esteem) with the moderating role of spirituality. The data was collected from 388 government employees and PLS-SEM (Partial Least Square Structural Equation Modeling) was used for data estimation. The study found that individual financial risk tolerance is significantly influenced by psychosocial factors, including sensation seeking, locus of control, and self-esteem. Specifically, individuals with higher sensation seeking and internal locus of control tend to exhibit greater financial risk tolerance. Additionally, self-esteem was positively correlated with a higher willingness to take financial risks. Importantly, spirituality moderated these relationships, with individuals who reported higher spiritual engagement showing more cautious financial behavior, even if their psychosocial traits suggested a higher risk tolerance.
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