A statistical investigation on the relationships among financial disclosure, sociodemographic variables, financial literacy and retail investors’ risk assessment ability

This research focuses on disclosure of information about the uncertain future performance of non-equity financial products. In particular, it looks at two schemes, namely What-if and Probabilistic scenarios. For this purpose, a consumer testing experiment was conducted on a sample of 1,130 potential investors stratified according to ISTAT standard WRH[SORUHKRZGLIIHUHQWVFKHPHVLQIOXHQFHLQYHVWRU¶V risk perception and whether financial literacy and sociodemographic variables are drivers of risk assessment. The analysis was performed using multilevel regression models