take precedence理解

问题如下：

Alksel Serensen, a 37 year-old widower, resides in a country which uses the euro as its monetary unit. His wife, a CFA chartertholder, died recently, leaving him alone to raise their three children.

Serensen earns €50 thousand annually. Because of his short tenure with his employer, his present vested pension benefit is modest.

Serensen and the children are all in excellent health and have comprehensive medical coverage through Serensen's employer. Serensen has no insurance coverage other than his employer-provided health and life insurance.

Without his wife's earnings, Serensen believes that he will struggle financially to meet the household's current expenses, including child care, with little remaining from his salary to save for the children's eduucations and for his own retirement.

Through her employer, his wife was covered by a €400 thousand life insurance policy with Serensen named as the beneficiary. He received the proceeds recently with no taxes due. Because Serensen is not as familiar with finances as his wife was, he is uneasy about managing such a large sum on his own. He has vowed to approach all financial matters cautiously and prudently as he does not wish to put the children's welfare at risk.

The advisor estimates that Serensen's pension, including future service and salary credits, will likely not cover his retirement spending needs and that Serensen will probably experience a shortfall. This projected shortfall could be offset entirely, however, by purchasing an immediate, inflation-indexed annuity at age 60 at a cost of E450 thousand (in today's €).

Determine Serensen's ability and willingness to bear risk. Justify each of your answers with two reasons. Determine whether his ability or his willingness should take precedence in determining his overall risk tolerance.

选项：

解释：

Serensen's ability to bear risk appears below average due to his small asset base and the fact that little of his salary remains for savings/investment after household expenses are met, his salary is not expected to grow in real terms, and he is the sole provider for three young children.

Serensen's willingness to bear risk also appears to be below average because of his unfamiliarity and discomfort with financial matters, his avowed intent to be cautious, and his willingness to seek advice from experienced professionals.

Because both his ability and his willingness to bear risk are in agreement, neither one will take precedence over the other. His overall risk tolerance is below average.