No.PZ2023010410000001 (问答题)
来源: 经典题
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.
我的答案：
Serensen's ability to bear risk is low.
- Consideraing the shortfall mentioned by advisor and his relatively small net worth, and the fact that he need to be able to purchase a lump sum of EUR 450,000 annuity at age 60, he can't endure the risk of lowering his principal (including claim from his wife's life insurance of 400,000) below the desired amount.
- Serensen is not as familiar with finances as his wife was, he is uneasy about managing such a large sum on his own. This also indiciates his low ability to take risk.
Serensen's willingness to bear risk is also low.
- He has vowed to approach all financial matters cautiously and prudently as he does not wish to put the children's welfare at risk. This indicates his low willingness to bear risk.
- 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. It indicates Serenses has clear mind of the finanical status now, hence low willingness.
Both his willingness and ability matters.
解析
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.
我的几个问题：
- 这个考点感觉纯粹是英文的阅读理解总结了，还是有对应的知识点？从哪几个方面去分析ability和willingness？
- “not as familiar with finances as his wife was”，对于金融知识不了解不熟悉，这到底是代表承担风险能力不足还是意愿不足？我以为是不了解所以没有能力承担更高风险，但是标准答案里面是归类在willingness的
- 感觉我回答ability里面答偏了