And, I'd add that past experiences greatly impacts tolerance to risk. A person who had no money for food and/or was homeless as a child, and a person with a fi

And, I'd add that past experiences greatly impacts tolerance to risk. A person who had no money for food and/or was homeless as a child, and a person with a financially secure family to fall back on so there are no consequences for failure are going to have very different risk tolerance. Even when we are aware of it, fear can control us. And, previously poor people know, from experience, what the consequences of failure can be. This was demonstrated on a macro level by the generation that grew up in the Great Depression having a high savings rate (emergency fund), repairing rather than replacing things as long as they could, and being otherwise thrifty almost regardless of income.