I can't help but think that teachers are less risk averse investors than private sector workers due to knowledge that their pension plan will take care of them

I can't help but think that teachers are less risk averse investors than private sector workers due to knowledge that their pension plan will take care of them in retirement, thus their investment decisions today will have less of an impact on their future. The fact that they hold less in cash seems to support the notion that they are less risk averse, at least.