Risk tolerance: is it ever 'Average'?

It seems that we always have examples where the investor’s risk tolerance is either clearly ‘above average’ or ‘below average’.
Would it be acceptable to rate a risk tolerance as ‘average’ in the case below for a pension fund (Defined benefit plan)?

  • company in a declining industry but still profitable (slightly more risk?)
  • slightly underfunded (less risk)
  • aging workforce (less risk)
  • currently low number of retirees/workforce (more risk)

No, it’s never average.

But they don’t ask that any longer.

Now they ask for factors that increase the investor’s risk tolerance and factors that decrease it. That makes it a lot more flexible for them: not everything has to point in the same direction.

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