The risk tolerance of small investors is a key element in the allocation of their savings. Thus, it has been verified that the banking activity focuses more and more in understanding the profile of the small investors, aiming to promote their financial products. In this context, the main purpose of this article is to identify the small investors’ attributes that influence the allocation of their savings in investments with higher risk. Based on a sample of 141 Portuguese holders of investment funds, in factor analysis and in a multiple regression model, it was concluded that financial literacy, age, and level of household income showed to have a positive influence on the selection of financial products of higher risk. According to the results, the males do not show a higher propensity to apply their savings into higher-risk investments, as it has been shown in literature. Retired individuals showed to have higher propensity to apply their savings in financial products with higher risk. Single individuals and individuals with higher academic education are more likely to invest in equity funds when compared to married individuals and with lower academic level.