Given the increasingly diverse world, financial service providers must be aware of a variety of consumers’ needs. This study investigated differences in financial risk tolerance between households with white and black respondents. Financial literacy was positively associated with high and some (versus no) financial risk tolerance for white households, but this relationship was not found for black households. The relationship between net worth and high financial risk tolerance differed significantly for black and white households. The current findings show that the frameworks used to explain the financial behaviors of white households may not be appropriate for all groups.