This study aims to investigate the relationship between demographic characteristics and overall risk-taking levels, and financial risk tolerance. Using the microdata set of 15,041 respondents, we examine the factors influencing the level of individuals’ overall risk-taking level and financial risk tolerance for Turkey. Although many studies investigate the effect of demographic parameters on risk tolerance for different countries, there is no study that examines the determinants of risk tolerance using comprehensive data that represent the whole Turkish population. The study’s main contribution is the representation of the population of Turkey because the sample covers 89% of the total households in Turkey and the participants are the decision-makers in their households. The findings demonstrate that while gender, marital status, and ability to plan for the future affect individuals’ overall risk-taking level and financial risk tolerance, education only affects financial tolerance. There is a weak but significant negative relationship between age and overall risk-taking level and financial risk tolerance.