This paper is to investigate the influence of specific behavioral factors on financial risk tolerance (FRT) taking religiosity as a moderating variable. A standardized questionnaire was used for this study, a total of 334 completed questionnaires were used. The proposed research model was validated and assessed using structural equation modelling. The findings revealed that propensity for regret, propensity for trust, happiness in life, propensity to attribute success to luck and propensity for overconfidence, all have positive significant influence on FRT. The findings also support the religiosity position as a moderating factor in the proposed research model. FRT is a complex mechanism that entails many psychological considerations. Our results suggest that further research is needed to decide which additional factors financial advisors can use to increase the explained variance in FRT inequalities.