I recently conducted my first study looking at parental education as a determinant of risk. I conducted a survey which measured risk in several contexts and also recorded information about the individuals such as gender, height and all the other usual suspects. Little work has been done on the effect of ethnicity on risk and also country of origin/residence on risk (an interesting secondary research question). The issue is that parents nationality are very highly correlated with their children (as one would expect) to the extent that Minitab has discarded various determinants for being highly correlated. Due to the nature of the sample (students in the UK) correlation is something that it unavoidable.
I don't wish to discard variables just because they are highly correlated, although I have seen a few suggestions to do so. Is there a way to overcome this issue? Otherwise how else would one look at the marginal effect of country of birth/parents nationality on their risk preferences? Am I overlooking something simple?