Low-income employees

the relationship between information from formal advisors and financial behaviors

Authors

  • Crystal R. Hudson Department of Finance, Clark Atlanta University
  • Lance Palmer Department of Financial Planning, Housing and Consumer Economics, University of Georgia

DOI:

https://doi.org/10.61190/fsr.v23i1.3184

Keywords:

Financial information, Low-income employees, Financial behaviors

Abstract

This study investigates the financial literacy of low-income employees, by examining their financial behaviors. Thus, researchers examine the effect that information from formal advisors has on the financial behaviors of low-income employees. In this study, formal advisors include financial plan- ners, bankers, brokers, employers, accountants, insurance agents, and lawyers. Using data from the 2010 Survey of Consumer Finances, researchers find a significant and positive relationship between the use of information from formal advisors and low-income employees’ positive financial behaviors. In other words, low-income employees who use information from formal advisors exhibit better financial behaviors than those who do not.

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Published

2014-03-01

How to Cite

Hudson, C. R., & Palmer, L. (2014). Low-income employees: the relationship between information from formal advisors and financial behaviors. Financial Services Review, 23(1), 25–43. https://doi.org/10.61190/fsr.v23i1.3184

Issue

Vol. 23 No. 1 (2014): Spring 2014

Section

New Original Submission

License

Copyright (c) 2014 Academy of Financial Services

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