Exploring the demand for retirement planning advice:

The role of financial literacy

Authors

  • Martin Seay Assistant Professor of Personal Financial Planning, Kansas State University
  • Kyoung Tae Kim Assistant Professor, Department of Consumer Sciences, University of Alabama
  • Stuart Heckman Assistant Professor of Personal Financial Planning, Kansas State University

DOI:

https://doi.org/10.61190/fsr.v25i4.3226

Keywords:

Retirement planning, Financial planner use, Financial advice

Abstract

This research extends previous literature on the relationship between financial literacy and financial advice seeking in three ways: (1) we examine financial planner use specifically within the context of retirement planning, (2) we incorporate Huston’s (2010) framework of financial literacy, and (3) we use longitudinal data to investigate the initiation, maintenance, and termination of financial planner use. Results from the 2010 and 2012 National Longitudinal Survey of Youth 1979 (NLSY79) show a positive association between the components of financial literacy and financial planner use for retirement planning.

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Published

2016-12-30

How to Cite

Seay, M., Kim, K. T., & Heckman, S. (2016). Exploring the demand for retirement planning advice: : The role of financial literacy. Financial Services Review, 25(4), 331–350. https://doi.org/10.61190/fsr.v25i4.3226

Issue

Vol. 25 No. 4 (2016): Winter 2016

Section

New Original Submission

License

Copyright (c) 2014 Academy of Financial Services

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