Describing investor profiles
A test of the associations among financial knowledge, confidence, and help and information sources
DOI:
https://doi.org/10.61190/fsr.v27i3.3395Keywords:
Financial planning, Decision-making, Investments, Knowledge confidenceAbstract
Faced with multiple asset choices for use when developing a household portfolio, investors often turn to various sources of help and information for help before making an investment decision. This study used a large, nationally drawn dataset of individuals who own financial assets to explore the relationships between and among types of investments owned, knowledge characteristics, investor confidence, and help and information sources. General profiles of investors emerged from the analyses that can be used by financial planners to better understand the unique profiles of those who own certain types of investments. Investors who exhibited over-confidence in their financial knowledge were more likely to hold annuities, cash value life insurance, and commodities. It was also determined that financial planners play an important role in promoting diversification and mitigating portfolio risk.
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