Financial professionals and financial well-being

Evidence from the national financial well-being survey

Authors

  • Richard Stebbins Department of Consumer Sciences, University of Alabama
  • Kyoung Tae Kim Department of Consumer Sciences, University of Alabama
  • Martin Seay Department of Personal Financial Planning, Kansas State University

DOI:

https://doi.org/10.61190/fsr.v30i3.3485

Keywords:

National Financial Well-Being Survey, Financial well-being, Financial professionals use, Source of financial advice

Abstract

This study examined the association between financial professional use and financial well-being using the 2016 National Financial Well-Being Survey. We tested financial well-being across various sources of financial advice such as financial professionals, family, employer, community, financial institution, and government. Results from the logistic regression showed that those who received advice from financial professionals had higher levels of financial well-being than those who did not receive advice from a financial professional. Additional analyses with those who received financial advice from any source also showed that use of a financial professional had a stronger positive asso- ciation with financial well-being. This study provides important insights to help consumers and edu- cators better understand the value of financial professionals.

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Published

2022-09-30

How to Cite

Stebbins, R., Kim, K. T., & Seay, M. (2022). Financial professionals and financial well-being: Evidence from the national financial well-being survey. Financial Services Review: The Journal of Individual Financial Management, 30(3), 191–204. https://doi.org/10.61190/fsr.v30i3.3485

Issue

Vol. 30 No. 3 (2022): Fall 2022

Section

New Original Submission

License

Copyright (c) 2022 Academy of Financial Services

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