The demand for financial professionals' advice
DOI:
https://doi.org/10.61190/fsr.v21i4.4681Keywords:
Financial knowledge, Financial planning adviceAbstract
Using a large, nationally representative sample provided by the Financial Industry Regula tory Authority (FINRA), individuals' use of professional planning advice is analyzed in the con text of personal financial knowledge (objective and subjective), financial satisfaction, risk tolerance, and selected sociodemographic variables. The results indicate that different characteristics are associated with individuals using different types of financial advice (e.g., debt counseling vs. investment planning, or tax assistance). In general, financial knowledge (both objective and subjective) and satisfaction are positively related to using any type of financial advice, and specifically with using advice related to investing and saving, mortgage decisions, insurance, and tax planning. In contrast, knowledge and satisfaction are inversely related to the use of debt counseling. Other interesting relationships are noted among the demographic variables of interest, and implications for planners and policymakers are discussed.
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