Financial advice

A substitute for financial literacy?

Authors

  • J. Michael Collins University of Wisconsin-Madison

DOI:

https://doi.org/10.61190/fsr.v21i4.4682

Keywords:

Financial capability, Financial planning

Abstract

A lack of financial literacy can hamper the ability of individuals to make well-informed financial decisions. For people who exhibit problems with financial decision making, financial advice has the potential to serve as a substitute for financial knowledge and capability. However, data from the 2009 FINRA Financial Capability Survey indicate that advice more often serves as a complement to, rather than a substitute for, financial capability: individuals with higher incomes, educational attainment, and levels of financial literacy are most likely to receive financial advice.

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Published

2012-12-31

How to Cite

Collins, J. M. (2012). Financial advice: A substitute for financial literacy?. Financial Services Review, 21(4), 307–322. https://doi.org/10.61190/fsr.v21i4.4682

Issue

Vol. 21 No. 4 (2012): FSR Winter 2012

Section

New Original Submission

License

Copyright (c) 2012 Academy of Financial Services

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