Use of Financial Planners by U.S. Households
DOI:
https://doi.org/10.61190/fsr.v11i3.4735Keywords:
Survey of Consumer Finances, Financial planners, Personal financial planningAbstract
We examine the use of financial planners by U.S. households using data from the 1998 Survey of Consumer Finances and find that over one-fifth (21.29c) of households use financial planners. A small portion o1 households (2.7%) obtain advice from financial planners on only credit or borrowing, whereas 11.59c look for recommendations on only saving or investing issues, and 7.0% obtain comprehensive advice (i.e., credit or borrowing and saving or investingj. The use of financial planner.s by households varies by financial and sociodemographic characteristics of the household, and the effects of these characteristics vary by category of use (i.e., credit/borrowing only, saving/investing only, comprehensive advice).
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