https://openjournals.libs.uga.edu/fsr <p><strong><em>Financial Services Review (FSR)</em> </strong>is the official publication of the Academy of Financial Services. FSR is a double-blind review <a href="https://www.lib.sfu.ca/help/publish/scholarly-publishing/radical-access/open-access-colour-classifications">Diamond Open Access</a> Journal, which means there are no fees or restrictions for access to or submission of research and no Article Processing Fees if published.</p> <p>As a Diamond Open Access journal, all FSR content is freely available without charge to the user or their institution. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles, or use them for any other lawful purpose, without asking prior permission from the publisher or the author. This is in<br />accordance with the BOAI definition of open access.</p> <p>The purpose of this <em>double-blind peer-reviewed</em> academic journal is to encourage research that examines the impact of financial issues on individuals and households. In contrast to the many corporate or institutional journals that are available in finance, the focus of this journal is on individual financial management.</p> <p><em><strong>Financial Services Review</strong></em>, as an open access, peer-reviewed academic journal, is indexed by a number of organizations including:</p> <ul> <li><span style="background-color: #ffffff; font-family: 'Open Sans', WaWebKitSavedSpanIndex_1, WaWebKitSavedSpanIndex_1;"><span style="color: #222222; font-family: Arial, Helvetica, sans-serif;"><!--StartFragment --><span class="cf0">Chartered Association of Business Schools (CABS) Academic Journal Guide</span><!--EndFragment --></span></span></li> <li><span style="background-color: #ffffff; font-family: 'Open Sans', WaWebKitSavedSpanIndex_1, WaWebKitSavedSpanIndex_2;"><span style="color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="background-color: #ffffff; font-family: Arial, Helvetica, sans-serif, WaWebKitSavedSpanIndex_3;"><span style="background-color: #ffffff;"> ABDC Journal Quality List - Australian Business Deans Council</span></span></span></span></li> <li><span style="background-color: #ffffff; font-family: 'Open Sans', WaWebKitSavedSpanIndex_1, WaWebKitSavedSpanIndex_2;"><span style="color: #222222; font-family: Arial, Helvetica, sans-serif;"><span style="background-color: #ffffff; font-family: Arial, Helvetica, sans-serif, WaWebKitSavedSpanIndex_3;"><span style="background-color: #ffffff;">Cabells Scholarly Analytics</span></span></span></span></li> </ul> <p>FSR is an open access journal which means that all content is freely available without charge to the user or their institution. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles, or use them for any other lawful purpose, without asking prior permission from the publisher or the author. This is in accordance with the <a href="https://www.budapestopenaccessinitiative.org/">BOAI</a> definition of open access.</p> Academy of Financial Services en-US Financial Services Review 1873-5673 <p>Author(s) retain copyright and grant the Journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-NonCommercial 4.0 International License that allows to share the work with an acknowledgment of the work's authorship and initial publication in this Journal.</p> <p>This license allows the author to remix, tweak, and build upon the original work non-commercially. The new work(s) must be non-commercial and acknowledge the original work.</p> https://openjournals.libs.uga.edu/fsr/article/view/3598 <p style="font-weight: 400;">This study uses the Wave 2 (2013), Wave 3 (2015) and Wave 4 (2018) released by Harmonized China Health and Retirement Longitudinal Study (CHARLS) to examine the effect of cognitive ability on stock investment in the middle-aged and older populations in China. This study investigates the relationship between subjective and objective aspects of cognitive ability on stock ownership and shares of stock holdings in financial investment over time. We further compare this relationship between subsamples (older adults vs. middle-aged adults).&nbsp; The findings in this study will provide implications for policymakers, financial professionals as well as investors.</p> Shan Lei Lu Fan Copyright (c) 2024 Shan Lei, Lu Fan https://creativecommons.org/licenses/by-nc/4.0 2024-09-18 2024-09-18 32 3 1 19 10.61190/fsr.v32i3.3598 https://openjournals.libs.uga.edu/fsr/article/view/3584 <p>We extend previous research on factors related to workers stating that they would never retire, by analyzing the impact of financial knowledge variables on the expectation. The never retire rate is related to objective financial knowledge, with a 20% rate for those who missed all questions, compared to 12% for those who answered all questions correctly. We find a similar pattern between subjective knowledge and the never retire rate. Using logistic regressions, we find that survey respondents who missed questions for objective financial knowledge are more likely to choose a never retire response than those who do not miss any questions. We also find that overconfident respondents are more likely to give a never retire response than underconfident respondents. Our results have implications for financial education and policies related to retirement, as well as for research on retirement adequacy.</p> Zezhong Zhang Sherman D. Hanna Lei Xu Copyright (c) 2024 Zezhong Zhang, Sherman Hanna, and Lei Xu https://creativecommons.org/licenses/by-nc/4.0 2024-09-18 2024-09-18 32 3 20 31 10.61190/fsr.v32i3.3584 https://openjournals.libs.uga.edu/fsr/article/view/3326 <p>A financial advisor may either act as a consultant or may be delegated the entire financial advising process. In both cases, researchers tend to conclude that advisors have an impact on their clients’ financial outcomes. However, there is no agreement on the nature and extent of this impact. We argue that such discordance in the results being reported in prior research arises from the different theoretical lens used to observe the phenomenon: agency theory, trust theory, and the concept of knowledge. In our view, the complexity of advisors’ contribution to their clients’ outcomes requires a novel approach that extends beyond a single theory. Relying upon a literature review, we propose an integrative multi-theory model that reconciles prior findings and illustrates how financial advisers impact clients’ outcomes at each step within the financial advising process. Practice-grounded, the model also provides a causal mechanism clarifying the opaque and complex services provided by the financial advisor.</p> Pierre-Etienne Pilote Emilio Boulianne Michel Magnan Copyright (c) 2024 Pierre-Etienne Pilote, Emilio Boulianne, Michel Magnan https://creativecommons.org/licenses/by-nc/4.0 2024-09-18 2024-09-18 32 3 32 67 10.61190/fsr.v32i3.3326 https://openjournals.libs.uga.edu/fsr/article/view/3633 <p>Current research has established a relationship between older adults' subjective well-being and factors extending beyond their economic status to encompass various non-monetary elements. While most studies in this domain focus on factors within a single country, our analysis utilizes international longitudinal surveys to explore older adults' well-being at both the national and global scale. This comprehensive analysis considers micro- and macro-level determinants of retirement well-being, revealing consistent variations in happiness levels across countries. Our study specifically suggests a compelling positively relationship between ago and subjective well-being within the United States. This finding presents a contrast with the negative association observed in European countries. Our global analysis further indicates a positive relationship between age and subjective well-being. This study not only contributes to greater understanding of the complexities related to aging and well-being but also provide significant implications for financial services professionals and public policymakers that aim to improve the well-being of elderly populations.</p> Yi Liu Tao Guo Yuanshan Cheng Copyright (c) 2024 Yi Liu, Tao Guo, Yuanshan Cheng https://creativecommons.org/licenses/by-nc/4.0 2024-09-18 2024-09-18 32 3 68 82 10.61190/fsr.v32i3.3633 https://openjournals.libs.uga.edu/fsr/article/view/4014 John Grable Copyright (c) 2024 John Grable https://creativecommons.org/licenses/by-nc/4.0 2024-09-18 2024-09-18 32 3 https://openjournals.libs.uga.edu/fsr/article/view/4023 John Grable Copyright (c) 2024 John Grable https://creativecommons.org/licenses/by-nc/4.0 2024-09-18 2024-09-18 32 3