Financial advice

By J. Collins. Financial Services Review, 2012

230 citations recorded by the source corpus.

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.

Subfields: Accounting

View Paper: https://www.semanticscholar.org/paper/d8e69efe097d6a2b34ea8981a3214b5c54548a81

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Citations in the corpus

Financial Literacy and Financial Advice Seeking for Retirement Investment Choice (2019, background): “In addition, Collins (2012) and Calcagno & Monticone (2014) also provide evidence that compared to individuals with financial illiteracy, individuals with financial knowledge are more likely to take up financial advice. In line with these findings, a theoretical model of demand for advice of Bucher-”
Financial literacy, financial advice, and financial behavior (2017, methodology): “36 Collins (2012) surveys the role of nonprofit providers in financial education.”
Financial Literacy, Confidence and Financial Advice Seeking (2016, background): “A similar distribution is reported by Collins (2012) where high income groups demand advice twice as much as low income groups. For the two investor samples (Column 2 and 3), income is much less related to advice seeking. In Panel H the samples are divided into age groups. Only in the retail bank sa”
How Financially Literate Are Women? An Overview and New Insights (2017, result): “This finding supports work that shows that financial literacy and financial advice are complements rather than substitutes (Hackethal et al. 2012; Collins, 2012; Bucher-Koenen and Koenen, 2014).”