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- Title
Financial advice: A substitute for financial literacy?
- Authors
Collins, J. Michael
- 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. © 2012 Academy of Financial Services. All rights reserved.
- Subjects
FINANCIAL literacy; PERSONAL finance; DECISION making; FINANCIAL counseling; FINANCIAL planning
- Publication
Financial Services Review, 2012, Vol 21, Issue 4, p307
- ISSN
1057-0810
- Publication type
Article