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- Title
Who seeks financial advice?
- Authors
Alyousif, Maher H.; Kalenkoski, Charlene M.
- Abstract
The determinants of seeking five types of financial advice are examined and are found to be consistent across the different types of advice. In addition, no significant differences are found among subsamples defined by gender, age, and financial literacy. Income and risk tolerance are related positively to the demand for financial advice and more greatly affect the probability of seeking advice than do other variables. A low perception of financial knowledge, which can be a proxy for self-confidence, and financial fragility decrease the probability of seeking financial advice.
- Subjects
UNITED States; INVESTMENT advisors; FINANCIAL literacy; CREDIT ratings; FINANCIAL Industry Regulatory Authority; TAX planning; FINANCIAL management; FINANCIAL services industry
- Publication
Financial Services Review, 2017, Vol 26, Issue 4, p405
- ISSN
1057-0810
- Publication type
Article