کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5088583 1478325 2015 18 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Financial literacy and the demand for financial advice
ترجمه فارسی عنوان
سواد مالی و تقاضای مشاوره مالی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی

The low level of financial literacy across households suggests that they are at risk of making suboptimal financial decisions. In this paper, we analyze the effect of investors' financial literacy on their decision to demand professional, non-independent advice. We find that non-independent advisors are not sufficient to alleviate the problem of low financial literacy. The investors with a low level of financial literacy are less likely to consult an advisor, but they delegate their portfolio choice more often or do not invest in risky assets at all. We explain this evidence with a highly stylized model of strategic interaction between investors and better informed advisors with conflicts of interests. The advisors provide more information to knowledgeable investors, who anticipating this are more likely to consult them.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 50, January 2015, Pages 363-380
نویسندگان
, ,