The Relation between Internet Use and Financial Planner Use for Savings and Investment Decisions

Son, J. & Hanna, S. D. (2011), The relation between internet use and financial planner use for savings and investment decisions, Proceedings of the Academy of Financial Services

13 Pages Posted: 12 Aug 2012

See all articles by Jiyeon Son

Jiyeon Son

Consumer Sciences Department, Ohio State University

Sherman D. Hanna

Ohio State University (OSU)

Date Written: December 11, 2011

Abstract

In an analysis of a combination of the 1998 to 2007 Survey of Consumer Finances datasets, the use of the Internet for savings and investment decisions grew much more rapidly than the use of financial planners for those decisions. A multivariate analysis of the use of financial planners showed that all other things being equal, use of the internet for savings and investment decisions had a negative effect on the likelihood of using a financial planner for savings and investment decisions. It is possible that increases in the client base for financial planners is limited by the growth of savings and investment resources on the Internet, although financial planners could adopt measures proposed for other professional services to deal with the competition in information resources.

Keywords: Personal financial planning, Household finance, Internet use

JEL Classification: D13, D14, L86

Suggested Citation

Son, Jiyeon and Hanna, Sherman D., The Relation between Internet Use and Financial Planner Use for Savings and Investment Decisions (December 11, 2011). Son, J. & Hanna, S. D. (2011), The relation between internet use and financial planner use for savings and investment decisions, Proceedings of the Academy of Financial Services . Available at SSRN: https://ssrn.com/abstract=2128074

Jiyeon Son

Consumer Sciences Department, Ohio State University ( email )

United States

Sherman D. Hanna (Contact Author)

Ohio State University (OSU) ( email )

1787 Neil Avenue
Campbell 265D
Columbus, OH 43210
United States
614-292-4584 (Phone)

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