Behavioral and Wealth Considerations for Seeking Professional Financial Planning Help

28 Pages Posted: 30 Sep 2015

See all articles by Jodi Letkiewicz

Jodi Letkiewicz

York University

Chris Robinson

York University - School of Administrative Studies

Dale L. Domian

York University - School of Administrative Studies

Natallia Uborceva

Independent

Date Written: September 28, 2015

Abstract

This study uses a proprietary survey of Canadians to examine factors that lead people to seek professional financial planning help. The main hypothesis is that financial self-efficacy will positively predict whether one seeks help. We also examine the effects of subjective and objective financial stress and wealth on the decision to seek help. We find that wealth, self-efficacy, and objective financial stress are predictors of help-seeking behavior. Individuals with high subjective financial stress are less likely to seek financial help, but if they are high in self-efficacy they become more likely to seek financial help.

Keywords: Financial planning, Help-seeking, Self-efficacy, Financial Stress

JEL Classification: D14, G20, P46

Suggested Citation

Letkiewicz, Jodi and Robinson, Chris and Domian, Dale L. and Uborceva, Natallia, Behavioral and Wealth Considerations for Seeking Professional Financial Planning Help (September 28, 2015). Available at SSRN: https://ssrn.com/abstract=2666727 or http://dx.doi.org/10.2139/ssrn.2666727

Jodi Letkiewicz (Contact Author)

York University ( email )

4700 Keele Street
Toronto, Ontario M3J 1P3
Canada

Chris Robinson

York University - School of Administrative Studies ( email )

Toronto, Ontario M3J 1P3
Canada

Dale L. Domian

York University - School of Administrative Studies ( email )

Toronto, Ontario M3J 1P3
Canada
416-736-2100, x20009 (Phone)
416-736-5963 (Fax)

Natallia Uborceva

Independent ( email )

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