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Who Seeks Financial Advice?

71 Pages Posted: 1 Apr 2017  

Maher Habib Alyousif

Texas Tech University

Charlene M. Kalenkoski

Texas Tech University

Date Written: March 3, 2017

Abstract

Using the 2012 National Financial Capability Study, this paper shows that income, risk tolerance, and financial literacy 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 and financial fragility decrease the probability of seeking certain types of financial advice. People who lack confidence in their financial knowledge, who struggle with their expenses, and are not able to save for retirement or emergency needs might not have the luxury to think about investment or tax planning.

Keywords: Financial Advice; Risk Tolerance; Financial Knowledge; Financial Literacy; Financial Fragility

JEL Classification: D14; G20

Suggested Citation

Alyousif, Maher Habib and Kalenkoski, Charlene M., Who Seeks Financial Advice? (March 3, 2017). Available at SSRN: https://ssrn.com/abstract=2943159 or http://dx.doi.org/10.2139/ssrn.2943159

Maher Habib Alyousif (Contact Author)

Texas Tech University ( email )

2500 Broadway
Lubbock, TX 79409
United States

Charlene M. Kalenkoski

Texas Tech University ( email )

2500 Broadway
Lubbock, TX 79409
United States

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