Determinants of Seeking Advice within Defined Contribution Retirement Savings Schemes

Forthcoming in Account Finance. DOI/10.1111/acfi.12397

Posted: 22 Sep 2018

See all articles by Gordon L. Clark

Gordon L. Clark

Oxford University - Smith School of Enterprise and the Environment

Maurizio Fiaschetti

SOAS University of London

Paul Gerrans

The University of Western Australia - UWA Business School

Multiple version iconThere are 2 versions of this paper

Date Written: January 29, 2016

Abstract

We report results from a study of superannuation member advice-seeking within their plan, explaining observed patterns by member age, gender, issue salience, and size-of-bet effect. Inquiry mode, frequency and volume of contact with the advice-provider, and sensitivity of members to legislative change and macroeconomic events are considered. Results show that gender (female more likely than male), age (older rather than younger), balance (larger rather than smaller) and experience (longer rather than shorter), are the strongest advice-seeking predictors, consistent over time. Findings suggest member engagement around retirement planning may be more effective when considering the factors affecting advice-seeking behaviour in general.

Keywords: financial advice, superannuation and retirement savings, behaviour and behavioural decision-making, retirement planning, gender differences

JEL Classification: J26, D14, D91, E21, G20, G2

Suggested Citation

Clark, Gordon L. and Fiaschetti, Maurizio and Gerrans, Paul, Determinants of Seeking Advice within Defined Contribution Retirement Savings Schemes (January 29, 2016). Forthcoming in Account Finance. DOI/10.1111/acfi.12397. Available at SSRN: https://ssrn.com/abstract=3242039

Gordon L. Clark (Contact Author)

Oxford University - Smith School of Enterprise and the Environment ( email )

South Parks Road
Oxford, OX1 3QY
United Kingdom
+44 1865 285197 (Phone)
+44 1865 285073 (Fax)

HOME PAGE: http://www.geog.ox.ac.uk/staff/glclark.html

Maurizio Fiaschetti

SOAS University of London ( email )

Thornhaugh Street
London, WC1H 0XG
United Kingdom
+44 (0) 20 7898 4754 (Phone)

Paul Gerrans

The University of Western Australia - UWA Business School ( email )

Crawley, Western Australia 6009
Australia
61 8 64882910 (Phone)

Register to save articles to
your library

Register

Paper statistics

Abstract Views
69
PlumX Metrics