Financial Attributes, Financial Behaviors, Financial‐Advisor‐Use Beliefs, and Investing Characteristics Associated with Having used a Robo‐Advisor

Posted: 4 Feb 2021

See all articles by Timothy M. Todd

Timothy M. Todd

Liberty University School of Law

Martin Seay

Kansas State University

Date Written: February 4, 2021

Abstract

This study investigates the financial attributes, financial behaviors, financial‐advisor‐use beliefs, and investing characteristics associated with having used an automated investment solution (i.e., a robo‐advisor). Data are used from the 2015 National Financial Capability Study (both the State‐by‐State Survey and the Investor Survey) to investigate the use of robo‐advisors among 1,393 individuals with non‐retirement investment accounts. Multivariable results indicated that being younger, having low or midrange income, and having lower objective investment‐knowledge scores was positively associated with robo‐advisor use. This study provides important insight for policymakers, financial practitioners, and proprietors of robo‐advisors and other fintech products.

Full Text Available Here: https://doi.org/10.1002/cfp2.1104

Suggested Citation

Todd, Timothy M. and Seay, Martin, Financial Attributes, Financial Behaviors, Financial‐Advisor‐Use Beliefs, and Investing Characteristics Associated with Having used a Robo‐Advisor (February 4, 2021). Financial Planning Review, Vol. 3, No. 3, 2020, Available at SSRN: https://ssrn.com/abstract=3779568

Timothy M. Todd (Contact Author)

Liberty University School of Law ( email )

1971 University Boulevard
Lynchburg, VA 24515
United States

Martin Seay

Kansas State University ( email )

Manhattan, KS 66506-4001
United States

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