Financial Vulnerability and Seeking Expert Advice: Evidence from a Survey Experiment

48 Pages Posted: 12 Apr 2021 Last revised: 5 Oct 2021

See all articles by Manthos D. Delis

Manthos D. Delis

Montpellier Business School

Emilios C. Galariotis

Audencia Business School ; Audencia Nantes School of Management

Jerome Monne

ESSCA School of Management

Date Written: April 10, 2021

Abstract

The role of a bank advisor is especially important for guiding and counseling financially distressed individuals. Using a randomized controlled survey experiment conducted on a representative sample of French individuals and priming the financial vulnerability of half the respondents, we examine attitudes toward bank advisors. We find that priming deters low-income individuals from showing an extremely negative attitude toward seeking banking advice (positive effect); it also deters them from showing an extremely positive attitude (negative effect). We also find that acute financial distress partially drives the positive effect, and a lack of financial literacy partially drives the negative effect.

Keywords: Behavioral economics and finance, Poverty, Salience, Survey experiment, Priming, Banking services, Financial advisor.

JEL Classification: D14, D90, D91, C83, C9, G40

Suggested Citation

Delis, Manthos D. and Galariotis, Emilios C. and Monne, Jerome, Financial Vulnerability and Seeking Expert Advice: Evidence from a Survey Experiment (April 10, 2021). Available at SSRN: https://ssrn.com/abstract=3823841 or http://dx.doi.org/10.2139/ssrn.3823841

Manthos D. Delis

Montpellier Business School ( email )

2300 Avenue des Moulins
Montpellier, 34080
France

Emilios C. Galariotis

Audencia Business School ( email )

8 Road Joneliere
BP 31222
Nantes Cedex 3, 44312
France

HOME PAGE: http://faculte-recherche.audencia.com/en/faculty/faculty-member-cvs/emilios-galariotis/

Audencia Nantes School of Management ( email )

France

HOME PAGE: http://faculte-recherche.audencia.com/en/faculty/faculty-member-cvs/emilios-galariotis/

Jerome Monne (Contact Author)

ESSCA School of Management ( email )

BORDEAUX, 33000
France

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