| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25750 |
| 来源ID | Working Paper 25750 |
| How Cognitive Ability and Financial Literacy Shape the Demand for Financial Advice at Older Ages | |
| Hugh Hoikwang Kim; Raimond Maurer; Olivia S. Mitchell | |
| 发表日期 | 2019-04-15 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We investigate how cognitive ability and financial literacy shape older Americans’ demand for financial advice using an experimental module in the 2016 Health and Retirement Study. We show that cognitive ability and financial literacy strongly improve the quality, but not the quantity, of financial advice sought. Most importantly, the financially literate and more cognitively able tend to seek financial help from professionals rather than family members, and they are less likely to accept so-called ‘free’ financial advice that may entail conflicts of interest. Nevertheless, those with higher cognitive function also tend to distrust financial advisors, leading them to eschew their services. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Portfolio Selection and Asset Pricing ; Behavioral Finance ; Labor Economics ; Labor Supply and Demand |
| URL | https://www.nber.org/papers/w25750 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583424 |
| 推荐引用方式 GB/T 7714 | Hugh Hoikwang Kim,Raimond Maurer,Olivia S. Mitchell. How Cognitive Ability and Financial Literacy Shape the Demand for Financial Advice at Older Ages. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25750.pdf（191KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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