How financial literacy shapes the demand for financial advice at older ages

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<title>How financial literacy shapes the demand for financial advice at older ages</title>
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<namePart>Kim, Hugh H.</namePart>
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<namePart>Maurer, Raimond</namePart>
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<namePart>Mitchell, Olivia S.</namePart>
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<abstract displayLabel="Summary">We investigate how financial literacy shapes older Americans' demand for financial advice. Using an experimental module fielded in the Health and Retirement Study, we show that financial literacy strongly improves the quality but not the quantity of financial advice sought. In particular, more financially literate people seek financial help from professionals. This effect is more pronounced among older people and those with more wealth and more complex financial positions. Our analysis result implies that financial literacy and financial advisory services are complementary with, rather than substitutes for, each other.

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<note type="statement of responsibility">Hugh H.Kim, Raimond Maurer, Olivia S.Mitchell</note>
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<topic>Educación financiera</topic>
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<topic>Jubilación</topic>
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<topic>Envejecimiento</topic>
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<topic>Ageingnomics. Economia senior</topic>
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<title>The Journal of the economics of ageing</title>
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<publisher>Oxford : Elsevier ScienceDirect, 2021-</publisher>
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<identifier type="local">MAP20210010194</identifier>
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<text>11/10/2021 Volumen 20 - 2021 , 12 p.</text>
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