FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W117006975> ?p ?o ?g. }

• W117006975 startingPage "291" @default.
• W117006975 abstract "AbstractUsing a large, nationally representative sample provided by the Financial Industry Regulatory Authority (FINRA), individuals' use of professional planning advice is analyzed in the context of personal financial knowledge (objective and subjective), financial satisfaction, risk tolerance, and selected sociodemographic variables. The results indicate that different characteristics are associated with individuals using different types of financial advice (e.g., debt counseling vs. investment planning, or tax assistance). In general, financial knowledge (both objective and subjective) and satisfaction are positively related to using any type of financial advice, and specifically with using advice related to investing and saving, mortgage decisions, insurance, and tax planning. In contrast, knowledge and satisfaction are inversely related to the use of debt counseling. Other interesting relationships are noted among the demographic variables of interest, and implications for planners and policymakers are discussed. © 2012 Academy of Financial Services. All rights reserved.JEL classification: D14; G20Keywords: Financial planning advice; Financial knowledge1. IntroductionFinancial issues related to the allocation of scarce resources are known stressors for American families (Dew, 2008; Pittman and Lloyd, 1988; Zagorsky, 2003). Changes in the social contract between employer and employee regarding retirement funding (Westerman and Sundali, 2005), uncertainty in health care policy, increasing complexity in the tax code, an ever-broadening spectrum of financial products and services, a choice of over 8,000 mutual funds and nearly 1,000 exchange traded funds (Investment Company Institute, 201 1) all add to the elaborate array of information facing families making important decisions regarding the use and allocation of financial resources. Additionally, the trend in increasing income inequality in the United States has been associated with greater levels of household debt and mortality, and lower levels of self-reported well-being (Dynan and Ravina, 2007; Lacoviello, 2008; Wilkinson and Pickett 2008).The magnitude, multitude, and complexity of these financial decisions have caused many households to seek outside assistance. Sometimes a specific event will lead a family to look for advice from a financial professional; an unexpected job change, an addition to the family, an inheritance. In other cases, the impetus to seek a financial professional can be sourced internally, such as the realization that retirement is looming, debt is taking over the family budget, or that the tax code has attained a level of complexity that the household finds intimidating. Regardless of the initial trigger, a large percentage of families rely on outside assistance in making family financial decisions.Given the significant growth of the financial sector, particularly in the area of personal financial advice, the literature that explores the determinants of seeking financial assistance is relatively sparse. The available studies focus on estimating the size, as well as general demographic and economic descriptors of the segments of consumers who seek professional financial advice (e.g., Elmerick, Montalto, and Fox, 2002; Chang, 2005; Hanna, 201 1). Some recent studies point to the fact that certain psychological factors (e.g., financial satisfaction, risk tolerance), as well as financial knowledge may be related to the decision to seek professional financial assistance (Grable and Joo, 2001; Perry and Morris, 2005; Lusardi and Mitchell, 2007; Finke, Huston, and Winchester, 2011).The goal of the present study is to examine the correlations between the use of professional advice in various areas of personal finance and factors such as financial satisfaction, subjective and objective financial knowledge, and risk attitude. The study utilizes a rich data set collected by the Financial Industry Regulatory Authority (FINRA) during the recent National Financial Capability Study (NFCS). …" @default.
• W117006975 created "2016-06-24" @default.
• W117006975 creator A5028017721 @default.
• W117006975 creator A5035672424 @default.
• W117006975 creator A5053701185 @default.
• W117006975 date "2012-12-01" @default.
• W117006975 modified "2023-09-26" @default.
• W117006975 title "The demand for financial professionals' advice: The role of financial knowledge, satisfaction, and confidence" @default.
• W117006975 cites W126604589 @default.
• W117006975 cites W1515228986 @default.
• W117006975 cites W1555306133 @default.
• W117006975 cites W1939910911 @default.
• W117006975 cites W2012584113 @default.
• W117006975 cites W2022030567 @default.
• W117006975 cites W2046773538 @default.
• W117006975 cites W2047050965 @default.
• W117006975 cites W2049401143 @default.
• W117006975 cites W2049627097 @default.
• W117006975 cites W2092325911 @default.
• W117006975 cites W2092794241 @default.
• W117006975 cites W2163475758 @default.
• W117006975 cites W2892085629 @default.
• W117006975 cites W3124282563 @default.
• W117006975 cites W3125129652 @default.
• W117006975 cites W3125726230 @default.
• W117006975 cites W3126080930 @default.
• W117006975 cites W3205287036 @default.
• W117006975 hasPublicationYear "2012" @default.
• W117006975 type Work @default.
• W117006975 sameAs 117006975 @default.
• W117006975 citedByCount "20" @default.
• W117006975 countsByYear W1170069752013 @default.
• W117006975 countsByYear W1170069752014 @default.
• W117006975 countsByYear W1170069752015 @default.
• W117006975 countsByYear W1170069752016 @default.
• W117006975 countsByYear W1170069752017 @default.
• W117006975 countsByYear W1170069752018 @default.
• W117006975 countsByYear W1170069752019 @default.
• W117006975 countsByYear W1170069752020 @default.
• W117006975 countsByYear W1170069752021 @default.
• W117006975 crossrefType "journal-article" @default.
• W117006975 hasAuthorship W117006975A5028017721 @default.
• W117006975 hasAuthorship W117006975A5035672424 @default.
• W117006975 hasAuthorship W117006975A5053701185 @default.
• W117006975 hasConcept C10138342 @default.
• W117006975 hasConcept C121955636 @default.
• W117006975 hasConcept C139043278 @default.
• W117006975 hasConcept C144133560 @default.
• W117006975 hasConcept C163867264 @default.
• W117006975 hasConcept C2777941463 @default.
• W117006975 hasConcept C2778002999 @default.
• W117006975 hasConcept C70179600 @default.
• W117006975 hasConcept C71199308 @default.
• W117006975 hasConcept C76073288 @default.
• W117006975 hasConceptScore W117006975C10138342 @default.
• W117006975 hasConceptScore W117006975C121955636 @default.
• W117006975 hasConceptScore W117006975C139043278 @default.
• W117006975 hasConceptScore W117006975C144133560 @default.
• W117006975 hasConceptScore W117006975C163867264 @default.
• W117006975 hasConceptScore W117006975C2777941463 @default.
• W117006975 hasConceptScore W117006975C2778002999 @default.
• W117006975 hasConceptScore W117006975C70179600 @default.
• W117006975 hasConceptScore W117006975C71199308 @default.
• W117006975 hasConceptScore W117006975C76073288 @default.
• W117006975 hasIssue "4" @default.
• W117006975 hasLocation W1170069751 @default.
• W117006975 hasOpenAccess W117006975 @default.
• W117006975 hasPrimaryLocation W1170069751 @default.
• W117006975 hasRelatedWork W1574791629 @default.
• W117006975 hasRelatedWork W1975864757 @default.
• W117006975 hasRelatedWork W1994172498 @default.
• W117006975 hasRelatedWork W1996814744 @default.
• W117006975 hasRelatedWork W2010006025 @default.
• W117006975 hasRelatedWork W2010112814 @default.
• W117006975 hasRelatedWork W2021084370 @default.
• W117006975 hasRelatedWork W2044566869 @default.
• W117006975 hasRelatedWork W2066720952 @default.
• W117006975 hasRelatedWork W2107067966 @default.
• W117006975 hasRelatedWork W3121847051 @default.
• W117006975 hasRelatedWork W3122030459 @default.
• W117006975 hasRelatedWork W3122047221 @default.
• W117006975 hasRelatedWork W3122323267 @default.
• W117006975 hasRelatedWork W3122819058 @default.
• W117006975 hasRelatedWork W3125129652 @default.
• W117006975 hasRelatedWork W3125378644 @default.
• W117006975 hasRelatedWork W3125678016 @default.
• W117006975 hasRelatedWork W3125685058 @default.
• W117006975 hasRelatedWork W3126062738 @default.
• W117006975 hasVolume "21" @default.
• W117006975 isParatext "false" @default.
• W117006975 isRetracted "false" @default.
• W117006975 magId "117006975" @default.
• W117006975 workType "article" @default.