FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W332327992> ?p ?o ?g. }

• W332327992 startingPage "209" @default.
• W332327992 abstract "AbstractThis article exploits new questions in the National Financial Capability Study to examine the determinants of trust in financial professionals and the impact of trust on the use of five types of financial advice. We find that trust declines with age and increases with willingness to take investment risk. Having some financial literacy increases trust, but having too much decreases it. Controlling for financial exposure, trust and cost are the two most important determinants of financial advice-seeking behavior. Saving advice is most affected with use increasing from 17% for the least trusting group to 44% for the most trusting group. © 2012 Academy of Financial Services. All rights reserved.JEL classification: D12; D14; G20Keywords: Financial advice; Trust; Financial literacy; Risk tolerance; Household finance1. IntroductionTrust plays a ubiquitous role in many facets of life, from personal relationships to international trade. For financial advisors, establishing and maintaining clients' trust is critical. Surveys conducted by the Certified Financial Planner Board of Standards (2004) and State Street Global Advisors (2007) rank trustworthiness as the most important criterion when choosing a financial adviser. Several factors make trust paramount in a financial context: large sums of money are entrusted to advisors, significant investment risk is present, sales-based incentives can create conflicts of interest, and fee schedules often lack transparency. With the recent financial crisis and die Madoff scandal, investors are now more acutely aware of these issues. This trend is captured by the General Social Survey (GSS) with the proportion of people with hardly any confidence in banks and financial institutions doubling from 21% in 2008 to 41% in 2010. In addition, the latest installment of the Financial Trust Index in December 201 1 shows that trust levels have not yet recovered from the 2008 crisis (Sapienza and Zingales, 2012). Needless to say, repairing trust is a key concern for financial professionals and institutions.The importance of trust has long been recognized by scholars in a variety of research areas including sociology (Luhmann, 1979), marketing (Morgan and Hunt, 1994), organizational behavior (Kramer and Tyler, 1996), and online commerce (Gefen et al., 2003). The attention to this topic in finance is relatively more recent with Guiso et al. (2008) showing that stock market participation increases with trust. From this multidisciplinary effort, several views of trust have emerged. Trust is in part a personal trait shaped by experiences, personality, and culture (Mayer et al., 1995). It is also context-specific and influenced by the characteristics of the trustee (competence, benevolence, and integrity) and the institutional environment. Rousseau et al. (1998) emphasize that trust is a multilevel concept, for example one might trust his banker but not the bank's officers.While the importance of trust is widely acknowledged, previous studies on the use of financial advice have not considered the role of trust because of data limitations. The literature on the determinants of financial advice-seeking behavior has largely focused on demographic and socio-economic factors; a few studies have also analyzed additional factors such as risk tolerance, positive/negative financial behaviors, and financial literacy.1 The recent release of the 2009 National Financial Capability Study (NFCS) gives us a unique opportunity to fill this gap in the literature. Specifically, this dataset assesses trust with the question I would trust financial professionals and accept what they recommend. It also asks respondents whether they received financial advice in the last five years for five categories: savings and investments, tax planning, insurance, mortgage or loan, and debt counseling. The NFCS data are particularly useful because it has both depth and breadth: it boasts over 28,000 observations and features questions on a wide range of financial topics including banking, credit cards, mortgages, insurance, and retirement savings. …" @default.
• W332327992 created "2016-06-24" @default.
• W332327992 creator A5033589524 @default.
• W332327992 creator A5074315837 @default.
• W332327992 date "2012-10-01" @default.
• W332327992 modified "2023-10-01" @default.
• W332327992 title "Financial Advice and Trust" @default.
• W332327992 cites W1511073010 @default.
• W332327992 cites W1515228986 @default.
• W332327992 cites W1555306133 @default.
• W332327992 cites W1574235309 @default.
• W332327992 cites W1939910911 @default.
• W332327992 cites W2045633722 @default.
• W332327992 cites W2049627097 @default.
• W332327992 cites W2098605947 @default.
• W332327992 cites W2130140239 @default.
• W332327992 cites W2137247419 @default.
• W332327992 cites W2142175015 @default.
• W332327992 cites W2799121301 @default.
• W332327992 cites W3122304975 @default.
• W332327992 cites W3124664791 @default.
• W332327992 cites W3126129067 @default.
• W332327992 cites W3207705916 @default.
• W332327992 cites W322889621 @default.
• W332327992 hasPublicationYear "2012" @default.
• W332327992 type Work @default.
• W332327992 sameAs 332327992 @default.
• W332327992 citedByCount "10" @default.
• W332327992 countsByYear W3323279922013 @default.
• W332327992 countsByYear W3323279922014 @default.
• W332327992 countsByYear W3323279922015 @default.
• W332327992 countsByYear W3323279922016 @default.
• W332327992 countsByYear W3323279922020 @default.
• W332327992 countsByYear W3323279922021 @default.
• W332327992 countsByYear W3323279922023 @default.
• W332327992 crossrefType "journal-article" @default.
• W332327992 hasAuthorship W332327992A5033589524 @default.
• W332327992 hasAuthorship W332327992A5074315837 @default.
• W332327992 hasConcept C10138342 @default.
• W332327992 hasConcept C121955636 @default.
• W332327992 hasConcept C139043278 @default.
• W332327992 hasConcept C144133560 @default.
• W332327992 hasConcept C151730666 @default.
• W332327992 hasConcept C17744445 @default.
• W332327992 hasConcept C199539241 @default.
• W332327992 hasConcept C2777941463 @default.
• W332327992 hasConcept C2779343474 @default.
• W332327992 hasConcept C2780233690 @default.
• W332327992 hasConcept C31829608 @default.
• W332327992 hasConcept C39549134 @default.
• W332327992 hasConcept C48798503 @default.
• W332327992 hasConcept C86803240 @default.
• W332327992 hasConceptScore W332327992C10138342 @default.
• W332327992 hasConceptScore W332327992C121955636 @default.
• W332327992 hasConceptScore W332327992C139043278 @default.
• W332327992 hasConceptScore W332327992C144133560 @default.
• W332327992 hasConceptScore W332327992C151730666 @default.
• W332327992 hasConceptScore W332327992C17744445 @default.
• W332327992 hasConceptScore W332327992C199539241 @default.
• W332327992 hasConceptScore W332327992C2777941463 @default.
• W332327992 hasConceptScore W332327992C2779343474 @default.
• W332327992 hasConceptScore W332327992C2780233690 @default.
• W332327992 hasConceptScore W332327992C31829608 @default.
• W332327992 hasConceptScore W332327992C39549134 @default.
• W332327992 hasConceptScore W332327992C48798503 @default.
• W332327992 hasConceptScore W332327992C86803240 @default.
• W332327992 hasIssue "3" @default.
• W332327992 hasLocation W3323279921 @default.
• W332327992 hasOpenAccess W332327992 @default.
• W332327992 hasPrimaryLocation W3323279921 @default.
• W332327992 hasRelatedWork W1510850374 @default.
• W332327992 hasRelatedWork W1574791629 @default.
• W332327992 hasRelatedWork W1940429820 @default.
• W332327992 hasRelatedWork W1994797032 @default.
• W332327992 hasRelatedWork W2164433827 @default.
• W332327992 hasRelatedWork W2167825607 @default.
• W332327992 hasRelatedWork W2172262387 @default.
• W332327992 hasRelatedWork W2194104479 @default.
• W332327992 hasRelatedWork W2327840979 @default.
• W332327992 hasRelatedWork W3121847051 @default.
• W332327992 hasRelatedWork W3122047221 @default.
• W332327992 hasRelatedWork W3122819058 @default.
• W332327992 hasRelatedWork W3124172151 @default.
• W332327992 hasRelatedWork W3124272718 @default.
• W332327992 hasRelatedWork W3124282523 @default.
• W332327992 hasRelatedWork W3124510896 @default.
• W332327992 hasRelatedWork W3124704578 @default.
• W332327992 hasRelatedWork W3125129652 @default.
• W332327992 hasRelatedWork W3125378644 @default.
• W332327992 hasRelatedWork W3125685058 @default.
• W332327992 hasVolume "21" @default.
• W332327992 isParatext "false" @default.
• W332327992 isRetracted "false" @default.
• W332327992 magId "332327992" @default.
• W332327992 workType "article" @default.