TY  - JOUR
A1  - Kim, Hugh H.
A1  - Maurer, Raimond
A1  - Mitchell, Olivia S.
T1  - How financial literacy shapes the demand for financial advice at older ages
T2  - The Journal of the Economics of Ageing
N2  - 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.
KW  - Financial advice
KW  - Financial literacy
KW  - Aging
KW  - Financial management
Y1  - 2021
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/77995
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-779951
SN  - 2212-828X
VL  - 20
IS  - 100329
PB  - Elsevier
CY  - Amsterdam
ER  -