Steffen Westermann, Scott J. Niblock, Jennifer L. Harrison, Michael A. Kortt
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引用次数: 7
Abstract
This paper reviews the literature on the perceived individual-level demand-side barriers to and benefits from seeking and following financial advice. Our review reveals that poor financial literacy, lack of trust and financial adviser anxiety have all been found to dissuade individuals from pursuing professional financial advice. The limited literature on the effectiveness of financial advice in terms of financial well-being suggests a positive link. However, no study has collectively examined the influence of financial literacy, trust and financial adviser anxiety on financial advice seeking and well-being in Australia. We conclude by discussing further gaps, policy recommendations, the recently introduced amendments to the Australian Corporations Act and several directions for future research, which may provide theoretical and practical benefits to policy-makers, industry professionals, academics and individuals.
期刊介绍：
Economic Papers is one of two journals published by the Economics Society of Australia. The journal features a balance of high quality research in applied economics and economic policy analysis which distinguishes it from other Australian journals. The intended audience is the broad range of economists working in business, government and academic communities within Australia and internationally who are interested in economic issues related to Australia and the Asia-Pacific region. Contributions are sought from economists working in these areas and should be written to be accessible to a wide section of our readership. All contributions are refereed.
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