Financial professionals and financial well-being

Abstract

This study examined the association between financial professional use and financial well-being using the 2016 National Financial Well-Being Survey. We tested financial well-being across various sources of financial advice such as financial professionals, family, employer, community, financial institution, and government. Results from the logistic regression showed that those who received advice from financial professionals had higher levels of financial well-being than those who did not receive advice from a financial professional. Additional analyses with those who received financial advice from any source also showed that use of a financial professional had a stronger positive asso- ciation with financial well-being. This study provides important insights to help consumers and edu- cators better understand the value of financial professionals.