Who seeks financial advice?

Abstract

The determinants of seeking five types of financial advice are examined and are found to be consistent across the different types of advice. In addition, no significant differences are found among subsamples defined by gender, age, and financial literacy. Income and risk tolerance are related positively to the demand for financial advice and more greatly affect the probability of seeking advice than do other variables. A low perception of financial knowledge, which can be a proxy for self-confidence, and financial fragility decrease the probability of seeking financial advice. © 2017 Academy of Financial Services.