FINANCIAL PLANNING REVIEW最新文献

This paper surveys the literature on the relationship between health and household portfolio allocation and provides updated empirical analysis based on recent data. Prior research finds robust evidence for cross-sectional correlations between measures of health status and portfolio decisions, but establishing the causal pathways and underlying mechanisms has proven more difficult and complex. Analysis from the most recently available 2016 and 2018 waves of the Health and Retirement Study yields results that are consistent with existing literature. Households with worse self-reported health have a lower probability of holding various types of financial assets and invest a higher share of their portfolios in safe assets, relative to other asset categories. However, there is only weak evidence that new health shocks to a household change portfolio holdings. The paper concludes with a discussion of the implications of this research and directions for future work.

The COVID-19 crisis that resulted in diminished close contact interaction and increased financial volatility could influence consumer's perception toward online automated financial robo-advisor, in order to manage their financial planning. Based on the data collected (i.e., between February [9 reported cases] and March [36 reported cases] 2020) within the developed urban cities in Malaysia just before the nationwide lockdown, the present study examines the antecedents of financial robo-advisor's adoption during the COVID-19 crisis. A variance based analysis shows that consumers with higher financial knowledge and having a greater tendency to rely on robo-advisor tend to adopt financial robo-advisor in times of crisis. In line with the unified theory of acceptance and use of technology model, performance expectancy, social influence, and trust in robo-advisor, in particular during the pandemic, drive consumer's intention to subscribe online financial robo-advisor. The findings imply how consumers, robo-advisory service providers, and regulators could respond to unprecedented crisis such as novel corona virus-19.

Most risk tolerance studies are quantitative, even though many factors that may affect the manifestation of risk tolerance are qualitative. This study employed a mixed-methods approach to investigate how individuals consider risk tolerance as it relates to their financial situation. Fuzzy-trace theory, a psycholinguistic theory of risk processing rooted in prospect theory that is becoming increasingly popular in the medical field, guided the study. Quantitative results indicate that stated versus revealed measures of risk tolerance are not consistent for most people. However, higher risk literacy increases the likelihood of consistency. Qualitative results reveal that individuals perceive risk tolerance through various lenses, including knowledge, values, emotions, and personal experience.

Gender inequality and occupational segregation in Australian financial services present a stark disparity, with men working as financial planners and women being over-represented in lower-paid administrative positions. This article uses a gender capital theoretical framework to examine gender segregation between financial planning and paraplanning occupations. Analysis of interviews with 26 financial professionals suggested that masculine capital, including confidence and persuasive soft skills, marked success as a financial planner. Feminine capital, including organizational skills, was aligned with the role of paraplanner. These findings contribute a new perspective on why gender segregation occurs in financial planning. These findings bear relevance as financial planning professionalizes.

Health and financial planning have both been found to be crucial to long-term financial stability. However, the impact of a health shock on financial planning horizon was not directly tested. This article traces the trajectories of the financial planning horizon before and after the occurrence of work-limiting health shocks, using longitudinal panel data from the Health and Retirement Study. Results show that, during the 10 years following a health shock, individuals are 20 to 39% more likely to focus on the near term (i.e., the next few months) than baseline levels. Moreover, people with lower socioeconomic status or poor general health are more prone to switching to myopic planning after a health shock.

Researchers and financial practitioners alike recognize the importance of defining and measuring financial literacy (FL) to better understand its relationship to financial behavior and decision-making. Despite many efforts, there is still no widely accepted definition or methodological approach for measuring FL. The rapid expansion of digital financial services (DFS), which promises to enhance financial inclusion and improve personal financial management, has brought to light a new challenge: linking FL to digital literacy (DL) and assessing their dual effect on financial outcomes. Recent research has even proposed a framework to operationalize the emerging concept of digital financial literacy (DFL), as traditional FL definitions and metrics have become insufficient to capture the specificities of financial services within a digital context. This survey article discusses empirical research techniques being used to assess FL, DL, and most recently DFL. It highlights the characteristics and limitations of these approaches and suggests ways to address some of the challenges related to the construction, testing, weighting, and standardization of multidimensional measures, as well as methodological issues related to modeling and estimation. The article is a helpful guide to researchers and practitioners interested in FL in general and in the emerging concept of “digital” financial literacy.