{"title":"金融扫盲与寻求金融建议：产品的特殊性重要吗？","authors":"Camilla Mazzoli , Riccardo Ferretti , Umberto Filotto","doi":"10.1016/j.qref.2024.03.012","DOIUrl":null,"url":null,"abstract":"<div><p>We study the effect of financial literacy on financial advice seeking. We test the relationship across different measures of the former and the latter, providing a contribution to the existing literature. Overall results suggest complementarity, but when considering product-specific financial literacy and financial advice seeking, a complementary effect emerges for investments and debt, while a substitution effect prevails for insurance and pension products. Financial advising services can therefore compensate for the lack of financial literacy in insurance and pension planning in the short run. Conversely, greater policy efforts are needed for investment and loans, where poor financial literacy translates into a scarce demand for financial advice.</p></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"95 ","pages":"Pages 98-110"},"PeriodicalIF":2.9000,"publicationDate":"2024-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1062976924000516/pdfft?md5=ce819353dc1fa41b4b75019d00f95999&pid=1-s2.0-S1062976924000516-main.pdf","citationCount":"0","resultStr":"{\"title\":\"Financial literacy and financial advice seeking: Does product specificity matter?\",\"authors\":\"Camilla Mazzoli , Riccardo Ferretti , Umberto Filotto\",\"doi\":\"10.1016/j.qref.2024.03.012\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>We study the effect of financial literacy on financial advice seeking. We test the relationship across different measures of the former and the latter, providing a contribution to the existing literature. Overall results suggest complementarity, but when considering product-specific financial literacy and financial advice seeking, a complementary effect emerges for investments and debt, while a substitution effect prevails for insurance and pension products. Financial advising services can therefore compensate for the lack of financial literacy in insurance and pension planning in the short run. Conversely, greater policy efforts are needed for investment and loans, where poor financial literacy translates into a scarce demand for financial advice.</p></div>\",\"PeriodicalId\":47962,\"journal\":{\"name\":\"Quarterly Review of Economics and Finance\",\"volume\":\"95 \",\"pages\":\"Pages 98-110\"},\"PeriodicalIF\":2.9000,\"publicationDate\":\"2024-03-20\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.sciencedirect.com/science/article/pii/S1062976924000516/pdfft?md5=ce819353dc1fa41b4b75019d00f95999&pid=1-s2.0-S1062976924000516-main.pdf\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Quarterly Review of Economics and Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1062976924000516\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Quarterly Review of Economics and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1062976924000516","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
Financial literacy and financial advice seeking: Does product specificity matter?
We study the effect of financial literacy on financial advice seeking. We test the relationship across different measures of the former and the latter, providing a contribution to the existing literature. Overall results suggest complementarity, but when considering product-specific financial literacy and financial advice seeking, a complementary effect emerges for investments and debt, while a substitution effect prevails for insurance and pension products. Financial advising services can therefore compensate for the lack of financial literacy in insurance and pension planning in the short run. Conversely, greater policy efforts are needed for investment and loans, where poor financial literacy translates into a scarce demand for financial advice.
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The Quarterly Review of Economics and Finance (QREF) attracts and publishes high quality manuscripts that cover topics in the areas of economics, financial economics and finance. The subject matter may be theoretical, empirical or policy related. Emphasis is placed on quality, originality, clear arguments, persuasive evidence, intelligent analysis and clear writing. At least one Special Issue is published per year. These issues have guest editors, are devoted to a single theme and the papers have well known authors. In addition we pride ourselves in being able to provide three to four article "Focus" sections in most of our issues.
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