Work

Use of Financial Planners by U.S. Households

Year: 2002

Type: article

Abstract: We examine the use of financial planners by U.S. households using data from the 1998 Survey of Consumer Finances and find that over one-fifth (21.29c) of households use financial planners. A small portion o1 households (2.7%) obtain advice from financial planners on only credit or borrowing, whereas 11.59c look for recommendations on only saving or investing issues, and 7.0% obtain comprehensive advice (i.e., credit or borrowing and saving or investingj. The use of financial planner.s by households varies by financial and sociodemographic characteristics of the household, and the effects of these characteristics vary by category of use (i.e., credit/borrowing only, saving/investing only, comprehensive advice).

Source: Financial Services Review

DOI: 10.61190/fsr.v11i3.4735

Authors: Stephanie A. Elmerick, Catherine P. Montalto, Jonathan J. Fox

Institution: The Ohio State University

Language: English

Topic: Financial Literacy, Pension, Retirement Analysis

Subfield: Accounting

Field: Business, Management and Accounting

Domain: Social Sciences

Open Access status: diamond

OpenAlex ID: W126604589

FWCI: 1.292

Cites:

Cited by: 65

Related to: 10