Year: 2023
Type: article
Study design: Observational Study
Abstract: The purpose of this study was to compare the demographic, attitudinal, and behavioral character- istics of U.S. consumers in their current and expected use of robo-advisory services, traditional financial planning services, or a combination of the two services. Findings showed a difference between those who used robo-advisory services and those who used traditional financial planning services. Overall, those who used a traditional financial planner were older and reported higher levels of net worth, while users of robo-advisors, on average, reported lower levels of net worth. In addition, those who used traditional financial planning services reported a larger percentage of their total net worth from an inheritance, whereas a lower percentage of net worth from an inheritance was reported by robo-advisor users. Results showed that users of robo-advisory services generally (1) had lower income, (2) had lower net worth, (3) had received no or less inheritance, and (4) were less impulsive financially.
Source: Financial Services Review
Institution: University of Georgia
Language: English
Subfield: Management Information Systems
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4388698092