Work

Internal factors driving willingness to seek financial advice: The role of trust and anxiety

Year: 2024

Type: article

Abstract: We construct and test a conceptual framework that extends the five‐step financial help‐seeking model (Grable and Joo, J Financ Couns Plann, 1999, 10, 14–25) by incorporating different trust dimensions and financial adviser anxiety to examine how internal factors influence willingness to seek financial advice. Using structural equation modeling and a sample of 1297 Australian adults, we find willingness is mostly driven by narrow‐scope trust and, to a lesser extent, by future time perspective and an indirect effect of system trust (through narrow‐scope trust). However, we do not find evidence to suggest that financial adviser anxiety is associated with financial advice‐seeking willingness or narrow‐scope trust. Our results suggest factors that policymakers can target to increase consumer advice‐seeking willingness to help increase the uptake of financial advice when needed and available.

Source: Journal of Consumer Affairs

DOI: 10.1111/joca.12611

Authors: Steffen Westermann, Jennifer L. Harrison, Scott J. Niblock

Institutions: Griffith University, Southern Cross University

Language: English

Topic: Financial Literacy, Pension, Retirement Analysis

Subfield: Accounting

Field: Business, Management and Accounting

Domain: Social Sciences

Open Access status: bronze

Funders: Accounting and Finance Association of Australia and New Zealand, Southern Cross University, Griffith University

OpenAlex ID: W4405000426

FWCI: 5.054

Cites: 83

Cited by: 5

Related to: 10