The role of financial literacy in describing the use of professional financial advisors before and during the COVID-19 pandemic

This paper documents the effect of the COVID-19 pandemic on the use of profession financial advisors across a broad sample of financial decision makers (N = 16,431). Findings show that financial literacy played a significant role in describing the use of financial advisors in the USA before and duri...

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Detalles Bibliográficos
Autores principales: Rabbani, Abed, Heo, Wookjae, Grable, John E.
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Palgrave Macmillan UK 2021
Materias:
Original Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8365269/
http://dx.doi.org/10.1057/s41264-021-00109-w
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author Rabbani, Abed
Heo, Wookjae
Grable, John E.
author_facet Rabbani, Abed
Heo, Wookjae
Grable, John E.
author_sort Rabbani, Abed
collection PubMed
description This paper documents the effect of the COVID-19 pandemic on the use of profession financial advisors across a broad sample of financial decision makers (N = 16,431). Findings show that financial literacy played a significant role in describing the use of financial advisors in the USA before and during the pandemic. Those who exhibited higher levels of financial literacy were more likely to use the services of professional financial advisors. Based on a series of regression tests, it was determined that the effect of COVID-19 on the use of financial advisors was, to some extent, moderated by financial literacy.
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spelling pubmed-83652692021-08-16 The role of financial literacy in describing the use of professional financial advisors before and during the COVID-19 pandemic Rabbani, Abed Heo, Wookjae Grable, John E. J Financ Serv Mark Original Article This paper documents the effect of the COVID-19 pandemic on the use of profession financial advisors across a broad sample of financial decision makers (N = 16,431). Findings show that financial literacy played a significant role in describing the use of financial advisors in the USA before and during the pandemic. Those who exhibited higher levels of financial literacy were more likely to use the services of professional financial advisors. Based on a series of regression tests, it was determined that the effect of COVID-19 on the use of financial advisors was, to some extent, moderated by financial literacy. Palgrave Macmillan UK 2021-08-16 2021 /pmc/articles/PMC8365269/ http://dx.doi.org/10.1057/s41264-021-00109-w Text en © The Author(s), under exclusive licence to Springer Nature Limited 2021 This article is made available via the PMC Open Access Subset for unrestricted research re-use and secondary analysis in any form or by any means with acknowledgement of the original source. These permissions are granted for the duration of the World Health Organization (WHO) declaration of COVID-19 as a global pandemic.
spellingShingle Original Article
Rabbani, Abed
Heo, Wookjae
Grable, John E.
The role of financial literacy in describing the use of professional financial advisors before and during the COVID-19 pandemic
title The role of financial literacy in describing the use of professional financial advisors before and during the COVID-19 pandemic
title_full The role of financial literacy in describing the use of professional financial advisors before and during the COVID-19 pandemic
title_fullStr The role of financial literacy in describing the use of professional financial advisors before and during the COVID-19 pandemic
title_full_unstemmed The role of financial literacy in describing the use of professional financial advisors before and during the COVID-19 pandemic
title_short The role of financial literacy in describing the use of professional financial advisors before and during the COVID-19 pandemic
title_sort role of financial literacy in describing the use of professional financial advisors before and during the covid-19 pandemic
topic Original Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8365269/
http://dx.doi.org/10.1057/s41264-021-00109-w
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