Financial literacy and the demand for financial advice
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Calcagno and Monticone (2015) empirically confirm that financial literacy plays a role in how people implement the advice they receive from advisors.
“Using data from a survey among the retail customers of Italy's largest bank, the authors empirically confirm the model predictions showing that financial literacy indeed appears to play a role when it comes to how people implement the advice which they receive from their advisors.”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as Calcagno and Monticone (2015)
Calcagno and Monticone (2015) model predicts that the more financially sophisticated are more likely to consult with financial advisors because they anticipate receiving valuable information.
“Consistent with the framework of Bucher-Koenen and Koenen (2015), the model predicts that the more financially sophisticated are more likely to consult with financial advisors because they anticipate that they will receive valuable information from their advisors.”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as Calcagno and Monticone (2015)
Once low literate individuals decide to seek help from financial experts, they are more likely to delegate decision-making entirely to the advisor.
“However, once low literate individuals decide to seek the help of financial experts, they are more likely to delegate the decision-making entirely to the advisor.”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as Calcagno and Monticone (2015)
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Financial literacy, financial advice, and financial behavior
Stolper, O. A., & Walter, A. (2017) · Journal of Business Economics · doi:10.1007/s11573-017-0853-9 · Cited by 471 · see citing works
“, Calvet et al. 2007; Goetzmann and Kumar 2008; Guiso and Jappelli 2008; von Gaudecker 2015; Clark et al. 2015). 5.2.4 Investment performance The literature also documents a positive link between financial literacy and sound investment decisions. Calvet et al. (2007, 2009) show for investors in Sweden a positive corre…”
BackgroundInfluentialFinancial literacy, confidence and financial advice seeking
Kramer, M. M. (2016) · Journal of Economic Behavior & Organization · doi:10.1016/j.jebo.2016.08.016 · Cited by 257 · see citing works
“Our results are partly in line with Calcagno and Monticone (2015) who find that the propensity to delegate investment decisions reduces with approximately 20 percentage points when moving from the highest to the lowest degree of self-assessed literacy.”
BackgroundMethodResultInfluentialFinancial literacy and responsible finance in the FinTech era: capabilities and challenges
Panos, G. A., & Wilson, J. O. S. (2020) · European Journal of Finance · doi:10.1080/1351847x.2020.1717569 · Cited by 356 · see citing works
“Evidence suggests that the more financially literate have access to better financial information and financial advisors (Calcagno and Monticone, 2015; Stolper, 2018). findings confirm that fraud tactics are increasingly complex, and it is greater financial knowledge rather than basic money…”
BackgroundRobo-advisors: A substitute for human financial advice?
Brenner, L., & Meyll, T. (2020) · Journal of Behavioral and Experimental Finance · doi:10.1016/j.jbef.2020.100275 · Cited by 183 · see citing works
Financial Literacy and Participation in the Derivatives Markets
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“3 Examples include Cole et al. (2011), Jappelli and Padula (2013), Calcagno and Monticone (2015), Jappelli and Padula (2015) and Finke et al. (2016) . https://doi.org/10.1016/j.jbankfin.2017.11.006 0378-4266/© 2017 Elsevier B.V.”
InfluentialFinancial literacy and financial behaviour: a bibliometric analysis
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Financial literacy and savings decisions by adult financial consumers in Zimbabwe
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“Calcagno and Monticone (2015) used the 2007 Unicredit Customers Survey data to investigate the effect of financial literacy on the demand for financial advice vs. delegation in Italy.”
MethodFinancial knowledge and 401(k) investment performance: a case study
CLARK, R., LUSARDI, A., & MITCHELL, O. S. (2017) · Journal of Pension Economics and Finance · doi:10.1017/s1474747215000384 · Cited by 135 · see citing works
“Calcagno and Monticone (2015) conclude that non-independent advisors fail to offset clients’ low levels of financial knowledge, while Collins (2012) reports that financial advice is a complement to, rather than a substitute for, financial knowledge.”
BackgroundMapping Financial Literacy: A Systematic Literature Review of Determinants and Recent Trends
Zaimović, A., Torlaković, A., Arnaut-Berilo, A., Zaimović, T., Dedović, L., & Mešković, M. N. (2023) · Sustainability · doi:10.3390/su15129358 · Cited by 155 · see citing works
Is conflicted investment advice better than no advice?
Chalmers, J., & Reuter, J. (2020) · Journal of Financial Economics · doi:10.3386/w18158 · Cited by 122
What determines financial inclusion in Sub-Saharan Africa?
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Financial literacy, financial advisors, and information sources on demand for life insurance
Lin, C.-N., Hsiao, Y.-J., & Yeh, C.-Y. (2017) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2017.04.002 · Cited by 114 · see citing works
Koomson, I., Villano, R., & Hadley, D. (2019) · Applied Economics · doi:10.1080/00036846.2019.1645943 · Cited by 108 · see citing works
“Our finding corroborates that of Calcagno and Monticone (2015) who found that investors with higher FL are more likely to seek financial advice whilst those with low FL seek less advise and end up paying more in the form agency cost.”
Financial Literacy and Self‐Employment
Ćumurović, A., & Hyll, W. (2018) · Journal of Consumer Affairs · doi:10.1111/joca.12198 · Cited by 116 · see citing works
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Financial literacy and household finances: A Bayesian two-part latent variable modeling approach
Feng, X., Lu, B., Song, X., & Ma, S. (2019) · Journal of Empirical Finance · doi:10.1016/j.jempfin.2019.02.002 · Cited by 97 · see citing works
Measuring financial literacy: a literature review
Ouachani, S., Belhassine, O., & Kammoun, A. (2020) · Managerial Finance · doi:10.1108/mf-04-2019-0175 · Cited by 106 · see citing works
Financial literacy and portfolio diversification: an observation from the Tunisian stock market
Mouna, A., & Jarboui, A. (2015) · International Journal of Bank Marketing · doi:10.1108/ijbm-03-2015-0032 · Cited by 83 · see citing works
Financial Literacy and Attitudes to CryptocurrenciesPreprint
Panos, G. A., Karkkainen, T., & Atkinson, A. (2020) · Social Science Research Network · doi:10.2139/ssrn.3482083 · Cited by 73 · see citing works
“Calcagno and Monticone, 2015; Stolper, 2018). Hilgert, et al. (2003) find that households with higher financial practice index scores hold a preference on sourcing information on financial service over the internet than other media outlets.”
Financial education and digital asset management: What's in the black box?
Litterscheidt, R., & Streich, D. J. (2020) · Journal of Behavioral and Experimental Economics · doi:10.1016/j.socec.2020.101573 · Cited by 90 · see citing works
The medium is the message: learning channels, financial literacy, and stock market participationPreprint
Hermansson, C., Jonsson, S., & Liu, L. (2021) · Social Science Research Network · doi:10.2139/ssrn.3802573 · Cited by 71 · see citing works
Financial Knowledge, Confidence, and Sustainable Financial Behavior
Aristei, D., & Gallo, M. (2021) · Sustainability · doi:10.3390/su131910926 · Cited by 79 · see citing works
“As in Fornero and Monticone [13] and French et al. [53], the assumption is that these factors contribute to directly affecting the incentive to increase financial competencies, but they only indirectly affect financial choices through the financial knowledge channel.”
BackgroundInfluentialFinancial Adviser Anxiety, Financial Literacy, and Financial Advice Seeking
Gerrans, P., & Hershey, D. A. (2016) · Journal of Consumer Affairs · doi:10.1111/joca.12120 · Cited by 69 · see citing works
Liu, B., Wang, J.-C., Chan, K. C., & Fung, A. (2020) · International Small Business Journal Researching Entrepreneurship · doi:10.1177/0266242620959073 · Cited by 64 · see citing works
“This relatively novel component, known as financial literacy, has been shown to play a critical role in personal investment decisions (Calcagno and Monticone, 2015; Hsiao and Tsai, 2018).”
BackgroundInfluentialBirds of a Feather: The Impact of Homophily on the Propensity to Follow Financial AdvicePreprint
Stolper, O., & Walter, A. (2018) · The Review of financial studies · doi:10.2139/ssrn.2932737 · Cited by 61 · see citing works
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Does financial literacy mitigate gender differences in investment behavioral bias?
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Executive financial literacy and firm innovation in China
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Financial Literacy as a Driver of Financial Inclusion in Kenya and Tanzania
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Seeking Financial Advice and Other Desirable Financial Behaviors
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“Calcagno and Monticone (2015) and Debbich (2015) found individuals with higher financial knowledge are more likely to obtain financial advice because advisors are relatively more informative to them.”
BackgroundFinancial Literacy and Financial Advice Seeking for Retirement Investment Choice
Nguyen, T., & Rózsa, Z. (2019) · Journal of Competitiveness · doi:10.7441/joc.2019.01.05 · Cited by 56 · see citing works
My new financial companion! non-linear understanding of Robo-advisory service acceptance
Aw, E. C., Zha, T. A., & Chuah, S. H. (2023) · Service Industries Journal · doi:10.1080/02642069.2022.2161528 · Cited by 57 · see citing works
“These fi ndings are supported by the results reported by Calcagno and Monticone (2015), indicating that people who exhibit low fi nancial literacy tend to delegate the portfolio choice to the human advisors, and would thus view robo-advisors as a replacement for traditional client – advisor…”
ResultA Study of Financial Literacy of Investors—A Bibliometric Analysis
Ansari, Y., Albarrak, M. S., Sherfudeen, N., & Aman, A. (2022) · International Journal of Financial Studies · doi:10.3390/ijfs10020036 · Cited by 68 · see citing works
‘Growing out of the growing pain’: Financial literacy and life insurance demand in China
Wang, H., Zhang, D., Guariglia, A., & Fan, G. (2020) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2020.101459 · Cited by 56 · see citing works
Burke, J., & Hung, A. (2015) · Journal of Pension Economics and Finance · doi:10.1017/s147474721900026x · Cited by 52 · see citing works
“though the direction of the association is not always clear (Hung and Yoong, 2013; Calcagno and Monticone, 2015).”
Riaz, S., Khan, H. H., Sarwar, B., Ahmed, W., Muhammad, N., Reza, S., & Haq, S. M. N. U. (2022) · SAGE Open · doi:10.1177/21582440221117140 · Cited by 64 · see citing works
“Past studies conducted and explored financial literacy and its determinants that affect the level of financial literacy (Bharucha, 2019; Bianchi, 2018; Calcagno & Monticone, 2015; Lusardi et al., 2010; Lyons et al., 2019).”
BackgroundDon’t lapse into temptation: a behavioral explanation for policy surrender
Nolte, S., & Schneider, J. C. (2017) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2017.02.011 · Cited by 48 · see citing works
How Cognitive Ability and Financial Literacy Shape the Demand for Financial Advice at Older Ages
Kim, H., Maurer, R., & Mitchell, O. S. (2019) · Social Science Research Network · doi:10.3386/w25750 · Cited by 47
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“The positive (often monotonic) relationship between financial literacy and the use of financial advisors documented by Collins (2012), Calcagno and Monticone (2015), and Debbich (2015) using US, Italian, and French data, respectively, made these authors posit that financial literacy and financial…”
Osman, Z., Madzlan, E. M., & Ing, P. (2018) · International Journal of Service Management and Sustainability · doi:10.24191/ijsms.v3i1.8041 · Cited by 45 · see citing works
“The employees can resort to seeking financial advice and guidance from reliable information sources, for example on insurance advice, as depicted by Calcagno and Monticone (2015).”
The effects of perceived and actual financial knowledge on regular personal savings: Case of Vietnam
Nguyen, T., Rózsa, Z., Bélas, J., & Belásová, Ľ. (2017) · JOURNAL OF INTERNATIONAL STUDIES · doi:10.14254/2071-8330.2017/10-2/19 · Cited by 43 · see citing works
“…on financial decision-making (Disney et al., 2015), because it is necessary to learn about finance in order to make the right financial decisions (Calcagno & Monticone, 2015) and invest the most effectively (Capuano & Ramsay, 2011), which helps accumulate their wealth (Jappelli & Padula, 2013;…”
BackgroundWhen financial literacy meets textual analysis: A conceptual review
Li, X. (2020) · Journal of Behavioral and Experimental Finance · doi:10.1016/j.jbef.2020.100402 · Cited by 49 · see citing works
It takes two to Tango: Households’ response to financial advice and the role of financial literacy
Stolper, O. A. (2017) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2017.04.014 · Cited by 110 · see citing works
Credit counseling: a substitute for consumer financial literacy?
DISNEY, R., GATHERGOOD, J., & WEBER, J. (2015) · Journal of Pension Economics and Finance · doi:10.1017/s1474747215000219 · Cited by 64 · see citing works
“Recently, Calcagno and Monticone (2015) have shown that, among a sample of Italian investors, those with poor literacy are less likely to seek investment advice.”
Financial Knowledge and 401(K) Investment PerformancePreprint
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The Influence of Student Loan Debt on Financial Satisfaction
Robb, C., Chatterjee, S., Porto, N., & Cude, B. (2018) · Journal of Family and Economic Issues · doi:10.1007/s10834-018-9599-y · Cited by 39 · see citing works
Adult financial literacy and households’ financial assets: the role of bank information policies
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“However, they can indirectly impact the probability of consulting an advisor and delegating the portfolio-choice management if it depends on financial literacy (Calcagno and Monticone, 2015).”
BackgroundEffect of Financial Literacy on Poverty Reduction Across Kenya, Tanzania, and Uganda
Koomson, I., Ansong, D., Okumu, M., & Achulo, S. (2022) · Global Social Welfare · doi:10.1007/s40609-022-00259-2 · Cited by 43 · see citing works
“The extant literature also shows that financial literacy significantly enhances financial inclusion (Atkinson & Messy, 2013; Calcagno & Monticone, 2015; Klapper et al., 2013; Koomson et al., 2020b).”
BackgroundResultInfluentialThe home bias and the local bias: A survey
Gaar, E., Scherer, D., & Schiereck, D. (2020) · Management Review Quarterly · doi:10.1007/s11301-020-00203-8 · Cited by 46 · see citing works
It Takes Two to Tango: Households' Response to Financial Advice and the Role of Financial LiteracyPreprint
Stolper, O., & Walter, A. (2015) · SSRN Electronic Journal · doi:10.2139/ssrn.2670511 · Cited by 38 · see citing works
“Likewise, Calcagno and Monticone (2015) survey the retail customers of a large Italian bank and provide empirical evidence supporting the notion that, while financially literate consumers are more likely to solicit advice, they are less likely to fully delegate the portfolio selection to the advisor.”
Retirement planning – a systematic review of literature and future research directions
Ingale, K., & Paluri, R. (2023) · Management Review Quarterly · doi:10.1007/s11301-023-00377-x · Cited by 37 · see citing works
Financial Literacy and Financial Resilience: Evidence from Italy
Bottazzi, L., & Oggero, N. (2023) · Journal of Financial Literacy and Wellbeing · doi:10.1017/flw.2023.10 · Cited by 37 · see citing works
“Financial literacy is associated with higher levels of financial market participation (van Rooij, Lusardi and Alessie, 2011), and investors with a low level of financial literacy often do not invest in risky assets at all (Calcagno and Monticone, 2015).”
Prasad, S., Kiran, R., & Sharma, R. (2020) · International Journal of Finance & Economics · doi:10.1002/ijfe.1920 · Cited by 37 · see citing works
Financial literacy among small and medium enterprises in Zimbabwe
Mashizha, M., Sibanda, M., & Maumbe, B. (2019) · The Southern African Journal of Entrepreneurship and Small Business Management · doi:10.4102/sajesbm.v11i1.241 · Cited by 37 · see citing works
Investor Preferences, Financial Literacy and Intermediary Choice Towards Sustainability
Soana, M., & Cucinelli, D. (2023) · Social Science Research Network · doi:10.2139/ssrn.4359920 · Cited by 34
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Bai, Z. (2021) · Journal of Behavioral and Experimental Finance · doi:10.1016/j.jbef.2021.100461 · Cited by 35 · see citing works
Delegation Decisions in Finance
Holzmeister, F., Holmén, M., Kirchler, M., Stefan, M., & Wengström, E. (2022) · Management Sciences · doi:10.2139/ssrn.4018656 · Cited by 30
Financial literacy and its determinants: the case of rural farm households in Ghana
Twumasi, M. A., Jiang, Y.-S., Adhikari, S., Adu-Gyamfi, C., & Asare, I. (2021) · Agricultural Finance Review · doi:10.1108/afr-06-2021-0078 · Cited by 30 · see citing works
Untangling financial stress and workplace productivity: A serial mediation model
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Savings goals and wealth allocation in household financial portfolios
Changwony, F. K., Campbell, K., & Tabner, I. T. (2021) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2020.106028 · Cited by 29 · see citing works
Financial literacy of secondary school students. Case study from the Czech Republic and Slovakia
Bélas, J., Nguyen, A., Smrčka, L., Kolembus, J., & Cipovová, E. (2016) · Economics & Sociology · doi:10.14254/2071-789x.2016/9-4/12 · Cited by 29 · see citing works
Financial Advice Seeking, Financial Knowledge and Overconfidence. Evidence from the Italian MarketPreprint
Gentile, M., Linciano, N., & Soccorso, P. (2016) · SSRN Electronic Journal · doi:10.2139/ssrn.2802589 · Cited by 29 · see citing works
“Significant and negative (Calcagno and Monticone, 2013).”
InfluentialPan, X., Wu, W.-X., & Zhang, X. (2020) · International Review of Financial Analysis · doi:10.1016/j.irfa.2020.101473 · Cited by 28 · see citing works
Investment competence and advice seeking
Bachmann, K., & Hens, T. (2015) · Journal of Behavioral and Experimental Finance · doi:10.1016/j.jbef.2015.03.001 · Cited by 37 · see citing works
“This is in line with previous studies that find that the demand for advisory services increases with wealth (Bhattacharya et al., 2012; Bluethgen et al., 2008; Calcagno and Monticone, 2014; Guiso and Jappelli, 2006).”
BackgroundResultSources of information and portfolio allocation
Shin, S. H., Kim, K. T., & Seay, M. C. (2019) · Journal of Economic Psychology · doi:10.1016/j.joep.2019.102212 · Cited by 30 · see citing works
Insurance holdings: Does individual insurance literacy matter?
Bongini, P. A., Cucinelli, D., & Soana, M. G. (2023) · Finance research letters · doi:10.1016/j.frl.2023.104511 · Cited by 28 · see citing works
Financial advice seeking and behavioral bias
Hsu, Y.-L. E. (2021) · Finance research letters · doi:10.1016/j.frl.2021.102505 · Cited by 31 · see citing works
Akhter, T., & Hoque, M. E. (2022) · International Journal of Financial Studies · doi:10.3390/ijfs10010005 · Cited by 26 · see citing works
Cash demand and financial literacy: A case study using Japanese survey data
Fujiki, H. (2020) · Japan and the World Economy · doi:10.1016/j.japwor.2020.100998 · Cited by 32 · see citing works
The role of financial literacy in retirement investment choice
Nguyen, T., Polách, J., & Vozňáková, I. (2019) · Equilibrium Quarterly Journal of Economics and Economic Policy · doi:10.24136/eq.2019.027 · Cited by 26 · see citing works
“This result is not i line with previous studies (van Rooij et al., 2011; Calcagno & Monticone, 2015).”
BackgroundResultBillari, F. C., Favero, C. A., & Saita, F. (2017) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2023.106849 · Cited by 34 · see citing works
The Market for Conflicted Advice
Chang, B., & Szydlowski, M. (2019) · Journal of Finance · doi:10.1111/jofi.12848 · Cited by 25
Cici, G., Kempf, A., & Sorhage, C. (2016) · European Finance Review · doi:10.1093/rof/rfw014 · Cited by 26 · see citing works
“, 2012), most likely because they seem to rely more on family and friends as their main source of financial advice and are less likely to invest in the stock market (see, e.g., Rooij et al., 2011; Calcagno and Monticone, 2014).”
Financial Literacy, Households' Investment Behavior, and Risk PropensityPreprint
Bajo, E., Barbi, M., & Sandri, S. (2015) · RePEc: Research Papers in Economics · doi:10.12831/80534 · Cited by 25 · see citing works
“This is in line with previous studies (Jappelli, 2010; Fornero and Monticone, 2011; Calcagno and Monticone, 2015).”
ResultBasic debt literacy and debt behavior
Galariotis, E., & Monne, J. (2023) · International Review of Financial Analysis · doi:10.1016/j.irfa.2023.102673 · Cited by 24 · see citing works
Sanjeewa, W. S., & Ouyang, H.-B. (2019) · European Journal of Business and Management · doi:10.7176/ejbm/11-26-05 · Cited by 24
“…a poor financial decision; people can seek financial advice and guidance from reliable information sources to make insurance decisions (Riccardo Calcagno and Monticone, 2015). v. Understanding the rights and duties of insured Insurance is a special financial product with different conditions…”
BackgroundBrüggen, E. C., Gianni, R., de Haan, F., Hogreve, J., Meacham, D., Post, T., & van der Werf, M. M. B. (2024) · Journal of Public Policy & Marketing · doi:10.1177/07439156241302279 · Cited by 26 · see citing works
“Consumers often lack the necessary fi nancial knowledge to understand even simple fi nancial products or feel insecure when making these major decisions (Alyousif and Kalenkoski 2017; Bruhn and Asher 2021; Calcagno and Monticone 2015; Eberhardt et al. 2022).”
Investment in financial literacy and financial advice-seeking: Substitutes or complements?
Barthel, A.-C., & Lei, S. (2021) · The Quarterly Review of Economics and Finance · doi:10.1016/j.qref.2021.06.020 · Cited by 28 · see citing works
Prasad, S., Kiran, R., & Sharma, R. (2021) · The Indian Economic Journal · doi:10.1177/0019466220987023 · Cited by 23 · see citing works
“Higher levels of literacy induce purchasing of equity (Aren & Zengin, 2016; Calcagno & Monticone, 2015).”
BackgroundFinancial Advice Seeking: A Review of the Barriers and Benefits
Westermann, S., Niblock, S. J., Harrison, J. L., & Kortt, M. A. (2020) · Economic Papers A journal of applied economics and policy · doi:10.1111/1759-3441.12294 · Cited by 25 · see citing works
Ghafoori, E., Ip, E., & Kabátek, J. (2021) · doi:10.1016/j.jbankfin.2021.106195 · Cited by 21
Millennials' adoption of personal financial management ( PFM ) technology and financial behavior
Walsh, B., & Lim, H. (2020) · Financial Planning Review · doi:10.1002/cfp2.1095 · Cited by 21 · see citing works
Does financial literacy affect the value of financial advice? A contingent valuation approach
Chauhan, Y. K., & Dey, D. K. (2020) · Journal of Behavioral and Experimental Finance · doi:10.1016/j.jbef.2020.100268 · Cited by 53 · see citing works
Impacts of Conflicts of Interest in the Financial Services Industry
Burke, J., Hung, A., Clift, J. W., Garber, S. G., & Yoong, J. (2015) · doi:10.2139/ssrn.2794246 · Cited by 21
“39 Calcagno and Monticone (2014) examine the ability of financial advisors to compensate for low financial literacy by examining how financial capability influences reliance on professional advice.”
BackgroundEntrepreneurs on their financial literacy: evidence from the Netherlands
Alperovych, Y., Calcagno, R., & Lentz, M. (2023) · Venture Capital · doi:10.1080/13691066.2023.2234078 · Cited by 19 · see citing works
“This argument implies that financial literacy and the demand for financial advice are complements rather than substitutes of one another (Calcagno and Monticone 2015; Collins 2012).”
Self-citationKeep your customer knowledgeable: financial advisors as educators
Migliavacca, M. (2019) · European Journal of Finance · doi:10.1080/1351847x.2019.1700148 · Cited by 24 · see citing works
Rey, L., López, S. F., & Álvarez‐Espiño, M. (2024) · International Journal of Bank Marketing · doi:10.1108/ijbm-03-2023-0169 · Cited by 27 · see citing works
Can investment advisors promote rational investment? Evidence from micro-data in China
Lu, X., Zhang, Y., Zhang, Y., & Wang, L. (2019) · Economic Modelling · doi:10.1016/j.econmod.2019.10.011 · Cited by 23 · see citing works
The Use and Value of Financial Advice for Retirement Planning
Harlow, W. V., Brown, K., & Jenks, S. E. (2020) · The Journal of Retirement · doi:10.3905/jor.2019.1.060 · Cited by 19 · see citing works
“However, their empirical evidence also indicates that when low literate individuals do seek expert advice, they are more likely to actually implement that advice; for more on this point, see also Calcagno and Monticone (2015).”
BackgroundUnderstanding finfluencers: Roles and strategic partnerships in retail investor engagement
Mölders, M., Bock, L., Barrantes, E., & Zülch, H. (2025) · Journal of business research · doi:10.1016/j.jbusres.2025.115462 · Cited by 19 · see citing works
Financial Literacy to Improve Sustainability: A Bibliometric Analysis
Idris, A., Rahmawati, A., Surwanti, A., & Hanafi, M. M. (2023) · Studies in Business and Economics · doi:10.2478/sbe-2023-0043 · Cited by 23 · see citing works
Fang, J., Hao, W., & Reyers, M. (2022) · Applied Economics · doi:10.1080/00036846.2022.2053654 · Cited by 18 · see citing works
“This setting allows us to ask the further interesting question of whether the explanatory factors substitute or complement each other, which remains open to debate in the literature (Calcagno and Monticone 2015).”
BackgroundMethodResultInfluentialFinancial Literacy and Economic Growth: How Eastern Europe is Doing?
Paşa, A. T., Picatoste, X., & Gherghina, E. (2022) · Economics · doi:10.1515/econ-2022-0019 · Cited by 18 · see citing works
Do high electricity bills undermine public support for renewables? Evidence from the European Union
Aklin, M. (2021) · Energy Policy · doi:10.1016/j.enpol.2021.112400 · Cited by 18 · see citing works
Horská, E., Szafrańska, M., & Matysik-Pejas, R. (2018) · doi:10.17221/9/2012-agricecon · Cited by 18
Gavurová, B., Huculova, E., Kubák, M., & Čepel, M. (2017) · doi:10.14254/2071-789x.2017/10-3/15 · Cited by 18
“If aware of this, individuals may not ask for advice because they are afraid of the chance of not receiving relevant information from financial professionals (Calcagno & Monticone, 2015; Debbich, 2015).”
BackgroundFinancial Literacy and Education
Finke, M. S., & Huston, S. J. (2014) · Wiley eBooks · doi:10.1002/9781118813454.ch4 · Cited by 37 · see citing works
Financial literacy, robo-advising, and the demand for human financial advice: Evidence from Italy
Aristei, D., & Gallo, M. (2025) · Journal of Behavioral and Experimental Finance · doi:10.1016/j.jbef.2025.101125 · Cited by 17 · see citing works
“The results (columns 3 and 4 of Table A6 in the Appendix) confirm the exogeneity of robo-advice usage and, consistent with the findings of Calcagno and Monticone (2015) and Kramer (2016), suggest that financial literacy is an exogenous determinant of the demand for professional human advice.”
- Authors
- Calcagno, R., & Monticone, C.
- Affiliations
- École de management de Lyon (FR)
- Organisation de Coopération et de Développement Economiques (FR)
- Corresponding author
- Calcagno, Riccardo
- ORCID
- Calcagno, Riccardo
- Venue
- Journal of Banking & Finance
- Publisher
- Elsevier BV
- Published
- 2015-01
- Volume
- 50
- Pages
- 363-380
- ISSN
- 0378-4266 (ISSN-L)
- OpenAlex
- W3121847051
- Cited by
- 345
- References
- 0
- Citations by year
- 2026: 28 · 2025: 45 · 2024: 28 · 2023: 44 · 2022: 32 · 2021: 39 · 2020: 43 · 2019: 24 · 2018: 17 · 2017: 15 · 2016: 11 · 2015: 14 · 2014: 2 · 2013: 1 · 2012: 2
- FWCI
- 59.52
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Journal of Banking & Finance (publishedVersion)
- HAL (submittedVersion)
- PORTO@Iris (submittedVersion)
- Funders
- CeRP/CCA
- Topics
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy and Behavior
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Keywords
- financial literacy, financial advice, conflicts of interest, portfolio optimization, risky asset investment, delegation, strategic interaction, household investors
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