The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.
Financial literacy and the demand for financial advice
Overview
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
Claims other papers make about this one
Each is checked against this paper’s own text: does it say what the citing paper says it does?
In the citing paper
“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)
In the citing paper
“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)
In the citing paper
“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)
Citations
Cites
The Matthew Effect in Science: The reward and communication systems of science are considered.
Merton, R. K. (1968) · Science · doi:10.1126/science.159.3810.56 · Cited by 6,720
Financial literacy and stock market participation
van Rooij, M., Lusardi, A., & Alessie, R. (2011) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.03.006 · Cited by 3,554
Patterns of behavior of professionally managed and independent investors
Shapira, Z., & Venezia, I. (2001) · Journal of Banking & Finance · doi:10.1016/s0378-4266(00)00139-4 · Cited by 699
Ottaviani, M., & Sørensen, P. N. (2006) · Journal of Economic Theory · doi:10.1016/j.jet.2004.08.005 · Cited by 180
Research works printed but not linked: 44
- Agnew, 2012, Trust, plan knowledge and 401(k) savings behavior, J. Pension Econ. Finan., 11, 1, 10.1017/S1474747211000230 · DOI
- Barber, 2001, Boys will be boys: gender, overconfidence, and common stock investment, Quart. J. Econ., 116, 262, 10.1162/003355301556400 · DOI · Paper page
- Beltratti, A., 2007. Gli impieghi del risparmio. In: Beltratti, A. (Ed.), Finanza Globale, Risparmiatore Locale – XXV Rapporto BNL/Centro Einaudi sul risparmio e sui risparmiatori in Italia. BNL Edizioni, Guerini e Associati.
- Bergstresser, 2009, Assessing the costs and benefits of brokers in the mutual fund industry, Rev. Finan. Stud., 22, 4129, 10.1093/rfs/hhp022 · DOI · Paper page
- Bhattacharya, 2012, Is unbiased financial advice to retail investors sufficient? Answers from a large field study, Rev. Finan. Stud., 25, 975, 10.1093/rfs/hhr127 · DOI · Paper page
- Boes, 2006, Ordered response models, Allgemeines Stat. Archiv, 90, 165
- Bolton, 2007, Conflicts of interest, information provision, and competition in the financial services industry, J. Finan. Econ., 85, 297, 10.1016/j.jfineco.2005.06.004 · DOI
- Bonte, 2012, Financial literacy, information flows, and caste affiliation: empirical evidence from India, J. Bank. Finan., 36, 3399, 10.1016/j.jbankfin.2012.07.028 · DOI
- Carlin, B.I., Gervais, S., 2009. Legal protection in retail financial markets. NBER Working Paper No. 14972, National Bureau of Economic Research. · DOI
- Cho, 1987, Signaling games and stable equilibria, Quart. J. Econ., 102, 179, 10.2307/1885060 · DOI
- Christelis, 2010, Cognitive abilities and portfolio choice, Eur. Econ. Rev., 54, 18, 10.1016/j.euroecorev.2009.04.001 · DOI · Paper page
- Collins, 2012, Financial advice: a substitute for financial literacy?, Finan. Serv. Rev., 21
- Crawford, 1982, Strategic information transmission, Econometrica, 50, 1431, 10.2307/1913390 · DOI · Paper page
- Dessein, 2002, Authority and communication in organizations, Rev. Econ. Stud., 69, 811, 10.1111/1467-937X.00227 · DOI
- Duflo, 2002, Participation and investment decisions in a retirement plan: the influence of colleagues’ choices, J. Public Econ., 85, 121, 10.1016/S0047-2727(01)00098-6 · DOI
- Elmerick, 2002, Use of financial planners by US households, Finan. Serv. Rev., 11, 217
- Finke, 2011, Financial advice: who pays, J. Finan. Counsel. Plan., 22, 18
- Forbes, 2010, Confidence mediates how investment knowledge influences investing self-efficacy, J. Econ. Psychol., 31, 435, 10.1016/j.joep.2010.01.012 · DOI
- Georgarakos, D., Inderst, R., 2011. Financial advice and stock market participation. Working Paper No 1296, European Central Bank. · DOI
- Georgarakos, 2011, Trust, sociability, and stock market participation, Rev. Finan., 15, 693, 10.1093/rof/rfr028 · DOI
- Guiso, 2008, Trusting the stock market, J. Finan., 53, 2557, 10.1111/j.1540-6261.2008.01408.x · DOI
- Hackethal, A., Inderst, R., Meyer, S., 2010. Trading on advice. Discussion Paper No. DP8091, CEPR. · DOI · Paper page
- Hackethal, 2012, Financial advisors: a case of babysitters?, J. Bank. Finan., 36, 509, 10.1016/j.jbankfin.2011.08.008 · DOI · Paper page
- Haliassos, 1995, Why do so few hold stocks?, Econ. J., 105, 1110, 10.2307/2235407 · DOI
- Hastings, J.S., Tejeda-Ashton, L., 2008. Financial literacy, information, and demand elasticity: Survey and experimental evidence from Mexico. NBER Working Paper 14538, National Bureau of Economic Research. · DOI
- Hong, 2004, Social interaction and stock-market participation, J. Finan., 59, 137, 10.1111/j.1540-6261.2004.00629.x · DOI
- Hung, A.A., Yoong, J.K., 2010. Asking for help – survey and experimental evidence on financial advice and behavior change. Working Paper WR-714-1, RAND. · DOI
- Hung, A.A., Parker, A.M., Yoong, J.K., 2009. Defining and measuring financial literacy. Working Paper WR-708, RAND Working Paper. · DOI · Paper page
- Inderst, 2009, Misselling through agents, Am. Econ. Rev., 99, 883, 10.1257/aer.99.3.883 · DOI
- Inderst, 2012, How (not) to pay for advice: a framework for consumer financial protection, J. Finan. Econ., 105, 393, 10.1016/j.jfineco.2012.01.006 · DOI
- Kimball, M.S., Shumway, T., 2010. Investor sophistication and the home bias, diversifcation, and employer stock puzzles. mimeo, University of Michigan. · DOI
- Klapper, 2013, Financial literacy and its consequences: evidence from Russia during the financial crisis, J. Bank. Finan., 37, 3904, 10.1016/j.jbankfin.2013.07.014 · DOI · Paper page
- Kruger, 1999, Unskilled and unaware of it: how difficulties in recognizing one’s own incompetence lead to inflated self-assessments, J. Personal. Soc. Psychol., 77, 1121, 10.1037/0022-3514.77.6.1121 · DOI · Paper page
- Lee, 2005, Consumers’ use of information intermediaries and the impact on their information search behavior in the financial market, J. Consumer Affairs, 39, 95, 10.1111/j.1745-6606.2005.00005.x · DOI
- Lusardi, 2007, Baby boomer retirement security: the roles of planning, financial literacy, and housing wealth, J. Monetary Econ., 54, 205, 10.1016/j.jmoneco.2006.12.001 · DOI
- Lusardi, 2011, Financial literacy around the world: an overview, J. Pension Econ. Finan., 10, 497, 10.1017/S1474747211000448 · DOI · Paper page
- Lusardi, A., Tufano, P., 2009. Debt literacy, financial experiences, and overindebtedness. NBER Working Paper No. W14808, National Bureau of Economic Research. · DOI
- Marsden, 2011, The value of seeking financial advice, J. Family Econ. Issues, 32, 625, 10.1007/s10834-011-9258-z · DOI
- Meier, 2013, Discounting financial literacy: time preferences and participation in financial education programs, J. Econ. Behav. Organiz., 95, 159, 10.1016/j.jebo.2012.02.024 · DOI
- Mullainathan, S., Noth, M., Schoar, A., 2012. The market for financial advice: an audit study. NBER Working Paper No. 17929. · DOI
- Peress, 2004, Wealth, information acquisition, and portfolio choice, Rev. Finan. Stud., 17, 879, 10.1093/rfs/hhg056 · DOI
- Rivers, 1988, Limited information estimators and exogeneity tests for simultaneous probit models, J. Econometr., 39, 347, 10.1016/0304-4076(88)90063-2 · DOI
- Stoughton, 2011, Intermediated investment management, J. Finan., 66, 947, 10.1111/j.1540-6261.2011.01656.x · DOI
- Terza, 1985, Ordered probit: a generalization, Commun. Stat. – A. Theory Methods, 14, 1, 10.1080/03610928508828893 · DOI
Cited by
Sorted by citations
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
“, 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
“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
“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
Financial literacy and participation in the derivatives markets
Hsiao, Y., & Tsai, W. (2017) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2017.11.006 · Cited by 198
“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
Ingale, K., & Paluri, R. (2020) · Review of Behavioral Finance · doi:10.1108/rbf-06-2020-0141 · Cited by 155
Financial literacy and savings decisions by adult financial consumers in Zimbabwe
Murendo, C., & Mutsonziwa, K. (2017) · International Journal of Consumer Studies · doi:10.1111/ijcs.12318 · Cited by 139
“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
“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 188
Is Conflicted Investment Advice Better than No Advice?
Chalmers, J. M. R., & Reuter, J. (2012) · National Bureau of Economic Research · doi:10.3386/w18158 · Cited by 48
What determines financial inclusion in Sub-Saharan Africa?
Chikalipah, S. (2017) · African Journal of Economic and Management Studies · doi:10.1108/ajems-01-2016-0007 · Cited by 119
Financial literacy, financial advisors, and information sources on demand for life insurance
Lin, C., Hsiao, Y., & Yeh, C.-Y. (2017) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2017.04.002 · Cited by 143
Koomson, I., Villano, R., & Hadley, D. (2019) · Applied Economics · doi:10.1080/00036846.2019.1645943 · Cited by 108
“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
de Lema, D. G. P., Ruíz-Palomo, D., & Diéguez‐Soto, J. (2021) · Technology in Society · doi:10.1016/j.techsoc.2020.101519 · Cited by 138
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
Measuring financial literacy: a literature review
Ouachani, S., Belhassine, O., & Kammoun, A. (2020) · Managerial Finance · doi:10.1108/mf-04-2019-0175 · Cited by 126
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
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
“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
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
Financial Knowledge, Confidence, and Sustainable Financial Behavior
Aristei, D., & Gallo, M. (2021) · Sustainability · doi:10.3390/su131910926 · Cited by 79
“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 77
Liu, B., Wang, J., Chan, K. C., & Fung, A. (2020) · International Small Business Journal Researching Entrepreneurship · doi:10.1177/0266242620959073 · Cited by 102
“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
Inder, S., Aggarwal, A., Gupta, S., Gupta, S., & Rastogi, S. (2020) · The journal of wealth management · doi:10.3905/jwm.2020.1.126 · Cited by 60
Does financial literacy mitigate gender differences in investment behavioral bias?
Hsu, Y.-L., Chen, H.-L., Huang, P.-K., & Lin, W.-Y. (2020) · Finance Research Letters · doi:10.1016/j.frl.2020.101789 · Cited by 60
Executive financial literacy and firm innovation in China
Tian, G., Zhou, S., & Hsu, S. (2020) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2020.101348 · Cited by 66
Financial Literacy as a Driver of Financial Inclusion in Kenya and Tanzania
Fanta, A., & Mutsonziwa, K. (2021) · Journal of Risk and Financial Management · doi:10.3390/jrfm14110561 · Cited by 57
Seeking Financial Advice and Other Desirable Financial Behaviors
Moreland, K. A. (2018) · Journal of Financial Counseling and Planning · doi:10.1891/1052-3073.29.2.198 · Cited by 80
“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
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 58
“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
‘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
Burke, J., & Hung, A. (2016) · Journal of Pensions Economics and Finance · doi:10.1017/s147474721900026x · Cited by 71
“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
“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
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
Lusardi, A. (2015) · Italian Economic Journal · doi:10.1007/s40797-015-0011-x · Cited by 34
“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
“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
“…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 60
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
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
“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
Clark, R. L., Lusardi, A., & Mitchell, O. S. (2014) · SSRN Electronic Journal · doi:10.2139/ssrn.2585239 · Cited by 40
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
Adult financial literacy and households’ financial assets: the role of bank information policies
Fort, M., Manaresi, F., & Trucchi, S. (2016) · Economic Policy · doi:10.1093/epolic/eiw012 · Cited by 44
“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
“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
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
“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
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
“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
Financial literacy among small and medium enterprises in Zimbabwe
Mashizha, M., Sibanda, M., & Maumbe, B. M. (2019) · The Southern African Journal of Entrepreneurship and Small Business Management · doi:10.4102/sajesbm.v11i1.241 · Cited by 48
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
Nguyen, T., & Nguyễn, K. (2020) · Journal of Asian Finance Economics and Business · doi:10.13106/jafeb.2020.vol7.no6.001 · Cited by 34
Eriksson, K., Hermansson, C., & Jönsson, S. (2020) · International Journal of Bank Marketing · doi:10.1108/ijbm-08-2019-0282 · Cited by 43
Bai, Z. (2021) · Journal of Behavioral and Experimental Finance · doi:10.1016/j.jbef.2021.100461 · Cited by 35
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
Untangling financial stress and workplace productivity: A serial mediation model
Sabri, M., & Aw, E. C.-X. (2020) · Journal of Workplace Behavioral Health · doi:10.1080/15555240.2020.1833737 · Cited by 30
Savings goals and wealth allocation in household financial portfolios
Changwony, F. K., Campbell, K., & Tabner, I. T. (2020) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2020.106028 · Cited by 40
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
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
“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
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 39
“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
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
Financial advice seeking and behavioral bias
Hsu, Y.-L. E. (2021) · Finance research letters · doi:10.1016/j.frl.2021.102505 · Cited by 31
Akhter, T., & Hoque, M. E. (2022) · International Journal of Financial Studies · doi:10.3390/ijfs10010005 · Cited by 37
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
The role of financial literacy in retirement investment choice
Nguyen, T. A. N., Polách, J., & Vozňáková, I. (2019) · Equilibrium Quarterly Journal of Economics and Economic Policy · doi:10.24136/eq.2019.027 · Cited by 31
“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 38
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
“, 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
“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
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 28
“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
Prasad, S., Kiran, R., & Sharma, R. (2021) · The Indian Economic Journal · doi:10.1177/0019466220987023 · Cited by 23
“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
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
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
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 23
“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 27
Rey, L., López, S. F., & Álvarez‐Espiño, M. (2024) · International Journal of Bank Marketing · doi:10.1108/ijbm-03-2023-0169 · Cited by 27
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
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
“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 26
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
Fang, J., Hao, W., & Reyers, M. (2022) · Applied Economics · doi:10.1080/00036846.2022.2053654 · Cited by 18
“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
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
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
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
“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.”
Metadata
- 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
- 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 › Economics, Econometrics and Finance › Finance › 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
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
