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Financial literacy and the demand for financial advice
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“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)
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Cited by
Sorted by citations
Items 101–200 of 336
Financial Capability in Africa: Innovation Through Evidence, Practice, and Policy
Ansong, D., Okumu, M., & Koomson, I. (2022) · Global Social Welfare · doi:10.1007/s40609-022-00256-5 · Cited by 17
“FC Africa responds to calls from emerging research (Calcagno & Monticone, 2015; Koomson et al., 2020) and the World Bank (2018) for economic engagement programs to prioritize financial literacy and fintech in countries’ financial resilience strategies.”
BackgroundFinancial literacy for well-being: Scientific mapping and bibliometric analysis
Suri, A., & Jindal, L. (2022) · Citizenship Social and Economics Education · doi:10.1177/14788047221120917 · Cited by 27
Take-Up of Financial Education: Demographic Characteristics and Prior Knowledge
Chin, A., & Williams, A. (2019) · Journal of Public Policy & Marketing JPP&M · doi:10.1177/0743915619858928 · Cited by 17
Market Failure, Regulation and Education of Financial Advisors
Steen, A., McGrath, D., & Wong, A. (2016) · Australasian Accounting Business and Finance Journal · doi:10.14453/aabfj.v10i1.2 · Cited by 17
“Worthington (2006) amongst others notes low levels of financial literacy exist across the Australian community echoing findings in other countries (Calcagno and Monticone 2015).”
Gender Differences in Financial Advice
Bucher-Koenen, T., Hackethal, A., Koenen, J., & Laudenbach, C. (2025) · The American Economic Review · doi:10.1257/aer.20211024 · Cited by 16
“financial sophistication (Gabaix and Laibson, 2006; Inderst and Ottaviani, 2012b; Georgarakos and Inderst, 2011; Calcagno and Monticone, 2015). Within the broader literature on financial advice, we provide further insights on the determinants of adherence to financial advice. In contrast to Bhattacharya, Hackethal, Ka…”
Building trust in robo-advisory: technology, firm-specific and system trust
Cao, X., de Zwaan, L., & Wong, V. (2025) · Qualitative Research in Financial Markets · doi:10.1108/qrfm-02-2024-0033 · Cited by 28
Cascavilla, A. (2024) · Journal of Economic Psychology · doi:10.1016/j.joep.2024.102716 · Cited by 16
Financial literacy and financial advice seeking: does product specificity matter?
Mazzoli, C., Ferretti, R., & Filotto, U. (2024) · Quarterly Review of Economics and Finance · doi:10.1016/j.qref.2024.03.012 · Cited by 16
Li, Z., Mirko, C., D’Agostino, M. T., & Jin, J. (2023) · Frontiers in Psychology · doi:10.3389/fpsyg.2023.1119258 · Cited by 17
“The age, investment experience, and financial literacy of a family’s financial decision-maker also have a significant impact on household financial allocation (Bonsang and Dohmen, 2015; Calcagno and Monticone, 2015).”
BackgroundWang, Z., & Ortíz, G. R. (2022) · Frontiers in Psychology · doi:10.3389/fpsyg.2022.953324 · Cited by 16
“This kind of support enables the entrepreneur to focus on product development and advertising policies rather than managerial and functional problems (Hoskisson et al., 2013; Calcagno and Monticone, 2015; Juliansyah, 2019).”
BackgroundRetractedDoes robo-advisory increase retirement worry? A causal explanation
Chhatwani, M. (2022) · Managerial Finance · doi:10.1108/mf-05-2021-0195 · Cited by 16
Economic condition and financial cognition
Delis, M., Galariotis, E., & Monne, J. (2021) · Journal of Banking & Finance · doi:10.2139/ssrn.3405948 · Cited by 16
Moolman, J. (2020) · Managing Sport and Leisure · doi:10.1080/23750472.2020.1842791 · Cited by 21
“Furthermore, financial advice cannot be viewed as a substitute for sound financial literacy skills (Calcagno & Monticone, 2015; Finke, 2013; Lusardi & Mitchell, 2014).”
BackgroundEnacting a rational actor: Roboadvisors and the algorithmic performance of ideal types
Hayes, A. S. (2020) · Economy and Society · doi:10.1080/03085147.2020.1782054 · Cited by 16
Electronic payment system use: a mediator and a predictor of financial satisfaction
Khan, K. A., & Akhtar, M. A. (2020) · Investment Management & Financial Innovations · doi:10.21511/imfi.17(3).2020.19 · Cited by 16
“Advice can be a substitute for learning by one self (Calcagno & Monticone, 2015).”
Post-crisis trends in household credit market behavior: evidence from Hungary (Literature review)
Sági, J., & Lentner, C. (2019) · Banks and Bank Systems · doi:10.21511/bbs.14(3).2019.14 · Cited by 16
“The question concerning the applied sources of information indicates households’ utilization of the benefits provided by independent consultants before picking a particular financial product (see also Diehl et al., 2003; Calcagno & Monticone, 2015).”
BackgroundMutual fund investor’s behaviour towards information search and selection criteria
Kaur, I. N. (2018) · Qualitative Research in Financial Markets · doi:10.1108/qrfm-09-2017-0084 · Cited by 16
What I Know, What I Think I Know, and Whom I Know
Chung, Y., & Park, Y. (2018) · Journal of Consumer Affairs · doi:10.1111/joca.12231 · Cited by 18
Alyousif, M. H., & Kalenkoski, C. M. (2017) · Financial Services Review · doi:10.61190/fsr.v26i4.3374 · Cited by 17
Can financial literacy be a substitute for financial advisers? Evidence from China
Liu, B., & Lu, B. (2023) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2023.102046 · Cited by 19
Feeling comfortable with a mortgage: The impact of framing, financial literacy and advice
Thorp, S., Junhao, L., Agnew, J. R., Bateman, H., Eckert, C., & Iskhakov, F. (2023) · Journal of Financial Literacy and Wellbeing · doi:10.1017/flw.2023.3 · Cited by 18
Investors' personal characteristics and trading decisions under distressed market conditions
Gavish, L. R., Qadan, M., & Yagil, J. (2021) · Borsa Istanbul Review · doi:10.1016/j.bir.2021.04.005 · Cited by 21
Debt literacy and debt advice-seeking behaviour among Facebook users: the role of social networks
Cwynar, A., Cwynar, W., Kowerski, M. S., Filipek, K., & Szuba, P. (2019) · Baltic Journal of Economics · doi:10.1080/1406099x.2019.1693142 · Cited by 20
“Formerly, this variable was tested in financial advice-seeking studies by Calcagno and Monticone (2015), Porto and Xiao (2016) and Gentile et al.”
MethodResultInfluentialMazzoli, C., & Baiocco, S. (2025) · International Journal of Bank Marketing · doi:10.1108/ijbm-10-2024-0622 · Cited by 14
Rabbani, A., Heo, W., & Grable, J. (2021) · Journal of Financial Services Marketing · doi:10.1057/s41264-021-00109-w · Cited by 14
Immigrants, Financial Knowledge, and Financial Behavior
Rostamkalaei, A., & Riding, A. (2020) · Journal of Consumer Affairs · doi:10.1111/joca.12311 · Cited by 17
Saving motives, gender, and the use of financial advisory services
Hermansson, C. (2017) · doi:10.1108/mf-07-2016-0217 · Cited by 14
Khan, K. A., Akhtar, M., Dey, S., & Ibrahim, R. (2020) · doi:10.31838/jcr.07.18.228 · Cited by 14
“Financial advice is also being recognized as a tool of self-learning in many previous studies (Calcagno & Monticone, 2015).”
BackgroundMethodÇera, G., Khan, K. A., Rowland, Z., & Ribeiro, H. (2021) · E+M Ekonomie a Management · doi:10.15240/tul/001/2021-4-007 · Cited by 17
“On its contrary, several studies support and claimed that people with better financial literacy have higher chances of seeking financial advice (Calcagno & Monticone, 2015; Chauhan & Dey, 2020; Collins , 2012; Cwynar et al., 2020; Pan et al., 2020).”
BackgroundResultInfluentialNet Buyers of Attention-Grabbing Stocks? Who Exactly Are They?
Gavish, L. R., Qadan, M., & Yagil, J. (2020) · Journal of Behavioral Finance · doi:10.1080/15427560.2020.1716360 · Cited by 16
Demand-side and Supply-side Constraints in the Market for Financial Advice
Reuter, J., & Schoar, A. (2024) · National Bureau of Economic Research · doi:10.3386/w32452 · Cited by 19
Li, C., Li, J.-S., Zhai, C.-C., Dong, X., Jiang, Z.-Y., & Jiang, S. (2023) · Frontiers in Public Health · doi:10.3389/fpubh.2023.1268470 · Cited by 12
Cucinelli, D., & Soana, M. (2023) · International Journal of Bank Marketing · doi:10.1108/ijbm-06-2022-0251 · Cited by 12
Tian, G., Shu-yuan, Z., & Qi, Y. (2022) · Asia-Pacific Journal of Financial Studies · doi:10.1111/ajfs.12403 · Cited by 16
Overconfidence, Financial Advice Seeking and Household Portfolio Under-Diversification
Broekema, S. P. M., & Kramer, M. M. (2021) · Journal of risk and financial management · doi:10.3390/jrfm14110553 · Cited by 15
Harnessing financial advice and literacy for financial well-being in the digital age
Gupta, A., Mishra, S., Behera, D. K., & Abhilash, A. (2025) · Investment Management & Financial Innovations · doi:10.21511/imfi.22(1).2025.23 · Cited by 11
Oberrauch, L., & Kaiser, T. (2024) · Journal of Behavioral and Experimental Finance · doi:10.1016/j.jbef.2024.100954 · Cited by 11
Risk Tolerance, Return Expectations, and Other Factors Impacting Investment Decisions
Sivarajan, S., & de Bruijn, O. (2020) · The Journal of Wealth Management · doi:10.3905/jwm.2020.1.124 · Cited by 16
Fitria, Y., Rahadi, R., Afgani, K. F., Putranto, N. A. R., Murtaqi, I., & Faturohman, T. (2019) · doi:10.24018/ejbmr.2019.4.6.152 · Cited by 11
“Individuals who have low financial literacy levels and lack of information limitation do not always make bad financial decisions, they can seek advice and advice from experts, these suggestions can be an input and learning for them in determining their financial goals [5].”
BackgroundDeterminants of seeking advice within defined contribution retirement savings schemes
Clark, G. L., Fiaschetti, M., & Gerrans, P. (2018) · Accounting and Finance · doi:10.1111/acfi.12397 · Cited by 16
“Calcagno and Monticone (2015) similarly support complementarity claiming ‘advisors are not useful to the investors who need them the most ’, depicting a picture of a conflicted advisor who sells products that compromise outcomes for the uninformed client.”
BackgroundFinding the Next Interesting Loan for Investors on a Peer-to-Peer Lending Platform
Liu, C.-C., Ming, Y., Xiao, Y., Zheng, W.-G., & Hsu, C.-H. (2021) · IEEE Access · doi:10.1109/access.2021.3103510 · Cited by 11
“Under uncertain environmental conditions, investors generally take a decision that maximizes their expected utility, which implies that the investors prefer projects that are suitable for their own risk tolerance [14].”
BackgroundJugnandan, S., & Willows, G. D. (2023) · International Journal of Consumer Studies · doi:10.1111/ijcs.12935 · Cited by 17
Pendidikan Literasi Finansial: Dampak Dan Manfaat (Sebuah Kajian Literatur Review)
Kartini, A., Asmaniah, Z., & Julianti, E. (2022) · Kode Jurnal Bahasa · doi:10.24114/kjb.v11i3.38814 · Cited by 10
Financial Literacy and Economic Outcomes
Puelz, D., & Puelz, R. (2018) · Statistics and Public Policy · doi:10.1080/2330443x.2022.2086191 · Cited by 14
“Calcagno and Monticone (2015) started with a premise that those who are less financially literate may benefit from more personal finance advice or derive more value from a financial adviser.”
Professional Financial Advice and Subjective Well-Being
Schepen, A., & Burger, M. (2022) · Applied Research in Quality of Life · doi:10.1007/s11482-022-10049-9 · Cited by 16
“…sophistication tends to focus on either enhancing financial literacy through counselling and educational programs (Collins & O’Rourke, 2010) or on the relation between financial literacy and the propensity of engaging with PFA (Calcagno & Monticone, 2015; Debbich, 2015; Robb et al., 2012).”
BackgroundDelegation and Information Disclosure with Unforeseen Contingencies
Lei, H., & Zhao, X.-J. (2021) · The B.E. Journal of Theoretical Economics · doi:10.1515/bejte-2018-0184 · Cited by 10
The Influence of Financial Culture on SME’s Financial Performance
Makdissi, R., Nehme, A., & Chahine, R. (2020) · Journal of Financial Risk Management · doi:10.4236/jfrm.2020.91001 · Cited by 10
“This can only be achieved through the ability to determine the right credits and investments (Calcagno & Monticone, 2013).”
BackgroundGuo, F., Li, F., & Lu, X. (2024) · International Review of Economics & Finance · doi:10.1016/j.iref.2024.01.042 · Cited by 9
Korankye, T., Pearson, B. M., & Salehi, H. (2023) · Journal of Financial Counseling and Planning · doi:10.1891/jfcp-2021-0069 · Cited by 18
Financial Advice and Household Financial Portfolios
Brown, S., Bucciol, A., Montagnoli, A., & Taylor, K. (2021) · Oxford Bulletin of Economics and Statistics · doi:10.1111/obes.12613 · Cited by 13
Factors Influencing Stock Market Participation: A Review
Parvin, S. M. R., & Panakaje, N. (2022) · International journal of case studies in business, IT, and education · doi:10.47992/ijcsbe.2581.6942.0236 · Cited by 8
Demographic and Socio-Economic Factors as Barriers to Robo-Advisory Acceptance in Poland
Piotrowski, D. (2022) · Annales Universitatis Mariae Curie-Skłodowska sectio H Oeconomia · doi:10.17951/h.2022.56.3.109-126 · Cited by 8
“In contrast, the literature states that robo-advisory’s advantage is the ability to avoid conflicts of interest and biased financial advice, which are barriers to the use of human financial advisors (Lachance & Tang, 2012; Calcagno & Monticone, 2015).”
Taxation and policyholder behavior: the case of guaranteed minimum accumulation benefits
Alonso-García, J., Sherris, M., Thirurajah, S., & Ziveyi, J. (2020) · ASTIN Bulletin: The Journal of the International Actuarial Association · doi:10.1017/asb.2023.38 · Cited by 8
“, 2012; Calcagno and Monticone, 2015) and hence benefit from tax management (see e.g. Hackethal et al. (2012) for Germany and Cici et al.”
Tomasi, M. (2020) · Saudi Journal of Business and Management Studies · doi:10.36348/sjbms.2020.v05i01.010 · Cited by 13
“Compelling financial literacy is a decisive factor, of which; farmers can proactively determine availability and accessibility to financial services [4].”
BackgroundThe effect of experts’ and laypeople’s forecasts on others’ stock market forecasts
Huber, C., Huber, J., & Hueber, L. (2019) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2019.105662 · Cited by 8
Contribution of Financial Literacy on Behaviour: A Nepali Perspective
Chaulagain, R. (2018) · Journal of Educational Research · doi:10.3126/jer.v8i2.27380 · Cited by 8
“But, Calcagno and Monticone (2014) claim that poor financial behaviour is not necessarily always caused by a low level of financial literacy.”
BackgroundWhy choosing dominated personal pension plans: sales force and financial literacy effects
Marotta, G. (2018) · doi:10.2139/ssrn.3217862 · Cited by 8
“The debate on financial literacy and financial advice is mostly concerned with the issue on whether they are substitute or complement, considering the investment choices from the demand side perspective (Calcagno and Monticone 2015).”
BackgroundYou might not get what you need: The discrepancy between financial advice and commissions in Germany
Mietzner, M., & Molterer, M. (2017) · doi:10.1016/j.econlet.2017.11.004 · Cited by 8
Perspectives on evaluation in financial education: Landscape, issues, and studies
Walstad, W., Urban, C., Asarta, C. J., Breitbach, E., Bosshardt, W. D., Heath, J., O’Neill, B., Wagner, J., & Xiao, J.-J. (2017) · The Journal of Economic Education · doi:10.1080/00220485.2017.1285738 · Cited by 7
“Calcagno and Monticone (2015) provide a theoretical model in which consumers choose between delegating the choice of investment to an advisor, seeking advice from the advisor, or selecting their own portfolio choice.”
BackgroundCEOs’ financial work experience and firms’ outbound investments
Zeng, X., Chen, H., Yin, Y., & Liu, Y. (2024) · Journal of Multinational Financial Management · doi:10.1016/j.mulfin.2024.100848 · Cited by 7
Founder's Financial Knowledge and the New Firm's Ability to Obtain Debt Financing
Rijssegem, L., Paeleman, I., Hünermund, E. (., & Andries, P. (2023) · British Journal of Management · doi:10.1111/1467-8551.12766 · Cited by 7
Akhtar, M. A., Khan, I., & Khan, K. A. (2023) · Contemporary Review of the Middle East · doi:10.1177/23477989231198327 · Cited by 7
“Researchers have also asserted that receiving good financial advice can effectively increase one’s financial knowledge (Calcagno & Monticone, 2015).”
BackgroundFinancial and Banking Education of Consumers in the Context of Sustainable Development Society
Neacșu, N. A., Anton, C. E., Baba, M. C., & Popescu, A. (2023) · Sustainability · doi:10.3390/su151310052 · Cited by 9
Wibowo, E., Utami, S. S., & Novita, D. (2022) · International journal of social science · doi:10.53625/ijss.v2i2.3063 · Cited by 7
“Entrepreneurs with a high level of knowledge are willing to explore new innovative projects instead of adopting an overly conservative approach (Calcagno and Monticone, 2015).”
BackgroundTrust-formation processes in financial advisors: A structural equation model
Cruciani, C., Gardenal, G., & Rigoni, U. (2021) · The Quarterly Review of Economics and Finance · doi:10.1016/j.qref.2021.09.001 · Cited by 11
Cognitive functioning, financial literacy, and judgment in older age
Gerrans, P., Asher, A., & Earl, J. K. (2021) · Accounting and Finance · doi:10.1111/acfi.12835 · Cited by 9
Financial Literacy and the Perceived Value of Stress Testing: An Experiment Using Students in Brazil
Silva, T. C., Braz, T., Amancio, D., & Tabak, B. M. (2021) · Emerging markets finance & trade · doi:10.1080/1540496x.2020.1856070 · Cited by 7
“On the other hand, better understanding the concept of risk and financial losses can lead respondents to choose the “safest” option – the bank that pays less but performs stress tests (Gathergood and Weber 2017; Calcagno and Monticone 2015; Anderson, Baker, and Robinson; 2017; Kramer 2016).”
BackgroundAre the actual and intended sources of financial knowledge the same? Evidence from Japan
Fujiki, H. (2020) · Japan and the World Economy · doi:10.1016/j.japwor.2020.101026 · Cited by 8
Financial Help-Seeking Behaviors of Young Adults
Glenn, C., & Heckman, S. J. (2020) · Journal of Financial Therapy · doi:10.4148/1944-9771.1212 · Cited by 7
“Higher levels of financial knowledge are associated with receiving financial advice (Calcagno & Monticone, 2015; Collins, 2012; Robb et al., 2012).”
Financial Literacy Perception Scale for the Portuguese Population
Tavares, F., & Santos, E. (2020) · Scientific Annals of Economics and Business · doi:10.47743/saeb-2020-0015 · Cited by 7
“Lusardi and Tufano (2015); Calcagno and Monticone (2015) Financial literacy avoids over-indebtedness of populations, allows for financial security and contributes to the economic development of societies.”
BackgroundFinancial Literacy and Economic OutcomesPreprint
Puelz, D., & Puelz, R. (2019) · SSRN Electronic Journal · doi:10.2139/ssrn.3302978 · Cited by 7
“Calcagno and Monticone (2015) offer a different perspective.”
Trust in Financial Markets: the Role of the Human Element
Gaspar, R. M., Henriques, P. L., & Corrente, A. R. (2020) · Review of Business Management · doi:10.7819/rbgn.v22i3.4072 · Cited by 11
“These notions are associated with an individual’s ability to obtain, understand, and evaluate information that is relevant (Calcagno & Monticone, 2015), as well as the idea of planning savings, which can lead to achieving higher levels of financial well-being.”
BackgroundInfluentialNon-Exclusive Financial Advice
Piccolo, S., Puopolo, G., & Vasconcelos, L. (2015) · European Finance Review · doi:10.1093/rof/rfv055 · Cited by 7
Analysis of knowledge about capital market activities in Republic of Macedonia
Spaseska, T., Risteska, A., Vitanova, G., Odzaklieska, D., & Risteska, F. (2016) · doi:10.5937/ekonomika1602071s · Cited by 7
“…(право) УРЕДНИШТВО: РЕДАКЦИЈСКИ КОЛЕГИЈУМ Академик Зоран Лакић, Подгорица (Црна Гора) Академик Љубиша Папић, Чачак (Србија) Др Рајмунд Мирдала, Кошице (Словачка) Др Марија Павлова, Велико Трново (Бугарска) Др Јован Давидовић, Букурешт (Румунија) Др Јуриј Књазев, Москва (Русија) Др Андрес…”
Amoak, D., & Najjar, D. (2026) · Environmental Development · doi:10.1016/j.envdev.2025.101308 · Cited by 6
“According to Calcagno and Monticone (2015), financially literate women are more likely to look for advice from financial advisers and are also more likely to get helpful advice to take up financial products such as a bank account or a loan.”
Wang, K., Zhang, R., & Zhang, X. (2025) · International Review of Economics & Finance · doi:10.1016/j.iref.2025.104435 · Cited by 6
Financial literacy and residents' health levels
Wang, L., & Dang, C. (2025) · International Review of Economics & Finance · doi:10.1016/j.iref.2025.104361 · Cited by 7
Guo, X., Guo, X., & Guan, H. (2025) · Economic Analysis and Policy · doi:10.1016/j.eap.2025.02.013 · Cited by 6
Storozuk, A., & Maloney, E. A. (2023) · Journal of risk and financial management · doi:10.3390/jrfm16040238 · Cited by 15
Ammari, A., Allodi, E., Salerno, D., & Stella, G. P. (2023) · Research In International Business and Finance · doi:10.1016/j.ribaf.2023.101903 · Cited by 6
Early Financial Education, Financial Literacy, and Gender Equity in Finance*
Bae, K., Jang, G., Kang, H., & Tan, P. (2022) · Asia-Pacific Journal of Financial Studies · doi:10.1111/ajfs.12378 · Cited by 8
A Thoughtful Insight on Women Entrepreneur’s Investment Attitude
Hussain, B., Baig, U., Davidavičienė, V., & Meidutė-Kavaliauskienė, I. (2021) · Economies · doi:10.3390/economies9040187 · Cited by 6
“Moreover, the entrepreneur can efficiently allocate their surplus funds to sustain (Almenberg and Dreber 2015; Anderson et al. 2017; Calcagno and Monticone 2015; Hsu et al. 2020; Stolper 2018; Van Rooij et al. 2011).”
BackgroundFinancial advice: Who Exactly Follows It?
Gavish, L. R., Qadan, M., & Yagil, J. (2021) · Research in Economics · doi:10.1016/j.rie.2021.06.003 · Cited by 11
How Cognitive Ability and Financial Literacy Shape the Demand for Financial Advice at Older Ages
Kim, H. H., Maurer, R., & Mitchell, O. S. (2019) · The Journal of the Economics of Ageing · doi:10.1016/j.jeoa.2021.100329 · Cited by 69
“Haliassos, and Jappelli (2012) and Calcagno and Monticone (2015) provide useful insights into the demand for financial advice, but those authors examine only advice provided by banks and”
InfluentialGeneration difference in hiring financial planners in Malaysia
Safari, M., Mansori, S., & Sesaiah, S. (2017) · doi:10.1108/ijbm-02-2016-0018 · Cited by 6
Financial Literacy and Innovation Performance in SMEs
Campos-Valenzuela, M., Martínez, S. L. M., & Diéguez‐Soto, J. (2021) · Advances in finance, accounting, and economics book series · doi:10.4018/978-1-7998-7634-2.ch004 · Cited by 10
Financial Literacy, Information Behavior, and Interest in Financial News in Austria
Kovarova-Simecek, M., & Aubram, T. (2018) · doi:10.2139/ssrn.3156961 · Cited by 6
Hoque, M. E., Soo-Wah, L., & Haque, M. M. (2026) · Financial Innovation · doi:10.1186/s40854-025-00839-z · Cited by 5
“Calcagno and Monticone (2014) show evidence that low financial literacy investors have a lower tendency to seek consultation from advisors for their financial decisions.”
Do Financial Advisors Charge Sustainable Investors a Premium?
Laudi, M., Smeets, P., & Weitzel, U. (2026) · Management Sciences · doi:10.1287/mnsc.2025.00232 · Cited by 5
Kadoya, Y., Lal, S., Shinohara, J., & Khan, M. S. R. (2025) · Heliyon · doi:10.1016/j.heliyon.2025.e42213 · Cited by 5
Internal factors driving willingness to seek financial advice: The role of trust and anxiety
Westermann, S., Harrison, J. L., & Niblock, S. J. (2024) · Journal of Consumer Affairs · doi:10.1111/joca.12611 · Cited by 5
Rosidah, C. T., Azmy, B., Irianto, A., Christi, M. V., & Cahyaningtyas, A. (2024) · Multidisciplinary Science Journal · doi:10.31893/multiscience.2025291 · Cited by 3
Advisors for micro-entrepreneurs: is one as good as another in accessing alternative finance?
Soana, M., Cucinelli, D., & Ronchini, B. (2024) · Small Business Economics · doi:10.1007/s11187-024-00942-y · Cited by 5
“…complementary theory, more financially literate individuals, aware of the relevant and additional information they can receive from advisors, are more likely to rely on professional assistance because of the higher opportunity cost of their time (Hacketal et al., 2012; Calcagno & Monticone, 2015).”
Financial Literacy Content Areas for Professional Athletes: Evidence From a Qualitative Study
Moolman, J. (2023) · Financial Counseling and Planning · doi:10.1891/jfcp-2021-0073 · Cited by 5
FİNANSAL OKURYAZARLIĞIN GİRİŞİMCİLİK ÜZERİNE ETKİSİ: ÜNİVERSİTE ÖĞRENCİLERİ ÜZERİNDE BİR ARAŞTIRMA
Kuşcu, F. N., & Yilmaz, F. (2022) · Uluslararası Bankacılık Ekonomi ve Yönetim Araştırmaları Dergisi · doi:10.52736/ubeyad.1137949 · Cited by 5
Financial literacy, the risk‐as‐feelings hypothesis, and passive income generation
Habyarimana, J., & Kakkar, V. (2022) · Financial Planning Review · doi:10.1002/cfp2.1154 · Cited by 5
Experimental Study: Financial Literacy and Financial Efficacy of Interest in Investing
Djaelani, Y., & Zainuddin, Z. (2021) · ATESTASI : Jurnal Ilmiah Akuntansi · doi:10.33096/atestasi.v4i2.668 · Cited by 5
“Meanwhile, Calcagno & Monticone (2015) explain that factors that can influence financial literacy are demographic characteristics in the form of gender, ethnicity, education and cognitive abilities, family background, wealth, and time preferences.”
BackgroundKhan, K. A., & Akhtar, M. (2021) · Studies in Business and Economics · doi:10.2478/sbe-2021-0029 · Cited by 5
Relationship Among Financial Literacy, Attitude and Behaviour
Chaulagain, R. (2021) · Social Inquiry: Journal of Social Science Research · doi:10.3126/sijssr.v3i1.46017 · Cited by 5
“But, Calcagno and Monticone (2014) claim that poor financial behaviour is not necessarily always affected by a low level of financial literacy.”
BackgroundKoya, K., Consultants, V. M., & Jones, D. (2021) · Asia Pacific Information Technology Conference · doi:10.1145/3449365.3449369 · Cited by 5
“consumers through the banking institutions does not necessarily educate the consumers [5, 12, 13, 64, 92].”
Background
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
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