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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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Items 201–300 of 336
Adrianto, F. (2021) · DLSU Business & Economics Review · doi:10.59588/2243-786x.1108 · Cited by 3
“Calcagno and Monticone (2015) convey the importance of financial literacy in making investment decisions.”
Öztop, A., & Kuyu, E. (2020) · Pressacademia · doi:10.17261/pressacademia.2020.1297 · Cited by 5
“Calcagno and Monticone (2015) reached the conclusion that investors who have low level of financial literacy do not invest in risky assets and also they are not prone to take advices from financial consultants.”
BackgroundFinancial advice and discretion limits
Davies, S. (2020) · Financial Planning Review · doi:10.2139/ssrn.2430938 · Cited by 5
“Calcagno and Monticone (2015) consider a model in which an individual chooses to avoid financial advice, listen to financial advice, or delegate to a financial advisor.3 Although they endogenize the choice to delegate, they do not consider choice limits.”
BackgroundMethodFinancial Advice and Household Financial Portfolios
Brown, S., Bucciol, A., Montagnoli, A., & Taylor, K. (2021) · Social Science Research Network · doi:10.2139/ssrn.3833233 · Cited by 5
“In the context of Italy, Calcagno and Monticone (2015) also find that the demand for financial advice is the lowest for those with the lowest levels of financial literacy and that a high level of financial literacy is inversely associated with the probability of delegating the portfolio choice.”
BackgroundMethodInfluentialAnalysis of Rural Households' Borrowing Behavior and Its Influencing Factors in Western China
Zhang, W., & Wang, J. (2021) · International Conference on Information Technology and Quantitative Management · doi:10.1016/j.procs.2022.01.136 · Cited by 5
The Economic and Social Value of Financial Literacy
Santos, J. M. S. (2020) · Advances in finance, accounting, and economics book series · doi:10.4018/978-1-7998-2440-4.ch009 · Cited by 6
Longobardi, S., Pagliuca, M., & Regoli, A. (2017) · Quality & Quantity: International Journal of Methodology · doi:10.1007/s11135-017-0545-0 · Cited by 4
Navigating the rise of finfluencers: a multidimensional quality framework for strategic partnerships
Zülch, H., Mölders, M., & Hoffmann, C. P. (2026) · Journal of Financial Services Marketing · doi:10.1057/s41264-025-00334-7 · Cited by 4
“…(We Are Social et al. 2025 ), the pan - demic (Boyde 2023 ; Davies 2023 ; Fava 2023 ), the growing valuation of global influencer marketing exceeding $30 bil - lion in 2025 (Statista 2025 ), and the rising demand for finan - cial literacy and advice (Calcagno and Monticone 2015; Barrett 2022 ).”
Individual investor trust and cryptocurrency participation: evidence from three Nordic countries
Baeckström, Y., Jalan, A., & Matkovskyy, R. (2025) · The Journal of Technology Transfer · doi:10.1007/s10961-025-10276-w · Cited by 6
“…are in line with prior studies that illustrate the role of investment knowledge in financial investing (Bianchi, 2018), better understanding of investment options (Calcagno & Monticone, 2015 ; Klapper & Lusardi, 2020 ) and investing in sophisticated financial products (Bannier & Neubert, 2016).”
Mahmud, H., Islam, A. K. M. N., & Krishnan, S. (2025) · Decision Support Systems · doi:10.1016/j.dss.2025.114541 · Cited by 11
“However, such advisors are often criticized for conflict of interest [2], high fees [3], and emotional biases [4], leading many investors to seek alternatives.”
Regional Culture and Digital Financial Inclusion in China
Sun, Y., Xu, Y., Zeng, X.-P., Xiao, L., Xia, Q., Zhao, Y., & Wan, X.-H. (2023) · Journal of Organizational and End User Computing · doi:10.4018/joeuc.332245 · Cited by 4
“Numerous studies have consistently demonstrated the positive correlation between higher financial literacy and increased participation in digital finance (Calcagno & Monticone, 2015; Su et al., 2021).”
BackgroundTrust in Financial Institutions and Demand for Financial Advice
Fong, J. H., & Lee, Z. (2023) · Financial Counseling and Planning · doi:10.1891/jfcp-2021-0054 · Cited by 4
Bibliometric Analysis: Financial Literacy and Financial Behavior
Wahyuni, S., Sukmadewi, R., & Setiawati, S. (2022) · eCo-Buss · doi:10.32877/eb.v5i2.614 · Cited by 4
“(Calcagno & Monticone, 2015) It's believed that greater financial literacy leads to the higher number of people seeking financial advice.”
Delegated asset management and performance when some investors are unsophisticated
Malliaris, S. G., & Malliaris, A. (2021) · Social Science Research Network · doi:10.2139/ssrn.3900219 · Cited by 4
Financial Literacy among Malaysian Military Personnel
Nawi, H. M., & Hussin, H. S. (2021) · International Journal of Academic Research in Business and Social Sciences · doi:10.6007/ijarbss/v11-i2/8584 · Cited by 8
Financial decisions of the financially literate
Aubert, N., Kammoun, N., & Bekrar, Y. (2018) · Finance · doi:10.3917/fina.392.0043 · Cited by 4
“Our results in this regard are consistent with those of Calcagno and Monticone (2015) and Hackethal et al. (2012), who investigate the consequences of financial advice on the portfolio choices of bank customers.”
InfluentialThe Demand for Advice in Defined Contribution Pension Plans: Age, Gender, and the Size-of-Bet EffectPreprint
Clark, G., Fiaschetti, M., & Gerrans, P. (2015) · SSRN Electronic Journal · doi:10.2139/ssrn.2551819 · Cited by 4
“Calcagno and Monticone (2015) similarly support complementarity claiming that ‘advisors are not useful to the investors who need them the most’12, depicting a picture of a conflicted advisor who sells incentives that compromise outcomes for the uniformed advisor.”
BackgroundInfluentialKhan, K. A., Akhtar, M. A., Hassan, Y., & Vychytilová, J. (2025) · Management & Sustainability An Arab Review · doi:10.1108/msar-02-2025-0075 · Cited by 3
Sandoval, J. S., Collazos-Ortiz, M. A., Sarmiento-Sabogal, J., & Cayón, E. (2025) · International Journal of Bank Marketing · doi:10.1108/ijbm-09-2024-0567 · Cited by 3
Zeng, J., & Wu, J. (2025) · PLoS ONE · doi:10.1371/journal.pone.0333794 · Cited by 3
“As demonstrated by Brunnermeier [24] and Calcagno and Monticone [25], liquidity spirals during the 2007–08 financial crisis propagated shocks rapidly across borders.”
Dityarukmana, F. (2025) · Journal of Management and Business Insight · doi:10.12928/jombi.v3i1.1633 · Cited by 3
Financial Attention and Household Consumption Upgrading
Li, H., & Zhang, R. (2025) · Advances in Applied Mathematics · doi:10.12677/aam.2025.142063 · Cited by 3
Introducing the Financial Planning Longitudinal Study (FPLS)
Heckman, S. J., Koochel, E., Lutter, S., & Collins, J. (2025) · Financial Planning Review · doi:10.1002/cfp2.70003 · Cited by 3
The impact of covid-19 on poverty alleviation: Empirical evidence from Somalia
Razak, D. B. A., & Nor, B. A. (2024) · Jurnal Ekonomi & Studi Pembangunan · doi:10.18196/jesp.v25i2.22193 · Cited by 3
“Moreover, previous research conducted by Atkinson & Messy, (2013), Calcagno & Monticone, (2015) and (Klapper et al., 2013) establishes a substantial association between financial literacy and higher levels of financial inclusion.”
The quality of financial advice: What influences recommendations to clients?
d'Astous, P., Gemmo, I., & Michaud, P.-C. (2024) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2024.107291 · Cited by 3
Jeandry, G., Dara, A., & Zainuddin, Z. (2024) · Owner · doi:10.33395/owner.v8i3.2185 · Cited by 3
“Semakin tinggi tingkat literasi keuangan seseorang akan terlihat pada perilaku keuangan dan kebijaksanaan dalam mengelola keuangan yang efektif (Calcagno & Monticone, 2015; Noor et al., 2020) Organization for Economic Co-operation and Development (OECD) mendefinisikan literasi keuangan sebagai…”
BackgroundTHE ROLE OF FINANCIAL LITERACY FOR SMEs OWNERS : STUDY ON RIBBON EMBROIDERY SMEs IN SEMARANG
Puspitasari, D., Wardhani, M. F., & Herawati, R. (2022) · SULTANIST: Jurnal Manajemen dan Keuangan · doi:10.37403/sultanist.v10i2.433 · Cited by 3
“Sociodemography: (Monticone, 2011) explains that the male gender has better knowledge of financial literacy than the female gender.”
BackgroundInfluentialLife lessons: Leaving home and financial capability of young adults
Czar, K., Gilbert, A. B., & Scott, A. (2021) · Journal of Consumer Affairs · doi:10.1111/joca.12357 · Cited by 3
Islamic Financial Literacy in Muslim Majority Country
Beik, I. S., & Arsyianti, L. D. (2020) · Islaminomics Journal of Islamic Economics Business and Finance · doi:10.47903/ji.v10i2.120 · Cited by 2
“In this case, the financial advisor that can be recruited as suggested by Calcagno & Monticone (2015) that independent financial advisor can be more effective in delivering the financial literacy.”
BackgroundNawi, H. M., & Hussin, H. S. (2020) · International Journal of Academic Research in Accounting Finance and Management Sciences · doi:10.6007/ijarafms/v10-i1/7194 · Cited by 3
“On the other hand, Calcagno & Monticone (2015) argued that a lower level of financial literacy does not mean that families are obliged to produce bad financial decisions.”
BackgroundMeasuring the Status of IPO Knowledge among University Teachers
Gurung, J. (2019) · doi:10.3126/pjri.v1i0.29873 · Cited by 3
“Monticone (2011) found that financial literacy is important in explaining the demand for financial advice, and the relationship between private investors and financial intermediaries providing advice.”
BackgroundTrust within Investment Decisions and Advice
Ritzer-Angerer, P. (2019) · The Journal of Wealth Management · doi:10.3905/jwm.2019.1.083 · Cited by 5
“There is empirical evidence that financial advice seems to be a complement to, rather than a substitute for, f inancial literacy (Collins 2012; Calcagno and Monticone 2015; Debbich 2015; Disney, Gathergood, and Weber 2015), meaning that “those who would prof it more from receiving the assistance of a financial advisor…”
BackgroundInfluentialFinancial Sophistication, Personality and Stock Market Participation: Theory and Evidence
Akhtar, M. N., Muhammad, F., & Siddiqui, M. A. (2018) · Lahore Journal of Business · doi:10.35536/ljb.2018.v7.i1.a3 · Cited by 4
“…2011; Balloch, Nicolae & Philip, 2014; Bodnaruk & Simonov, 2015; Hilgert, Hogarth & Beverly 2003; Jappelli & Padula, 2013; Abreu & Mendes, 2010; Calcagno & Monticone, 2015; Gaudecker & Von, 2015) there remains a lack of understanding between financial sophistication, personality and stock…”
BackgroundWhat Do People Expect from a Financial Awareness Platform? Insights from an Online Survey
Panos, G. A., Gkrimmotsis, K., Bouzanis, C., Katmada, A., Σάτσιου, Ά., Gasparini, G.-L., Prospero, A., Praggidis, I., & Karapistoli, E. (2016) · Lecture notes in computer science · doi:10.1007/978-3-319-50237-3_1 · Cited by 2
“informed choices, both in terms of own expense accounts and in terms of choosing a financial advisor [42].”
BackgroundWhy Do Oaths Work? Image Concerns and Credibility in Promise Keeping
Kingsuwankul, S., Tergiman, C. J., & Villeval, M. (2023) · Social Science Research Network · doi:10.2139/ssrn.4574459 · Cited by 3
“…advisors is influenced by both the investors’ level of trust in the profession (Gennaioli et al., 2015; Germann et al., 2018) and a lack of financial literacy (Calcagno and Monticone, 2015; Stolper, 2018), in a context where financial products are more and more complex (Celerier and Vallee, 2017).”
BackgroundThe Role of Financial Inclusion
Başdaş, Ü. (2020) · Advances in finance, accounting, and economics book series · doi:10.4018/978-1-7998-2440-4.ch011
Financial Capability and Financial Planning at the Verge of Retirement Age
Nam, Y., & Loibl, C. (2020) · Journal of Family and Economic Issues · doi:10.1007/s10834-020-09699-4 · Cited by 69
Financial education and insurance advice seeking
Xiao, J.-J., & Porto, N. (2018) · Geneva papers on risk and insurance. Issues and practice · doi:10.1057/s41288-018-0108-1 · Cited by 2
Xiang, Z., Xue, X., Yin, Q., Wang, X., & Liu, Z. (2026) · International Review of Economics & Finance · doi:10.1016/j.iref.2026.105065 · Cited by 2
Kumta, S. S., Panakaje, N., Parvin, S. M. R., & Nikzad, A. M. (2026) · Acta Psychologica · doi:10.1016/j.actpsy.2026.106530 · Cited by 2
Gurbaxani, A., Mondal, S., & Raman, R. (2025) · Cogent Business & Management · doi:10.1080/23311975.2025.2598193 · Cited by 2
The Provision of Information on Mobile Banking by Local Ambassadors: Experimental Evidence From Peru
Agurto, M., Djebbari, H., Sarangi, S., Silupu, B., Trivelli, C., & Torres, J. (2025) · Journal of International Development · doi:10.1002/jid.4001 · Cited by 2
Balancing Interests: Economic Incentives in Financial Education for Households and Banks
Bacchiocchi, A., Favaretto, F., & Giombini, G. (2025) · Italian Economic Journal · doi:10.1007/s40797-025-00317-6 · Cited by 3
“In this case, the assumptions behind our work, are more similar to those of Calcagno and Monticone (2015), which find that financial advisors are insufficient to alleviate the problem of low financial literacy due to asymmetric information and strategic interaction issues.”
Regulating inattention in fee-based financial advice
Edelen, R. M., Fong, K. Y. L., & Han, J.-Y. (2025) · Journal of Financial Economics · doi:10.1016/j.jfineco.2024.103985 · Cited by 2
Li, S., Fu, R., & Li, M. (2024) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2024.102537 · Cited by 3
The impact of mortgage broker use on borrower confusion and preferences
Chung, S., Agnew, J. R., Bateman, H., Eckert, C., Liu, J., & Thorp, S. (2024) · Journal of Economic Behavior & Organization · doi:10.1016/j.jebo.2024.05.016 · Cited by 5
Lisauskiene, N., Darškuvienė, V., & Butkus, M. (2024) · Baltic Journal of Economics · doi:10.1080/1406099x.2024.2422673 · Cited by 8
“The findings are in line with Calcagno and Monticone (2015) findings that more knowledgeable investors are more likely to consult advisors.”
Demand for Financial Advice: Evidence from a Randomized Choice Experiment
Kramer, M., de Bruin, B., Hermes, N., Cherednychenko, O. O., & Meyer, M. (2024) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2024.107193 · Cited by 2
“In line with this reasoning, and with findings by Calcagno and Monticone (2015), we find that across both fee-based and commission-based regimes, respondents who score higher on financial literacy are less likely to seek financial advice.”
Wealth as a Moderating Effect on Gender Differences in Portfolio Holdings
Riefler, R., Baeckström, Y., & Tosun, O. (2024) · Social Science Research Network · doi:10.2139/ssrn.4248599 · Cited by 2
“See, for example, the Calcagno & Monticone (2015) analysis of advised investors in Italy and the investigation into retail investors in Canada by Foerster, Linnainmaa, Melzer, & Previtero (2017).”
Cognition ability, financial advice seeking, and investment performance: New evidence from China
Yang, Z., Gao, J., & Yu, D. (2023) · International Review of Finance · doi:10.1111/irfi.12433 · Cited by 3
Poverty and seeking bank advice: Evidence from a survey experiment
Delis, M., Galariotis, E., Iosifidi, M., & Monne, J. (2023) · Journal of Financial Stability · doi:10.1016/j.jfs.2023.101156 · Cited by 2
Regulatory leadership in struggling – the US path in robo-advisors governance
Di, X. (2023) · Law and Financial Markets Review · doi:10.1080/17521440.2024.2313473 · Cited by 2
“Anticipation towards robo-advisors is quite high, as surveys have shown that many individuals in the US exhibit great levels of distrust towards human investment advisors, 5 and robo-advisors are expected to be less vulnerable to potential con fl icts of interest.”
BackgroundHageman, S. A. (2022) · Health & Social Work · doi:10.1093/hsw/hlac036 · Cited by 2
Ali, A. (2021) · THE ASIAN BULLETIN OF ONLINE EDUCATION AND E-LEARNING · doi:10.61866/aboeel.v1i1.19 · Cited by 2
“An extensive literature is available that discusses the importance of investor behavior and financial literacy in making profitable investment decisions (Agarwal et al. 2015; Calcagno and Monticone 2015; Faff, Mulino, and Chai 2008; Hassan Al-Tamimi and Anood Bin Kalli 2009).”
BackgroundEffects of financial literacy on graduate school attitudes amidst COVID‐19
Chan, K. C., Chang, S., & Snavely, J. C. (2021) · Managerial and Decision Economics · doi:10.1002/mde.3504 · Cited by 2
The Value of Financial Advice in a Crisis: A Multidisciplinary Literature Review
Loy, E., Wildman, K. L., MacDonald, K., & Brimble, M. (2021) · Financial Planning Research Journal · doi:10.2478/fprj-2021-0004
What is the Impact of Financial Advisors on Retirement Portfolio Choices and Outcomes?Preprint
Chalmers, J. M. R., & Reuter, J. (2012) · SSRN Electronic Journal · doi:10.2139/ssrn.1785833 · Cited by 39
Diedenhofen, B., & Musch, J. (2019) · International Journal of Selection and Assessment · doi:10.1111/ijsa.12252 · Cited by 2
Answering Savings Puzzle About Small Saving Schemes and Mutual Funds: Evidence from Tripura
Deb, R., Deb, P., Majumder, S., Chakraborty, S., & Chakraborty, K. S. (2019) · Metamorphosis · doi:10.1177/0972622518823587 · Cited by 1
Cici, G., Kempf, A., & Sorhage, C. (2017) · doi:10.2139/ssrn.2177401 · Cited by 2
“, 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).”
Factors influencing the retirement savings of individuals in the Eastern Cape, South Africa
Zeka, B. (2016) · doi:10.20472/iac.2016.024.101 · Cited by 2
“…advice such as consulting financial planners, attending retirement seminars/workshops and using the internet for retirement income calculations (Calcagno & Monticone, 2015, p. 365; Botha et al., 2014, p. 7; Sillence & Briggs, 2007, p. 727-728) are more likely to have sufficient savings for…”
BackgroundMasciandaro, D., & Guerini, C. (2023) · SSRN Electronic Journal · doi:10.2139/ssrn.4664438 · Cited by 2
Collaborative Finance and Its Hurdles to Overcome
Ruiz-Dotras, E., & Mitręga-Niestrój, K. (2020) · Research Anthology on Personal Finance and Improving Financial Literacy · doi:10.4018/978-1-5225-9928-9.ch013 · Cited by 2
Adults' Financial Literacy and Households' Financial Assets: The Role of Banks Information Policies
Fort, M., Manaresi, F., & Trucchi, S. (2014) · Social Science Research Network · doi:10.2139/ssrn.2519460 · Cited by 2
“However, they can indirectly impact the probability of consulting an advisor and delegating the portfolio choice management if, as shown by Calcagno and Monticone (2014), it depends on financial literacy.”
BackgroundMeyer, S., & Uhr, C. (2026) · Journal of Economic Behavior & Organization · doi:10.1016/j.jebo.2026.107626 · Cited by 1
Financial advice behaviour: humans versus AI
Baeckström, Y., & Matkovskyy, R. (2026) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2026.103044 · Cited by 2
Mori, Y. (2026) · Financial Services Review · doi:10.61190/v80hdm31 · Cited by 1
Cesnak, M., Cupák, A., Fessler, P., & Klacso, J. (2026) · Journal of Financial Stability · doi:10.1016/j.jfs.2026.101544 · Cited by 1
The Effect of Advisors' Incentives on Clients' Investments
Battiston, D., Vidal, J. B. I., Hortala-Vallve, R., & Lou, D. (2026) · Social Science Research Network · doi:10.2139/ssrn.5378537 · Cited by 1
“(6)For instance, advised clients might display lower financial literacy and perform even worse in the absence of advice (Calcagno and Monticone 2015; see however Chalmers and Reuter 2020).”
Raghuveer, P., & Patil, H. (2026) · International Journal of Research -GRANTHAALAYAH · doi:10.29121/granthaalayah.v14.i3.2026.6827 · Cited by 1
Too much of a good thing? Tourism’s dual role in poverty vulnerability
Zheng, T., & Pan, Q. (2026) · Finance Research Letters · doi:10.1016/j.frl.2025.109413 · Cited by 1
Financial Literacy and Investment Behavior of Nepalese Investors
Gurung, R., Oli, P., & Dahal, P. (2025) · Journal of Nepalese Management and Research · doi:10.3126/jnmr.v7i1.88987 · Cited by 2
“…higher levels of financial literacy increase individual’s likelihood of participating in financial markets, encourages investment in risky and more diversified assets, and improve the quality of overall financial decision-making (Calcagno & Monticone, 2015; Lusardi & Mitchell, 2014; Nasrin, 2025).”
Fang, Y., Zeng, W., Zhang, X., & Zhao, Y. (2025) · Journal of Economic Behavior & Organization · doi:10.1016/j.jebo.2025.107069 · Cited by 1
The Legacy of Learning: The Experiences of the Retirement Teacher in Cateel, Davao Oriental
Baniel, J. J. T. (2025) · International Journal of Innovative Science and Research Technology · doi:10.38124/ijisrt/25may1931 · Cited by 1
Discrete Information Acquisition in Financial Markets
Pan, J.-R., Liu, S.-C., Zhang, Q., & Yang, Y. (2025) · Mathematics · doi:10.3390/math13040666 · Cited by 1
Inter-institutional cooperation and migrants' financial education: An Italian case study.
Nocito, S., & Venturini, A. (2025) · Evaluation and Program Planning · doi:10.1016/j.evalprogplan.2025.102537 · Cited by 1
Racial/Ethnic Disparities in Financial Advice Seeking: A Decomposition Analysis
Qing, D., & Reiter, M. (2024) · Financial Services Review · doi:10.61190/fsr.v32i4.3355 · Cited by 1
“There tends to be more support in the literature for a positive association between objective financial knowledge and financial advice seeking (Alyousif & Kalenkoski, 2017; Calcagno & Monticone, 2015; Seay et al., 2016), but some research has found the opposite (Hsu, 2022; Sommer & Lim, 2022).”
Bellofatto, A., Broihanne, M., & D’Hondt, C. (2024) · Financial markets and portfolio management · doi:10.1007/s11408-024-00459-0 · Cited by 2
“In particular, Calcagno and Monticone (2015) provide evidence that while subjective financial literacy is negatively correlated with the demand for financial advice, objective financial literacy exhibits the opposite relationship.”
Pan, X., Qin, S., & Lei, H. (2024) · China Economic Review · doi:10.1016/j.chieco.2024.102294 · Cited by 2
INFORMATION AS A CONSUMER PROTECTION INSTRUMENT ON THE CONSUMER CREDIT MARKET
Czechowska, I., Paduszyńska, M., Jędrzejczak, R., & Sadowski, A. (2024) · Technological and Economic Development of Economy · doi:10.3846/tede.2024.21496 · Cited by 1
The role of financial literacy when informal caregivers make complex financial decisions
Cutler, H., Bilgrami, A., Gu, M., Gu, Y., & Aghdaee, M. (2024) · Applied Economics · doi:10.1080/00036846.2024.2312959 · Cited by 2
“This compares to other surveys that have explored the role of financial literacy in financial decision-making and seeking financial advice among investors (Calcagno and Monticone 2015; Kramer 2016).”
Financial Literacy, Behavioral Biases and Participation in Crypto Asset Markets
Ardoğan, A. R., Gül, Y., & Suyadal, M. (2023) · Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi · doi:10.17153/oguiibf.1311841 · Cited by 1
The financial literacy of individuals declared insolvent in the courts in Portugal in 2020
Oliveira, I., Figueiredo, J., Cardoso, A., & Pocinho, M. (2022) · International Review of Economics · doi:10.1007/s12232-022-00407-2 · Cited by 1
“The consequences are an increase in indebtedness and/or over-indebtedness of families and a decrease in savings, with negative implications at the individual level, but also in the financial system and the economy in general (Huston 2010; Calcagno and Monticone 2015; Lusardi and Tufano 2015).”
BackgroundLiteracia financeira: Um estudo para Portugal
Tavares, F., Almeida, L., & Soares, V. (2022) · Portuguese Journal of Finance, Management and Accounting · doi:10.54663/2183-3826.2022.v8.n15.78-98 · Cited by 1
Reprint of: Delegated asset management and performance when some investors are unsophisticated
Malliaris, S. G., & Malliaris, A. G. (2022) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2022.106406 · Cited by 1
Kesa, D. D. (2021) · doi:10.1088/1755-1315/716/1/012088 · Cited by 1
“This approach aims to clarify and examine the social relations to determine the different dimensions of the actors[10].”
BackgroundCompensation of Investment Advisors
Lahtinen, K., & Shipe, S. D. (2018) · doi:10.3905/joi.2018.27.1.080 · Cited by 1
Nexus of Financial Culture and MSMEs Competitiveness
Suryawati, B. N., Nurhayati, Paramu, H., & Utami, E. S. (2025) · International Research Journal of Multidisciplinary Scope · doi:10.47857/irjms.2025.v06i04.06320 · Cited by 1
“Higher levels of financial literacy also promote independence in financial decision making, while reducing reliance on financial advisors (56).”
Financial Advisory: Basic Roles and Functions
Cruciani, C. (2017) · Springer eBooks · doi:10.1007/978-3-319-68234-1_3
Zhao, F., Sun, J., Devasagayam, R., & Clendenen, G. (2018) · Journal of Financial Services Marketing · doi:10.1057/s41264-018-0044-y · Cited by 11
Choosing the highest annuity payout: the role of intermediation and firm reputation
Escudero, C., & Ruiz, J. L. (2021) · Geneva papers on risk and insurance. Issues and practice · doi:10.1057/s41288-021-00236-4
Information sources and participation in the Chinese insurance market: knowledge as a mediator
Lyu, Z., & Wei, L. (2020) · Geneva papers on risk and insurance. Issues and practice · doi:10.1057/s41288-020-00180-9
Zhang, L.-N., & Zhao, H.-D. (2026) · International Journal of Bank Marketing · doi:10.1108/ijbm-02-2026-0130
Aparna, P., & Nirmala, K. (2026) · SDMIMD Journal of Management · doi:10.18311/sdmimd/2026/18014
“(Calcagno & Monticone, 2015; Nugraha et al. , 2022; Dwiarti et al. , 2024; Roemanasari et al. , 2022; Wang et al. , 2024; Xia et al. , 2014), but primarily, it must be backed by financial self-efficacy rather than mere stock market participation or investment.”
Misperceptions and the dominance of real estate in pension portfolios: experimental evidence
Kurach, R., Sadil, V., & Vőneki, Z. T. (2026) · Applied Economics · doi:10.1080/00036846.2026.2746468
Wealth Meets Value: The Role of Advice for High Net Worth Individuals
Maas, M., Petersen, T., Schreiber, P., & Tyrell, M. (2026) · Financial Review · doi:10.1111/fire.70087
Examining Anxiety as an Additional Antecedent to Trust and Commitment in Financial Planning
Rollins-Koons, A., Machiz, I., McCoy, M. A., Wu, J., & White, K. (2026) · Financial Planning Research Journal · doi:10.2478/fprj-2026-0013
“The client relies on the practitioner’s advice to achieve an outcome, and trust is required for the client to act on this advice (Alyousif & Kalenkoski 2017; Calcagno & Monticone 2015; Hunt et al. 2011).”
Kencana, S. S. (2026) · Indonesian Journal of Innovation Multidisipliner Research · doi:10.69693/ijim.v4i3.1531
“…risiko berbasis pemahaman finansial membuat pelaku UMKM mampu mengubah persepsi terhadap ketidakpastian dari sesuatu yang menakutkan menjadi sesuatu yang dapat direncanakan dan dikelola secara rasional E-ISSN: 3025-0994 Halaman 7167-7178 Volume 4 Nomor 3 Tahun 2026 (Calcagno & Monticone, 2015).”
Bussoli, C., Doria, A., Assal, S. E., & Fattobene, L. (2026) · VINE Journal of Information and Knowledge Management Systems · doi:10.1108/vjikms-10-2025-0478
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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