Financial literacy and the demand for financial advice

“Similarly, [40, 89] also stated that the less financially literate tend to make irrational financial decisions, are less likely to ask for financial advice, incur avoidable costs, get a lower credit score, have less diversified investments and are less willing to take investment risks.”

“The improvement of digital financial literacy enhances consumers' capacity and willingness to obtain professional investment advice via digital wealth management platforms (Calcagno & Monticone, 2015).”

“A higher level of digital literacy not only alleviates this self-exclusion [13] but also helps households overcome technological barriers, increasing their willingness to proactively seek professional financial advice via digital channels [18].”

“Trust, therefore, is another critical aspect in financial intermediation and should be recognized as a major driver of knowledge dissemination and the main objective of enhancing investors’ capabilities (Calcagno & Monticone, 2015; Debbich, 2015) .”

“Some authors (Calcagno & Monticone, 2015) have considered that financial literacy is necessary to make the right financial decisions.”

“As a consequence, many individuals exhibit pronounced mistrust towards human financial advi-sors, driven by apprehensions about being subjected to financially motivated malfeasance (Calcagno and Monticone 2015, Lachance and Tang 2012, Burke and Hung 2021).”

“This finding is consistent with the findings of (Calcagno & Monticone, 2015).”

“Another highly relevant article is Calcagno and Monticone (2015), titled “Financial literacy and the demand for financial advice,” has 666 citations.”

“The results of the logistic regressions and the descriptive statistics support most financial literacy studies, in that they show a complementary relationship (Collins, 2012; Robb et al. , 2012; Calcagno and Monticone, 2015; Gentile et al. , 2016; Seay et al. , 2016).”

“Customer behavior in Pakistan accepts the new features quite slowly, mainly because of their low-risk tolerance level and financial literacy (Calcagno & Monticone, 2015; Stolper & Walter, 2017).”

“The importance of financial literacy in maximizing the benefits of financial intermediation was addressed by Calcagno and Monticone [25].”

“Insufficient financial knowledge, however, may lead people to decentralize decision-making or avoid high-risk investments entirely (Calcagno and Monticone, 2015).”

“The green cluster focuses on financial literacy and personal financial behaviour, with key contributions from Lusardi and Mitchell (2014) and Calcagno and Monticone (2015).”

“Extensive literature highlights the significance 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).”

“Some studies have concluded that investors with lower levels of financial knowledge are less likely to invest in stocks and other investment vehicles (Calcagno & Monticone, 2015), simply because they neither understand nor trust them (Van Rooij et al., 2011).”

“(2012), Collins (2012), Georgarakos and Inderst (2014) and Calcagno and Monticone (2015)) are key determinants of the demand for financial advice.”

“In sharp contrast, Calcagno and Monticone (2015) identify a positive effect, according to which financial literacy increases the demand for financial advice on portfolio choice from nonindependent professional advisors.”

“This evidence suggests that the acquisition of information is limited by lack of trust towards the individual picked to pass on the information (Guiso, Sapienza and Zingales (2008); Calcagno and Monticone (2015); Patacchini and Rainone (2017)).”