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Can financial literacy be a substitute for financial advisers? Evidence from China

Bofan Liu and Bin Lu

Pacific-Basin Finance Journal, 2023, vol. 79, issue C

Abstract: This study investigates the influence of financial literacy on the utilization of financial advisers in China, using 2019 data from the China Household Finance Survey and a probit with sample selection model. The findings indicate that elevated levels of financial literacy have a beneficial impact on both the demand for and employment of financial advisers. The impact is more significant among younger or middle-aged individuals with debt and awareness of financial threshold changes. The research also reveals that financial literacy improves information attention and comprehension of risky financial products, resulting in greater demand for and employment of financial advisers.

Keywords: Financial literacy; Demand for financial advisers; Employment of financial advisers; Mechanism analysis; Probit with sample selection model; Chinese residents (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1016/j.pacfin.2023.102046

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Pacific-Basin Finance Journal is currently edited by K. Chan and S. Ghon Rhee

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Handle: RePEc:eee:pacfin:v:79:y:2023:i:c:s0927538x23001129