Professional Financial Advice and Subjective Well-Being
Arjen Schepen and
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Arjen Schepen: Erasmus University Rotterdam
Applied Research in Quality of Life, 2022, vol. 17, issue 5, No 25, 2967-3004
Abstract In this paper, we examine the relationship between professional financial advice (PFA) and subjective well-being (SWB). Utilizing the Dutch Household Survey 1995–2018, we find that regarding a professional financial advisor as most important source of financial advice is associated with higher levels of SWB. This association is stronger for households that experienced an increase in income, individuals who do not consider themselves financially knowledgeable, and individuals that have a weaker internal locus of control and have a lower degree of conscientiousness.
Keywords: Subjective well-being; Happiness; Financial well-being; Financial advice; Financial services; Service research (search for similar items in EconPapers)
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