Bank-Advisor Certification and Willingness to Pay for Sustainable Finance Products

Katharina Holzheu and Tobias Wekhof
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Katharina Holzheu: LMU, ifo Institute Munich, Germany
Tobias Wekhof: Center of Economic Research, ETH Zurich, Zurichbergstrasse 18, 8092 Zurich, Switzerland

No 25/396, CER-ETH Economics working paper series from CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich

Abstract: We examine Swiss retail investors' willingness to pay (WTP) for sustainable finance products and the influence of bank advisor certification. In a hypothetical choice experiment with a randomized controlled trial (RCT), we assigned participants to either a priming treatment with a bank advisor certified in sustainable investing or a control group. We found a WTP between 1 and 1.5 percentage points of annual return for sustainable mutual funds, especially among financially literate investors. The presence of a certified green finance advisor further increased WTP between 0.2 and 0.8 percentage points, particularly for investors with low financial literacy.

Keywords: sustainable investing; willingness to pay; financial literacy; sustainable financial literacy; conjoint analysis; certified financial advice; RCT (search for similar items in EconPapers)
JEL-codes: G11 G18 G41 G53 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2025-01
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