The Diffusion of Robo-advisors and Changes in User Characteristics

Mana Kaneko and Katsushi Suzuki

Discussion papers from Research Institute of Economy, Trade and Industry (RIETI)

Abstract: This paper analyzes the evolution of adoption and rejection patterns of robo-advisor services in Japan using panel survey data collected by the Japan Securities Dealers Association from 2017 to 2023, following the initial market introduction of these services. The empirical results show that demographic and socioeconomic characteristics—such as age, residential location, personality traits, and income—associated with adopters and active rejecters changed significantly over time. In contrast, individuals with high financial literacy exhibited stable adoption or rejection behavior, unaffected by time trends. These findings are consistent with the predictions of Rogers' diffusion of innovations theory and contribute to the literature by offering new insights into the determinants of robo-advisor usage.

Pages: 28 pages
Date: 2025-05
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.rieti.go.jp/jp/publications/dp/25e050.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eti:dpaper:25050

Access Statistics for this paper

More papers in Discussion papers from Research Institute of Economy, Trade and Industry (RIETI) Contact information at EDIRC.
Bibliographic data for series maintained by TANIMOTO, Toko ().