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Financial vulnerability and seeking expert advice: Evidence from a survey experiment

Manthos Delis (), Emilios Galariotis and Jerome Monne

MPRA Paper from University Library of Munich, Germany

Abstract: The role of a bank advisor is especially important for guiding and counseling financially distressed individuals. Using a randomized controlled survey experiment conducted on a representative sample of French individuals and priming the financial vulnerability of half the respondents, we examine attitudes toward bank advisors. We find that priming deters low-income individuals from showing an extremely negative attitude toward seeking banking advice (positive effect); it also deters them from showing an extremely positive attitude (negative effect). We also find that acute financial distress partially drives the positive effect, and a lack of financial literacy partially drives the negative effect.

Keywords: Behavioral economics and finance; Poverty; Salience; Survey experiment; Priming; Banking services; Financial advisor. (search for similar items in EconPapers)
JEL-codes: C83 C9 D14 D90 D91 G2 (search for similar items in EconPapers)
Date: 2021-04-10
New Economics Papers: this item is included in nep-eur, nep-exp and nep-fle
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