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Professional Financial Advice, Self-control, and Saving Behaviors
Short Abstract
This study examines how professional financial advice affects household financial behaviors over time, by emphasizing people’s different levels of self-control ability. Assume the same quality of professional financial advice, the observed effects of professional financial advice heavily depends on whether households exert self-control to implement saving plans and investment strategies. Focusing on within-household variations, this study uses the fixed-effects model to identify the effect of professional financial advice on financial behaviors in a panel dataset. The results show that people with high levels of self-control ability exhibit significantly better financial outcomes in almost all aspects. This study provides evidence that the effect of professional financial advice is significantly positive on annual investment savings, liquid financial assets and net wealth over time for people with high levels of self-control.