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C2c Race, Ethnicity, and Financial Planner Use
Key Words
Financial Planner Use, Race, Ethnicity, NFCS, SCF, NLSY79
Short Description
The previous study shows the financial planner use is associated with variables, such as income, educational attainment, income level, age, financial knowledge, and net worth. Specifically, individuals who have assistance from financial planners have better investment portfolio performance (Lei & Yao, 2016) and keep a long-term investment strategy (Winchester et al., 2011). This study focuses on if the predictors associated with financial planner use among different racial and ethnic groups, descriptively. This essay uses datasets including the National Longitudinal Survey of Youth 1979, the 2012 and 2018 National Financial Capability Study, and the 2019 Survey of Consumer Finances. The results show that Whites/others and Asians are better off financially when compared to Blacks and Hispanics, all racial groups are still doing better than those who do not have financial planners.