Welcome to the AFS Conference 2015 Schedule App. Please use the search features to see when your session or poster has been scheduled to take place.
Usage of Financial Planning Advice and Financial Satisfaction: Implications for Financial Planners
Keywords: 5 words maximum
financial satisfaction, financial planning, financial advice
Very short description for use in the program to help attendees understand more than a title can describe
The purpose of this study was to examine the association between usage of financial planning advice and financial satisfaction. Using data from the 2012 National Financial Capability study, results of t-tests showed that consumers receiving financial advice on investment, insurance, tax, or any combination on these services scored higher on financial satisfaction compared to those who did not receive these services. Multiple regression findings indicated that, controlling for financial condition variables, financial planning advice variables were associated with financial satisfaction. Specifically, investment and tax advices were positively associated with financial satisfaction, while insurance advice was negatively associated with financial satisfaction.
Lead & Corresponding Author
JingJian Xiao, University of Rhode Island
Job Title
Professor
Additional Authors
Nilton Porto, University of Rhode Island
Job Title
Assistant Professor