2015 Conference
October 15–16, 2015
Orlando, FL
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Does financial literacy increase demand for financial planners?
Keywords: 5 words maximum
financial literacy,financial planners
Very short description for use in the program to help attendees understand more than a title can describe
This paper examines the role financial literacy plays in the demand for a financial planner. The goal is to see whether increased financial literacy increases demand for a financial planner. As people become more financially literate, do they demand financial planners,or, do they become overconfident in their abilities to perform their own financial planning?This is important because current literature looks at the importance of financial literacy related to retirement planning or savings, but not demand for planners. Literature shows that financially literate individuals are more likely to save for retirement. This could increase demand for planners to manage retirement accounts