@article {11663,
	title = {How Financial Literacy Shapes the Demand for Financial Advice at Older Ages},
	journal = {The Journal of the Economics of Ageing},
	volume = {20},
	year = {2021},
	pages = {100329},
	abstract = {We investigate how financial literacy shapes older Americans{\textquoteright} demand for financial advice. Using an experimental module fielded in the Health and Retirement Study, we show that financial literacy strongly improves the quality but not the quantity of financial advice sought. In particular, more financially literate people seek financial help from professionals. This effect is more pronounced among older people and those with more wealth and more complex financial positions. Our analysis result implies that financial literacy and financial advisory services are complementary with, rather than substitutes for, each other.},
	keywords = {financial advice, Financial literacy, Financial Management},
	isbn = {2212-828X},
	doi = {10.1016/j.jeoa.2021.100329Get},
	author = {Kim, Hugh H. and Maurer, Raimond and Olivia S. Mitchell}
}
@article {10036,
	title = {How cognitive ability and financial literacy shape the demand for financial advice at older ages},
	number = {NBER Working Paper No. 25750},
	year = {2019},
	month = {04/2019},
	pages = {1-20},
	institution = {National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {We investigate how cognitive ability and financial literacy shape older Americans{\textquoteright} demand for financial advice using an experimental module in the 2016 Health and Retirement Study. We show that cognitive ability and financial literacy strongly improve the quality, but not the quantity, of financial advice sought. Most importantly, the financially literate and more cognitively able tend to seek financial help from professionals rather than family members, and they are less likely to accept so-called {\textquoteleft}free{\textquoteright} financial advice that may entail conflicts of interest. Nevertheless, those with higher cognitive function also tend to distrust financial advisors, leading them to eschew their services.},
	keywords = {Cognition \& Reasoning, Financial literacy, Social Support},
	doi = {10.3386/w25750},
	url = {http://www.nber.org/papers/w25750.pdf},
	author = {Hugh Hoikwang Kim and Maurer, Raimond and Olivia S. Mitchell}
}
@article {9836,
	title = {What the Health and Retirement Study Tells Us About Cognitive Ability, Financial Literacy, and the Demand for Financial Advice at Older Ages},
	number = {No. 146},
	year = {2018},
	month = {07/2018},
	institution = {TIAA Institute},
	address = {New York City},
	abstract = {Cognitive ability and financial literacy can have an indeterminate effect on older persons{\textquoteright} financial behavior. Older investors who recognize that their capacity to manage financial assets is diminished would rationally delegate the task to others. But those who mistakenly believe their acumen remained intact might continue managing their money themselves. This study examines the ambiguous influence of cognitive ability and financial literacy at older ages to gauge their impact on demand for, and use of, financial advice.},
	keywords = {Cognitive Ability, Decision making, Financial literacy},
	url = {https://www.tiaainstitute.org/publication/what-health-and-retirement-study-tells-us-about-cognitive-ability},
	author = {Hugh Hoikwang Kim and Maurer, Raimond and Olivia S. Mitchell}
}
