Financial Literacy and Financial Advice Seeking in an Ageing Australia

2013 ◽  
Author(s):  
Paul Gerrans ◽  
Douglas A. Hershey
Keyword(s):  
Financial Literacy ◽  
Financial Advice ◽  
Advice Seeking

scholarly journals Financial Adviser Anxiety, Financial Literacy and Financial Advice Seeking

2014 ◽  
Author(s):  
Paul Gerrans ◽  
Douglas A. Hershey
Keyword(s):  
Financial Literacy ◽  
Financial Advice ◽  
Advice Seeking

scholarly journals Financial Literacy and Financial Advice Seeking for Retirement Investment Choice

2019 ◽  
Vol 11 (1) ◽  
pp. 70-83 ◽  
Author(s):  
Thi Anh Nhu Nguyen ◽  
◽  
Zoltan Rozsa ◽  
Keyword(s):  
Financial Literacy ◽  
Financial Advice ◽  
Investment Choice ◽  
Advice Seeking ◽  
Retirement Investment

scholarly journals Financial Adviser Anxiety, Financial Literacy, and Financial Advice Seeking

2016 ◽  
Vol 51 (1) ◽  
pp. 54-90 ◽  
Author(s):  
Paul Gerrans ◽  
Douglas A. Hershey
Keyword(s):  
Financial Literacy ◽  
Financial Advice ◽  
Advice Seeking

scholarly journals Financial literacy, confidence and financial advice seeking

2016 ◽  
Vol 131 ◽  
pp. 198-217 ◽  
Author(s):  
Marc M. Kramer
Keyword(s):  
Financial Literacy ◽  
Financial Advice ◽  
Advice Seeking

scholarly journals How Financial Literacy Shapes the Demand for Financial Advice at Older Ages

2021 ◽  
pp. 100329
Author(s):  
Hugh H. Kim ◽  
Raimond Maurer ◽  
Olivia S. Mitchell
Keyword(s):  
Financial Literacy ◽  
Financial Advice

Characteristics of ETF Owners: Exploring the Role of Investor Knowledge, Fee Aversion, and Financial Advice Seeking

2018 ◽  
Author(s):  
Shane Enete ◽  
Miranda Reiter ◽  
Wendy Usrey ◽  
Andrew Scott ◽  
Martin Seay
Keyword(s):  
Financial Advice ◽  
Advice Seeking

Financial Advice Seeking: A Review of the Barriers and Benefits

2020 ◽  
Vol 39 (4) ◽  
pp. 367-388 ◽  
Author(s):  
Steffen Westermann ◽  
Scott J. Niblock ◽  
Jennifer L. Harrison ◽  
Michael A. Kortt
Keyword(s):  
Financial Advice ◽  
Advice Seeking

Retirement concerns and financial literacy in Brunei

2020 ◽  
Vol 40 (3/4) ◽  
pp. 342-365
Author(s):  
Pg Md Hasnol Alwee Pg Hj Md Salleh ◽  
Roslee Baha
Keyword(s):  
Financial Literacy ◽  
Home Ownership ◽  
Pension Reform ◽  
Defined Benefit ◽  
Defined Contribution ◽  
Content Type ◽  
Financial Advice ◽  
Knowing How ◽  
Retirement Plan

PurposeDespite the inclusion of financial literacy in retirement studies, there are limited studies that look into retirement concerns and how financial literacy plays a role in managing retirement concerns. Understanding retirement concerns prior to retirement is important given how it affects retirement satisfaction. Therefore, this paper aims at assessing the retirement concerns in Brunei and the role of financial literacy in managing those concerns.Design/methodology/approach700 government employees, divided into three groups, were interviewed: Defined Contribution Plan (DCP) employees retiring in the next 10–15 years, DCP employees retiring in 20–30 years' time and Defined Benefit Plan (DBP) employees retiring in the next 10 years. Pearson's chi-square tests and logistic regressions were used to ascertain significant relationships.FindingsThe results indicate the relatively younger DCP group is more likely to be financially literate compared to senior groups however, these respondents are more inclined to focus on private home ownership at this juncture. The findings also indicate the importance of knowing how much to save for retirement towards determining those with an additional retirement plan, and consequently reducing their retirement concerns. The value of financial advice is also significant in determining the amount to save for retirement and in possessing an additional retirement plan.Research limitations/implicationsResults cannot be generalised to the population, as purposive sampling was utilised due to the absence of a population frame.Practical implicationsThe implications of the paper may provide value to policymakers to consider approaches to enhance the quality of financial advice and provide sound knowledge in computing the amount needed for retirement. Understanding the role of financial literacy vis-à-vis retirement concerns may also be useful for neighbouring countries with similar socio-cultural aspects such as Malaysia.Originality/valueGiven the limited research on retirement concerns and financial literacy, this paper is one of the few to emphasise on the importance of knowing how much is needed to save for retirement, in relation to retirement concerns. This may also be useful in other countries/communities with similar retirement context such as those with relatively low retirement planning or with similar retirement schemes. Further, with the 1993 pension reform, there is no known publication on retirement concerns and expectations in Brunei. Left unchecked, it may lead to poverty in old age and/or dependency on welfare institutions and family support.

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