Does financial literacy affect the value of financial advice? a contingent valuation approach

dc.contributor.author	Chauhan, Y.
dc.contributor.author	Dey, D.K.
dc.date.accessioned	2020-03-09T08:57:36Z
dc.date.available	2020-03-09T08:57:36Z
dc.date.issued	2020-03-09
dc.identifier.uri	http://localhost:8080/xmlui/handle/123456789/1503
dc.description.abstract	The paper examines the determinants of investors’ willingness to pay (WTP) for suitable advice. We use contingent valuation, a method frequently used to estimate the value of non-market goods and services, with a unique survey data to estimate WTP for suitable advice. We find that investors with a high level of financial literacy recognize the value of financial advice; therefore, they have a higher WTP. These investors are also less likely to consult with a financial adviser if the advisory fee exceeds investors’ maximum WTP. We also suggest the policy implications of our empirical results.	en_US
dc.language.iso	en_US	en_US
dc.subject	Willingness to pay	en_US
dc.subject	Financial literate	en_US
dc.subject	Financial advice	en_US
dc.subject	Mutual funds	en_US
dc.subject	Household finance	en_US
dc.title	Does financial literacy affect the value of financial advice? a contingent valuation approach	en_US
dc.type	Article	en_US