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  • Overconfidence in Financial literacy

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    de ZwaanPUB6244.pdf (1.248Mb)
    Author
    de Zwaan, Laura
    Lee, Chrisann
    Liu, Yulin
    Chardon, Toni
    Year published
    2017
    Metadata
    Show full item record
    Abstract
    Financial literacy of clients is an important consideration for financial planners as it has implications for determining financial capacity. Likewise, overconfidence is also an important concern, given that overconfident clients may indicate they understand advice when in reality they do not. Using an online survey, we gathered data on subjective and objective levels of financial literacy from a sample of university students. We then examined the associations between self-assessed and actual levels of financial literacy with the aim of identifying overconfidence. We find, generally, respondents do not overestimate their ...
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    Financial literacy of clients is an important consideration for financial planners as it has implications for determining financial capacity. Likewise, overconfidence is also an important concern, given that overconfident clients may indicate they understand advice when in reality they do not. Using an online survey, we gathered data on subjective and objective levels of financial literacy from a sample of university students. We then examined the associations between self-assessed and actual levels of financial literacy with the aim of identifying overconfidence. We find, generally, respondents do not overestimate their financial literacy; however, respondents with English as a second language were significantly more overconfident than other demographic groups. These findings can help planners in identifying clients who may be overconfident in their own financial literacy.
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    Journal Title
    Financial Planning Research Journal
    Volume
    3
    Issue
    2
    Publisher URI
    https://fpa.com.au/education/financial-planning-research-journal/
    Copyright Statement
    © 2017 Griffith University. The attached file is reproduced here in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version.
    Subject
    Banking, Finance and Investment not elsewhere classified
    Publication URI
    http://hdl.handle.net/10072/382461
    Collection
    • Journal articles

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