Determinants of Seeking Financial Advice Among Older Adults

46 Pages Posted: 10 May 2014

See all articles by Benjamin F. Cummings

Benjamin F. Cummings

The American College of Financial Services

Russell N. James

Texas Tech University

Date Written: March 2, 2014

Abstract

Using the Asset and Health Dynamics among the Oldest Old (AHEAD), this study presents the first longitudinal results analyzing factors among older adults associated with beginning and discontinuing the use of a financial advisor. Getting a financial advisor was positively associated with becoming a widow(er), asking family members for assistance with financial decisions, and initially seeing a doctor for help with emotional problems. Among single and widowed respondents, experiencing significant cognitive decline increases the likelihood of getting a financial advisor. Increases in income and net worth were also positively related getting a financial advisor. Dropping a financial advisor was negatively associated with becoming a new widow(er), getting married, and experiencing an increase in net worth. No longer involving family members in financial decisions was strongly related to dropping a financial advisor. Implications for practice are discussed.

Keywords: financial advice, help seeking, widowhood, financial advisor, AHEAD

JEL Classification: D14

Suggested Citation

Cummings, Benjamin F. and James, Russell N., Determinants of Seeking Financial Advice Among Older Adults (March 2, 2014). Available at SSRN: https://ssrn.com/abstract=2434268 or http://dx.doi.org/10.2139/ssrn.2434268

Benjamin F. Cummings (Contact Author)

The American College of Financial Services ( email )

270 S. Bryn Mawr Avenue
Bryn Mawr, PA 19010
United States

Russell N. James

Texas Tech University ( email )

2500 Broadway
Lubbock, TX 79409
United States

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
81
Abstract Views
641
rank
403,021
PlumX Metrics