Financial Advice and Retirement Savings
Journal
SSRN Electronic Journal
ISSN
1556-5068
Type
journal article
Date Issued
2023-01-30
Author(s)
Abstract
We use a unique dataset from a large retail bank to examine the impact of financial advice on personal retirement savings. We document that retirement-related financial advice is associated with an increase in tax-exempt retirement accounts and equity investments, both at the extensive as well as the intensive margin. Our analysis suggests a causal link. We find no evidence that advisors particularly help typically disadvantaged clients (female, poorer, less-educated). Additional investments into retirement accounts and equities primarily come from external sources and checking accounts. The bank also benefits from the provision of retirement-related financial advice.
Language
English
HSG Classification
contribution to scientific community
HSG Profile Area
SOF - System-wide Risk in the Financial System
Refereed
Yes
Publisher
SSRN
Pages
53
Official URL
Division(s)
Contact Email Address
markus.schmid@unisg.ch
Eprints ID
268955