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Participation in risky asset markets and propensity for financial planning: a missing link?

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  • Marco Eugster

Abstract

This study examines whether the association between financial literacy and participation in risky asset markets is robust to variation on a more innate level: the propensity for financial planning. I find that individuals’ propensity for financial planning is strongly positively related to stock market participation as well as membership in a voluntary workplace retirement savings scheme. This result holds when controlling for financial literacy and a range of demographic and control variables in a multivariate regression setting. Importantly, the positive association between financial literacy and risky asset market participation also persists, suggesting that these two variables operate through separate channels.

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  • Marco Eugster, 2019. "Participation in risky asset markets and propensity for financial planning: a missing link?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 59(S1), pages 511-562, April.
    • Handle: RePEc:bla:acctfi:v:59:y:2019:i:s1:p:511-562
    DOI: 10.1111/acfi.12297
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    Cited by:

    1. Xiaobo Xu & Jiali Fang & Martin Young & Liping Zou, 2024. "The impact of post‐retirement financial market participation on retirement income sufficiency in Australia," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(1), pages 903-939, March.
    2. Rui Xue & Adrian Gepp & Terry J. O'Neill & Steven Stern & Bruce J. Vanstone, 2020. "Financial well‐being amongst elderly Australians: the role of consumption patterns and financial literacy," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(4), pages 4361-4386, December.

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