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Financial Advice and Household Financial Portfolios

Author

Listed:
  • Sarah Brown
  • Alessandro Bucciol
  • Alberto Montagnoli
  • Karl Taylor

Abstract

We explore the demand for financial advice and the role of such advice in shaping household financial portfolios. Since taking financial advice may not be randomly allocated among households, understanding the drivers behind receiving financial advice is important before exploring the role of financial advice in shaping the composition of household portfolios. A number of specification tests are undertaken, including exploring the sensitivity of the results to selection as well matching estimation techniques. The analysis reveals that financial advice is inversely (positively) associated with the share of wealth held in real estate (bonds and stocks).

Suggested Citation

  • Sarah Brown & Alessandro Bucciol & Alberto Montagnoli & Karl Taylor, 2025. "Financial Advice and Household Financial Portfolios," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 87(2), pages 382-413, April.
    • Handle: RePEc:bla:obuest:v:87:y:2025:i:2:p:382-413
    DOI: 10.1111/obes.12613
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    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

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