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Professional Financial Advice and Subjective Well-Being

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  • Arjen Schepen

    (Erasmus University Rotterdam)

  • Martijn J. Burger

    (Open University of the Netherlands
    Erasmus University Rotterdam)

Abstract

In this paper, we examine the relationship between professional financial advice (PFA) and subjective well-being (SWB). Utilizing the Dutch Household Survey 1995–2018, we find that regarding a professional financial advisor as most important source of financial advice is associated with higher levels of SWB. This association is stronger for households that experienced an increase in income, individuals who do not consider themselves financially knowledgeable, and individuals that have a weaker internal locus of control and have a lower degree of conscientiousness.

Suggested Citation

  • Arjen Schepen & Martijn J. Burger, 2022. "Professional Financial Advice and Subjective Well-Being," Applied Research in Quality of Life, Springer;International Society for Quality-of-Life Studies, vol. 17(5), pages 2967-3004, October.
    • Handle: RePEc:spr:ariqol:v:17:y:2022:i:5:d:10.1007_s11482-022-10049-9
    DOI: 10.1007/s11482-022-10049-9
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    1. Guo, Fusen & Li, Feng & Lu, Xiaomeng, 2024. "Does financial advisors improve portfolio efficiency for individual investors? Evidence from large-scale microdata," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 400-412.

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