Financial Advice and Retirement Savings
| Item Type | Journal paper |
| 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. |
| Authors | Hoechle, Daniel; Ruenzi, Stefan; Schaub, Nic & Schmid, Markus |
| Journal or Publication Title | SSRN Electronic Journal |
| Language | English |
| Subjects | economics finance |
| HSG Classification | contribution to scientific community |
| HSG Profile Area | SOF - System-wide Risk in the Financial System |
| Refereed | Yes |
| Date | 30 January 2023 |
| Publisher | SSRN |
| Number of Pages | 53 |
| ISSN | 1556-5068 |
| Publisher DOI | https://doi.org/10.2139/ssrn.4339769 |
| Official URL | https://ssrn.com/abstract=4339769 |
| Contact Email Address | markus.schmid@unisg.ch |
| Depositing User | Beatrix Kobelt-Glock |
| Date Deposited | 06 Feb 2023 11:21 |
| Last Modified | 30 Mar 2023 00:27 |
| URI: | https://www.alexandria.unisg.ch/publications/268955 |
DownloadFull text not available from this repository. (Request a copy)CitationHoechle, Daniel; Ruenzi, Stefan; Schaub, Nic & Schmid, Markus (2023) Financial Advice and Retirement Savings. SSRN Electronic Journal, ISSN 1556-5068 Statisticshttps://www.alexandria.unisg.ch/id/eprint/268955
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