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
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
Official URL
Contact Email Address
Depositing User Beatrix Kobelt-Glock
Date Deposited 06 Feb 2023 11:21
Last Modified 30 Mar 2023 00:27


Full text not available from this repository. (Request a copy)


Hoechle, Daniel; Ruenzi, Stefan; Schaub, Nic & Schmid, Markus (2023) Financial Advice and Retirement Savings. SSRN Electronic Journal, ISSN 1556-5068

Edit item Edit item