Financial advice and retirement savings

Hoechle, Daniel ; Ruenzi, Stefan ; Schaub, Nic ; Schmid, Markus

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Document Type: Working paper
Year of publication: 2022
The title of a journal, publication series: SSRN Working Paper Series
Place of publication: Amsterdam
Publishing house: Elsevier
Publication language: English
Institution: Business School > Internat. Finanzierung (Ruenzi 2009-)
Subject: 330 Economics
Keywords (English): financial advice , retirement savings , stock market participation
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.

Dieser Eintrag ist Teil der Universitätsbibliographie.

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