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What do consultants think about investors’ behavior and financial education?

Author

Listed:
  • Andrea Beltratti

    (Università Bocconi e Feduf)

  • Alessia Bezzecchi

    (Sda Bocconi)

Abstract

We show in this paper that managers who work for the most important Italian financial distributors believe that financial education is a relevant element for retail clients’ portfolio choices. The survey respondents are aware of the gaps existing in financial education and believe they have an important role in filling such gaps. They also suggest that financial education is hard to measure but is useful mainly to empower the relation between clients and consultants. Our results are consistent with the academic literature showing a positive relation between the level of financial education, stock market ownership, and risk-adjusted portfolio returns

Suggested Citation

  • Andrea Beltratti & Alessia Bezzecchi, 2019. "What do consultants think about investors’ behavior and financial education?," BANCARIA, Bancaria Editrice, vol. 4, pages 26-41, April.
    • Handle: RePEc:ban:bancar:v:4:y:2019:m:april:p:26-41
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    More about this item

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G4 - Financial Economics - - Behavioral Finance

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