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Determinants of seeking advice within defined contribution retirement savings schemes

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  • Gordon L. Clark
  • Maurizio Fiaschetti
  • Paul Gerrans

Abstract

We report results from a study of superannuation member advice‐seeking within their plan, explaining observed patterns by member age, gender, issue salience and size‐of‐bet effect. Inquiry mode, frequency and volume of contact with the advice‐provider, and sensitivity of members to legislative change and macroeconomic events are considered. Results show that gender (female more likely than male), age (older rather than younger), balance (larger rather than smaller) and experience (longer rather than shorter) are the strongest advice‐seeking predictors, consistent over time. Findings suggest member engagement around retirement planning may be more effective when considering the factors affecting advice‐seeking behaviour in general.

Suggested Citation

  • Gordon L. Clark & Maurizio Fiaschetti & Paul Gerrans, 2019. "Determinants of seeking advice within defined contribution retirement savings schemes," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 59(S1), pages 563-591, April.
    • Handle: RePEc:bla:acctfi:v:59:y:2019:i:s1:p:563-591
    DOI: 10.1111/acfi.12397
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    Cited by:

    1. Cristian Escudero & José L. Ruiz, 2022. "Choosing the highest annuity payout: the role of intermediation and firm reputation," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 47(4), pages 973-1004, October.
    2. Florian Gerth & Katia Lopez & Krishna Reddy & Vikash Ramiah & Damien Wallace & Glenn Muschert & Alex Frino & Leonie Jooste, 2021. "The Behavioural Aspects of Financial Literacy," JRFM, MDPI, vol. 14(9), pages 1-16, August.

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