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Financial literacy, robo-advising, and the demand for human financial advice: Evidence from Italy

Author

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  • Aristei, David
  • Gallo, Manuela

Abstract

This paper investigates the influence of objective, subjective, and digital financial literacy on individuals’ propensity to utilise online services for automated financial advice. Exploiting microdata from the Bank of Italy’s 2023 Survey on Financial Literacy of Italian Adults, we find that individuals with greater objective financial literacy are less inclined to rely on robo-advisory services. Conversely, subjective and digital financial literacy enhance the likelihood of utilising robo-advisors. Behavioural factors, such as trust in financial innovation, the propensity to save and take risks, and engagement with digital financial services, also emerge as significant predictors of robo-advisory usage. Furthermore, we examine the interplay between robo-advising and different forms of human financial advice. While robo-advisory services appear to substitute for non-independent human advice, our results indicate a significant complementarity with independent professional advice. These findings underscore the importance of hybrid approaches in delivering financial advisory services.

Suggested Citation

  • Aristei, David & Gallo, Manuela, 2026. "Financial literacy, robo-advising, and the demand for human financial advice: Evidence from Italy," Journal of Behavioral and Experimental Finance, Elsevier, vol. 49(C).
    • Handle: RePEc:eee:beexfi:v:49:y:2026:i:c:s2214635025001066
    DOI: 10.1016/j.jbef.2025.101125
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    Keywords

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    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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