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The Diffusion of Robo-advisors and Changes in User Characteristics

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  • Mana KANEKO
  • Katsushi SUZUKI

Abstract

This paper analyzes the evolution of adoption and rejection patterns of robo-advisor services in Japan using panel survey data collected by the Japan Securities Dealers Association from 2017 to 2023, following the initial market introduction of these services. The empirical results show that demographic and socioeconomic characteristics—such as age, residential location, personality traits, and income—associated with adopters and active rejecters changed significantly over time. In contrast, individuals with high financial literacy exhibited stable adoption or rejection behavior, unaffected by time trends. These findings are consistent with the predictions of Rogers' diffusion of innovations theory and contribute to the literature by offering new insights into the determinants of robo-advisor usage.

Suggested Citation

  • Mana KANEKO & Katsushi SUZUKI, 2025. "The Diffusion of Robo-advisors and Changes in User Characteristics," Discussion papers 25050, Research Institute of Economy, Trade and Industry (RIETI).
    • Handle: RePEc:eti:dpaper:25050
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