Understanding financial professionals' perceptions of their clients' financial behaviors

Author:

Morris TaniaORCID,Kamano Lamine,Maillet StéphanieORCID

Abstract

PurposeThis article describes financial professionals' perceptions of their clients' financial behaviors and the explanatory factors underlying these behaviors.Design/methodology/approachIn this qualitative research, the authors seek to understand financial professionals' experiences in relation to how their clients manage their own finances. The authors conduct and analyze 26 semi-structured interviews with financial professionals from several industries within the financial sector in Canada.FindingsThe professionals in this study noted that despite their clients' financial knowledge, several other factors can explain these individuals' financial behaviors. They include psychological factors (such as financial bias, the need for instant gratification, and the lack of awareness regarding the long-term effects of certain types of financial behaviors), financial habits (such as lifestyle, financial planning and lack of discipline) and the financial system's flexibility with respect to debt financing and repayment. These perceptions are categorized according to whether they are related to debt financing or repayment, savings or investments.Originality/valueBy using a qualitative methodology that relies on the perceptions of financial professionals, this study aims to better understand the financial behaviors of individuals and households, and these behaviors' underlying factors. This study's findings could be useful to various stakeholders interested, in one way or another, in financial literacy, such as organizations aiming to strengthen and promote financial literacy, educators, researchers, regulatory bodies of financial institutions and financial advisers.

Publisher

Emerald

Subject

Marketing,Marketing

Reference126 articles.

1. Financial literacy and financial planning: implication for financial well-being of retirees;Business and Economic Horizons,2017

2. How financial literacy moderate the association between behaviour biases and investment decision?;Asian Journal of Accounting Research,2022

3. The effects of perceived and actual financial literacy on financial behaviors;Economic Inquiry,2016

4. American Psychological Association (2022), “Stress in America: on second COVID-19 anniversary, money, inflation, war pile on to nation stuck in survival mode”, available at: Https://Www.Apa.Org.https://www.apa.org/news/press/releases/stress/2022/march-2022-survival-mode

5. La recherche qualitative est-elle nécessairement inductive;Recherches Qualitatives,2006

Cited by 2 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

同舟云学术

1.学者识别学者识别

2.学术分析学术分析

3.人才评估人才评估

"同舟云学术"是以全球学者为主线,采集、加工和组织学术论文而形成的新型学术文献查询和分析系统,可以对全球学者进行文献检索和人才价值评估。用户可以通过关注某些学科领域的顶尖人物而持续追踪该领域的学科进展和研究前沿。经过近期的数据扩容,当前同舟云学术共收录了国内外主流学术期刊6万余种,收集的期刊论文及会议论文总量共计约1.5亿篇,并以每天添加12000余篇中外论文的速度递增。我们也可以为用户提供个性化、定制化的学者数据。欢迎来电咨询!咨询电话:010-8811{复制后删除}0370

www.globalauthorid.com

TOP

Copyright © 2019-2024 北京同舟云网络信息技术有限公司
京公网安备11010802033243号  京ICP备18003416号-3