Determinants of advice seeking within defined contribution retirement savings schemes

Clark, Gordon L.; Fiaschetti, Maurizio; Gerrans, Paul

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.

Citation

Clark, G. L., Fiaschetti, M., & Gerrans, P. (2019). Determinants of advice seeking within defined contribution retirement savings schemes. Accounting & Finance, 59(S1), 563-591. https://doi.org/10.1111/acfi.12397

• Journal Article Type: Article
• Acceptance Date: Jul 18, 2018
• Online Publication Date: Aug 28, 2018
• Publication Date: Apr 1, 2019
• Deposit Date: Aug 28, 2018
• Publicly Available Date: Aug 28, 2018
• Journal: Accounting and Finance
• Print ISSN: 0810-5391
• Electronic ISSN: 1467-629X
• Publisher: Wiley
• Peer Reviewed: Peer Reviewed
• Volume: 59
• Issue: S1
• Pages: 563-591
• DOI: https://doi.org/10.1111/acfi.12397
• Keywords: Financial advice; Superannuation and Retirement savings; Behaviour and behavioural decision making, Retirement planning; Gender differences