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Financial education and insurance advice seeking

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Abstract

The purpose of this study is to examine the potential effects of consumer financial education on insurance advice seeking with a large and representative national data set in the U.S. Previous research has examined factors associated with insurance advice seeking. After controlling for these factors, financial education, which has not been examined in previous research, is positively associated with this behaviour. Specifically, high school and workplace financial education show positive associations with insurance advice seeking. Further analyses show that there are differences in insurance advice seeking between consumers with and without life insurance.

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Notes

  1. For more information about this data set, see FINRA IEF (2013).

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Authors and Affiliations

  1. Department of Human Development and Family Studies, University of Rhode Island, 2 Lower College Road, Kingston, RI, 02881, USA

    Jing Jian Xiao & Nilton Porto

Authors
  1. Jing Jian Xiao
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  2. Nilton Porto
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Correspondence to Jing Jian Xiao.

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Xiao, J.J., Porto, N. Financial education and insurance advice seeking. Geneva Pap Risk Insur Issues Pract 44, 20–35 (2019). https://doi.org/10.1057/s41288-018-0108-1

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  • DOI: https://doi.org/10.1057/s41288-018-0108-1

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