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Professional Financial Advice and Subjective Well-Being |
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| Authors: | Schepen Arjen Burger Martijn J |
| Institution: | 1.Erasmus School of Economics, Erasmus University Rotterdam, Rotterdam, Netherlands ;2.Department of Organization, Open University of the Netherlands, Heerlen, Netherlands ;3.Erasmus Happiness Economics Research Organisation (EHERO), Erasmus University Rotterdam, P.O. Box 1738, 3000 DR, Rotterdam, the Netherlands ; |
| Abstract: | In this paper, we examine the relationship between professional financial advice (PFA) and subjective well-being (SWB). Utilizing the Dutch Household Survey 1995–2018, we find that regarding a professional financial advisor as most important source of financial advice is associated with higher levels of SWB. This association is stronger for households that experienced an increase in income, individuals who do not consider themselves financially knowledgeable, and individuals that have a weaker internal locus of control and have a lower degree of conscientiousness. |
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