Financial literacy, investment behavioral bias, and demand for financial advice

• Main Authors: CHUNG, YU-CHEN, 鍾宥榛
• Other Authors: HSU, YUAN-LIN
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/9re2e2

碩士 === 世新大學 === 財務金融學研究所(含碩專班) === 107 === We investigate the effect of financial literacy and financial advice on behavioral bias using an online survey of individual investors aged 18 and over with at least one year of stock trading experience in Taiwan. We form sub-groups by financial literacy and financial advice and conduct several economic tests including Chi-Square test, Independent-Sample t test, Spearman’s Rank Correlation, Linear regression and the logistics regression analysis. We have five hypotheses to examine the relation between financial literacy, behavioral bias and demand for advice. We found that investors with higher financial literacy has a weaker behavioral bias. Investors with low level of financial literacy are more likely to demand for professional advice. Investors irrationally cognitive about their ability, skill, and information they’ve received, and then are less likely to consult professional advice.