Financial consulting: A qualitative study on its role in financial decision making

Author
Sprenger, Julia
Published 2017
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Abstract

The current study examines the way people deal with financial decisions. The purpose of this study is to explore the role of financial consulting in the decision making process and the complex decision dynamics in the run up to a decision. Data for this study were collected through a series of semi-structured interviews with both financial consultants of a savings bank and their clients. The findings provide insights into different attitudes towards financial decision making, locate financial consulting within the decision process, and compare the information habits and the degree to which decision autonomy is maintained, restricted, or given up across different types of clients. Besides, the study shows how trust between client and consultant encourages reciprocal behavior and increases the willingness to accept opportunity costs. The paper discusses these findings with respect to consulting practices and consumer policy and outlines directions for future research.

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Details

Title
Financial consulting: A qualitative study on its role in financial decision making
Author
Sprenger, Julia
Year
2017
Published
2017
Type
Research Paper
Language
eng
Keywords
Financial Decision Making · Financial Consulting · Interviews · Decision Autonomy · Information · Personal Finance · Consumer Protection · Search · Learning · Information And Knowledge · Communication · Belief · Banks · Other Depository Institutions · Micro Finance Institutions · Mortgages
This is Version 1 of this record. We added this version on February 1, 2017. This version is based on an original data import from RePEc.