Financial advice, literacy, inclusion and risk tolerance: the moderating effect of uncertainty avoidance

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dc.contributor.authorÇera, Gentjan
dc.contributor.authorKhan, Khurram Ajaz
dc.contributor.authorRowland, Zuzana
dc.contributor.authorRibeiro, Humberto Nuno Rito
dc.date.accessioned2021-12-22T08:00:02Z
dc.date.available2021-12-22T08:00:02Z
dc.date.issued2021
dc.description.abstract-translatedThe aim of this paper is to investigate the determinants of financial advice with a special focus on the cultural role in the influence of risk tolerance on seeking advice for financial issues. Financial literacy is covered by financial attitude, behaviour and knowledge. Financial inclusion is the other factor considered in the conceptual framework, as an indicator which can enhance both financial behaviour and financial advice. The research is based on primary data collected in two European nations, manifesting differences in culture, which gives the possibility to test the uncertainty avoidance role in the above relationship. This particular focus is the novelty of this work, as it sheds light on the importance of culture while designing policies with the aim to enhance individuals’ financial literacy and advice. The hypotheses are tested by using Partial Least Square-Structural Equation Modelling (PLS-SEM) method. It was found that financial behaviour improves as financial inclusion gets better, along with financial attitude and knowledge. Furthermore, financial advice is positively influenced by financial inclusion and risk tolerance and partly by financial literacy. Additionally, findings demonstrate that culture does matter in explaining differences between countries. Culture in this paper is represented by uncertainty avoidance, as one of the Hofstede’s culture dimension. Individuals from countries that manifest a very high preference for avoiding uncertainty reflect a negative relationship between risk tolerance and financial advice. The paper offers useful insights for policymakers and industry leaders in understanding the most influential factors on financial advice. This enables them to scheme policies and services aimed at equipping citizens with knowledge and skills to make the best use of their financial resources.en
dc.format19 s.cs
dc.format.mimetypeapplication/pdf
dc.identifier.citationE+M. Ekonomie a Management = Economics and Management. 2021, roč. 24, č. 4, s. 105-123.cs
dc.identifier.doihttps://doi.org/10.15240/tul/001/2021-4-007
dc.identifier.issn1212-3609 (Print)
dc.identifier.issn2336-5604 (Online)
dc.identifier.urihttp://hdl.handle.net/11025/46500
dc.language.isoenen
dc.publisherTechnická univerzita v Libercics
dc.rightsCC BY-NC 4.1en
dc.rights.accessopenAccessen
dc.subjectfinanční poradenstvícs
dc.subjectfinanční začleněnícs
dc.subjectfinanční gramotnostcs
dc.subjecttolerance rizikacs
dc.subjectkulturacs
dc.subject.translatedfinancial inclusionen
dc.subject.translatedfinancial literacyen
dc.subject.translatedrisk toleranceen
dc.subject.translatedcultureen
dc.subject.translatedfinancial adviceen
dc.titleFinancial advice, literacy, inclusion and risk tolerance: the moderating effect of uncertainty avoidanceen
dc.typečlánekcs
dc.typearticleen
dc.type.statusPeer-revieweden
dc.type.versionpublishedVersionen

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