Behavioral and Wealth Considerations for Seeking Professional Financial Planning Help

Abstract

This study uses a proprietary survey of Canadians to examine factors that lead people to seek professional financial planning help. The main hypothesis is that financial self-efficacy will positively predict whether one seeks help. We also examine the effects of subjective and objective financial stress and wealth on the decision to seek help. We find that wealth, self-efficacy, and objective financial stress are predictors of help-seeking behavior. Individuals with high subjective financial stress are less likely to seek financial help, but if they are high in self-efficacy they become more likely to seek financial help.