Investigating the impact financial content structure has on consumer appreciation: An empirical study of Australian statement of advice documents

Abstract

This study investigates the impact of financial content structure on consumer appreciation in Australian Statement of Advice (SOA) documents. SOAs are essential for regulatory adherence and consumer protection, but their complicated nature can hinder consumers' understanding. The research uses independent subcategory variables of comprehension, value, and trust to measure consumer appreciation. Data was collected from 164 financial planning consumers in regional Queensland over 12 months. The research methodology collected both quantitative and qualitative data which was analysed using Analysis of variances, Econometric modelling, and Thematic analysis techniques. Results indicate that financial content structure significantly affects consumer appreciation, with higher levels of appreciation recorded for the introduced financial content structure. Findings have implications for financial advisors and institutions in developing effective strategies for communicating financial information to consumers.