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Financial vulnerability and seeking expert advice: Evidence from a survey experiment

Delis, Manthos and Galariotis, Emilios and Monne, Jerome (2021): Financial vulnerability and seeking expert advice: Evidence from a survey experiment.

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Abstract

The role of a bank advisor is especially important for guiding and counseling financially distressed individuals. Using a randomized controlled survey experiment conducted on a representative sample of French individuals and priming the financial vulnerability of half the respondents, we examine attitudes toward bank advisors. We find that priming deters low-income individuals from showing an extremely negative attitude toward seeking banking advice (positive effect); it also deters them from showing an extremely positive attitude (negative effect). We also find that acute financial distress partially drives the positive effect, and a lack of financial literacy partially drives the negative effect.

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