Why Financial Advice Cannot Substitute for Financial Literacy?

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M. Debbich;
  • Subject: Financial Literacy, Financial Advice, Household Finance.
    • jel: jel:D14 | jel:G11 | jel:D82

This paper examines the ability of financial advice provided by sellers of financial services to substitute for financial literacy of customers. I set up a simple theoretical model in which an informed financial advisor communicates with a less informed customer of fina... View more
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