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Using a cost-benefit framework for financial planning services and proprietary data collected in the summer of 2008, the client characteristics that are associated with the likelihood of paying for professional financial advice, as well as the type of financial services purchased, are identified. Results indicate that respondents who pay for financial advice are more likely to be female, relatively older, wealthier, and college educated but do not have a high level of self-reported knowledge about financial issues. Of the respondents who purchase financial advice, those who are comprehensively-managed are more likely to be under 65, wealthy, and have high self-reported knowledge about financial issues. This study reveals important differences between the decision to pay for financial advice and the type of financial services purchased. [ABSTRACT FROM AUTHOR]

A group of distinguished financial educators, researchers, behaviorists, practitioners, nonprofit leaders, and service providers convened in May, 2004 under the sponsorship of the National Endowment for Financial Education® (NEFE®) for a think tank entitled ‘Motivating Americans to Develop Constructive Financial Behaviors.’ With the stated goals of identifying ways to inspire and maintain positive changes in the way money is managed by individuals and families in American households, participants examined potential approaches, messages, and media most likely to help reverse the kind of negative behaviors that have led to potentially devastating problems, such as low savings rates, ballooning debt load, and inadequate retirement planning. Guided by insights and themes drawn from research papers and articles submitted in advance by the participants themselves, the group examined the various barriers to changing financial behavior and developed actionable points for two primary change agents: professionals and individuals. For professionals, encompassing educators, organizations and practitioners, participants created a list of best practices; for individuals, the group generated a series of practical, readily applicable steps for improving financial circumstances. [ABSTRACT FROM AUTHOR]