Welcome to the Academy of Financial Service’s 2019 Annual Meeting being held in Minneapolis, Minnesota in conjunction with FPA’s Annual Conference 2019. This is the full agenda for AFS. For details on FPA items, visit their Full Schedule. Please report any errors to support@academyfinancial.org.
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Wednesday, October 16 • 1:45pm - 2:45pm
F3b Perceived versus Actual Investor Sophistication; A Behavioral Study

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This research utilizes the National Financial Capability Study (NFCS) funded by the FINRA Investor Education Foundation. The national and state-level data are extracted from the 2015, 2012 and 2009 NFCS State-by-State Surveys, each of which employed nationwide online surveys of over 25,000 American adults. This survey solicits information from individual investors on retirement and non-retirement account investments, actual level of investment sophistication, and self-perceived level of investment sophistication, along with many demographic variables. This study investigates the relationship between actual and perceived investor sophistication to determine retirement preparedness of investors, as well as whether investors understand their level of financial preparedness. It is hypothesized that most investors are not as prepared for retirement nor as sophisticated investors as they believe. Additionally, it is hypothesized that there will be a difference in results related to age, education, and gender.

Author(s): Stuart Michelson

avatar for Stuart Michelson

Stuart Michelson

Roland & Sarah George Professor of Finance, Stetson University

Wednesday October 16, 2019 1:45pm - 2:45pm CDT
202 AB

Attendees (4)