FINANCIAL ADVICE SEEKING, KNOWLEDGE AND OVERCONFIDENCE

The paper by Commissione Nazionale per le Società e la Borsa (CONSOB) investigates the relationship between the propensity to seek for professional advice, financial knowledge and overconfidence for a representative sample of Italian decision makers.

According to their results, financial advice is a complement rather than a substitute of financial capability, and Italians exhibit a very low level of Financial literacy and education, and high overconfidence.