Financial advice - An overview of research on pre-purchase financial advice for consumers

Abstract

Financialisation of social welfare places a considerable responsibility on individuals to select financial products that are appropriate to their needs. At the same time, liberalisation of financial markets has made those choices more complex to make and there is growing evi-dence from countries that have undertaken surveys of financial capability that consumers are unsophisticated when it comes to buying financial products. Most do not shop around for the best and most appropriate deal, indeed few even collect information on a range of products.